Hardcastle & Waud Mfg Co Ltd

₹ 456 -0.33%
25 Jan - close price
About

Incorporated in 1945, Hardcastle & Waud manufacturing Company's business activity currently consists of Industrial Chemicals, Investments and Leasing

Key Points

Business Overview:[1]
Hardcastle & Waud Manufacturing Company manufactures powder paints used in powder coatings (mainly for consumer durables like washing machines) varnishes and synthetic resins.
The company was appointed by WD-40-Company US to exclusively market its products in India. It signed a joint venture agreement with Soudal Belgium to manufacture various types of adhesives sealants and roofing compounds.

  • Market Cap 31.0 Cr.
  • Current Price 456
  • High / Low 524 / 233
  • Stock P/E 33.7
  • Book Value 606
  • Dividend Yield 0.00 %
  • ROCE 4.87 %
  • ROE 3.35 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 0.75 times its book value
  • Debtor days have improved from 40.7 to 21.9 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -12.7% over past five years.
  • Company has a low return on equity of 2.00% over last 3 years.
  • Working capital days have increased from 199 days to 618 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
0.56 0.91 1.47 0.53 0.76 0.79 1.11 0.89 1.55 0.82 0.91 0.65 1.07
0.32 0.62 0.55 0.36 0.51 0.60 0.82 0.38 0.44 0.56 0.55 0.36 0.41
Operating Profit 0.24 0.29 0.92 0.17 0.25 0.19 0.29 0.51 1.11 0.26 0.36 0.29 0.66
OPM % 42.86% 31.87% 62.59% 32.08% 32.89% 24.05% 26.13% 57.30% 71.61% 31.71% 39.56% 44.62% 61.68%
0.07 0.03 0.03 0.03 0.04 0.05 0.01 0.07 0.02 0.04 0.07 0.05 0.04
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.10 0.10 0.11 0.10 0.11 0.13 0.13 0.15 0.15 0.14 0.15 0.15 0.16
Profit before tax 0.21 0.22 0.84 0.10 0.18 0.11 0.17 0.43 0.98 0.16 0.28 0.19 0.54
Tax % 4.76% 18.18% 21.43% 420.00% 38.89% 45.45% 5.88% 30.23% 29.59% 56.25% 25.00% -21.05% 25.93%
Net Profit 0.20 0.18 0.67 -0.32 0.12 0.06 0.16 0.30 0.69 0.06 0.22 0.23 0.41
EPS in Rs 2.94 2.65 9.86 -4.71 1.77 0.88 2.35 4.42 10.15 0.88 3.24 3.38 6.03
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
4.39 1.86 2.74 2.53 3.14 5.47 8.19 4.21 2.89 3.52 3.19 4.16 3.45
4.98 2.39 5.26 3.62 3.62 3.48 2.95 2.64 2.53 2.05 2.29 1.92 1.88
Operating Profit -0.59 -0.53 -2.52 -1.09 -0.48 1.99 5.24 1.57 0.36 1.47 0.90 2.24 1.57
OPM % -13.44% -28.49% -91.97% -43.08% -15.29% 36.38% 63.98% 37.29% 12.46% 41.76% 28.21% 53.85% 45.51%
2.45 0.93 1.49 0.95 1.93 0.00 0.16 0.13 0.20 0.17 0.14 0.20 0.20
Interest 0.03 0.01 0.14 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.59 0.23 0.26 0.28 0.32 0.33 0.36 0.39 0.38 0.40 0.47 0.59 0.60
Profit before tax 1.24 0.16 -1.43 -0.46 1.13 1.66 5.04 1.31 0.18 1.24 0.57 1.85 1.17
Tax % -1.61% -6,037.50% -1.40% 54.35% -15.93% 689.76% 19.84% 16.03% 38.89% 26.61% 98.25% 31.35%
Net Profit 1.26 9.81 -1.45 -0.21 1.30 -9.79 4.04 1.09 0.12 0.90 0.01 1.27 0.92
EPS in Rs 144.37 -21.34 -3.09 19.13 -144.08 59.46 16.04 1.77 13.25 0.15 18.69 13.53
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 8%
5 Years: -13%
3 Years: 13%
TTM: -21%
Compounded Profit Growth
10 Years: -18%
5 Years: -21%
3 Years: 119%
TTM: -24%
Stock Price CAGR
10 Years: 2%
5 Years: 1%
3 Years: 34%
1 Year: 36%
Return on Equity
10 Years: -1%
5 Years: 2%
3 Years: 2%
Last Year: 3%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
0.61 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.68 0.68
Reserves 27.99 45.30 43.86 43.66 44.88 35.07 34.95 36.09 36.13 34.42 34.23 39.54 40.52
0.33 0.16 2.11 0.00 0.00 0.00 0.00 0.00 0.25 0.05 0.00 0.00 0.00
8.05 0.25 0.51 2.77 2.39 3.65 2.48 2.42 2.48 2.50 2.55 3.31 3.61
Total Liabilities 36.98 46.39 47.16 47.11 47.95 39.40 38.11 39.19 39.54 37.65 37.46 43.53 44.81
4.59 4.38 7.11 6.89 7.44 7.14 9.53 9.41 10.38 11.12 19.31 19.71 19.76
CWIP 0.00 0.00 0.13 0.63 0.00 0.00 0.19 0.02 0.00 0.27 0.24 0.10 0.70
Investments 12.40 10.64 7.65 6.99 24.55 25.31 19.71 20.41 19.91 16.05 13.04 13.68 23.22
19.99 31.37 32.27 32.60 15.96 6.95 8.68 9.35 9.25 10.21 4.87 10.04 1.13
Total Assets 36.98 46.39 47.16 47.11 47.95 39.40 38.11 39.19 39.54 37.65 37.46 43.53 44.81

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2.53 -17.68 -0.67 -2.23 17.25 0.58 -1.65 -0.60 0.65 0.16 1.35 3.21
2.08 1.29 -1.38 0.13 -17.10 -0.75 1.55 0.53 -0.89 -0.25 -1.25 -3.11
-8.85 16.27 1.95 0.05 0.00 0.00 0.00 0.00 0.25 -0.20 -0.05 0.00
Net Cash Flow -4.24 -0.12 -0.10 -2.05 0.15 -0.18 -0.10 -0.07 0.01 -0.29 0.05 0.10

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 16.63 3,610.75 2,444.43 2,520.38 49.98 28.03 15.60 29.48 45.47 26.96 73.23 21.94
Inventory Days 1.25 0.00 0.00 0.00 1.88 0.00 0.00 2.64 9.86 131.81 0.00 0.00
Days Payable 41.25 20.70 0.00 9.86 40.56
Cash Conversion Cycle -23.37 3,610.75 2,444.43 2,520.38 31.17 28.03 15.60 32.12 45.47 118.21 73.23 21.94
Working Capital Days 747.46 3,718.68 2,489.73 2,246.26 -211.56 -123.45 -82.45 -156.06 -260.17 -157.61 136.16 617.69
ROCE % 2.47% 1.94% -3.71% -0.92% 3.09% 4.08% 14.12% 3.62% 0.49% 3.43% 1.63% 4.87%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
73.47 73.47 73.47 73.47 73.47 73.47 73.47 73.47 73.47 73.61 73.61 73.61
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
26.45 26.45 26.45 26.45 26.45 26.45 26.45 26.45 26.45 26.30 26.30 26.30

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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