Spice Islands Apparels Ltd

About [ edit ]

Spice Islands Apparels is engaged in the manufacturing and selling of knitted and woven garments.

  • Market Cap 1.71 Cr.
  • Current Price 3.98
  • High / Low 16.3 / 3.62
  • Stock P/E
  • Book Value 5.65
  • Dividend Yield 0.00 %
  • ROCE -36.0 %
  • ROE -64.7 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.70 times its book value
  • Debtor days have improved from 49.23 to 26.14 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -8.29% over past five years.
  • Company has a low return on equity of -38.81% for last 3 years.
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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
11.54 2.63 5.74 3.83 4.84 1.74 6.29 3.15 4.45 0.24 3.06 1.24
10.57 4.08 6.39 4.59 6.30 3.04 6.72 4.17 4.49 0.65 3.22 2.11
Operating Profit 0.97 -1.45 -0.65 -0.76 -1.46 -1.30 -0.43 -1.02 -0.04 -0.41 -0.16 -0.87
OPM % 8.41% -55.13% -11.32% -19.84% -30.17% -74.71% -6.84% -32.38% -0.90% -170.83% -5.23% -70.16%
Other Income -1.36 0.12 0.15 0.18 0.11 0.09 0.03 0.20 0.10 0.13 0.14 0.21
Interest 0.16 0.08 0.09 0.16 0.03 0.05 0.05 0.04 0.07 0.02 0.05 0.06
Depreciation 0.13 0.12 0.12 0.12 0.11 0.12 0.07 0.07 0.13 0.10 0.10 0.04
Profit before tax -0.68 -1.53 -0.71 -0.86 -1.49 -1.38 -0.52 -0.93 -0.14 -0.40 -0.17 -0.76
Tax % 7.35% 2.61% 15.49% 12.79% 28.19% -3.62% -11.54% 2.15% 78.57% 5.00% 5.88% -1.32%
Net Profit -0.62 -1.49 -0.60 -0.75 -1.07 -1.42 -0.58 -0.90 -0.03 -0.37 -0.15 -0.77
EPS in Rs -1.44 -3.47 -1.40 -1.74 -2.49 -3.30 -1.35 -2.09 -0.07 -0.86 -0.35 -1.79
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
13.23 18.81 19.43 13.81 12.32 16.17 24.11 22.95 17.73 28.82 17.03 15.64 8.99
12.07 17.56 17.50 13.39 13.04 16.51 23.53 22.77 19.53 30.39 21.23 18.35 10.47
Operating Profit 1.16 1.25 1.93 0.42 -0.72 -0.34 0.58 0.18 -1.80 -1.57 -4.20 -2.71 -1.48
OPM % 8.77% 6.65% 9.93% 3.04% -5.84% -2.10% 2.41% 0.78% -10.15% -5.45% -24.66% -17.33% -16.46%
Other Income 1.17 3.23 0.41 0.59 0.55 1.23 0.78 0.81 1.04 1.22 0.52 0.43 0.58
Interest 0.10 0.32 0.29 0.35 0.27 0.16 0.15 0.17 0.24 0.43 0.43 0.29 0.20
Depreciation 0.31 0.26 0.28 0.27 0.27 0.24 0.39 0.49 0.47 0.49 0.48 0.39 0.37
Profit before tax 1.92 3.90 1.77 0.39 -0.71 0.49 0.82 0.33 -1.47 -1.27 -4.59 -2.96 -1.47
Tax % -1.04% 15.38% 38.42% 46.15% -7.04% 12.24% 25.61% 15.15% -5.44% -3.94% 14.60% 1.01%
Net Profit 1.94 3.30 1.09 0.21 -0.76 0.43 0.61 0.28 -1.54 -1.32 -3.91 -2.94 -1.32
EPS in Rs 4.51 7.67 2.53 0.49 -1.77 1.00 1.42 0.65 -3.58 -3.07 -9.09 -6.84 -3.07
Dividend Payout % 22.16% 19.55% 39.45% 153.57% -28.29% 100.00% 105.74% 115.18% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years:-2%
5 Years:-8%
3 Years:-4%
TTM:-44%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-9%
TTM:69%
Stock Price CAGR
10 Years:-15%
5 Years:-31%
3 Years:-41%
1 Year:-77%
Return on Equity
10 Years:-8%
5 Years:-23%
3 Years:-39%
Last Year:-65%

Balance Sheet

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 Sep 2020
4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30 4.30
Reserves 7.36 9.90 10.49 10.32 9.31 9.24 8.88 8.77 6.83 5.52 1.59 -1.35 -1.87
Borrowings 1.91 1.20 1.50 3.13 0.39 0.16 0.20 1.08 2.52 4.80 3.45 2.08 3.16
1.90 2.33 2.42 1.36 1.42 1.36 2.56 1.80 1.88 3.40 2.56 3.35 2.83
Total Liabilities 15.47 17.73 18.71 19.11 15.42 15.06 15.94 15.95 15.53 18.02 11.90 8.38 8.42
2.85 2.83 2.90 2.66 2.79 2.33 1.94 2.89 3.08 3.12 2.23 2.08 1.88
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 1.76 3.02 2.20 2.07 2.14 2.68 2.36 2.88 2.96 2.71 1.81 0.19 0.20
10.86 11.88 13.61 14.38 10.49 10.05 11.64 10.18 9.49 12.19 7.86 6.11 6.34
Total Assets 15.47 17.73 18.71 19.11 15.42 15.06 15.94 15.95 15.53 18.02 11.90 8.38 8.42

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
2.12 4.11 -1.53 -0.54 2.37 1.02 -2.64 1.56 -1.78 -3.43 0.82 -0.24
-1.36 -1.32 0.36 0.35 0.00 0.18 0.74 -1.37 0.85 0.38 0.54 2.12
1.77 -0.82 -0.59 0.88 -3.39 -0.63 -0.62 -0.29 0.79 1.92 -1.72 -1.72
Net Cash Flow 2.53 1.97 -1.76 0.69 -1.02 0.57 -2.52 -0.10 -0.13 -1.13 -0.35 0.16

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 % 27.71% 27.48% 13.76% 5.88% -2.83% 4.26% 5.98% 2.32% -14.17% -11.46% -34.39% -36.05%
Debtor Days 99.32 30.47 81.72 78.50 42.96 3.84 12.11 22.90 52.08 73.33 48.22 26.14
Inventory Turnover 9.07 12.44 9.49 6.69 6.46 6.51 7.53 5.59 4.68 15.21 7.69 7.57

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
62.34 62.34 62.34 62.34 62.34 62.34 62.34 62.34 62.34 62.34 62.34 62.34
0.00 0.00 0.00 0.00 0.00 0.00 0.70 0.00 0.00 0.00 0.00 0.00
37.66 37.66 37.66 37.66 37.66 37.66 36.97 37.66 37.66 37.66 37.66 37.66

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