Shivalik Bimetal Controls Ltd

Shivalik Bimetal Controls Limited is engaged in manufacturing Thermostatic Bi-metal/Tri-metal Strips and Parts, and Shunt (Resistors).

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Pros:

Company has reduced debt.

Company has delivered good profit growth of 42.23% CAGR over last 5 years

Cons:

Peer comparison Sector: Electronics // Industry: Electronics - Components

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	36.94	38.02	41.66	41.29	50.32	50.11	45.28	47.68	50.68	45.86	44.37	46.30
	29.78	31.94	36.19	34.30	41.49	40.97	36.29	39.11	45.29	41.23	38.06	41.88
Operating Profit	7.16	6.08	5.47	6.99	8.83	9.14	8.99	8.57	5.39	4.63	6.31	4.42
OPM %	19.38%	15.99%	13.13%	16.93%	17.55%	18.24%	19.85%	17.97%	10.64%	10.10%	14.22%	9.55%
Other Income	0.42	0.26	1.15	2.25	1.18	0.92	1.33	1.96	1.20	1.44	0.83	1.19
Interest	0.59	0.77	0.72	1.23	0.79	0.97	0.84	0.97	0.91	0.65	0.77	0.60
Depreciation	1.12	1.14	1.16	1.20	1.13	1.17	1.19	1.37	1.45	1.47	1.53	1.55
Profit before tax	5.87	4.43	4.74	6.81	8.09	7.92	8.29	8.19	4.23	3.95	4.84	3.46
Tax %	35.26%	22.12%	35.23%	17.18%	28.31%	29.80%	28.95%	28.94%	30.50%	14.94%	23.35%	20.23%
Net Profit	3.81	3.46	3.07	5.65	5.80	5.56	5.89	5.82	2.94	3.36	3.71	2.76
EPS in Rs	1.00	0.90	0.80	1.47	1.51	1.47	1.54	1.48	0.77	0.83	0.94	0.20
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	72	70	74	89	79	78	81	95	99	119	158	193	187
	63	60	63	76	75	71	70	80	85	100	132	158	166
Operating Profit	9	10	11	13	4	7	11	15	14	19	26	36	21
OPM %	13%	15%	15%	15%	5%	9%	13%	16%	14%	16%	16%	18%	11%
Other Income	2	-1	1	1	6	1	-1	-0	1	2	4	5	5
Interest	3	3	3	3	4	4	3	3	4	3	3	4	3
Depreciation	2	2	2	2	2	2	2	3	4	5	5	5	6
Profit before tax	7	4	7	9	4	2	4	8	6	14	22	32	16
Tax %	3%	2%	26%	26%	30%	35%	15%	41%	37%	38%	27%	29%
Net Profit	7	4	5	6	3	1	4	5	4	9	16	23	13
EPS in Rs	1.72	1.01	1.29	1.63	0.69	0.31	0.92	1.29	1.07	2.25	4.16	6.01	2.74
Dividend Payout %	22%	22%	17%	18%	0%	0%	0%	0%	0%	11%	14%	10%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	4	4	4	4	4	4	4	4	4	4	8	8	8
Reserves	33	36	40	45	48	49	52	57	61	67	78	98	108
Borrowings	18	24	22	30	51	41	39	44	42	29	36	45	20
	24	17	23	24	16	18	19	22	19	18	27	26	26
Total Liabilities	78	82	88	103	119	111	113	127	127	118	148	176	162
	19	18	18	20	21	21	20	35	33	43	45	45	46
CWIP	0	0	1	0	13	15	18	4	4	4	5	6	17
Investments	1	9	10	12	17	17	18	18	18	9	9	10	10
	58	54	60	71	67	58	58	71	72	61	89	115	88
Total Assets	78	82	88	103	119	111	113	127	127	118	148	176	162

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	11	5	10	4	4	17	10	3	15	12	6	4
	-1	-9	-3	-7	-21	-4	-5	-5	-2	-3	-7	-7
	-9	2	-6	4	16	-13	-5	2	-6	-17	1	3
Net Cash Flow	1	-1	0	0	-1	-0	0	-0	8	-8	0	0

	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 %	19%	13%	16%	16%	5%	5%	8%	13%	10%	16%	23%	27%
Debtor Days	123	115	124	93	74	86	98	92	89	81	78	65
Inventory Turnover	1.74	1.90	2.11	2.25	1.65	1.82	2.46	2.40	2.29	2.59	2.51	1.78

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
61.85	61.82	61.24	61.04	60.88	60.77	60.77	60.50	60.50	60.53	60.55	60.55
0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
0.01	0.04	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.09	0.06	0.06
38.14	38.13	38.69	38.90	39.05	39.16	39.16	39.43	39.43	39.37	39.39	39.39