Acrysil Ltd

About

Acrysil is engaged in manufacturing and trading of Quartz Kitchen Sinks, Stainless Steel Kitchen Sinks, Bath Products, Tiles, Kitchen Appliances and Accessories.(Source : 201903 Annual Report Page No: 112)

Key Points

Only Quartz Sink Manufacturer in Asia [1]
Acrysil is the only "Composite Quartz Sink" manufacturer with the German Technology that is patented by Schock; only four other companies in the world have the license to use this technology.[1]

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  • Market Cap 1,870 Cr.
  • Current Price 700
  • High / Low 834 / 120
  • Stock P/E 50.7
  • Book Value 56.7
  • Dividend Yield 0.29 %
  • ROCE 20.0 %
  • ROE 18.9 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 30.40% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.85%

Cons

  • Stock is trading at 12.35 times its book value
  • Company has a low return on equity of 13.74% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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 51 49 54 55 55 50 36 61 70 81 79
44 42 44 45 47 47 44 28 50 55 66 62
Operating Profit 7 9 6 9 8 9 6 9 11 15 14 16
OPM % 14% 17% 11% 16% 15% 16% 12% 24% 19% 22% 18% 21%
Other Income 2 -2 1 0 1 2 2 1 2 0 4 7
Interest 3 1 2 2 2 2 2 2 1 1 2 2
Depreciation 2 2 2 2 3 3 3 3 3 3 3 3
Profit before tax 5 4 3 5 4 6 3 5 9 11 13 18
Tax % 28% 32% 32% 30% 28% 27% 37% 25% 29% 26% 40% 22%
Net Profit 4 3 2 4 3 4 2 4 7 8 8 14
EPS in Rs 1.35 1.07 0.67 1.37 1.16 1.69 0.64 1.50 2.44 3.16 2.87 5.34

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
45 55 62 78 104 116 139 141 154 199 214 248 291
35 44 52 65 86 95 120 124 136 168 182 198 234
Operating Profit 11 12 10 13 18 21 19 18 18 31 33 50 57
OPM % 24% 21% 16% 17% 17% 18% 14% 12% 12% 15% 15% 20% 20%
Other Income 1 0 1 1 1 1 2 3 5 3 5 7 13
Interest 1 2 2 3 4 5 6 6 7 9 8 7 6
Depreciation 3 3 3 4 4 4 5 5 6 8 11 12 12
Profit before tax 7 8 5 7 11 13 11 10 10 17 18 39 52
Tax % 21% 20% 26% 23% 24% 28% 36% 37% 35% 29% 30% 31%
Net Profit 6 6 4 6 8 9 7 6 6 12 13 27 37
EPS in Rs 2.64 2.70 1.76 2.47 3.55 4.07 2.72 2.42 2.47 4.54 4.79 9.98 13.81
Dividend Payout % 20% 20% 30% 27% 23% 20% 37% 41% 40% 26% 25% 20%
Compounded Sales Growth
10 Years: 16%
5 Years: 12%
3 Years: 17%
TTM: 48%
Compounded Profit Growth
10 Years: 16%
5 Years: 30%
3 Years: 61%
TTM: 178%
Stock Price CAGR
10 Years: 45%
5 Years: 43%
3 Years: 92%
1 Year: 455%
Return on Equity
10 Years: 13%
5 Years: 11%
3 Years: 14%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3 3 3 4 5 5 5 5 5 5 5 5
Reserves 18 23 25 27 34 42 76 97 100 109 125 146
Borrowings 9 17 19 27 37 54 47 61 76 83 84 92
13 13 12 17 22 23 38 28 39 46 51 78
Total Liabilities 43 55 58 76 97 123 166 191 219 243 265 322
18 20 21 25 28 34 37 61 73 82 87 112
CWIP 1 0 0 0 1 2 2 2 2 3 6 10
Investments 0 0 1 5 7 13 14 14 14 14 14 14
25 34 36 46 61 75 113 114 130 144 158 186
Total Assets 43 55 58 76 97 123 166 191 219 243 265 322

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 3 7 3 7 13 1 -1 8 20 21 38
-5 -6 -4 -11 -10 -16 -7 -11 -17 -16 -16 -33
-4 2 -3 8 3 6 21 6 5 -3 -6 -3
Net Cash Flow 0 -0 0 1 0 3 15 -5 -4 1 -1 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 87 107 87 93 86 86 90 77 96 81 87 89
Inventory Days 249 198 152 184 179 187 172 211 203 214 220 199
Days Payable 160 142 75 113 103 91 151 122 179 112 105 159
Cash Conversion Cycle 176 162 164 164 161 182 111 166 120 183 202 129
Working Capital Days 96 111 109 120 115 128 113 147 158 154 151 137
ROCE % 29% 25% 17% 20% 22% 21% 15% 11% 10% 14% 13% 20%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
42.42 42.42 42.42 42.84 44.04 44.04 44.04 44.04 44.04 44.04 44.04 44.04
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.07 0.38
0.00 0.00 0.00 0.00 0.00 1.73 1.73 1.73 7.09 6.66 6.46 6.16
57.57 57.57 57.57 57.16 55.95 54.23 54.23 54.23 48.87 49.27 49.43 49.42

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