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:
Company has reduced debt.
Stock is trading at 0.77 times its book value
Company has been maintaining a healthy dividend payout of 19.93%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -1.54% over past five years.
Tax rate seems low
Contingent liabilities of Rs.82.99 Cr.
Company might be capitalizing the interest cost
** 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
261 290 271 313 272 269 290 328 315 323 335 334
227 256 234 288 242 242 261 305 287 291 306 309
Operating Profit 34 34 38 25 29 27 29 23 28 32 29 25
OPM % 13% 12% 14% 8% 11% 10% 10% 7% 9% 10% 9% 7%
Other Income 0 0 0 3 0 0 1 6 0 2 1 2
Interest 14 12 12 6 12 11 11 6 10 10 9 11
Depreciation 16 17 17 18 15 15 15 15 15 14 14 14
Profit before tax 5 6 9 4 3 2 4 8 4 10 7 1
Tax % 33% 15% -26% 0% -4% -48% -30% -56% -23% 10% -1% -227%
Net Profit 3 5 12 4 3 2 5 13 5 9 8 4
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
361 393 424 444 962 911 1,252 1,605 1,417 1,178 1,135 1,159 1,307
315 349 396 395 847 817 1,102 1,430 1,258 1,021 1,005 1,050 1,193
Operating Profit 46 44 28 50 115 94 150 176 159 157 130 108 114
OPM % 13% 11% 7% 11% 12% 10% 12% 11% 11% 13% 11% 9% 9%
Other Income 17 24 21 19 15 11 2 4 2 2 4 8 5
Interest 11 18 25 21 26 45 71 76 69 60 42 39 39
Depreciation 33 42 45 45 50 66 69 71 82 67 68 60 57
Profit before tax 20 8 -21 3 53 -7 11 33 10 33 24 17 23
Tax % 36% 39% 33% 34% 41% 71% 55% 40% -55% 21% -0% -40%
Net Profit 13 5 -14 2 31 -2 5 20 15 26 24 23 26
EPS in Rs 26.68 9.40 0.00 3.68 65.09 0.00 9.59 39.61 29.56 51.85 49.15 47.88
Dividend Payout % 14% 39% -0% 72% 21% -25% 48% 18% 24% 19% 20% 21%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.43%
5 Years:-1.54%
3 Years:-6.49%
TTM:12.79%
Compounded Profit Growth
10 Years:23.96%
5 Years:35.57%
3 Years:15.56%
TTM:11.39%
Return on Equity
10 Years:10.46%
5 Years:14.51%
3 Years:14.78%
Last Year:12.39%

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
5 5 5 5 5 5 5 5 5 5 5 5 5
Reserves 90 93 79 79 107 104 106 122 127 147 174 190 213
Borrowings 302 376 392 358 627 664 605 583 552 499 560 520 436
81 90 72 81 194 171 200 236 236 201 211 259 340
Total Liabilities 478 563 548 522 932 944 915 946 920 851 950 974 995
254 321 304 265 383 482 526 510 486 481 452 415 392
CWIP 35 11 1 1 39 41 4 14 7 15 3 7 3
Investments 2 2 2 2 4 6 6 5 6 5 10 4 3
187 229 240 254 507 415 379 418 422 350 485 548 597
Total Assets 478 563 548 522 932 944 915 946 920 851 950 974 995

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
49 20 30 70 -13 195 162 179 166 180 74 115
-81 -67 -27 -8 -189 -157 -75 -62 -60 -70 -31 -15
33 47 -5 -60 217 -24 -113 -120 -105 -111 -44 -98
Net Cash Flow 1 -0 -2 1 15 14 -26 -3 1 -0 -0 2

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 % 7% 5% 1% 5% 13% 5% 11% 15% 11% 14% 9% 8%
Debtor Days 53 73 70 55 29 33 22 19 22 15 49 60
Inventory Turnover 4.99 5.14 4.84 4.37 5.64 4.98 9.02 10.49 9.06 7.72 6.35 5.50