Himachal Fibres Ltd

Himachal Fibres Limited is an India-based textile company. The Company is engaged in manufacturing of grey/dyed cotton/synthetics yarns with various blends.

Pros:
Stock is trading at 0.27 times its book value
Company is expected to give good quarter
Debtor days have improved from 88.89 to 59.08 days
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -18.22% over past five years.
Company has a low return on equity of -2.02% for last 3 years.
Contingent liabilities of Rs.8.71 Cr.
Earnings include an other income of Rs.1.57 Cr.
Company's cost of borrowing seems high

Peer Comparison Sector: Textiles // Industry: Textiles - Cotton/Blended

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
11.01 12.36 23.41 14.16 20.27 15.68 5.65 8.22 8.12 7.79 23.63 12.50
10.73 11.80 21.88 12.87 20.27 13.49 4.26 6.94 7.03 6.78 22.59 11.88
Operating Profit 0.28 0.56 1.53 1.29 0.00 2.19 1.39 1.28 1.09 1.01 1.04 0.62
OPM % 2.54% 4.53% 6.54% 9.11% 0.00% 13.97% 24.60% 15.57% 13.42% 12.97% 4.40% 4.96%
Other Income 0.02 -0.01 0.09 0.15 0.19 0.17 0.21 0.17 0.33 0.37 0.51 0.36
Interest 0.94 0.91 0.94 0.86 0.87 1.08 0.89 0.83 0.83 0.79 1.13 0.85
Depreciation 0.55 0.54 0.54 0.56 0.56 0.63 0.49 0.58 0.58 0.58 0.32 0.51
Profit before tax -1.19 -0.90 0.14 0.02 -1.24 0.65 0.22 0.04 0.01 0.01 0.10 -0.38
Tax % -0.00% -0.00% -300.00% -150.00% 70.97% 35.38% 459.09% 525.00% -2,400.00% 500.00% -260.00% 7.89%
Net Profit -1.19 -0.90 0.55 0.04 -0.36 0.42 -0.79 -0.17 0.26 -0.04 0.36 -0.35
EPS in Rs -0.14 -0.10 0.06 0.01 -0.04 0.05 -0.09 -0.02 0.03 -0.01 0.04 -0.04
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
36.83 117.41 49.43 100.17 103.61 120.95 130.56 84.58 47.34 55.78 55.76 47.76 52.04
32.16 110.02 44.48 90.92 94.05 112.42 123.59 77.92 41.87 52.08 50.83 43.34 48.28
Operating Profit 4.67 7.39 4.95 9.25 9.56 8.53 6.97 6.66 5.47 3.70 4.93 4.42 3.76
OPM % 12.68% 6.29% 10.01% 9.23% 9.23% 7.05% 5.34% 7.87% 11.55% 6.63% 8.84% 9.25% 7.23%
Other Income 0.38 1.96 0.15 0.46 0.24 0.45 0.14 0.07 -0.05 0.11 0.65 1.38 1.57
Interest 2.15 4.80 1.96 4.99 4.99 4.75 4.34 4.59 3.01 3.62 3.69 3.58 3.60
Depreciation 1.55 2.84 1.01 2.32 2.56 2.70 2.70 2.10 2.20 2.22 2.25 2.04 1.99
Profit before tax 1.35 1.71 2.13 2.40 2.25 1.53 0.07 0.04 0.21 -2.03 -0.36 0.18 -0.26
Tax % 1.48% 0.58% 0.00% 26.25% 42.67% 57.52% 271.43% 3,200.00% 19.05% 20.69% -88.89% -133.33%
Net Profit 1.33 1.70 2.13 1.77 1.29 0.66 -0.13 -1.24 0.17 -1.62 -0.68 0.41 0.23
EPS in Rs 0.50 0.28 0.08 0.00 0.00 0.02 0.00 0.00 0.05 0.02
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:%
5 Years:-18.22%
3 Years:0.29%
TTM:4.46%
Compounded Profit Growth
10 Years:%
5 Years:112.17%
3 Years:10.97%
TTM:125.56%
Stock Price CAGR
10 Years:-11.46%
5 Years:-21.70%
3 Years:-61.25%
1 Year:-67.91%
Return on Equity
10 Years:%
5 Years:-1.88%
3 Years:-2.02%
Last Year:1.13%

Balance Sheet Figures in Rs. Crores

Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4.66 16.66 16.66 17.16 18.13 22.13 22.13 22.13 22.13 8.63 21.52 22.08
Reserves -11.92 -5.20 -3.07 1.36 5.52 8.55 8.42 10.66 10.83 14.19 13.55 15.16
Borrowings 21.96 39.62 40.52 38.24 43.61 39.97 36.56 27.93 27.85 26.67 23.30 18.99
24.37 24.25 20.26 23.55 21.21 17.93 20.09 23.46 23.71 20.95 20.43 21.32
Total Liabilities 37.42 61.68 60.72 66.66 74.97 75.08 73.70 70.68 71.02 70.44 65.91 64.10
15.38 16.24 25.32 26.50 27.42 26.50 24.08 27.19 25.25 23.46 22.44 21.42
CWIP 4.02 9.30 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
18.02 36.14 35.40 40.16 47.45 48.58 49.62 43.49 45.77 46.98 43.47 42.68
Total Assets 37.42 61.68 60.72 66.66 74.97 75.08 73.70 70.68 71.02 70.44 65.91 64.10

Cash Flows Figures in Rs. Crores

Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
0.93 -16.04 2.15 10.43 -0.36 5.58 5.36 13.76 4.97 3.81 5.10 5.74
-9.20 -10.86 -0.80 -3.21 -3.56 -1.51 -0.14 -1.70 -0.32 -0.45 -1.22 -0.97
8.59 26.36 -1.06 -6.96 3.49 -4.02 -5.25 -11.92 -4.01 -3.89 -3.72 -4.77
Net Cash Flow 0.32 -0.54 0.29 0.26 -0.43 0.05 -0.03 0.13 0.64 -0.53 0.16 -0.01

Ratios Figures in Rs. Crores

Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 36.58% 19.79% 12.83% 11.68% 8.93% 6.32% 7.24% 5.55% 2.88% 6.30% 6.56%
Debtor Days 41.52 25.43 48.59 31.88 37.87 40.95 63.21 10.05 58.75 143.89 63.69 59.08
Inventory Turnover 2.99 6.61 3.93 3.69 3.99 4.86 2.92 1.44 2.24 2.72 1.81

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