Sahyadri Industries Ltd

About

Sahyadri Industries Ltd. was incorporated in 1947, it is a flagship company of The Patel Group, Pune. It is engaged in providing building material products for interior and exterior building systems and roofing solutions. The co. sells its products under the brand names - Swastik, Cemply and Ecopro through a network comprising over 3,000 distributors. The company also operates nine windmills in Maharashtra and Rajasthan. Registered office of the co. is in Maharashtra.[1][2]

Key Points

Products
Swastik:
Roof Sheets - Swastik Roofing sheets are made from a blend of Fibre and Portland Cement. They are durable, non corrosive, fire-resistant and can also withstand extreme weather conditions.

Ecopro:
Fibre cement sheets- Water resistant, Fire resistant, Termite resistant, durable, etc.
EcoPro S3 House- Light in weight compared to conventional structures. Thermal insulating, resistant to Water, Fire, Chemicals and Ingress of rainwater.

Cemply:
Flat Sheets- Cemply flat sheets are suitable for application areas like furniture, side panelling , false ceiling etc.[1][2][3]

See full details
  • Market Cap 655 Cr.
  • Current Price 685
  • High / Low 885 / 182
  • Stock P/E 9.26
  • Book Value 256
  • Dividend Yield 0.73 %
  • ROCE 30.9 %
  • ROE 28.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 50.06% CAGR over last 5 years
  • Debtor days have improved from 40.49 to 31.08 days.

Cons

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
51 59 75 108 49 60 70 147 91 100 133 195
37 46 63 85 44 52 59 112 72 84 111 149
Operating Profit 13 12 13 24 5 8 11 35 19 16 22 46
OPM % 26% 21% 17% 22% 10% 13% 16% 24% 21% 16% 17% 24%
Other Income 0 2 0 0 1 1 -1 1 3 1 1 1
Interest 1 2 2 2 1 1 1 1 1 1 1 1
Depreciation 4 5 5 4 3 4 4 3 4 3 4 4
Profit before tax 8 8 6 18 1 3 5 31 17 12 18 43
Tax % 16% 31% 28% 17% -160% 5% 12% 25% 28% 27% 5% 24%
Net Profit 7 6 4 15 3 3 5 24 12 9 17 33
EPS in Rs 6.89 5.90 4.66 15.81 3.63 3.46 4.89 24.67 12.68 9.44 17.73 34.08

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
269 274 353 391 365 430 358 253 264 287 284 472 520
215 231 306 332 344 392 327 210 200 218 238 380 417
Operating Profit 54 44 47 59 21 38 30 43 64 69 46 92 103
OPM % 20% 16% 13% 15% 6% 9% 8% 17% 24% 24% 16% 19% 20%
Other Income 4 1 1 4 1 1 1 2 4 3 2 6 6
Interest 9 13 20 19 17 15 21 17 12 9 5 5 5
Depreciation 9 12 14 15 14 13 29 23 21 18 14 14 14
Profit before tax 40 20 14 29 -9 11 -19 4 36 45 28 79 90
Tax % 31% 34% 29% 33% 30% 35% 43% 31% 31% 29% 6% 22%
Net Profit 27 13 10 19 -6 7 -11 3 24 32 27 62 71
EPS in Rs 28.65 14.09 10.06 20.37 -6.30 7.45 -11.40 3.14 25.54 33.36 27.79 64.52 73.93
Dividend Payout % 10% 14% 20% 12% -8% 20% 0% 0% 0% 3% 9% 8%
Compounded Sales Growth
10 Years:6%
5 Years:6%
3 Years:21%
TTM:60%
Compounded Profit Growth
10 Years:16%
5 Years:50%
3 Years:39%
TTM:102%
Stock Price CAGR
10 Years:27%
5 Years:58%
3 Years:61%
1 Year:272%
Return on Equity
10 Years:13%
5 Years:19%
3 Years:22%
Last Year:28%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 10 10 10 10 10 10 10 10
Reserves 69 79 91 109 103 105 94 97 121 153 175 236
Borrowings 89 148 163 191 162 183 152 113 96 47 59 47
60 81 84 93 94 132 106 71 63 64 64 87
Total Liabilities 227 319 348 403 368 429 362 291 290 274 308 379
100 149 182 175 164 165 205 183 159 143 131 127
CWIP 15 22 2 3 43 64 1 0 1 2 2 4
Investments 0 0 0 0 0 0 0 0 0 0 31 48
112 148 164 224 161 200 155 108 129 129 144 200
Total Assets 227 319 348 403 368 429 362 291 290 274 308 379

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
54 8 39 -0 82 25 61 56 25 57 30 50
-59 -55 -32 -11 -37 -38 -9 -1 5 -2 -34 -30
4 45 -9 7 -45 9 -53 -54 -28 -57 2 -19
Net Cash Flow -0 -2 -3 -4 -0 -4 -0 0 2 -2 -1 1

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 23 24 30 32 34 36 38 49 51 41 49 31
Inventory Days 174 232 189 258 128 181 153 108 193 181 189 172
Days Payable 51 68 38 35 40 84 89 69 77 61 84 77
Cash Conversion Cycle 146 188 180 255 122 133 102 89 168 161 155 126
Working Capital Days 63 78 75 121 64 64 47 55 89 86 100 77
ROCE % 32% 16% 13% 17% 3% 9% 1% 9% 20% 24% 15% 31%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
66.41 66.41 66.41 66.41 66.41 66.41 66.41 66.41 66.41 66.94 66.94 66.94
0.01 0.01 0.01 0.01 0.01 0.09 0.01 0.01 0.01 0.01 0.01 0.01
33.58 33.58 33.58 33.58 33.58 33.50 33.58 33.58 33.58 33.05 33.05 33.05

Documents