Paul Merchants Ltd

Paul Merchants Limited (PML) is engaged in international inward remittance, foreign exchange and tours, and travels and air ticketing.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.32 times its book value
Company has a good return on equity (ROE) track record: 3 Years ROE 30.39%
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Earnings include an other income of Rs.11.05 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 Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
700.80 756.40 734.47 906.82 996.79 1,205.12 1,205.12 1,850.14 1,143.93 944.56 960.33 1,110.61
692.86 752.78 735.63 904.45 993.70 1,203.38 1,203.38 1,846.68 1,140.24 946.07 960.57 1,107.88
Operating Profit 7.94 3.62 -1.16 2.37 3.09 1.74 1.74 3.46 3.69 -1.51 -0.24 2.73
OPM % 1.13% 0.48% -0.16% 0.26% 0.31% 0.14% 0.14% 0.19% 0.32% -0.16% -0.02% 0.25%
Other Income 1.47 2.94 1.18 4.21 3.51 201.01 201.01 3.01 2.09 4.75 2.77 1.44
Interest 0.88 0.19 0.07 0.21 0.18 0.03 0.03 0.16 0.13 0.10 0.07 0.10
Depreciation 0.71 0.59 0.73 0.60 0.74 0.80 0.80 0.71 0.78 0.87 0.90 0.68
Profit before tax 7.82 5.78 -0.78 5.77 5.68 201.92 201.92 5.60 4.87 2.27 1.56 3.39
Tax % 35.81% 16.78% -211.54% 25.48% 15.32% 1.18% 1.18% 9.29% 12.11% -24.67% -83.97% -4.13%
Net Profit 5.02 4.81 -2.43 4.30 4.81 199.53 199.53 5.08 4.28 2.83 2.87 3.53
EPS in Rs 48.87 46.83 -23.65 41.82 46.79 1,940.97 1,940.97 49.37 41.61 27.50 27.95 34.31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,235.73 1,526.74 1,612.60 2,003.33 2,164.93 2,465.20 2,893.57 4,541.59 4,898.96 4,159.43
1,210.88 1,498.72 1,584.13 1,975.51 2,135.91 2,431.06 2,881.32 4,524.97 4,893.40 4,154.76
Operating Profit 24.85 28.02 28.47 27.82 29.02 34.14 12.25 16.62 5.56 4.67
OPM % 2.01% 1.84% 1.77% 1.39% 1.34% 1.38% 0.42% 0.37% 0.11% 0.11%
Other Income 1.70 1.40 2.27 1.88 1.54 3.49 8.86 207.28 12.45 11.05
Interest 3.00 3.50 3.35 2.86 3.52 3.29 1.78 1.43 0.46 0.40
Depreciation 1.85 1.86 1.83 1.97 2.90 2.82 2.91 3.33 3.26 3.23
Profit before tax 21.70 24.06 25.56 24.87 24.14 31.52 16.42 219.14 14.29 12.09
Tax % 33.00% 33.17% 33.06% 33.78% 34.30% 35.22% 22.72% 2.76% -5.32%
Net Profit 14.55 16.08 17.12 16.48 15.86 20.42 12.70 213.09 15.05 13.51
EPS in Rs 198.63 123.55 2,072.85 146.41 131.37
Dividend Payout % 0.00% 0.96% 0.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:19.58%
3 Years:25.72%
TTM:-20.88%
Compounded Profit Growth
10 Years:%
5 Years:-8.05%
3 Years:-18.59%
TTM:-96.70%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-29.02%
1 Year:-69.43%
Return on Equity
10 Years:%
5 Years:26.79%
3 Years:30.39%
Last Year:2.92%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03
Reserves 53.27 68.92 85.88 102.36 117.88 138.30 150.75 363.78 378.91
Borrowings 16.61 15.65 22.80 92.97 20.74 23.82 17.80 17.38 0.13
38.60 51.93 70.30 58.01 55.13 52.41 60.72 84.98 16.66
Total Liabilities 109.51 137.53 180.01 254.37 194.78 215.56 230.30 467.17 396.73
17.15 17.00 17.55 21.17 39.57 50.28 50.37 75.16 74.65
CWIP 0.00 0.00 0.00 0.00 1.71 1.04 1.06 0.00 0.00
Investments 2.78 4.14 5.42 6.21 3.98 9.34 11.47 190.07 259.39
89.58 116.39 157.04 226.99 149.52 154.90 167.40 201.94 62.69
Total Assets 109.51 137.53 180.01 254.37 194.78 215.56 230.30 467.17 396.73

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
24.42 7.14 -4.08 -53.69 108.34 22.65 19.05 -212.94 94.03
-16.30 -5.54 -2.40 -6.44 -21.85 -17.90 1.32 176.36 -94.99
-1.76 -4.15 3.62 65.90 -75.97 -2.50 -5.93 -1.85 -17.71
Net Cash Flow 6.36 -2.55 -2.86 5.77 10.52 2.26 14.44 -38.43 -18.66

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 35.27% 29.56% 18.17% 16.89% 22.69% 11.14% 79.56% 2.51%
Debtor Days 6.31 10.40 18.99 24.86 8.33 6.34 4.37 1.27 0.28
Inventory Turnover 674.06 643.75 767.56 840.75 792.67 683.25 904.70 1,024.89