HLE Glascoat Ltd

glascoat.com BSE: 522215 NSE : HLEGLAS
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HLE Glascoat is based in the western part of India and is engaged in the business of Glass Lined Equipment - Manufacturing of Carbon Steel Glass Lined Equipment viz. reactors, receivers, storage tanks, columns, agitators, valves, pipes and fittings and other similar equipment and related spares and accessories ,Other Engineering Equipment Manufacturing of Agitated Filters and Dryers, Rotary Vacuum Paddle Dryers, other Chemical Process Equipment and related spares and accessories, Chemical - Manufacturing of organic chemicals.

Website BSE NSE
  • Market Cap ₹ 2,606 Cr.
  • Current Price ₹ 1,993
  • High / Low ₹ 2,120 / 434
  • Stock P/E 57.6
  • Book Value ₹ 69.1
  • Dividend Yield 0.23 %
  • ROCE 43.1 %
  • ROE 52.6 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 53.16% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.94%
  • Company's median sales growth is 15.05% of last 10 years

Cons

  • Stock is trading at 28.85 times its book value
  • Debtor days have increased from 32.50 to 40.53 days.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Engineering

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
32 28 27 74 121 84 105 99 99 70 109 115
29 25 25 67 102 70 90 82 82 58 91 90
Operating Profit 3 3 3 6 19 14 16 18 17 12 18 25
OPM % 10% 11% 10% 9% 15% 16% 15% 18% 17% 17% 17% 22%
Other Income 1 0 0 2 2 1 1 2 3 2 2 3
Interest 0 0 0 3 4 3 3 3 3 3 3 2
Depreciation 1 1 1 2 1 2 2 2 2 2 2 2
Profit before tax 3 2 2 4 16 10 13 15 15 9 16 24
Tax % 3% 27% 20% 28% 20% 26% 28% 28% 30% 30% 28% 29%
Net Profit 3 1 1 3 12 7 9 11 11 6 11 17
EPS in Rs 4.08 2.28 2.22 4.42 19.14 11.51 14.02 8.38 8.33 4.80 8.77 12.94
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
41 45 53 70 76 77 88 92 81 97 337 387 393
36 39 45 62 66 67 78 81 72 86 296 322 321
Operating Profit 5 6 8 9 10 10 11 11 10 10 40 66 72
OPM % 12% 14% 15% 12% 13% 13% 12% 12% 12% 11% 12% 17% 18%
Other Income 1 0 0 1 0 0 0 1 0 1 6 8 10
Interest 2 2 3 3 3 3 3 3 3 2 14 13 10
Depreciation 1 1 2 2 2 2 2 2 3 3 6 7 8
Profit before tax 3 4 4 5 5 6 6 6 5 7 25 53 64
Tax % 36% 33% 30% 39% 32% 34% 20% 34% 34% 20% 29% 28%
Net Profit 2 2 3 3 4 4 5 4 3 5 18 38 45
EPS in Rs 3.52 4.80 5.42 5.62 7.22 7.60 9.08 8.30 4.80 8.25 27.86 29.53 34.84
Dividend Payout % 34% 35% 37% 39% 30% 33% 30% 27% 42% 24% 0% 15%
Compounded Sales Growth
10 Years:24%
5 Years:34%
3 Years:68%
TTM:-4%
Compounded Profit Growth
10 Years:32%
5 Years:53%
3 Years:131%
TTM:14%
Stock Price CAGR
10 Years:49%
5 Years:81%
3 Years:123%
1 Year:130%
Return on Equity
10 Years:26%
5 Years:29%
3 Years:35%
Last Year:53%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
5 5 5 5 5 5 5 5 6 6 34 36 13
Reserves 8 10 11 13 15 18 19 21 41 45 24 52 77
Borrowings 16 15 20 19 21 14 19 19 12 6 85 76 79
14 18 31 32 28 36 41 34 35 40 167 181 157
Total Liabilities 44 48 67 69 69 73 84 80 94 97 283 322 326
14 19 19 22 22 22 20 23 26 25 80 88 95
CWIP 0 0 2 0 0 0 2 1 0 2 4 10 6
Investments 0 0 0 0 0 0 0 0 0 1 8 9 5
30 29 47 47 47 51 61 56 67 70 190 215 219
Total Assets 44 48 67 69 69 73 84 80 94 97 283 322 326

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1 10 1 8 4 12 5 8 6 10 45 39
-1 -6 -3 -4 -2 -2 -5 -3 -16 1 -20 -15
1 -4 1 -5 -3 -10 0 -6 12 -10 -20 -29
Net Cash Flow 1 -0 -0 0 -0 -0 0 -0 1 0 5 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 19% 18% 20% 21% 22% 22% 23% 22% 14% 15% 40% 43%
Debtor Days 42 29 33 18 21 26 18 15 22 23 34 41
Inventory Turnover 1.33 1.29 1.00 1.08 1.17 1.12 1.11 1.15 1.08 1.21 2.34 1.60

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.25 50.25 50.25 50.25 50.25 50.25 50.25 74.25 74.25 74.25 74.25 73.43
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00
49.75 49.75 49.75 49.75 49.75 49.75 49.75 25.75 25.75 25.75 25.75 25.47

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