Piccadily Agro Industries Ltd

Piccadily Agro Industries Limited is engaged in manufacturing of sugar and distillery products.

Add ratio:

Pros:

Company has reduced debt.

Stock is trading at 0.48 times its book value

Cons:

Though the company is reporting repeated profits, it is not paying out dividend

The company has delivered a poor growth of -0.27% over past five years.

Company has a low return on equity of 3.24% for last 3 years.

Debtor days have increased from 26.87 to 41.49 days.

Peer comparison Sector: Alcoholic Beverages // Industry: Breweries & Distilleries

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Detailed Comparison with:

	Jun 2013	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	129.17	116.13	65.72	78.47	111.02	96.89	82.34	74.88	145.28
	113.35	106.24	50.91	69.79	119.02	89.45	75.58	69.42	124.50
Operating Profit	15.82	9.89	14.81	8.68	-8.00	7.44	6.76	5.46	20.78
OPM %	12.25%	8.52%	22.53%	11.06%	-7.21%	7.68%	8.21%	7.29%	14.30%
Other Income	0.69	0.34	0.73	0.59	7.97	14.32	6.30	0.77	-16.43
Interest	3.07	4.36	4.29	4.20	3.74	3.06	3.96	4.27	3.55
Depreciation	2.36	3.06	3.11	3.15	3.24	3.23	3.27	3.34	3.31
Profit before tax	11.08	2.81	8.14	1.92	-7.01	15.47	5.83	-1.38	-2.51
Tax %	28.61%	-21.35%	53.44%	60.94%	50.50%	17.39%	35.33%	39.13%	152.99%
Net Profit	7.90	3.42	3.79	0.74	2.12	12.78	3.78	4.52	1.38
EPS in Rs	0.84	0.36	0.40	0.08	0.22	1.36	0.40	0.48	0.15
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	227	327	376	344	271	329	334	371	399
	197	283	330	316	248	282	308	344	359
Operating Profit	30	44	46	28	23	47	26	27	40
OPM %	13%	13%	12%	8%	9%	14%	8%	7%	10%
Other Income	7	5	5	6	7	1	5	9	5
Interest	9	10	8	9	15	17	16	17	15
Depreciation	7	8	10	11	11	13	13	13	13
Profit before tax	21	30	33	15	5	18	2	7	17
Tax %	28%	31%	36%	39%	68%	57%	-148%	21%
Net Profit	15	21	21	9	2	8	5	2	22
EPS in Rs	1.56	2.13	2.22	0.93	0.16	0.84	0.48	0.22	2.39
Dividend Payout %	16%	11%	0%	0%	0%	0%	0%	0%

* Sales is net of excise duty and discounts

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	24	24	24	24	47	95	95	95	95
Reserves	63	81	102	110	86	59	64	55	75
Borrowings	105	104	90	85	156	128	144	131	110
	60	85	99	130	102	141	156	189	182
Total Liabilities	252	293	315	349	391	423	458	470	461
	99	134	136	149	162	156	152	148	141
CWIP	18	7	2	4	30	47	50	46	46
Investments	16	16	58	52	53	64	64	65	69
	118	136	119	145	146	155	191	211	205
Total Assets	252	293	315	349	391	423	458	470	461

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	27	40	47	42	-6	98	41	58
	-23	-30	-33	-22	-50	-46	-10	1
	-4	-8	-14	-22	54	-52	-30	-44
Net Cash Flow	-1	2	1	-2	-2	0	1	15

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %		20%	20%	11%	8%	13%	6%	8%
Debtor Days	1	0	0	3	15	15	24	41
Inventory Turnover		2.01	2.39	2.19	1.68	1.85	1.98	2.15

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
70.90	70.90	70.90	70.90	70.90	70.90	70.90	70.90	70.90	70.90	70.90	70.90
0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.00	0.00
29.10	29.10	29.10	29.10	29.10	29.10	29.10	29.09	29.10	29.08	29.09	29.09