Dolfin Rubbers Ltd

₹ 93.4 0.38%
01 Jul - close price
About

Dolfin Rubbers is engaged in manufacturing of all types of auto and animal driven (ADV) tubes supporting the tyre tube industry. [1]

Key Points

Products
The Co manufacturers a wide range of butyl rubber tubes, suitable for tyre of vehicle viz., two-wheeler, three-wheeler, cars, jeeps, heavy commercial vehicles such as buses, trucks, tractors etc. [1]

Presence
The Co has a wide network of distributors established across 27 states and union territories of India. Its products are also available in Bangladesh, Bhutan, Egypt, Nepal etc. [2]

<pre><code> **Automotive Tyres** </code></pre>

The Co has started the production of automotive tyres (both Tubeless and Tube type) from moped Scooter onwards to Giant Vehicles in its existing plant of Automotive tubes with the addition of new machineries. [3]

<pre><code> **Revenue** </code></pre>

The Co derives 100% of its revenue from domestic sales of Auto Tubes and its allied products.[4]

KMP Changes
Mr. Kanwaljit Singh resigned from the post of Managing Director and KMP w.e.f. August 1st, 2020. [5]

Promoter Shareholding
The promoters of the Co have increased their stake in the Co by ~2% between March 2020 and Sept 2021. [6][7]

  • Market Cap 93.6 Cr.
  • Current Price 93.4
  • High / Low 106 / 33.8
  • Stock P/E 33.8
  • Book Value 19.6
  • Dividend Yield 0.96 %
  • ROCE 14.9 %
  • ROE 14.1 %
  • Face Value 10.0

Pros

  • Promoter holding has increased by 1.80% over last quarter.

Cons

  • Promoter holding is low: 35.56%
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Tyres Industry: Tyres

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Half Yearly Results

Figures in Rs. Crores

Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022
40.33 36.39 35.12 47.37 37.50 46.00
38.28 34.31 32.92 44.74 35.49 42.51
Operating Profit 2.05 2.08 2.20 2.63 2.01 3.49
OPM % 5.08% 5.72% 6.26% 5.55% 5.36% 7.59%
0.10 0.08 0.08 0.07 0.07 0.16
Interest 0.11 0.01 0.05 0.07 0.41 0.35
Depreciation 0.34 0.38 0.38 0.45 0.57 0.58
Profit before tax 1.70 1.77 1.85 2.18 1.10 2.72
Tax % 25.29% 27.12% 34.05% 25.69% 20.91% 30.15%
Net Profit 1.27 1.29 1.22 1.62 0.88 1.89
EPS in Rs 1.27 1.29 1.22 1.62 0.88 1.89

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
17.38 19.05 21.80 54.15 70.09 76.67 82.45 83.50
16.47 18.07 20.62 51.62 66.63 72.54 77.62 78.00
Operating Profit 0.91 0.98 1.18 2.53 3.46 4.13 4.83 5.50
OPM % 5.24% 5.14% 5.41% 4.67% 4.94% 5.39% 5.86% 6.59%
-0.03 0.00 0.00 0.05 0.16 0.17 0.15 0.23
Interest 0.26 0.28 0.34 0.21 0.10 0.11 0.12 0.76
Depreciation 0.16 0.17 0.20 0.57 0.63 0.72 0.83 1.15
Profit before tax 0.46 0.53 0.64 1.80 2.89 3.47 4.03 3.82
Tax % 21.74% 16.98% 29.69% 27.22% 35.64% 26.22% 29.53% 27.49%
Net Profit 0.35 0.44 0.45 1.31 1.87 2.56 2.84 2.77
EPS in Rs 2.33 2.59 2.50 1.77 1.87 2.56 2.84 2.77
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 29.38% 31.77% 0.00%
Compounded Sales Growth
10 Years: 14%
5 Years: %
3 Years: 6%
TTM: 1%
Compounded Profit Growth
10 Years: 20%
5 Years: %
3 Years: 13%
TTM: -2%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 50%
1 Year: 78%
Return on Equity
10 Years: %
5 Years: %
3 Years: 15%
Last Year: 14%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1.11 1.26 1.38 5.52 7.52 7.52 7.52
Reserves 1.18 1.62 2.19 2.46 7.52 10.09 12.17
2.84 3.27 4.47 3.60 1.85 4.38 11.11
3.63 3.80 4.04 8.24 8.20 8.80 9.50
Total Liabilities 8.76 9.95 12.08 19.82 25.09 30.79 40.30
2.70 2.73 3.37 8.80 8.97 10.62 17.57
CWIP 0.06 0.23 0.00 0.22 1.98 3.96 0.00
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.00 6.99 8.71 10.80 14.14 16.21 22.73
Total Assets 8.76 9.95 12.08 19.82 25.09 30.79 40.30

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
0.00 0.00 0.00 2.10 -2.29 2.33 3.18 2.06
0.00 0.00 0.00 -1.44 -3.42 -3.88 -4.04 -3.39
0.00 0.00 0.00 -0.39 5.30 1.55 0.94 1.35
Net Cash Flow 0.00 0.00 0.00 0.27 -0.41 0.00 0.08 0.02

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 56.07 43.30 58.77 53.72 48.59 54.46 54.36
Inventory Days 71.41 95.51 90.39 15.04 24.38 23.52 52.50
Days Payable 68.85 70.99 61.12 44.64 19.09 25.68 20.81
Cash Conversion Cycle 58.63 67.82 88.04 24.13 53.88 52.30 86.05
Working Capital Days 51.87 64.76 78.86 21.03 35.98 46.04 67.20
ROCE % 14.54% 13.81% 21.29% 18.47% 15.68%

Shareholding Pattern

Numbers in percentages

Mar 2019 Sep 2019 Mar 2020 Sep 2020 Mar 2021 Sep 2021 Mar 2022
30.38 31.34 31.79 31.81 33.06 33.76 35.56
69.62 68.66 68.21 68.19 66.94 66.24 64.44

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