KSE Ltd

KSE is engaged in the manufacture of compound cattle feed, extraction of oil from copra cake by solvent extraction process and refining the same to edible grade and in dairying including ice cream.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is providing a good dividend yield of 4.49%.
Company has good consistent profit growth of 72.11% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 34.85%
Company has been maintaining a healthy dividend payout of 56.90%
Cons:
Promoter holding is low: 25.63%

Peer Comparison Sector: Miscellaneous // Industry: Food - Processing - Indian

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Quarterly Results Figures in Rs. Crores

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
248.27 243.66 254.03 275.67 273.88 278.76 363.64 351.43 310.35 308.27 301.08 298.12
241.98 241.99 256.66 266.00 253.51 263.35 337.38 317.32 277.94 286.51 289.43 312.02
Operating Profit 6.29 1.67 -2.63 9.67 20.37 15.41 26.26 34.11 32.41 21.76 11.65 -13.90
OPM % 2.53% 0.69% -1.04% 3.51% 7.44% 5.53% 7.22% 9.71% 10.44% 7.06% 3.87% -4.66%
Other Income 0.74 0.20 0.73 0.14 1.02 1.11 1.16 1.08 3.17 1.67 2.61 0.07
Interest 0.34 0.30 0.33 0.41 0.97 0.31 0.29 0.28 0.32 0.30 0.30 0.34
Depreciation 1.11 0.80 0.81 0.83 0.84 0.85 0.88 0.89 0.91 0.78 0.84 0.85
Profit before tax 5.58 0.77 -3.04 8.57 19.58 15.36 26.25 34.02 34.35 22.35 13.12 -15.02
Tax % 45.34% 19.48% 38.82% 36.29% 37.44% 37.57% 33.03% 36.33% 36.97% 34.50% 35.75% 36.95%
Net Profit 3.05 0.62 -1.86 5.46 12.25 9.60 17.58 21.67 21.65 14.64 8.43 -9.47
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
275 289 350 371 454 542 697 806 900 925 1,047 1,304 1,218
272 280 340 352 440 519 684 777 839 909 1,018 1,196 1,166
Operating Profit 3 9 10 18 14 23 13 29 60 16 29 108 52
OPM % 1% 3% 3% 5% 3% 4% 2% 4% 7% 2% 3% 8% 4%
Other Income 0 1 1 1 1 1 1 1 12 2 2 5 8
Interest 2 3 4 3 3 3 4 3 2 2 2 1 1
Depreciation 3 3 3 4 5 5 4 4 6 4 3 4 3
Profit before tax -2 4 5 13 7 16 7 23 64 12 26 109 55
Tax % 42% 39% 36% 35% 33% 34% 30% 34% 32% 38% 37% 36%
Net Profit -1 3 3 8 4 10 5 15 44 8 16 70 35
EPS in Rs 0.00 7.47 9.16 24.19 12.44 30.88 12.84 44.64 126.29 19.62 51.13 217.58
Dividend Payout % -32% 43% 50% 39% 71% 34% 69% 42% 37% 84% 59% 28%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.25%
5 Years:13.34%
3 Years:13.17%
TTM:-3.94%
Compounded Profit Growth
10 Years:39.52%
5 Years:72.11%
3 Years:23.76%
TTM:-42.31%
Return on Equity
10 Years:32.63%
5 Years:39.04%
3 Years:34.85%
Last Year:60.43%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
3 3 3 3 3 3 3 3 3 3 3 3 3
Reserves 22 24 25 29 30 37 38 45 69 68 83 141 141
Borrowings 27 20 30 29 25 26 30 17 17 11 39 44 11
10 12 13 15 19 21 25 30 49 32 31 42 43
Total Liabilities 62 58 71 77 77 87 95 96 138 116 157 230 198
30 28 28 39 37 35 39 36 27 25 29 27 27
CWIP 1 1 10 1 1 1 0 0 0 0 0 0 0
Investments 0 0 0 4 0 0 0 0 0 0 35 83 46
32 29 33 33 39 51 56 59 111 90 93 119 125
Total Assets 62 58 71 77 77 87 95 96 138 116 157 230 198

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-0 10 2 18 4 10 9 19 36 -5 24 65
-2 -1 -11 -9 1 -2 -8 -1 12 -1 -41 -47
-11 -8 8 -4 -11 -5 -3 -19 -14 -21 18 -8
Net Cash Flow -14 1 -1 4 -5 2 -2 -1 35 -27 1 9

Ratios

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 % 1% 14% 16% 26% 16% 31% 15% 39% 72% 15% 27% 70%
Debtor Days 1 0 0 0 0 0 0 0 0 0 0 0
Inventory Turnover 11.83 13.96 15.91 16.29 16.98 14.64 15.69 16.61 15.55 13.31 14.22 15.82