Garnet International Ltd // Other Financial Services

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Pros:

Company is expected to give good quarter

Company has been maintaining a healthy dividend payout of 26.18%

Cons:

Company has low interest coverage ratio.

Promoter's stake has decreased

Company has a low return on equity of 13.48% for last 3 years.

Peer Comparison

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %
1.	IIFL Holdings	431.25	10.97	13759.66	1.16	344.55	36.34	1767.98	24.64	10.04
2.	Edelweiss.Fin.	167.65	17.02	15602.45	0.79	258.82	14.73	2435.47	17.71	10.79
3.	ICICI Sec	256.55	14.53	8264.54	3.66	133.82	13.00	435.86	8.59	75.77
4.	Capital First	472.10	12.92	4676.28	0.59	101.52	55.30	1045.41	38.12	9.21
5.	Indiabulls Vent.	461.90	77.69	27943.99	0.17	140.70	154.25	476.33	192.96	12.42
6.	CRISIL	1573.25	32.89	11345.62	1.77	90.01	29.66	425.46	3.84	41.16
7.	CARE Ratings	1103.75	20.22	3251.78	4.98	25.16		59.99		41.78
8.	Garnet Intl.	66.90		130.65	0.75	-17.62	-535.06	50.73	106.56	11.13

Detailed Comparison with

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018
	7.02	7.34	12.02	28.91	24.56	38.84	157.18	137.47	50.73
	6.55	6.05	10.06	28.07	18.97	35.09	152.60	0.00	68.11
Operating Profit	0.47	1.29	1.96	0.84	5.59	3.75	4.58	137.47	-17.38
OPM %	6.70%	17.57%	16.31%	2.91%	22.76%	9.65%	2.91%	100.00%	-34.26%
Other Income	0.00	0.00	0.01	8.79	0.00	0.00	0.00	-2.49	0.00
Depreciation	0.15	0.15	0.16	0.16	0.19	0.20	0.20	0.00	0.21
Interest	0.01	0.01	0.01	0.06	0.01	-0.01	0.00	138.75	0.03
Profit before tax	0.31	1.14	1.80	9.41	5.40	3.55	4.39	-3.76	-17.63
Tax	0.11	0.10	0.17	2.34	1.35	1.03	1.00	-1.24	0.00
Net Profit	0.20	1.04	1.64	7.08	4.05	2.52	3.39	-2.52	-17.62

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	18.60	41.08	30.56	9.20	10.80	14.58	37.33	64.09	355.57	384.22
	13.83	35.84	28.71	8.20	9.45	12.38	34.53	50.73	344.26	255.80
Operating Profit	4.77	5.24	1.85	1.00	1.35	2.20	2.80	13.36	11.31	128.42
OPM %	25.65%	12.76%	6.05%	10.87%	12.50%	15.09%	7.50%	20.85%	3.18%	33.42%
Other Income	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	-2.49
Interest	0.00	0.17	0.54	0.00	0.00	0.01	0.20	0.08	0.92	138.77
Depreciation	0.02	0.08	0.45	0.47	0.49	0.44	0.50	0.61	0.82	0.61
Profit before tax	4.75	4.99	0.86	0.54	0.86	1.75	2.10	12.67	9.57	-13.45
Tax %	5.89%	4.01%	31.40%	31.48%	32.56%	10.29%	35.24%	21.47%	-18.29%
Net Profit	4.47	4.68	0.59	0.19	0.34	1.12	0.70	9.70	11.43	-14.23
EPS in Rs	3.09	3.24	0.41	0.10	0.18	0.57	0.33	5.11	5.85
Dividend Payout %	10.58%	10.11%	8.02%	0.00%	0.00%	27.81%	62.30%	7.71%	8.54%

* Sales is net of excise duty and discounts

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	4.73	4.73	4.73	6.23	6.23	6.23	6.23	6.23	19.53
Reserves	12.29	16.92	17.45	36.38	36.72	37.42	37.60	46.41	67.86
Borrowings	0.00	7.02	2.10	1.38	0.99	0.90	1.17	0.96	47.49
	1.70	3.14	7.61	4.40	5.16	6.25	14.44	9.20	10.37
Total Liabilities	18.72	31.81	31.89	48.39	49.10	50.80	59.44	62.80	145.25
	0.34	5.80	5.69	5.12	4.78	5.14	6.90	10.51	12.26
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	4.26	7.24	12.99	12.56	33.18	24.46	26.29	41.77	35.28
	14.12	18.77	13.21	30.71	11.14	21.20	26.25	10.52	97.71
Total Assets	18.72	31.81	31.89	48.39	49.10	50.80	59.44	62.80	145.25

	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	-8.97	-5.95	2.21	-20.65	22.26	1.07	3.85	13.38	-78.31
	11.17	-5.34	1.99	1.10	-20.71	1.20	-3.12	-11.59	12.32
	0.08	11.18	-6.19	19.67	-1.69	-0.15	-0.34	-0.80	68.75
Net Cash Flow	2.28	-0.11	-1.99	0.12	-0.14	2.12	0.39	0.99	2.77