Loyal Textile Mills Ltd

Loyal Textiles Mills is engaged in manufacturing of yarn, woven fabric, knitted fabric and technical clothing. The Company has manufacturing plants at Kovilpatti, Sattur, Nellore, Sivagangai, Khammam - Telangana, and Cuddalore.(Source : 201803 Annual Report Page No:88)

Pros:
Stock is trading at 0.57 times its book value
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -4.03% over past five years.
Tax rate seems low
Company has a low return on equity of 13.01% for last 3 years.
Contingent liabilities of Rs.162.01 Cr.
Company might be capitalizing the interest cost
Dividend payout has been low at 14.68% of profits over last 3 years
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Textiles // Industry: Textiles - Composite

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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
289.53 271.43 312.57 271.51 269.45 290.12 327.67 315.04 323.04 334.73 334.13 246.31
255.56 233.88 287.84 242.04 242.44 261.04 305.04 286.70 291.39 305.54 309.17 227.70
Operating Profit 33.97 37.55 24.73 29.47 27.01 29.08 22.63 28.34 31.65 29.19 24.96 18.61
OPM % 11.73% 13.83% 7.91% 10.85% 10.02% 10.02% 6.91% 9.00% 9.80% 8.72% 7.47% 7.56%
Other Income 0.14 0.29 3.08 0.38 0.49 1.14 5.87 0.44 2.39 0.86 1.80 0.32
Interest 11.74 11.58 6.24 11.87 10.76 10.66 5.78 9.62 9.54 8.72 11.34 10.03
Depreciation 16.79 16.90 17.51 15.20 15.17 15.46 14.65 14.81 14.44 13.89 14.25 13.42
Profit before tax 5.58 9.36 4.06 2.78 1.57 4.10 8.07 4.35 10.06 7.44 1.17 -4.52
Tax % 14.70% -25.85% 0.49% -3.60% -47.77% -29.76% -55.76% -23.22% 10.34% -0.94% -227.35% 108.63%
Net Profit 4.76 11.78 4.04 2.88 2.32 5.32 12.57 5.36 9.02 7.51 3.83 0.39
EPS in Rs 11.86 25.98 8.39 5.98 4.81 11.04 26.10 11.13 18.73 15.60 7.96 0.81
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
392.57 424.06 444.21 962.45 910.59 1,252.32 1,605.28 1,417.09 1,178.25 1,134.74 1,156.03 1,306.94 1,238.21
349.04 396.00 394.52 847.26 816.91 1,102.12 1,429.50 1,257.90 1,020.88 1,005.03 1,050.56 1,192.78 1,133.80
Operating Profit 43.53 28.06 49.69 115.19 93.68 150.20 175.78 159.19 157.37 129.71 105.47 114.16 104.41
OPM % 11.09% 6.62% 11.19% 11.97% 10.29% 11.99% 10.95% 11.23% 13.36% 11.43% 9.12% 8.73% 8.43%
Other Income 24.05 21.32 19.30 14.72 10.81 1.61 3.86 1.65 2.50 3.63 10.59 5.49 5.37
Interest 17.58 25.06 21.13 26.05 44.98 71.49 75.81 68.84 59.73 42.03 39.07 39.23 39.63
Depreciation 42.26 45.32 44.86 50.39 66.21 69.11 70.86 82.30 67.21 67.69 60.48 57.39 56.00
Profit before tax 7.74 -21.00 3.00 53.47 -6.70 11.21 32.97 9.70 32.93 23.62 16.51 23.03 14.15
Tax % 38.89% 32.71% 34.33% 41.33% 71.04% 55.04% 40.25% -54.54% 21.11% -0.30% -39.79% -11.72%
Net Profit 4.73 -14.13 1.97 31.37 -1.94 5.04 19.70 14.99 25.98 23.69 23.08 25.73 20.75
EPS in Rs 9.40 0.00 3.68 65.09 0.00 9.59 39.61 29.56 51.85 49.15 47.88 53.38 43.10
Dividend Payout % 38.75% -0.00% 71.57% 20.83% -24.85% 47.82% 18.35% 24.12% 18.55% 20.35% 20.88% 2.81%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.91%
5 Years:-4.03%
3 Years:3.52%
TTM:2.99%
Compounded Profit Growth
10 Years:14.10%
5 Years:5.49%
3 Years:-0.32%
TTM:-18.85%
Stock Price CAGR
10 Years:8.26%
5 Years:-0.66%
3 Years:-24.45%
1 Year:-45.67%
Return on Equity
10 Years:12.56%
5 Years:13.70%
3 Years:13.01%
Last Year:12.47%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4.70 4.70 4.70 4.82 4.82 4.82 4.82 4.82 4.82 4.82 4.82 4.82
Reserves 92.73 78.60 78.92 106.56 104.06 106.27 121.75 126.81 146.99 173.83 189.86 213.32
Borrowings 375.62 392.47 357.76 627.24 664.22 604.58 583.38 552.21 498.81 559.93 520.60 486.10
89.85 71.94 80.74 193.51 171.17 199.63 236.47 236.37 200.80 211.29 258.80 320.53
Total Liabilities 562.90 547.71 522.12 932.01 944.27 915.30 946.42 920.21 851.42 949.87 974.08 1,024.77
320.91 304.15 265.01 382.73 482.22 525.92 509.99 485.50 481.39 452.03 414.72 392.20
CWIP 11.03 1.39 1.28 38.88 41.03 3.90 14.26 6.96 15.12 3.10 6.65 2.75
Investments 1.86 1.80 1.80 3.58 6.25 6.00 4.55 5.74 5.31 10.00 4.20 2.64
229.10 240.37 254.03 506.82 414.77 379.48 417.62 422.01 349.60 484.74 548.51 627.18
Total Assets 562.90 547.71 522.12 932.01 944.27 915.30 946.42 920.21 851.42 949.87 974.08 1,024.77

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
19.95 30.47 69.62 -13.38 195.35 161.62 179.16 165.59 180.15 74.14 115.23 127.63
-67.41 -26.58 -7.81 -188.75 -156.94 -75.35 -61.53 -59.72 -69.80 -30.69 -15.16 -28.30
47.23 -5.42 -60.48 216.79 -24.44 -112.64 -120.42 -105.13 -110.69 -43.90 -97.99 -97.30
Net Cash Flow -0.23 -1.53 1.33 14.66 13.97 -26.37 -2.79 0.74 -0.34 -0.45 2.08 2.03

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 5.08% 0.72% 5.17% 13.48% 5.06% 11.11% 15.26% 11.27% 13.89% 9.48% 7.65% 8.77%
Debtor Days 73.06 69.77 55.17 28.53 32.94 21.75 18.77 22.42 15.12 49.44 60.20 61.09
Inventory Turnover 5.14 4.84 4.37 5.64 4.98 9.02 10.49 9.06 7.72 6.35 5.49 5.37