Shardul Securities Ltd

Shardul Securities is mainly engaged in the business of Investment Activities in India. All activities of the Company revolve around this main business.

Pros:
Company is virtually debt free.
Stock is trading at 0.50 times its book value
Market value of investments Rs.176.45 Cr. is more than the Market Cap Rs.56.09 Cr.
Company has been maintaining a healthy dividend payout of 187.88%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -4.22% over past five years.
Company has a low return on equity of 1.53% for last 3 years.

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
0.27 -13.13 13.96 0.46 1.80 2.40 0.57 1.43 1.38 1.08 0.75 3.12
0.63 0.64 0.46 0.29 0.41 0.59 0.52 1.62 0.46 0.38 0.36 4.83
Operating Profit -0.36 -13.77 13.50 0.17 1.39 1.81 0.05 -0.19 0.92 0.70 0.39 -1.71
OPM % -133.33% 104.87% 96.70% 36.96% 77.22% 75.42% 8.77% -13.29% 66.67% 64.81% 52.00% -54.81%
Other Income 0.03 0.00 0.03 0.01 0.01 0.11 0.21 0.00 0.15 0.23 0.22 0.00
Interest 0.21 0.21 0.09 0.00 0.55 0.00 0.00 0.00 0.59 0.00 0.00 0.00
Depreciation 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
Profit before tax -0.62 -14.06 13.36 0.10 0.77 1.84 0.18 -0.27 0.40 0.85 0.53 -1.79
Tax % 16.13% 0.71% 0.00% 50.00% 5.19% 20.11% -61.11% 100.00% -20.00% 21.18% 35.85% -11.73%
Net Profit -0.52 -13.95 13.37 0.05 0.73 1.47 0.29 0.01 0.47 0.68 0.35 -2.00
EPS in Rs -0.30 -7.97 7.64 0.03 0.42 0.84 0.17 0.01 0.27 0.39 0.20 -1.14
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
49.66 -7.16 7.39 4.52 3.85 3.63 5.42 10.05 5.00 3.40 5.23 4.37 6.33
7.96 2.05 1.40 0.91 0.89 1.02 2.88 1.08 1.39 2.12 1.82 1.52 6.03
Operating Profit 41.70 -9.21 5.99 3.61 2.96 2.61 2.54 8.97 3.61 1.28 3.41 2.85 0.30
OPM % 83.97% 128.63% 81.06% 79.87% 76.88% 71.90% 46.86% 89.25% 72.20% 37.65% 65.20% 65.22% 4.74%
Other Income 1.57 3.26 3.85 2.29 2.01 1.97 2.25 2.99 2.02 0.11 0.34 0.88 0.60
Interest 12.51 0.94 0.84 0.16 0.31 1.14 0.03 0.46 0.17 0.71 0.55 0.59 0.59
Depreciation 0.40 0.42 0.44 0.44 0.46 0.45 0.44 0.48 0.42 0.32 0.32 0.32 0.32
Profit before tax 30.36 -7.31 8.56 5.30 4.20 2.99 4.32 11.02 5.04 0.36 2.88 2.82 -0.01
Tax % 3.79% -0.00% 7.94% 19.25% 19.29% 11.04% 15.05% 16.70% 3.97% 38.89% 12.15% 17.02%
Net Profit 29.21 -7.31 7.88 4.28 3.39 2.66 3.68 9.18 4.85 0.22 2.53 2.34 -0.50
EPS in Rs 16.52 0.00 4.30 2.25 1.84 1.42 1.98 5.08 2.65 0.00 1.45 1.34 -0.28
Dividend Payout % 5.99% -23.94% 26.65% 49.07% 30.97% 39.47% 33.29% 15.25% 21.65% 477.27% 41.50% 44.87%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-4.22%
3 Years:-4.39%
TTM:2.10%
Compounded Profit Growth
10 Years:8.78%
5 Years:-8.66%
3 Years:-21.57%
TTM:-120.00%
Return on Equity
10 Years:4.04%
5 Years:3.51%
3 Years:1.53%
Last Year:2.09%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50
Reserves 78.18 68.81 74.23 76.07 78.24 79.68 81.92 89.11 92.69 91.65 94.18 95.26
Borrowings 0.00 5.72 0.00 0.00 0.00 7.79 0.00 0.00 0.00 0.00 0.00 0.00
5.40 15.24 5.85 5.78 3.62 5.51 4.64 4.58 3.03 3.32 2.48 2.54
Total Liabilities 101.08 107.27 97.58 99.35 99.36 110.48 104.06 111.19 113.22 112.47 114.16 115.30
11.66 11.56 11.13 10.71 15.25 15.36 15.02 14.06 13.77 13.45 13.14 12.87
CWIP 0.52 0.52 0.52 0.59 0.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 45.82 55.32 56.52 59.40 44.68 42.22 37.33 27.96 44.56 43.84 67.60 60.68
43.08 39.87 29.41 28.65 38.84 52.90 51.71 69.17 54.89 55.18 33.42 41.75
Total Assets 101.08 107.27 97.58 99.35 99.36 110.48 104.06 111.19 113.22 112.47 114.16 115.30

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
38.79 -2.15 3.59 3.48 -8.18 -19.42 10.50 -42.37 17.25 4.61 4.41 -6.26
1.73 -8.50 -1.87 -1.23 13.11 9.88 4.80 38.00 -9.84 7.90 -20.26 9.44
-29.64 3.68 -7.77 -2.46 -2.45 6.56 -9.01 -1.43 -2.86 -0.10 -1.26 -1.29
Net Cash Flow 10.88 -6.97 -6.05 -0.21 2.48 -2.98 6.29 -5.80 4.55 12.42 -17.11 1.88

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 44.71% -6.78% 10.23% 5.89% 4.76% 4.12% 4.26% 11.13% 4.81% 0.98% 3.11% 3.04%
Debtor Days 0.51 -0.51 10.87 102.56 61.62 156.86 26.26 150.36 1,000.83 383.25 0.00 0.00
Inventory Turnover 4.01 -0.96 0.45 0.20 0.17 0.11 0.16 0.22 0.10 0.12 0.23 0.15