Joindre Capital Services Ltd

Joindre Capital Services renders capital market services.

Pros:
Company is virtually debt free.
Stock is trading at 0.36 times its book value
Stock is providing a good dividend yield of 4.81%.
Company has been maintaining a healthy dividend payout of 19.57%
Cons:
The company has delivered a poor growth of 7.73% over past five years.
Tax rate seems low
Company has a low return on equity of 9.87% for last 3 years.
Contingent liabilities of Rs.13.20 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Operating Profit
OPM %
Other Income
Interest
Depreciation
Profit before tax
Tax %
Net Profit
EPS in Rs

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17.07 9.67 11.41 29.63 20.66 17.88 17.22 25.90 21.97 24.47 31.62 24.99
8.18 5.89 5.65 24.95 16.72 15.19 13.67 19.55 18.18 20.17 24.55 19.79
Operating Profit 8.89 3.78 5.76 4.68 3.94 2.69 3.55 6.35 3.79 4.30 7.07 5.20
OPM % 52.08% 39.09% 50.48% 15.79% 19.07% 15.04% 20.62% 24.52% 17.25% 17.57% 22.36% 20.81%
Other Income 1.76 0.94 1.49 -0.02 0.00 0.00 0.05 0.00 -0.01 4.21 0.47 1.02
Interest 1.05 1.20 0.80 0.68 0.90 0.64 0.46 0.64 0.62 0.44 0.41 0.39
Depreciation 0.36 0.40 0.39 0.39 0.34 0.29 0.24 0.23 0.20 0.13 0.09 0.20
Profit before tax 9.24 3.12 6.06 3.59 2.70 1.76 2.90 5.48 2.96 7.94 7.04 5.63
Tax % 25.22% 35.58% 33.99% 32.87% 32.59% 32.39% 31.03% 30.84% 32.09% 32.12% 15.34% 16.16%
Net Profit 6.90 2.02 4.01 2.41 1.82 1.19 2.00 3.78 2.01 5.39 5.96 4.71
EPS in Rs 6.19 1.46 2.76 1.61 1.32 0.86 1.44 2.58 1.33 3.74 4.31 3.40
Dividend Payout % 0.00% 0.00% 27.61% 45.94% 0.00% 0.00% 0.00% 27.46% 41.31% 19.26% 17.42% 22.04%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.96%
5 Years:7.73%
3 Years:4.39%
TTM:-20.97%
Compounded Profit Growth
10 Years:8.83%
5 Years:19.04%
3 Years:32.60%
TTM:-20.97%
Return on Equity
10 Years:7.35%
5 Years:8.59%
3 Years:9.87%
Last Year:7.98%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 19.04 21.18 23.79 24.93 26.75 27.95 29.95 32.37 33.39 37.53 43.49 46.94
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
48.63 38.76 43.40 31.97 25.02 18.49 17.66 21.93 18.90 20.98 26.30 26.93
Total Liabilities 81.43 73.78 81.03 70.74 65.61 60.28 61.45 68.14 66.95 72.35 83.63 87.71
2.16 1.99 1.62 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 1.31 1.31 1.31 1.31 1.31 1.31 3.62 4.42 4.44 4.45 3.43 5.26
77.96 70.48 78.10 68.11 63.23 57.90 56.99 63.22 62.01 67.49 79.76 81.98
Total Assets 81.43 73.78 81.03 70.74 65.61 60.28 61.45 68.14 66.95 72.35 83.63 87.71

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7.91 -3.48 1.02 -8.09 -3.14 -5.55 -0.22 3.94 -6.48 1.69 3.26 -0.29
4.34 4.07 3.59 1.36 4.65 3.58 3.29 -2.41 4.62 7.96 -4.72 7.16
0.07 -1.13 -0.50 -1.97 -2.19 -0.64 -0.46 -0.64 -1.05 -2.26 -1.50 -1.48
Net Cash Flow 12.32 -0.54 4.11 -8.70 -0.68 -2.61 2.61 0.88 -2.91 7.39 -2.96 5.39

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 35.58% 12.74% 18.89% 11.23% 9.07% 5.83% 7.74% 13.60% 7.62% 16.86% 13.71% 10.19%
Debtor Days 266.43 312.91 252.40 145.11 160.95 146.16 82.67 57.08 92.70 55.34 106.54 123.13
Inventory Turnover 487.71 161.17 285.25