Keerthi Industries Ltd

About

Keerthi Industries Ltd was incorporated in 1982 at Hyderabad with the name Suvarna Cements Ltd by V C Brahamanna along with his associates. It is in the production and sale of cement and clinkers in India.[1]

Key Points

Plants
The company operates a cement plant with an installed capacity of around 297000 tonnes pa at its plant located in Andhra Pradesh. The company mainly manufactures Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC) varieties with a product-mix of OPC.[1]
The company is diversified from Cement to Power, Electronics, Sugar and distillery.

See full details
  • Market Cap 121 Cr.
  • Current Price 151
  • High / Low 178 / 37.0
  • Stock P/E 5.81
  • Book Value 92.7
  • Dividend Yield 0.99 %
  • ROCE 37.5 %
  • ROE 34.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 270.61%

Cons

  • The company has delivered a poor sales growth of 4.92% over past five years.
  • Company has a low return on equity of 8.51% for last 3 years.
  • Promoters have pledged 40.04% of their holding.

Peer comparison

Sector: Cement Industry: Cement - South India

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
41.77 41.07 55.42 57.78 38.88 31.88 43.27 46.84 58.99 60.62 65.78 71.42
40.59 41.54 53.71 44.94 38.96 34.96 44.74 37.15 41.81 49.55 55.19 59.24
Operating Profit 1.18 -0.47 1.71 12.84 -0.08 -3.08 -1.47 9.69 17.18 11.07 10.59 12.18
OPM % 2.82% -1.14% 3.09% 22.22% -0.21% -9.66% -3.40% 20.69% 29.12% 18.26% 16.10% 17.05%
Other Income 0.50 0.50 2.70 1.04 0.57 0.53 7.62 0.75 0.74 0.76 -5.26 0.93
Interest 1.67 1.62 1.69 1.60 1.41 1.55 1.49 1.44 1.50 1.27 1.08 0.79
Depreciation 2.61 2.65 2.82 2.71 2.76 2.74 2.82 2.80 2.83 2.56 2.24 2.25
Profit before tax -2.60 -4.24 -0.10 9.57 -3.68 -6.84 1.84 6.20 13.59 8.00 2.01 10.07
Tax % 184.23% 8.96% 1,020.00% 29.47% 20.65% 48.39% 133.15% 27.90% 27.74% 31.25% 126.37% 23.93%
Net Profit 2.19 -3.86 0.92 6.75 -2.92 -3.53 -0.61 4.47 9.82 5.51 -0.53 7.66
EPS in Rs 2.73 -4.81 1.15 8.42 -3.64 -4.40 -0.76 5.58 12.25 6.87 -0.66 9.56

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
71 84 176 108 125 153 183 198 193 184 172 232 257
59 71 134 104 122 127 141 166 166 177 164 184 206
Operating Profit 12 13 42 3 3 26 41 32 26 8 8 49 51
OPM % 17% 16% 24% 3% 2% 17% 23% 16% 14% 4% 5% 21% 20%
Other Income 0 0 0 -5 -1 3 3 2 2 4 10 -3 -3
Interest 0 4 10 9 9 9 6 7 7 7 6 5 5
Depreciation 3 7 14 14 14 8 8 9 11 11 11 10 10
Profit before tax 9 2 19 -24 -21 10 30 18 11 -5 1 30 34
Tax % 54% 16% 38% -2% 13% -81% 33% 37% 27% 101% 135% 35%
Net Profit 4 2 12 -25 -18 19 20 11 8 0 -0 19 22
EPS in Rs 5.38 2.59 14.89 -30.62 -22.50 23.54 24.84 14.21 9.92 0.09 -0.40 24.02 28.02
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 9% 1,031% -226% 6%
Compounded Sales Growth
10 Years:11%
5 Years:5%
3 Years:6%
TTM:60%
Compounded Profit Growth
10 Years:27%
5 Years:3%
3 Years:38%
TTM:385%
Stock Price CAGR
10 Years:17%
5 Years:1%
3 Years:28%
1 Year:289%
Return on Equity
10 Years:9%
5 Years:12%
3 Years:9%
Last Year:34%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
18 18 18 17 17 17 17 17 16 13 10 9
Reserves 34 36 48 23 5 23 43 41 49 48 47 66
Borrowings 92 88 78 77 80 73 77 58 54 56 53 29
54 57 49 64 59 46 47 69 59 45 34 47
Total Liabilities 187 188 183 171 153 150 175 176 171 157 143 150
32 148 141 130 116 107 102 121 114 107 100 92
CWIP 93 3 2 2 0 0 21 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 1 1 2 2
63 37 40 40 37 43 53 55 55 48 41 56
Total Assets 187 188 183 171 153 150 175 176 171 157 143 150

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2 19 11 12 -11 18 25 34 26 8 12 44
-57 -27 -5 -2 3 0 -23 -9 -3 -4 -4 -1
63 4 -10 -10 9 -17 -2 -18 -24 -9 -5 -35
Net Cash Flow 8 -4 -4 -1 0 1 -0 7 -2 -6 3 7

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 16 9 6 20 10 4 5 5 6 7 7 8
Inventory Days 444 280 306 347 211 433 465 351 398 222 237 329
Days Payable 366 194 152 350 246 420 338 293 331 205 184 156
Cash Conversion Cycle 94 95 159 17 -25 17 131 63 73 23 61 181
Working Capital Days 86 -83 -4 -60 -49 -17 21 -40 -13 -5 -11 -5
ROCE % 9% 5% 20% -7% -8% 17% 27% 20% 16% 1% -0% 38%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92 74.92
0.12 0.12 0.12 0.12 0.14 0.12 0.12 0.12 0.04 0.04 0.04 0.04
24.95 24.95 24.95 24.95 24.94 24.95 24.96 24.96 25.04 25.04 25.04 25.04

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