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:
Stock is providing a good dividend yield of 5.39%.
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%
Earnings include an other income of Rs.5.95 Cr.

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

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
243.66 254.03 275.67 273.88 278.76 363.64 351.43 310.35 308.27 301.08 298.12 301.94
241.99 256.66 266.00 253.51 263.35 337.38 317.32 277.94 286.51 289.43 312.02 308.13
Operating Profit 1.67 -2.63 9.67 20.37 15.41 26.26 34.11 32.41 21.76 11.65 -13.90 -6.19
OPM % 0.69% -1.04% 3.51% 7.44% 5.53% 7.22% 9.71% 10.44% 7.06% 3.87% -4.66% -2.05%
Other Income 0.20 0.73 0.14 1.02 1.11 1.16 1.08 3.17 1.67 2.61 0.07 1.60
Interest 0.30 0.33 0.41 0.97 0.31 0.29 0.28 0.32 0.30 0.30 0.34 0.36
Depreciation 0.80 0.81 0.83 0.84 0.85 0.88 0.89 0.91 0.78 0.84 0.85 0.87
Profit before tax 0.77 -3.04 8.57 19.58 15.36 26.25 34.02 34.35 22.35 13.12 -15.02 -5.82
Tax % 19.48% 38.82% 36.29% 37.44% 37.57% 33.03% 36.33% 36.97% 34.50% 35.75% 36.95% 28.35%
Net Profit 0.62 -1.86 5.46 12.25 9.60 17.58 21.67 21.65 14.64 8.43 -9.47 -4.17
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
274.97 289.44 350.03 370.86 453.68 542.22 697.17 806.31 899.70 924.94 1,047.25 1,304.17 1,209.41
271.89 280.44 339.88 352.47 439.89 519.49 683.69 777.01 839.29 908.72 1,017.90 1,195.80 1,196.09
Operating Profit 3.08 9.00 10.15 18.39 13.79 22.73 13.48 29.30 60.41 16.22 29.35 108.37 13.32
OPM % 1.12% 3.11% 2.90% 4.96% 3.04% 4.19% 1.93% 3.63% 6.71% 1.75% 2.80% 8.31% 1.10%
Other Income 0.48 0.97 0.96 1.34 0.68 1.14 1.08 0.90 12.09 2.30 2.08 5.19 5.95
Interest 2.50 2.88 3.52 3.23 3.24 3.41 3.68 3.00 2.25 1.99 2.27 1.39 1.30
Depreciation 2.81 2.87 2.59 3.84 4.56 4.59 4.22 3.76 6.36 4.27 3.28 3.52 3.34
Profit before tax -1.75 4.22 5.00 12.66 6.67 15.87 6.66 23.44 63.89 12.26 25.88 108.65 14.63
Tax % 42.29% 38.86% 36.00% 34.68% 32.53% 34.15% 30.18% 34.39% 31.71% 38.17% 36.79% 35.91%
Net Profit -1.01 2.58 3.20 8.27 4.50 10.45 4.65 15.37 43.63 7.58 16.36 69.63 9.43
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 % -31.68% 43.41% 50.00% 38.69% 71.11% 33.68% 68.82% 41.64% 36.67% 84.43% 58.68% 27.57%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.25%
5 Years:13.34%
3 Years:13.17%
TTM:-7.27%
Compounded Profit Growth
10 Years:39.52%
5 Years:72.11%
3 Years:23.76%
TTM:-86.62%
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 Mar 2019
3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20 3.20
Reserves 22.12 23.50 24.83 29.37 30.15 36.51 37.50 45.38 68.61 68.49 83.40 140.59 126.57
Borrowings 27.28 19.80 29.99 29.23 25.26 26.23 29.95 16.67 17.36 11.40 39.38 43.94 39.98
9.77 12.00 13.30 15.18 18.66 20.61 24.84 30.47 48.86 32.50 30.69 42.15 27.48
Total Liabilities 62.37 58.50 71.32 76.98 77.27 86.55 95.49 95.72 138.03 115.59 156.67 229.88 197.23
30.27 28.39 28.40 38.97 36.87 35.12 39.13 36.27 27.34 24.99 28.91 27.27 25.74
CWIP 0.51 1.00 9.97 0.97 0.97 0.71 0.31 0.27 0.11 0.28 0.06 0.17 0.46
Investments 0.03 0.03 0.08 4.08 0.08 0.08 0.08 0.08 0.03 0.03 35.13 83.36 42.64
31.56 29.08 32.87 32.96 39.35 50.64 55.97 59.10 110.55 90.29 92.57 119.08 128.39
Total Assets 62.37 58.50 71.32 76.98 77.27 86.55 95.49 95.72 138.03 115.59 156.67 229.88 197.23

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
-0.17 10.50 2.28 17.52 4.47 9.96 9.02 19.42 36.03 -5.26 23.79 64.53
-2.38 -1.34 -11.40 -9.34 1.32 -2.44 -7.69 -0.68 12.13 -0.66 -41.27 -47.05
-10.99 -8.45 8.20 -3.97 -10.91 -5.17 -3.40 -19.36 -13.52 -21.42 18.45 -8.14
Net Cash Flow -13.54 0.71 -0.92 4.21 -5.12 2.35 -2.07 -0.62 34.63 -27.34 0.97 9.34

Ratios 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
ROCE % 1.32% 14.05% 15.82% 26.41% 16.46% 30.94% 15.07% 38.85% 72.17% 14.83% 26.95% 70.13%
Debtor Days 0.62 0.50 0.33 0.31 0.19 0.11 0.15 0.08 0.12 0.04 0.04 0.05
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