Garware Marine Industries Ltd

About [ edit ]

Garware Marine Industries is engaged in the repair of vessels. The Companys principal service is ship repair. (Source : 201903 Annual Report Page No:44)

  • Market Cap 2.63 Cr.
  • Current Price 4.55
  • High / Low 6.90 / 1.63
  • Stock P/E 14.6
  • Book Value 9.89
  • Dividend Yield 0.00 %
  • ROCE 1.77 %
  • ROE 1.41 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 0.46 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 3.79% over past five years.
  • Promoter holding is low: 37.72%
  • Company has a low return on equity of 1.27% for last 3 years.
  • Company has high debtors of 1463.26 days.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
0.40 0.45 0.34 0.23 0.23 0.33 0.26 0.31 0.22 0.17 0.59 0.25
0.26 0.24 0.29 0.28 0.21 0.20 0.29 0.28 0.26 0.24 0.22 0.25
Operating Profit 0.14 0.21 0.05 -0.05 0.02 0.13 -0.03 0.03 -0.04 -0.07 0.37 0.00
OPM % 35.00% 46.67% 14.71% -21.74% 8.70% 39.39% -11.54% 9.68% -18.18% -41.18% 62.71% 0.00%
Other Income 0.02 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00
Interest 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 0.15 0.20 0.05 -0.06 0.03 0.13 -0.03 0.03 -0.03 -0.07 0.37 0.00
Tax % 126.67% 20.00% 20.00% 0.00% -133.33% 0.00% 0.00% 0.00% -33.33% 28.57% 24.32%
Net Profit -0.04 0.16 0.04 -0.06 0.07 0.12 -0.03 0.03 -0.04 -0.05 0.27 0.00
EPS in Rs -0.07 0.28 0.07 -0.10 0.12 0.21 -0.05 0.05 -0.07 -0.09 0.47 0.00

Profit & Loss

Figures in Rs. Crores

Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
11.65 12.20 10.92 11.10 9.33 1.60 0.93 1.16 0.88 1.15 1.25 1.12 1.23
11.20 11.58 10.26 10.63 9.51 8.97 1.70 1.90 1.40 0.95 1.02 1.04 0.97
Operating Profit 0.45 0.62 0.66 0.47 -0.18 -7.37 -0.77 -0.74 -0.52 0.20 0.23 0.08 0.26
OPM % 3.86% 5.08% 6.04% 4.23% -1.93% -460.62% -82.80% -63.79% -59.09% 17.39% 18.40% 7.14% 21.14%
Other Income 2.12 0.80 0.45 0.35 0.52 4.07 0.20 0.83 0.14 0.14 0.02 0.02 0.01
Interest 0.46 0.31 0.23 0.22 0.13 0.10 0.04 0.06 0.05 0.03 0.02 0.01 0.00
Depreciation 0.28 0.30 0.42 0.37 0.34 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 1.83 0.81 0.46 0.23 -0.13 -3.42 -0.62 0.03 -0.43 0.31 0.23 0.09 0.27
Tax % 18.03% 11.11% 8.70% 0.00% 0.00% 3.80% -22.58% 66.67% -18.60% 90.32% 4.35% 11.11%
Net Profit 1.50 0.72 0.42 0.23 -0.13 -3.29 -0.76 0.00 -0.51 0.03 0.22 0.08 0.18
EPS in Rs 2.64 1.25 0.73 0.40 -0.23 -5.71 -1.32 0.00 -0.88 0.05 0.38 0.14 0.31
Dividend Payout % 18.90% 40.07% 68.69% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years:-21%
5 Years:4%
3 Years:8%
TTM:9%
Compounded Profit Growth
10 Years:-25%
5 Years:16%
3 Years:29%
TTM:-5%
Stock Price CAGR
10 Years:-11%
5 Years:-25%
3 Years:7%
1 Year:166%
Return on Equity
10 Years:-0%
5 Years:-1%
3 Years:1%
Last Year:1%

Balance Sheet

Figures in Rs. Crores

Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
5.67 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77 5.77
Reserves 3.21 3.74 3.82 4.05 3.92 0.63 -0.13 -0.13 -0.64 1.73 0.50 -0.72 -0.06
Borrowings 2.36 2.68 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.63 3.16 5.09 3.91 3.17 1.48 0.91 0.60 0.63 0.92 0.84 0.69 0.74
Total Liabilities 13.87 15.35 14.68 13.76 12.87 7.88 6.55 6.24 5.76 8.42 7.11 5.74 6.45
3.73 3.50 4.09 3.89 3.95 0.04 0.02 0.02 0.01 0.02 0.02 0.01 0.01
CWIP 0.00 0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.91 0.91 0.90 0.90 0.90 0.90 0.90 0.89 0.84 3.09 1.64 0.38 0.81
9.23 9.98 9.69 8.97 8.02 6.94 5.63 5.33 4.91 5.31 5.45 5.35 5.63
Total Assets 13.87 15.35 14.68 13.76 12.87 7.88 6.55 6.24 5.76 8.42 7.11 5.74 6.45

Cash Flows

Figures in Rs. Crores

Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
0.86 1.51 -0.39 0.43 0.14 -6.18 -0.49 -0.43 -0.42 -0.18 0.26 -0.01
-0.03 -0.87 0.01 -0.17 -0.39 6.54 0.01 0.65 0.15 0.04 0.20 0.02
-0.71 0.01 -0.26 -0.30 0.28 0.00 0.10 -0.07 -0.05 0.23 -0.14 -0.14
Net Cash Flow 0.12 0.65 -0.64 -0.04 0.03 0.36 -0.38 0.16 -0.32 0.09 0.32 -0.14

Ratios

Figures in Rs. Crores

Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 20.97% 7.94% 5.79% 4.63% 0.00% -88.32% -6.39% -9.04% -9.66% 3.48% 3.63% 1.77%
Debtor Days 155.71 166.64 185.84 143.70 187.39 736.84 1,310.86 1,135.91 1,650.80 1,333.04 1,302.32 1,463.26
Inventory Turnover 2.33 2.67 2.77 2.83 2.91 0.44 0.00 0.00 2.00

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
37.51 37.68 37.68 37.69 37.69 37.69 37.69 37.69 37.69 37.69 37.72 37.72
0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.43 2.43 2.43 6.74 6.74 6.74 6.74 6.74 6.74 2.43 2.43 2.43
60.06 59.88 59.88 55.56 55.56 55.56 55.56 55.56 55.56 59.88 59.85 59.85

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