Super Tannery Ltd

Super Tannery Limited is an India-based company, which is engaged in buffalo leather tannery. The Company's principal products/services include finished leather, leather shoes and components, and other leather products.

Pros:
Stock is trading at 0.30 times its book value
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor growth of -1.68% over past five years.
Company has a low return on equity of 4.05% for last 3 years.
Promoters have pledged 50.82% of their holding

Peer Comparison Sector: Leather // Industry: Leather / Leather Products

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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
67.84 62.67 48.40 35.72 48.72 74.54 50.41 59.35 43.92 58.56 48.63 35.23
62.77 57.11 43.21 33.93 44.91 69.93 46.42 55.57 40.72 54.30 44.70 30.99
Operating Profit 5.07 5.56 5.19 1.79 3.81 4.61 3.99 3.78 3.20 4.26 3.93 4.24
OPM % 7.47% 8.87% 10.72% 5.01% 7.82% 6.18% 7.92% 6.37% 7.29% 7.27% 8.08% 12.04%
Other Income 0.44 0.17 0.09 1.38 0.20 0.07 0.03 1.46 0.36 0.36 0.12 0.03
Interest 1.55 2.12 1.77 1.61 1.32 1.19 1.30 2.18 1.34 1.29 1.17 2.51
Depreciation 1.65 1.87 1.97 1.42 1.57 1.35 1.41 1.53 1.06 1.54 1.92 1.44
Profit before tax 2.31 1.74 1.54 0.14 1.12 2.14 1.31 1.53 1.16 1.79 0.96 0.32
Tax % 27.71% 34.48% 33.12% 614.29% 48.21% 31.31% 32.06% 32.03% 34.48% 32.96% 33.33% 37.50%
Net Profit 1.67 1.16 1.03 -0.72 0.58 1.47 0.89 1.04 0.76 1.20 0.64 0.21
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
172.77 191.98 187.50 170.51 263.09 251.40 255.78 350.96 315.65 237.82 199.39 234.98 186.34
173.16 191.46 184.63 164.37 245.78 229.44 235.39 322.68 288.77 215.98 184.19 219.04 170.71
Operating Profit -0.39 0.52 2.87 6.14 17.31 21.96 20.39 28.28 26.88 21.84 15.20 15.94 15.63
OPM % -0.23% 0.27% 1.53% 3.60% 6.58% 8.74% 7.97% 8.06% 8.52% 9.18% 7.62% 6.78% 8.39%
Other Income 10.52 12.26 13.99 9.08 0.19 0.28 1.01 0.13 0.68 2.13 2.16 1.95 0.87
Interest 4.74 6.20 6.80 5.74 6.00 9.37 9.20 10.03 11.45 9.60 7.05 5.99 6.31
Depreciation 2.08 2.39 2.83 3.27 3.36 3.54 3.94 4.37 7.08 7.26 5.81 5.70 5.96
Profit before tax 3.31 4.19 7.23 6.21 8.14 9.33 8.26 14.01 9.03 7.11 4.50 6.20 4.23
Tax % 26.28% 32.46% 28.77% 26.57% 30.59% 38.48% 43.22% 24.20% 39.31% 49.79% 45.56% 34.35%
Net Profit 2.44 2.83 5.15 4.56 5.65 5.74 4.70 10.62 5.47 3.57 2.45 4.07 2.81
EPS in Rs 0.20 0.23 0.43 0.37 0.46 0.47 0.39 0.87 0.45 0.30 0.21 0.38
Dividend Payout % 14.67% 12.72% 0.00% 11.84% 9.56% 9.41% 11.49% 5.08% 9.87% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:2.04%
5 Years:-1.68%
3 Years:-9.37%
TTM:-20.03%
Compounded Profit Growth
10 Years:-2.74%
5 Years:-6.32%
3 Years:-15.57%
TTM:-29.40%
Return on Equity
10 Years:8.20%
5 Years:6.82%
3 Years:4.05%
Last Year:4.59%

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
3.58 3.60 7.20 10.80 10.80 10.80 10.80 10.80 10.80 10.80 10.80 10.80 10.80
Reserves 34.03 36.21 37.53 37.72 43.22 48.31 52.36 63.91 67.73 71.30 60.46 64.65 66.85
Borrowings 56.43 65.12 75.14 70.01 80.06 77.58 81.79 97.09 98.75 107.52 75.40 79.24 70.47
50.68 56.00 46.27 61.11 64.13 48.99 70.07 76.10 64.64 61.08 56.31 60.77 55.35
Total Liabilities 144.72 160.93 166.14 179.64 198.21 185.68 215.02 247.90 241.92 250.70 202.97 215.46 203.47
37.70 41.87 48.71 52.80 55.37 57.41 60.39 65.51 66.01 68.50 53.98 52.59 55.67
CWIP 2.30 1.12 1.21 2.24 3.12 2.26 2.13 2.44 2.38 1.42 1.68 2.67 4.52
Investments 0.89 1.59 1.87 3.60 3.35 3.36 3.36 2.58 2.59 2.91 2.88 2.89 3.19
103.83 116.35 114.35 121.00 136.37 122.65 149.14 177.37 170.94 177.87 144.43 157.31 140.09
Total Assets 144.72 160.93 166.14 179.64 198.21 185.68 215.02 247.90 241.92 250.70 202.97 215.46 203.47

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
-7.45 0.71 -0.83 16.07 -1.66 4.74 4.88 -4.93 8.10 12.87 41.91 2.19
-8.47 -6.24 -10.11 -10.00 -6.13 -4.87 -6.75 -9.18 -9.23 -10.49 -3.25 -3.76
18.95 7.25 8.90 -5.93 9.36 -3.40 2.70 14.79 -0.36 -0.32 -39.18 -1.19
Net Cash Flow 3.03 1.72 -2.04 0.14 1.57 -3.53 0.83 0.68 -1.48 2.06 -0.52 -2.76

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 % 9.77% 12.86% 12.98% 10.06% 11.26% 13.88% 12.36% 15.26% 11.85% 9.12% 6.80% 7.33%
Debtor Days 61.01 67.32 81.29 81.52 62.36 68.40 77.83 66.76 60.36 79.19 73.24 86.89
Inventory Turnover 3.27 3.06 3.12 2.81 3.94 4.03 3.92 4.36 3.56 2.52 2.21 3.05