Shivalik Bimetal Controls Ltd

About

Shivalik Bimetal Controls Ltd. is a company specialized in the joining of material through various methods such as Diffusion Bonding / Cladding, Electron Beam Welding, Solder Reflow and Resistance Welding. Our present program includes Thermostatic Bimetal, Clad Metal, Spring Rolled stainless Steels, Electron Beam Welded Material with multi- Gauge and Multi- Materials strips and Thermostatic Edge- Welded Strips for a board spectrum of industries. [1]

Key Points

Product Portfolio
The company is in the business of manufacturing & sales of Thermostatic Bimetal /Trimetal strips, Components, Spring Rolled Stainless Steels, EB welded products with multigauge, Cold Bonded Bimetal Strips and Parts etc. [1]
Thermostatic Bimetal/Trimetal Strips account for 52% of revenues and the Shunt Resistors account for the rest 48% of company's revenues.

The shunt resistors division of the company is completely new and was started 4-5 years back by the company. [2]

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  • Market Cap 1,296 Cr.
  • Current Price 337
  • High / Low 413 / 57.3
  • Stock P/E 31.3
  • Book Value 41.9
  • Dividend Yield 0.18 %
  • ROCE 22.3 %
  • ROE 19.0 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 8.03 times its book value
  • Company might be capitalizing the interest cost
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
45 48 51 46 44 46 29 49 59 67 70 76
36 39 45 41 38 42 25 42 46 54 54 58
Operating Profit 9 9 5 5 6 4 3 8 13 13 16 18
OPM % 20% 18% 11% 10% 14% 10% 12% 15% 21% 19% 23% 23%
Other Income 1 2 1 1 1 1 1 1 1 1 1 1
Interest 1 1 1 1 1 1 0 0 0 0 0 0
Depreciation 1 1 1 1 2 2 1 1 2 2 1 1
Profit before tax 8 8 4 4 5 3 2 7 12 12 15 17
Tax % 29% 29% 30% 15% 23% 20% 26% 25% 26% 27% 25% 25%
Net Profit 6 6 3 3 4 3 2 5 9 9 11 13
EPS in Rs 1.53 1.52 0.77 0.87 0.97 0.72 0.44 1.31 2.31 2.23 2.91 3.34

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
74 89 79 78 81 95 99 119 158 193 187 204 272
63 76 73 71 70 80 85 100 132 158 166 168 214
Operating Profit 11 13 6 7 11 15 14 19 26 36 21 36 59
OPM % 15% 15% 8% 9% 14% 16% 14% 16% 16% 18% 11% 18% 22%
Other Income 1 1 4 1 -1 -1 1 2 4 5 5 4 4
Interest 3 3 4 4 3 3 4 3 3 4 3 2 2
Depreciation 2 2 2 2 2 3 4 5 5 5 6 6 6
Profit before tax 7 9 4 2 4 8 6 14 22 32 16 33 56
Tax % 26% 26% 30% 35% 15% 41% 37% 38% 27% 29% 23% 26%
Net Profit 5 6 3 1 4 5 4 9 16 23 13 24 41
EPS in Rs 1.33 1.67 0.68 0.31 0.92 1.29 1.07 2.24 4.16 6.01 3.32 6.29 10.79
Dividend Payout % 17% 18% 0% 0% 0% 0% 0% 11% 14% 10% 9% 10%
Compounded Sales Growth
10 Years: 9%
5 Years: 16%
3 Years: 9%
TTM: 62%
Compounded Profit Growth
10 Years: 14%
5 Years: 42%
3 Years: 15%
TTM: 214%
Stock Price CAGR
10 Years: 50%
5 Years: 72%
3 Years: 55%
1 Year: 422%
Return on Equity
10 Years: 13%
5 Years: 18%
3 Years: 18%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
4 4 4 4 4 4 4 4 8 8 8 8 8
Reserves 40 45 48 49 52 57 61 67 78 98 108 131 153
Borrowings 22 30 51 41 39 44 42 29 36 45 25 28 40
23 24 16 18 19 22 19 18 27 26 21 52 49
Total Liabilities 88 103 119 111 113 127 127 118 148 176 162 218 250
18 20 21 21 20 35 33 43 45 45 45 46 57
CWIP 1 0 13 15 18 4 4 4 5 6 18 25 19
Investments 10 12 17 17 18 18 18 9 9 10 10 10 10
60 71 67 58 58 71 72 61 89 115 88 137 163
Total Assets 88 103 119 111 113 127 127 118 148 176 162 218 250

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 4 4 17 10 3 15 12 6 4 41 30
-3 -7 -21 -4 -5 -5 -2 -3 -7 -7 -14 -15
-6 4 16 -13 -5 2 -6 -17 1 3 -27 0
Net Cash Flow 0 0 -1 -0 0 -0 8 -8 0 0 -0 15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 124 93 74 86 98 92 89 81 78 65 60 77
Inventory Days 161 201 240 165 141 189 147 153 182 264 172 253
Days Payable 72 98 44 55 62 83 38 48 78 56 41 127
Cash Conversion Cycle 213 196 269 197 178 199 198 187 181 273 192 202
Working Capital Days 190 162 198 151 146 161 143 140 152 175 137 127
ROCE % 16% 16% 5% 5% 8% 13% 10% 16% 23% 27% 13% 22%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
60.77 60.77 60.50 60.50 60.53 60.55 60.55 60.61 60.61 60.61 60.61 60.61
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
0.06 0.06 0.06 0.06 0.09 0.06 0.06 0.06 0.06 0.06 0.06 0.02
39.16 39.16 39.43 39.43 39.37 39.39 39.39 39.33 39.33 39.33 39.33 39.36

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