Balmer Lawrie Investment Ltd

Balmer Lawrie Investment is not engaged in any other business activity, except, to hold the Equity Shares of Balmer Lawrie & Co. Ltd.

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 6.05%.
Company has a good return on equity (ROE) track record: 3 Years ROE 38.25%
Market value of investments Rs.1530.24 Cr. is more than the Market Cap Rs.880.23 Cr.
Company has been maintaining a healthy dividend payout of 91.50%
Cons:
The company has delivered a poor growth of 11.15% over past five years.
Tax rate seems low
Earnings include an other income of Rs.78.28 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 Figures in Rs. Crores

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.14 0.16 0.40 0.18 0.20 0.19 0.12 0.19 0.18 0.20 0.21 0.22
Operating Profit -0.14 -0.16 -0.40 -0.18 -0.20 -0.19 -0.12 -0.19 -0.18 -0.20 -0.21 -0.22
OPM %
Other Income 1.55 1.56 36.87 1.67 1.72 1.70 50.79 1.84 1.82 1.73 72.18 2.55
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 1.41 1.40 36.47 1.49 1.52 1.51 50.67 1.65 1.64 1.53 71.97 2.33
Tax % 33.33% 40.71% 1.34% 34.23% 33.55% 27.81% 0.93% 28.48% 28.05% 28.10% 0.74% 27.90%
Net Profit 0.94 0.83 35.98 0.98 1.01 1.09 50.20 1.18 1.18 1.10 71.44 1.68
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
10 15 19 22 25 30 33 37 38 38 42 56 0
0 0 0 0 0 0 0 0 0 1 1 1 1
Operating Profit 9 14 18 22 25 30 33 36 38 38 41 55 -1
OPM % 96% 97% 98% 98% 98% 99% 99% 99% 99% 98% 98% 99%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0 78
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 9 14 18 22 25 30 33 36 38 38 41 55 77
Tax % 1% 2% 3% 3% 2% 5% 5% 5% 5% 5% 5% 3%
Net Profit 9 14 18 21 24 28 31 34 36 36 39 54 75
EPS in Rs 3.74 5.78 8.09 9.51 10.91 12.81 14.02 15.49 16.08 16.05 17.48 24.16
Dividend Payout % 67% 72% 79% 80% 78% 78% 78% 77% 78% 78% 97% 99%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.38%
5 Years:11.15%
3 Years:13.72%
TTM:None%
Compounded Profit Growth
10 Years:14.40%
5 Years:11.50%
3 Years:14.55%
TTM:40.99%
Return on Equity
10 Years:42.92%
5 Years:40.85%
3 Years:38.25%
Last Year:38.98%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
22 22 22 22 22 22 22 22 22 22 22 22 22
Reserves 16 19 23 27 32 38 45 53 61 69 107 123 143
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
5 4 15 17 20 23 26 28 29 30 2 2 2
Total Liabilities 43 45 59 66 74 84 93 103 112 120 132 148 167
0 0 0 0 0 0 0 0 0 0 0 0 0
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 33 33 33 33 33 33 33 33 33 33 33 33 33
10 12 27 34 41 51 60 70 80 88 99 115 135
Total Assets 43 45 59 66 74 84 93 103 112 120 132 148 167

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
9 14 17 21 24 28 31 34 35 36 39 53
0 0 0 0 0 0 0 0 0 0 0 0
-7 -12 -3 -14 -17 -19 -22 -24 -26 -27 -28 -37
Net Cash Flow 2 2 14 7 8 9 9 9 9 8 11 16

Ratios

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 25% 36% 43% 46% 48% 52% 51% 51% 48% 43% 37% 40%
Debtor Days 0 0 0 0 0 0 0 0 0 0 0 0
Inventory Turnover