Joindre Capital Services Ltd

Joindre Capital Services renders capital market services.

Pros:
Company is virtually debt free.
Stock is trading at 0.35 times its book value
Stock is providing a good dividend yield of 4.97%.
Company has been maintaining a healthy dividend payout of 19.59%
Cons:
The company has delivered a poor growth of 7.94% over past five years.
Tax rate seems low
Company has a low return on equity of 9.95% for last 3 years.
Contingent liabilities of Rs.12.70 Cr.
Earnings include an other income of Rs.6.77 Cr.
Debtor days have increased from 95.14 to 123.33 days
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
5.30 4.43 5.51 6.07 5.52 6.46 6.11 4.79 4.99 3.95 4.21 3.81
4.88 4.37 5.60 5.95 5.37 6.65 6.48 5.24 5.17 4.54 4.75 4.77
Operating Profit 0.42 0.06 -0.09 0.12 0.15 -0.19 -0.37 -0.45 -0.18 -0.59 -0.54 -0.96
OPM % 7.92% 1.35% -1.63% 1.98% 2.72% -2.94% -6.06% -9.39% -3.61% -14.94% -12.83% -25.20%
Other Income 1.18 1.07 4.90 1.17 1.27 1.09 4.29 1.54 2.81 1.32 1.40 1.24
Interest 0.09 0.10 0.13 0.06 0.06 0.06 0.22 0.08 0.09 0.09 0.13 0.09
Depreciation 0.03 0.03 0.03 0.02 0.02 0.02 0.03 0.04 0.04 0.04 0.08 0.03
Profit before tax 1.48 1.00 4.65 1.21 1.34 0.82 3.67 0.97 2.50 0.60 0.65 0.16
Tax % 32.43% 32.00% 32.69% 26.45% 25.37% 26.83% 5.99% 26.80% 12.80% 25.00% 27.69% 12.50%
Net Profit 1.00 0.68 3.14 0.89 1.01 0.61 3.46 0.71 2.18 0.45 0.46 0.13
EPS in Rs 0.72 0.49 2.27 0.64 0.73 0.44 2.50 0.51 1.58 0.33 0.33 0.10
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
16.88 9.52 11.26 29.00 20.09 17.39 16.99 25.79 21.88 24.37 31.54 24.89 16.96
8.04 5.76 5.54 24.41 16.25 14.86 13.53 19.49 18.11 20.08 24.47 19.71 19.23
Operating Profit 8.84 3.76 5.72 4.59 3.84 2.53 3.46 6.30 3.77 4.29 7.07 5.18 -2.27
OPM % 52.37% 39.50% 50.80% 15.83% 19.11% 14.55% 20.36% 24.43% 17.23% 17.60% 22.42% 20.81% -13.38%
Other Income 1.73 0.94 1.48 0.00 0.00 0.00 0.05 0.00 -0.01 4.21 0.46 1.01 6.77
Interest 1.03 1.18 0.78 0.67 0.88 0.62 0.45 0.64 0.62 0.44 0.40 0.38 0.40
Depreciation 0.35 0.39 0.39 0.39 0.34 0.29 0.24 0.23 0.20 0.13 0.09 0.20 0.19
Profit before tax 9.19 3.13 6.03 3.53 2.62 1.62 2.82 5.43 2.94 7.93 7.04 5.61 3.91
Tax % 25.24% 35.14% 33.83% 32.86% 32.44% 32.10% 31.21% 30.94% 32.31% 32.16% 15.34% 16.22%
Net Profit 6.87 2.03 3.99 2.37 1.77 1.10 1.94 3.75 2.00 5.39 5.96 4.70 3.22
EPS in Rs 6.17 1.47 2.75 1.58 1.28 0.79 1.40 2.56 1.32 3.74 4.30 3.40 2.34
Dividend Payout % 0.00% 0.00% 27.75% 46.72% 0.00% 0.00% 0.00% 27.68% 41.52% 19.26% 17.42% 22.09%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.09%
5 Years:7.94%
3 Years:4.39%
TTM:-25.87%
Compounded Profit Growth
10 Years:8.76%
5 Years:19.73%
3 Years:32.73%
TTM:-44.39%
Stock Price CAGR
10 Years:-4.57%
5 Years:8.59%
3 Years:2.38%
1 Year:-30.25%
Return on Equity
10 Years:7.34%
5 Years:8.65%
3 Years:9.95%
Last Year:8.03%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
11.14 13.84 13.84 13.84 13.84 13.84 13.84 13.84 13.84 13.84 13.84 13.84
Reserves 18.98 20.93 23.63 24.70 26.47 27.57 29.51 31.91 32.91 37.04 43.00 46.45
Borrowings 2.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.82 0.00 0.00 0.00
46.58 35.90 41.35 31.14 23.17 18.09 17.35 21.69 18.65 20.79 26.18 26.77
Total Liabilities 79.32 70.67 78.82 69.68 63.48 59.50 60.70 67.44 66.22 71.67 83.02 87.06
1.74 1.48 1.17 1.32 1.07 1.07 0.84 0.50 0.50 0.41 0.44 0.47
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
Investments 2.88 2.88 2.88 2.05 2.05 2.05 4.36 5.17 5.20 5.20 4.19 6.02
74.70 66.31 74.77 66.31 60.36 56.38 55.50 61.77 60.52 66.06 78.39 80.57
Total Assets 79.32 70.67 78.82 69.68 63.48 59.50 60.70 67.44 66.22 71.67 83.02 87.06

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8.30 -3.92 1.20 -7.79 -4.01 -4.86 -0.17 4.00 -6.24 5.34 3.32 -0.17
4.31 6.35 3.56 1.44 5.29 3.32 2.96 -2.47 4.56 4.09 -4.73 7.22
0.09 -3.52 -0.49 -1.96 -2.18 -0.62 -0.45 -0.64 -1.05 -2.26 -1.50 -1.48
Net Cash Flow 12.70 -1.09 4.27 -8.31 -0.90 -2.16 2.34 0.89 -2.73 7.18 -2.90 5.57

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 35.44% 12.77% 18.85% 11.05% 8.88% 5.48% 7.60% 13.63% 7.65% 17.00% 13.81% 10.23%
Debtor Days 257.53 292.92 251.55 146.25 158.97 146.08 83.14 56.89 92.92 55.27 106.82 123.33
Inventory Turnover 482.29 158.67 281.50