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 0.46 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 13.63% for last 3 years.
Earnings include an other income of Rs.2.10 Cr.

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2.04 9.13 10.19 17.49 34.76 48.06 87.57 74.75 81.44 91.38 90.45 45.80
2.10 9.18 8.86 16.58 33.08 44.60 82.67 70.17 76.37 85.80 100.54 42.16
Operating Profit -0.06 -0.05 1.33 0.91 1.68 3.46 4.90 4.58 5.07 5.58 -10.09 3.64
OPM % -2.94% -0.55% 13.05% 5.20% 4.83% 7.20% 5.60% 6.13% 6.23% 6.11% -11.16% 7.95%
Other Income 0.15 0.20 0.21 0.60 0.53 0.48 0.94 0.49 0.54 0.50 0.24 0.82
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 0.09 0.04 0.02 0.03 0.03 0.03 0.00
Profit before tax 0.08 0.14 1.53 1.50 2.20 3.85 5.80 5.05 5.58 6.05 -9.88 4.46
Tax % 25.00% 28.57% 19.61% 0.00% 0.00% 0.00% 41.03% 7.72% 7.17% 6.94% -6.38% 8.30%
Net Profit 0.06 0.09 1.23 1.50 2.01 3.60 3.42 4.66 5.01 5.63 -10.47 4.09
EPS in Rs 0.03 0.04 0.49 0.60 0.81 1.44 0.84 1.33 1.43 1.61 -2.99 1.17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
15.86 9.05 7.18 7.11 3.98 3.61 20.56 187.91 338.02 309.07
15.80 9.32 7.37 7.21 4.03 3.74 20.54 176.89 332.73 304.87
Operating Profit 0.06 -0.27 -0.19 -0.10 -0.05 -0.13 0.02 11.02 5.29 4.20
OPM % 0.38% -2.98% -2.65% -1.41% -1.26% -3.60% 0.10% 5.86% 1.56% 1.36%
Other Income 0.22 0.61 0.66 0.55 0.60 0.71 1.85 2.56 1.77 2.10
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00
Depreciation 0.02 0.03 0.04 0.04 0.08 0.05 0.05 0.15 0.10 0.09
Profit before tax 0.26 0.31 0.43 0.41 0.47 0.53 1.82 13.43 6.95 6.21
Tax % 34.62% 22.58% 32.56% 48.78% 34.04% 32.08% 21.98% 16.23% 26.47%
Net Profit 0.17 0.24 0.30 0.22 0.31 0.37 1.43 10.03 4.97 4.26
EPS in Rs 0.10 0.10 0.12 0.09 0.13 0.15 0.57 2.87 1.42 1.22
Dividend Payout % 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:%
5 Years:116.48%
3 Years:354.09%
TTM:26.08%
Compounded Profit Growth
10 Years:%
5 Years:86.55%
3 Years:137.71%
TTM:-68.88%
Stock Price CAGR
10 Years:11.76%
5 Years:24.90%
3 Years:-22.62%
1 Year:-77.97%
Return on Equity
10 Years:%
5 Years:10.02%
3 Years:13.63%
Last Year:9.06%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8.50 12.50 12.50 12.50 12.50 12.50 12.50 17.50 35.00
Reserves 3.87 11.71 12.01 12.21 12.53 12.89 14.33 34.62 22.59
Borrowings 0.00 0.03 0.01 0.04 0.02 0.17 0.00 0.43 0.73
0.27 0.41 0.62 1.67 1.94 0.93 8.22 45.51 67.43
Total Liabilities 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06 125.75
0.22 0.33 0.29 0.25 0.17 0.12 0.13 0.67 0.65
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.00 0.50 2.19 0.99 0.00 21.35 26.72 23.54 20.58
12.42 23.82 22.66 25.18 26.82 5.02 8.20 73.85 104.52
Total Assets 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06 125.75

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-1.86 -12.39 1.40 -1.13 -1.91 4.25 -0.09 -11.70 0.26
0.21 0.48 -1.03 0.54 1.72 -4.35 -3.71 4.77 4.61
1.95 11.57 0.00 0.02 -0.02 0.15 3.81 11.87 -0.43
Net Cash Flow 0.30 -0.34 0.37 -0.57 -0.21 0.05 0.01 4.93 4.44

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 1.69% 1.76% 1.66% 1.89% 2.09% 6.95% 33.79% 12.56%
Debtor Days 14.73 27.43 146.41 215.10 511.73 0.00 70.66 100.60 88.91
Inventory Turnover 258.57 205.14 203.14 2,056.00 32.65 45.34