Swiss Glascoat Equipments Ltd

Swiss Glascoat Equipments is engaged in western part of India, specializes in design and manufacturing of Carbon Steel Glass Lined Equipment viz. Reactors, Receivers / Storage Tanks, Dryers, Filters, Columns, Agitators, Valves, Pipes And Fittings. SGEL caters to requirement of leading Pharmaceutical / API, Specialty Chemicals, Dyes/ Colours, Agro Chemicals, Food Processing and allied Industries.

Pros:
Company is expected to give good quarter
Promoter's stake has increased
Company has been maintaining a healthy dividend payout of 21.97%
Cons:
The company has delivered a poor growth of 10.25% over past five years.
Company has a low return on equity of 11.16% for last 3 years.

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
19.74 22.27 22.54 21.88 19.49 23.59 31.69 28.14 27.38 30.79 38.75 39.89
17.07 19.42 20.59 20.25 16.80 20.86 28.61 25.06 24.75 26.87 35.23 35.18
Operating Profit 2.67 2.85 1.95 1.63 2.69 2.73 3.08 3.08 2.63 3.92 3.52 4.71
OPM % 13.53% 12.80% 8.65% 7.45% 13.80% 11.57% 9.72% 10.95% 9.61% 12.73% 9.08% 11.81%
Other Income 0.05 0.08 0.09 0.11 0.09 0.07 0.75 0.15 0.22 0.24 0.39 0.11
Interest 0.61 0.75 0.19 0.33 0.35 0.36 0.33 0.43 0.30 0.54 0.56 0.56
Depreciation 0.59 0.70 0.66 0.75 0.76 0.76 0.76 0.76 0.75 0.81 0.44 0.83
Profit before tax 1.52 1.48 1.19 0.66 1.67 1.68 2.74 2.04 1.80 2.81 2.91 3.43
Tax % 33.55% 33.11% 35.29% 37.88% 31.74% 30.95% 3.28% 27.45% 20.00% 26.33% 32.65% 20.99%
Net Profit 1.01 0.98 0.76 0.41 1.14 1.16 2.65 1.48 1.44 2.07 1.96 2.71
EPS in Rs 2.01 1.97 1.52 0.64 1.75 1.78 4.08 2.27 2.21 3.19 3.02 4.17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
40.64 41.32 45.49 52.95 70.40 75.61 76.79 88.45 92.42 81.47 96.52 125.07 136.81
35.34 36.23 39.25 45.07 61.79 65.56 66.66 77.55 81.07 71.85 86.13 111.10 122.03
Operating Profit 5.30 5.09 6.24 7.88 8.61 10.05 10.13 10.90 11.35 9.62 10.39 13.97 14.78
OPM % 13.04% 12.32% 13.72% 14.88% 12.23% 13.29% 13.19% 12.32% 12.28% 11.81% 10.76% 11.17% 10.80%
Other Income 1.10 1.03 0.24 0.17 0.88 0.49 0.40 0.49 0.55 0.26 1.14 0.72 0.96
Interest 1.63 2.42 1.91 2.58 3.20 3.34 2.83 3.31 3.38 2.60 1.75 2.36 1.96
Depreciation 0.89 0.93 0.99 1.60 1.65 1.86 1.95 2.39 2.26 2.55 3.04 2.77 2.83
Profit before tax 3.88 2.77 3.58 3.87 4.64 5.34 5.75 5.69 6.26 4.73 6.74 9.56 10.95
Tax % 36.34% 36.46% 32.96% 29.97% 39.44% 32.40% 33.91% 20.21% 33.71% 34.04% 20.47% 27.30%
Net Profit 2.47 1.76 2.40 2.71 2.81 3.61 3.80 4.54 4.15 3.12 5.36 6.95 8.18
EPS in Rs 4.74 3.32 4.52 5.10 5.26 6.86 7.20 8.54 7.86 4.80 8.24 10.69 12.59
Dividend Payout % 24.29% 34.09% 35.42% 36.90% 39.15% 30.47% 32.89% 29.74% 26.51% 41.67% 24.25% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.71%
5 Years:10.25%
3 Years:10.61%
TTM:32.94%
Compounded Profit Growth
10 Years:15.00%
5 Years:13.51%
3 Years:19.94%
TTM:27.22%
Return on Equity
10 Years:14.38%
5 Years:12.93%
3 Years:11.16%
Last Year:13.25%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 6.50 6.50 6.50
Reserves 7.43 8.49 9.89 11.44 12.97 15.30 17.65 18.63 21.46 40.59 44.98 50.08
Borrowings 12.48 16.34 14.90 19.76 19.08 20.90 14.47 19.26 18.77 11.65 5.91 19.55
15.97 13.85 18.19 31.17 32.04 27.59 35.73 40.76 34.28 35.39 39.73 60.11
Total Liabilities 40.88 43.68 47.98 67.37 69.09 68.79 72.85 83.65 79.51 94.13 97.12 136.24
13.40 13.82 19.17 18.52 22.39 21.89 21.68 20.42 22.96 26.37 24.63 35.64
CWIP 0.00 0.00 0.00 1.98 0.10 0.39 0.28 2.31 0.53 0.44 1.96 0.31
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.00
27.48 29.86 28.81 46.87 46.60 46.51 50.89 60.92 56.02 67.32 69.53 100.29
Total Assets 40.88 43.68 47.98 67.37 69.09 68.79 72.85 83.65 79.51 94.13 97.12 136.24

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2.79 1.33 10.22 1.40 8.45 4.02 11.91 5.05 8.22 5.52 10.22 5.11
-0.38 -1.26 -6.23 -2.99 -3.68 -1.57 -1.78 -4.95 -2.86 -16.04 0.52 -8.69
-3.52 0.75 -4.05 1.44 -4.60 -2.57 -10.43 0.32 -5.51 11.56 -10.25 8.67
Net Cash Flow -1.11 0.82 -0.06 -0.15 0.17 -0.12 -0.30 0.42 -0.15 1.04 0.49 5.09

Ratios Figures in Rs. Crores

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 % 22.22% 19.04% 18.45% 19.55% 21.41% 22.19% 21.91% 22.52% 21.88% 14.10% 14.62% 18.29%
Debtor Days 84.60 41.69 29.37 33.36 17.99 20.66 25.52 17.99 15.05 21.91 22.69 18.77
Inventory Turnover 3.23 2.47 2.23 1.88 1.88 1.96 1.94 1.93 1.92 1.82 2.06 2.07