Solitaire Machine Tools Ltd

Solitaire Machine Tools Limited is a leading manufacturer of Precision Centerless Grinders.

Pros:
Company is virtually debt free.
Stock is trading at 0.91 times its book value
Stock is providing a good dividend yield of 3.86%.
Company has been maintaining a healthy dividend payout of 32.45%
Cons:
The company has delivered a poor growth of 9.58% over past five years.
Company has a low return on equity of 13.91% for last 3 years.

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Engineering

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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
2.71 4.62 3.80 7.27 2.15 4.25 5.16 4.80 2.58 5.63 1.81 5.58
2.27 3.66 3.14 5.75 1.67 3.49 4.05 4.12 1.88 4.85 1.48 4.56
Operating Profit 0.44 0.96 0.66 1.52 0.48 0.76 1.11 0.68 0.70 0.78 0.33 1.02
OPM % 16.24% 20.78% 17.37% 20.91% 22.33% 17.88% 21.51% 14.17% 27.13% 13.85% 18.23% 18.28%
Other Income 0.00 0.05 0.04 0.17 0.05 0.12 0.14 0.10 0.05 0.09 0.07 0.08
Interest 0.00 0.00 0.00 0.02 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.03
Depreciation 0.18 0.19 0.19 0.20 0.23 0.23 0.23 0.23 0.24 0.24 0.25 0.25
Profit before tax 0.26 0.82 0.51 1.47 0.27 0.64 1.02 0.55 0.50 0.62 0.14 0.82
Tax % 34.62% 34.15% 33.33% 42.18% 33.33% 32.81% 17.65% 18.18% 42.00% 8.06% 21.43% 60.98%
Net Profit 0.17 0.54 0.34 0.85 0.19 0.43 0.85 0.45 0.29 0.57 0.11 0.32
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
7.04 8.84 7.56 6.27 9.55 14.08 10.36 9.23 10.79 15.66 18.34 16.37 15.60
5.07 6.31 5.72 5.07 7.26 11.27 8.37 8.08 8.68 13.41 14.79 13.33 12.77
Operating Profit 1.97 2.53 1.84 1.20 2.29 2.81 1.99 1.15 2.11 2.25 3.55 3.04 2.83
OPM % 27.98% 28.62% 24.34% 19.14% 23.98% 19.96% 19.21% 12.46% 19.56% 14.37% 19.36% 18.57% 18.14%
Other Income 0.12 0.13 0.18 0.11 0.04 0.04 0.15 0.17 0.07 0.27 0.32 0.42 0.29
Interest 0.19 0.26 0.39 0.37 0.25 0.17 0.07 0.07 0.13 0.09 0.05 0.07 0.06
Depreciation 0.45 0.60 0.65 0.69 0.71 0.75 0.65 0.66 1.01 0.73 0.76 0.91 0.98
Profit before tax 1.45 1.80 0.98 0.25 1.37 1.93 1.42 0.59 1.04 1.70 3.06 2.48 2.08
Tax % 30.34% 34.44% 36.73% 32.00% 43.80% 30.05% 38.03% 35.59% 40.38% 35.88% 37.58% 22.98%
Net Profit 1.01 1.18 0.62 0.17 0.77 1.35 0.88 0.37 0.63 1.09 1.92 1.91 1.29
EPS in Rs 2.11 2.47 1.37 0.37 1.52 2.73 1.82 0.73 1.24 2.20 4.22 4.20
Dividend Payout % 26.97% 28.86% 0.00% 0.00% 58.96% 50.44% 38.69% 61.35% 54.05% 41.65% 29.56% 26.15%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.36%
5 Years:9.58%
3 Years:14.91%
TTM:-4.65%
Compounded Profit Growth
10 Years:4.73%
5 Years:16.52%
3 Years:41.30%
TTM:-32.81%
Return on Equity
10 Years:9.61%
5 Years:10.63%
3 Years:13.91%
Last Year:14.62%

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
4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54 4.54
Reserves 2.95 3.73 4.36 4.53 4.77 5.32 5.81 5.92 5.82 6.36 7.77 9.01 9.69
Borrowings 2.90 2.63 3.66 2.83 0.73 0.25 0.44 1.26 1.08 0.08 0.00 0.00 0.00
4.21 4.91 5.59 3.79 6.05 5.46 3.26 5.14 5.42 5.08 5.02 5.43 5.35
Total Liabilities 14.60 15.81 18.15 15.69 16.09 15.57 14.05 16.86 16.86 16.06 17.33 18.98 19.58
7.42 7.81 8.99 8.48 8.39 8.04 7.66 7.12 6.37 5.93 7.15 6.47 5.93
CWIP 0.00 0.36 0.00 0.00 0.14 0.17 0.00 0.44 0.00 1.10 0.00 0.20 0.00
Investments 0.49 0.50 0.65 0.65 0.65 0.54 0.54 0.54 0.54 0.54 0.16 1.17 2.42
6.69 7.14 8.51 6.56 6.91 6.82 5.85 8.76 9.95 8.49 10.02 11.14 11.23
Total Assets 14.60 15.81 18.15 15.69 16.09 15.57 14.05 16.86 16.86 16.06 17.33 18.98 19.58

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
1.16 2.02 0.29 1.02 4.67 1.70 -0.56 1.06 -0.19 3.25 1.84 2.03
-1.48 -1.24 -1.47 -0.04 -0.72 -0.21 0.03 -0.39 0.02 -1.23 -0.72 -1.28
0.38 -0.80 0.26 -1.27 -2.31 -1.09 -0.65 0.37 -0.54 -1.43 -0.63 -0.71
Net Cash Flow 0.06 -0.02 -0.92 -0.29 1.64 0.40 -1.18 1.04 -0.71 0.59 0.49 0.04

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 % 17.12% 19.54% 11.68% 5.15% 15.04% 21.94% 14.26% 6.22% 10.79% 15.88% 26.71% 19.41%
Debtor Days 21.78 31.38 54.07 77.42 27.90 39.40 35.94 47.45 51.08 47.55 62.09 60.65
Inventory Turnover 3.70 3.55 2.15 1.68 3.29 6.18 4.52 2.74 2.20 3.42 5.21 3.80