White Organic Agro Ltd

White Organic Agro Limited, formerly White Diamond Industries Ltd., is engaged in organic products farming, cultivations, distributions and retailing. The Companys product segments include organic medicinal products, organic nuts and seeds, organic pulses, organic snacks and candies, and organic spices and condiments.

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Company has good consistent profit growth of 101.68% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Promoter's stake has decreased
Promoter holding is low: 25.40%
Tax rate seems low
Company has a low return on equity of 13.01% for last 3 years.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Diamond, Gems and Jewellery // Industry: Diamond Cutting / Jewellery

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
1.56 0.27 2.04 9.13 10.19 17.49 34.76 48.06 87.61 74.75 81.44 91.38
1.75 0.34 2.10 9.18 8.86 16.58 33.08 44.60 82.67 70.17 76.37 85.80
Operating Profit -0.19 -0.07 -0.06 -0.05 1.33 0.91 1.68 3.46 4.94 4.58 5.07 5.58
OPM % -12.18% -25.93% -2.94% -0.55% 13.05% 5.20% 4.83% 7.20% 5.64% 6.13% 6.23% 6.11%
Other Income 0.19 0.17 0.15 0.20 0.21 0.60 0.53 0.48 0.94 0.49 0.54 0.50
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 0.09 0.04 0.02 0.03 0.03
Profit before tax -0.01 0.09 0.08 0.14 1.53 1.50 2.20 3.85 5.84 5.05 5.58 6.05
Tax % -1,700.00% 33.33% 25.00% 28.57% 19.61% 0.00% 0.00% 0.00% 37.33% 7.72% 7.17% 6.94%
Net Profit -0.18 0.06 0.06 0.09 1.23 1.50 2.01 3.60 2.92 4.66 5.01 5.63
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 TTM
15.86 9.05 7.18 7.11 3.98 3.61 20.56 187.91 335.18
15.80 9.32 7.37 7.21 4.03 3.74 20.54 176.92 315.01
Operating Profit 0.06 -0.27 -0.19 -0.10 -0.05 -0.13 0.02 10.99 20.17
OPM % 0.38% -2.98% -2.65% -1.41% -1.26% -3.60% 0.10% 5.85% 6.02%
Other Income 0.22 0.61 0.66 0.55 0.60 0.71 1.85 2.56 2.47
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.02 0.03 0.04 0.04 0.08 0.05 0.05 0.15 0.12
Profit before tax 0.26 0.31 0.43 0.41 0.47 0.53 1.82 13.40 22.52
Tax % 34.62% 22.58% 32.56% 48.78% 34.04% 32.08% 21.98% 16.27%
Net Profit 0.17 0.24 0.30 0.22 0.31 0.37 1.43 10.03 18.22
EPS in Rs 0.10 0.10 0.12 0.09 0.13 0.15 0.57 2.87
Dividend Payout % 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:92.12%
3 Years:261.43%
TTM:203.33%
Compounded Profit Growth
10 Years:%
5 Years:101.68%
3 Years:218.44%
TTM:118.47%
Return on Equity
10 Years:%
5 Years:8.80%
3 Years:13.01%
Last Year:25.36%

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 Sep 2018
8.50 12.50 12.50 12.50 12.50 12.50 12.50 17.50 17.50
Reserves 3.87 11.71 12.01 12.21 12.53 12.89 14.33 34.62 44.66
Borrowings 0.00 0.03 0.01 0.04 0.02 0.17 0.00 0.43 0.00
0.27 0.41 0.62 1.67 1.94 0.93 8.22 45.51 80.78
Total Liabilities 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06 142.94
0.22 0.33 0.29 0.25 0.17 0.12 0.13 0.67 0.67
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 25.62
12.42 23.82 22.66 25.18 26.82 5.02 8.20 73.85 116.65
Total Assets 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06 142.94

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
-1.86 -12.39 1.40 -1.13 -1.91 4.25 -0.09 -10.94
0.21 0.48 -1.03 0.54 1.72 -4.35 -3.71 4.00
1.95 11.57 0.00 0.02 -0.02 0.15 3.81 11.87
Net Cash Flow 0.30 -0.34 0.37 -0.57 -0.21 0.05 0.01 4.93

Ratios Consolidated / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 1.69% 1.76% 1.66% 1.89% 2.09% 6.95% 33.71%
Debtor Days 14.73 27.43 146.41 215.10 511.73 0.00 70.66 100.60
Inventory Turnover 258.57 205.14 203.14 2,056.00 32.65