Black Rose Industries Ltd

Black Rose Industries is primarily in the business of chemical distribution and chemical manufacturing, as well as textile manufacturing and renewable energy generation.

Pros:
Company has good consistent profit growth of 46.90% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 31.23%
Debtor days have improved from 59.90 to 47.82 days
Cons:
Stock is trading at 7.40 times its book value

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
44.39 49.00 54.30 34.48 44.59 51.60 43.66 54.56 59.64 55.62 55.11 64.49
41.65 45.24 50.64 29.88 38.81 44.57 39.70 48.89 53.43 48.56 47.36 56.98
Operating Profit 2.74 3.76 3.66 4.60 5.78 7.03 3.96 5.67 6.21 7.06 7.75 7.51
OPM % 6.17% 7.67% 6.74% 13.34% 12.96% 13.62% 9.07% 10.39% 10.41% 12.69% 14.06% 11.65%
Other Income 0.08 0.32 0.11 0.13 0.11 0.12 0.16 0.15 0.12 0.32 0.12 0.49
Interest 1.13 1.06 1.07 0.93 1.03 0.80 0.79 0.82 0.81 0.71 0.67 0.63
Depreciation 0.69 0.68 0.69 0.67 0.54 0.51 0.52 0.53 0.53 0.52 0.53 0.53
Profit before tax 1.00 2.34 2.01 3.13 4.32 5.84 2.81 4.47 4.99 6.15 6.67 6.84
Tax % 21.00% 63.68% 20.40% 25.56% 14.35% 39.73% 26.33% 30.87% 28.06% 27.80% 31.48% 13.01%
Net Profit 0.79 0.85 1.60 2.33 3.70 3.52 2.06 3.09 3.59 4.44 4.57 5.95
EPS in Rs 0.15 0.09 0.31 0.46 0.73 0.69 0.41 0.62 0.74 0.83 0.90 1.15
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
31.61 40.20 51.32 87.57 80.98 84.35 84.75 147.01 128.68 166.16 184.97 213.49 234.86
30.18 39.92 47.61 81.32 77.91 79.07 82.81 140.28 119.21 151.59 163.67 190.00 206.33
Operating Profit 1.43 0.28 3.71 6.25 3.07 5.28 1.94 6.73 9.47 14.57 21.30 23.49 28.53
OPM % 4.52% 0.70% 7.23% 7.14% 3.79% 6.26% 2.29% 4.58% 7.36% 8.77% 11.52% 11.00% 12.15%
Other Income 1.01 0.88 1.80 0.41 0.33 0.37 0.80 0.57 0.51 0.69 0.48 0.73 1.05
Interest 0.38 0.51 0.49 1.38 2.03 1.70 3.06 5.19 4.80 5.01 4.06 3.53 2.82
Depreciation 0.16 0.21 0.30 1.12 1.13 1.16 2.16 2.78 2.73 2.74 2.41 2.11 2.11
Profit before tax 1.90 0.44 4.72 4.16 0.24 2.79 -2.48 -0.67 2.45 7.51 15.31 18.58 24.65
Tax % 42.11% 4.55% 30.72% 33.89% 0.00% 41.58% -10.48% 182.09% 35.92% 33.95% 27.11% 28.47%
Net Profit 1.10 0.42 3.27 2.75 0.24 1.63 -2.75 0.55 1.58 4.96 11.16 13.29 18.55
EPS in Rs 0.29 0.11 0.85 0.71 0.06 0.42 0.00 0.11 0.31 0.97 2.19 2.61 3.62
Dividend Payout % 0.00% 0.00% 0.00% 7.05% 0.00% 0.00% -0.00% 0.00% 0.00% 10.28% 6.85% 11.51%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:18.17%
5 Years:20.29%
3 Years:18.38%
TTM:20.81%
Compounded Profit Growth
10 Years:40.00%
5 Years:46.90%
3 Years:106.57%
TTM:49.96%
Stock Price CAGR
10 Years:43.25%
5 Years:32.35%
3 Years:52.13%
1 Year:60.00%
Return on Equity
10 Years:19.01%
5 Years:23.66%
3 Years:31.23%
Last Year:32.57%

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 Sep 2019
1.94 1.94 1.94 1.94 3.87 3.87 5.10 5.10 5.10 5.10 5.10 5.10 5.10
Reserves 3.76 4.18 7.45 9.97 8.27 9.90 13.60 14.20 15.70 20.29 29.61 41.92 50.55
Borrowings 3.08 4.32 9.89 16.82 21.25 22.25 37.24 42.25 41.81 42.12 35.38 29.79 31.74
12.99 10.73 20.10 27.93 22.70 21.06 35.29 33.02 23.75 36.48 34.26 31.24 20.73
Total Liabilities 21.77 21.17 39.38 56.66 56.09 57.08 91.23 94.57 86.36 103.99 104.35 108.05 108.12
2.05 1.85 10.54 9.54 8.76 7.99 42.08 40.67 38.32 36.15 34.21 32.70 31.69
CWIP 0.00 0.00 0.00 4.56 11.04 17.74 0.00 0.00 0.00 0.00 0.00 0.22 0.32
Investments 0.15 0.00 0.45 0.00 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
19.57 19.32 28.39 42.56 36.13 31.19 48.99 53.74 47.88 67.68 69.98 74.97 75.95
Total Assets 21.77 21.17 39.38 56.66 56.09 57.08 91.23 94.57 86.36 103.99 104.35 108.05 108.12

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
-0.04 0.11 4.77 1.67 4.57 6.72 -1.38 0.81 5.56 5.53 11.60 10.30
-0.56 -0.79 -9.86 -4.14 -6.65 -6.97 -18.39 -1.36 -0.12 -0.22 -0.03 -0.38
0.53 0.88 5.26 3.29 1.78 0.25 19.40 0.54 -5.53 -4.08 -10.71 -8.61
Net Cash Flow -0.07 0.20 0.17 0.82 -0.30 0.00 -0.37 0.00 -0.10 1.23 0.86 1.30

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 % 27.42% 10.30% 35.06% 23.08% 7.31% 12.94% 1.26% 7.80% 11.42% 19.01% 28.15% 30.13%
Debtor Days 65.70 52.21 68.49 88.74 76.44 74.38 96.26 68.95 64.53 65.13 66.76 47.82
Inventory Turnover 3.52 4.62 5.13 6.00 5.39 7.99 6.31 8.59 8.55 8.50 7.30 7.20