Virinchi Ltd

Virinchi Limited, formerly Virinchi Technologies Limited, is an information technology (IT) products and services company. The Company is engaged in software development and research. The Company's segments include Software Product, Software Services, IT Enabled, and Infrastructure and Real Estate Services.

Pros:
Stock is trading at 0.32 times its book value
Company has good consistent profit growth of 72.84% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: IT - Software // Industry: Computers - Software - Medium / Small

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
78 80 84 85 86 87 96 104 106 101 93 97
61 63 62 62 61 61 69 74 73 72 67 69
Operating Profit 17 18 22 23 25 27 28 30 34 29 26 27
OPM % 22% 22% 26% 27% 29% 30% 29% 29% 32% 29% 28% 28%
Other Income 1 -1 0 0 0 0 2 1 1 1 0 1
Interest 4 5 5 7 4 5 5 6 6 5 5 6
Depreciation 6 7 8 4 8 10 8 8 11 9 11 12
Profit before tax 7 5 10 11 12 12 16 17 17 15 10 11
Tax % 30% 34% 27% 29% 28% 27% 38% 2% 12% -9% -13% -11%
Net Profit 5 3 7 8 9 9 10 17 15 17 11 12
EPS in Rs 2.70 1.19 2.63 3.03 3.32 3.20 3.39 5.45 4.88 5.42 3.37 3.57
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
57 58 56 64 68 79 113 139 218 287 341 406 397
44 47 45 48 51 65 98 117 187 223 245 286 281
Operating Profit 13 11 11 15 17 14 15 22 31 64 96 120 116
OPM % 23% 20% 20% 24% 25% 18% 13% 16% 14% 22% 28% 30% 29%
Other Income 0 0 1 1 2 2 2 2 2 2 1 4 2
Interest 1 1 2 2 3 3 2 2 3 12 18 22 22
Depreciation 5 7 6 8 9 7 8 11 12 25 33 36 42
Profit before tax 7 4 5 6 7 6 6 11 18 30 46 66 53
Tax % 22% 8% 6% 22% 26% 35% 40% 25% 11% 20% 28% 11%
Net Profit 6 4 4 4 5 4 4 8 16 24 33 59 55
EPS in Rs 3.85 2.66 2.78 2.90 3.52 2.02 2.16 4.61 9.01 8.85 11.70 18.90 17.24
Dividend Payout % 0% 0% 17% 17% 14% 0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:21.42%
5 Years:29.16%
3 Years:22.98%
TTM:6.28%
Compounded Profit Growth
10 Years:31.03%
5 Years:72.84%
3 Years:53.75%
TTM:22.46%
Stock Price CAGR
10 Years:10.67%
5 Years:2.88%
3 Years:-20.94%
1 Year:-56.87%
Return on Equity
10 Years:12.37%
5 Years:15.75%
3 Years:17.15%
Last Year:21.01%

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 Sep 2019
14 15 15 15 15 18 18 18 18 27 28 31 33
Reserves 52 58 62 66 69 74 75 89 106 180 221 280 316
Borrowings 6 8 18 20 19 22 24 31 110 158 157 162 144
12 18 9 9 12 12 9 13 31 53 87 68 40
Total Liabilities 84 100 104 110 115 125 126 151 265 418 494 542 532
45 45 53 61 65 77 80 75 143 316 323 376 378
CWIP 0 11 7 2 1 1 1 4 17 3 5 0 0
Investments 0 0 0 0 0 0 0 0 1 1 1 0 0
39 44 44 48 49 48 45 71 104 98 164 166 154
Total Assets 84 100 104 110 115 125 126 151 265 418 494 542 532

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
3 19 2 5 9 14 31 12 23 79 35 81
-4 -14 -13 -10 -10 -20 -15 -3 -94 -126 -51 -83
2 -1 10 3 -1 7 -9 2 73 31 14 1
Net Cash Flow 1 4 -1 -2 -2 1 6 11 2 -16 -1 -1

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 % 12% 7% 7% 8% 10% 8% 7% 10% 11% 14% 16% 20%
Debtor Days 121 121 132 142 166 105 64 50 90 53 84 69
Inventory Turnover 15,736.00 11,297.00 27,754.00 72.12 37.39 43.25