White Organic Agro Ltd

White Organic Agro is engaged in Business of Wholesale of cereals & pulses.

Pros:
Company is virtually debt free.
Stock is trading at 0.63 times its book value
Company is expected to give good quarter
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Promoter's stake has decreased
Promoter holding is low: 25.50%
Company has a low return on equity of 3.90% for last 3 years.

Peer Comparison Sector: Trading // Industry: Trading

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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
1.77 8.82 8.54 0.38 9.74 11.46 23.07 27.91 45.74 43.13 45.24 30.80
1.88 8.98 7.81 0.06 9.18 11.46 22.39 26.06 42.74 39.55 51.17 27.24
Operating Profit -0.11 -0.16 0.73 0.32 0.56 0.00 0.68 1.85 3.00 3.58 -5.93 3.56
OPM % -6.21% -1.81% 8.55% 84.21% 5.75% 0.00% 2.95% 6.63% 6.56% 8.30% -13.11% 11.56%
Other Income 0.15 0.20 0.20 0.25 0.26 0.25 0.63 0.20 0.22 0.23 0.14 0.37
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
Depreciation 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00
Profit before tax 0.03 0.03 0.92 0.56 0.81 0.24 1.30 2.05 3.22 3.81 -5.79 3.93
Tax % 0.00% 33.33% 8.70% 0.00% 0.00% 0.00% 68.46% 9.76% 6.21% 6.04% -5.87% 8.40%
Net Profit 0.02 0.02 0.83 0.56 0.81 0.24 0.41 1.85 3.02 3.59 -6.13 3.61
EPS in Rs 0.01 0.01 0.34 0.23 0.33 0.10 0.19 0.53 0.87 1.02 -1.75 1.03
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1.47 5.28 11.80 7.41 15.86 8.91 6.47 6.11 2.92 2.55 19.14 44.69 164.91
1.08 5.31 11.61 7.46 15.79 9.24 6.90 6.53 3.32 3.01 18.85 43.09 160.70
Operating Profit 0.39 -0.03 0.19 -0.05 0.07 -0.33 -0.43 -0.42 -0.40 -0.46 0.29 1.60 4.21
OPM % 26.53% -0.57% 1.61% -0.67% 0.44% -3.70% -6.65% -6.87% -13.70% -18.04% 1.52% 3.58% 2.55%
Other Income 0.62 0.01 0.03 -0.25 0.22 0.61 0.66 0.55 0.60 0.70 0.72 1.39 0.96
Interest 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.08 0.08 0.08 0.08 0.02 0.03 0.03 0.03 0.05 0.05 0.05 0.04 0.00
Profit before tax 0.93 -0.13 0.13 -0.38 0.27 0.25 0.20 0.10 0.15 0.19 0.96 2.95 5.17
Tax % 29.03% 7.69% 23.08% 34.21% 33.33% 28.00% 35.00% 90.00% 33.33% 31.58% 9.38% 23.39%
Net Profit 0.66 -0.12 0.10 -0.25 0.18 0.18 0.13 0.01 0.10 0.13 0.87 2.26 4.09
EPS in Rs 0.08 0.00 0.11 0.07 0.06 0.01 0.04 0.05 0.34 0.65 1.17
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%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:23.81%
5 Years:47.18%
3 Years:148.28%
TTM:128.47%
Compounded Profit Growth
10 Years:35.48%
5 Years:77.02%
3 Years:182.73%
TTM:23.56%
Return on Equity
10 Years:2.00%
5 Years:2.55%
3 Years:3.90%
Last Year:6.62%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6.53 6.53 6.53 6.53 8.50 12.50 12.50 12.50 12.50 12.50 12.50 17.50 35.00
Reserves 0.04 0.10 3.94 3.69 3.87 11.65 11.78 11.79 11.89 12.02 12.89 25.39 10.25
Borrowings 0.90 0.16 0.00 0.00 0.00 0.00 0.01 0.04 0.02 0.17 0.00 0.00 0.00
4.40 4.12 0.37 0.48 0.27 0.31 0.55 1.47 1.58 0.51 6.59 8.42 26.70
Total Liabilities 11.87 10.91 10.84 10.70 12.64 24.46 24.84 25.80 25.99 25.20 31.98 51.31 71.95
0.63 0.54 0.44 0.24 0.22 0.28 0.25 0.22 0.17 0.12 0.11 0.07 0.07
CWIP 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
Investments 0.25 0.00 0.00 0.00 0.00 0.51 1.70 1.00 0.01 9.56 14.93 16.71 27.87
10.99 10.37 10.40 10.46 12.42 23.67 22.89 24.58 25.81 15.52 16.94 34.53 44.01
Total Assets 11.87 10.91 10.84 10.70 12.64 24.46 24.84 25.80 25.99 25.20 31.98 51.31 71.95

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
0.56 0.35 -0.11 0.35 -1.86 -4.41 -3.00 1.51 -1.41 3.96 -0.49 -8.24
0.27 0.26 0.04 -0.30 0.21 0.02 3.36 -2.13 1.22 -4.06 -3.57 -0.62
-0.74 -0.73 -0.15 0.17 1.95 4.05 0.01 0.04 -0.02 0.15 4.06 11.42
Net Cash Flow 0.09 -0.12 -0.22 0.22 0.30 -0.34 0.37 -0.58 -0.20 0.05 0.00 2.56

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 12.38% -1.40% 1.39% 0.39% 2.39% 1.37% 0.83% 0.41% 0.62% 0.77% 3.83% 8.64%
Debtor Days 1,353.23 259.23 140.74 152.70 14.73 27.86 162.47 250.30 697.50 0.00 50.15 75.55
Inventory Turnover 0.45 1.82 6.88 23.52 99.13 254.57 184.86 174.57 15.76