Inditrade Capital Ltd

Inditrade Capital during the year has sold its principal operating business of equity broking. The company continues to hold investments in subsidiaries engaged in varied businesses.

Pros:
Stock is trading at 0.60 times its book value
Stock is providing a good dividend yield of 3.21%.
Company is expected to give good quarter
Promoter's stake has increased
Debtor days have improved from 193.16 to 84.08 days
Cons:
Company has low interest coverage ratio.
Company has a low return on equity of 7.41% for last 3 years.
Promoters have pledged 40.53% of their holding
Earnings include an other income of Rs.13.58 Cr.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
10.39 9.43 13.19 14.66 14.30 15.92 15.64 16.81 23.27 20.21 20.99 25.75
9.20 9.63 10.65 11.93 11.96 12.24 8.09 10.21 15.46 12.05 11.87 13.44
Operating Profit 1.19 -0.20 2.54 2.73 2.34 3.68 7.55 6.60 7.81 8.16 9.12 12.31
OPM % 11.45% -2.12% 19.26% 18.62% 16.36% 23.12% 48.27% 39.26% 33.56% 40.38% 43.45% 47.81%
Other Income 1.92 1.37 2.30 1.40 2.14 1.91 3.92 0.99 1.81 8.33 2.37 1.07
Interest 0.00 0.07 0.88 1.33 1.10 2.14 4.55 5.24 4.73 5.98 6.03 7.82
Depreciation 0.32 0.15 0.18 0.17 0.18 0.19 0.07 0.06 0.20 0.10 0.10 0.28
Profit before tax 2.79 0.95 3.78 2.63 3.20 3.26 6.85 2.29 4.69 10.41 5.36 5.28
Tax % 31.90% 28.42% 22.49% 44.87% 24.69% 31.90% 18.54% 52.40% 26.01% 28.43% 2.05% 32.58%
Net Profit 1.43 0.13 2.15 0.97 1.61 1.55 4.41 -0.14 2.29 6.12 4.12 2.33
EPS in Rs 0.61 0.05 0.92 0.42 0.69 0.66 1.89 -0.06 0.99 2.63 1.77 1.00
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
70.86 58.66 71.22 71.49 51.20 39.87 30.40 39.73 47.67 47.57 74.65 104.32 90.22
62.43 57.59 53.92 58.34 50.26 40.19 29.20 23.75 26.99 37.47 50.40 59.62 52.82
Operating Profit 8.43 1.07 17.30 13.15 0.94 -0.32 1.20 15.98 20.68 10.10 24.25 44.70 37.40
OPM % 11.90% 1.82% 24.29% 18.39% 1.84% -0.80% 3.95% 40.22% 43.38% 21.23% 32.48% 42.85% 41.45%
Other Income 0.01 0.71 0.25 2.19 0.27 0.94 -1.27 0.87 1.59 2.65 0.65 3.60 13.58
Interest 1.23 1.30 0.96 1.26 0.85 0.27 0.17 0.08 0.54 1.36 9.47 22.50 24.56
Depreciation 1.78 4.77 7.42 6.91 6.48 5.14 3.59 1.20 1.02 0.87 0.76 0.76 0.68
Profit before tax 5.43 -4.29 9.17 7.17 -6.12 -4.79 -3.83 15.57 20.71 10.52 14.67 25.04 25.74
Tax % 39.59% 10.96% 26.72% 33.61% -18.14% -24.01% -25.07% 15.61% 16.47% 24.81% 20.52% 22.92%
Net Profit 2.76 -5.53 4.63 1.58 -7.90 -6.56 -5.67 10.32 10.73 5.51 8.54 14.50 14.86
EPS in Rs 1.06 0.00 1.99 0.68 0.00 0.00 0.00 4.43 4.61 2.37 3.67 6.23 6.39
Dividend Payout % 62.96% -0.00% 0.00% 0.00% -0.00% -0.00% -0.00% 0.00% 0.00% 0.00% 0.00% 16.06%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.93%
5 Years:27.97%
3 Years:29.83%
TTM:43.96%
Compounded Profit Growth
10 Years:14.18%
5 Years:35.87%
3 Years:-4.49%
TTM:100.00%
Stock Price CAGR
10 Years:-3.92%
5 Years:16.84%
3 Years:-10.62%
1 Year:-30.73%
Return on Equity
10 Years:3.83%
5 Years:9.28%
3 Years:7.41%
Last Year:8.09%

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
23.17 23.17 23.28 23.29 23.29 23.29 23.29 23.29 23.29 23.29 23.29 23.29
Reserves 61.12 53.82 65.93 67.93 60.20 53.80 48.13 58.15 68.88 75.24 86.90 97.33
Borrowings 0.00 0.00 4.86 0.00 5.60 0.00 0.00 0.00 0.00 48.41 130.12 152.58
97.56 81.94 82.13 77.98 63.96 57.75 60.97 59.66 71.19 88.36 225.45 190.02
Total Liabilities 181.85 158.93 176.20 169.20 153.05 134.84 132.39 141.10 163.36 235.30 465.76 463.22
19.71 22.98 22.28 17.04 12.37 9.32 5.70 4.41 1.89 3.78 4.04 3.44
CWIP 2.63 0.05 0.37 0.10 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 62.06 64.94 20.88 24.82 6.66 29.58 47.18 53.25 5.12 2.23 0.35 0.35
97.45 70.96 132.67 127.24 133.90 95.94 79.51 83.44 156.35 229.29 461.37 459.43
Total Assets 181.85 158.93 176.20 169.20 153.05 134.84 132.39 141.10 163.36 235.30 465.76 463.22

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
6.20 -11.62 -45.39 14.69 -36.45 13.37 -1.29 -3.10 -45.66 -49.03 -74.55 -87.04
-71.06 -4.70 50.08 -33.30 22.85 -17.11 5.25 5.61 53.23 11.57 -19.49 37.93
83.71 1.41 4.79 -5.60 5.13 -5.61 -0.07 -0.03 -0.47 47.71 95.68 31.04
Net Cash Flow 18.85 -14.91 9.48 -24.21 -8.47 -9.35 3.89 2.48 7.11 10.25 1.65 -18.08

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 % 11.99% -3.41% 11.96% 9.27% -4.36% -5.31% -1.12% 20.42% 24.46% 9.90% 12.46% 15.77%
Debtor Days 125.12 80.95 95.12 38.39 50.12 73.51 165.69 129.72 95.71 247.07 248.34 84.08
Inventory Turnover 72.95 4.97 2.98 4.23 9.82 8.20 1.19 0.94 1.13