Ashima Ltd

₹ 22.2 -0.45%

25 Apr 10:05 a.m.

About

Ashima Limited is engaged in the manufacture of 100% cotton Yarn Dyed Shirting fabrics, Denim fabrics and readymade garments as well as processing of textile fabrics. ^[1]

Key Points

Product Portfolio
Denim Division: basic denims, ring/slub denims, pigment/discharged print, polyester denim
Spinfab Division: 100% cotton yarn dyed shirting fabrics like stripes, twills, oxford, indigo checks, satin among others
Dyecot Division: basic twills, canvas, satin,etc., various types of dobby structures with value-added properties-chemical/mechanical/functional finishes.
Garment Division: shirts and trousers-casual and formal, over-dyed garments etc. ^[1]^[2]^[3]
Real Estate: This segment started operations in Ahmedabad in FY23. Company currently has two projects: “Swan Lake”, which is a weekend homes project and a yet to be launched project of high-end, high-rise luxurious residential units. The Swan project is likely to generate revenues from FY24.^[4]
Investment Division: It makes investment in equity shares with a long-term perspective.^[4]

Website BSE NSE

Market Cap ₹ 425 Cr.
Current Price ₹ 22.2
High / Low ₹ 26.3 / 12.0
Stock P/E
Book Value ₹ 11.3
Dividend Yield 0.00 %
ROCE -2.74 %
ROE -3.59 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 38.1 to 25.6 days.

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -2.08% over past five years.
Company has a low return on equity of -6.38% over last 3 years.
Earnings include an other income of Rs.1.87 Cr.

* 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: Textiles Industry: Textiles - Cotton/Blended

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	48.66	38.13	26.61	54.71	67.73	58.66	62.01	48.66	58.16	38.16	53.35	50.77	79.08
	53.48	37.88	34.86	53.92	67.63	61.29	63.60	48.03	56.93	43.32	53.70	50.62	73.09
Operating Profit	-4.82	0.25	-8.25	0.79	0.10	-2.63	-1.59	0.63	1.23	-5.16	-0.35	0.15	5.99
OPM %	-9.91%	0.66%	-31.00%	1.44%	0.15%	-4.48%	-2.56%	1.29%	2.11%	-13.52%	-0.66%	0.30%	7.57%
	4.56	2.10	0.75	0.34	-0.71	33.28	4.66	1.09	-1.91	0.77	0.29	0.45	0.36
Interest	0.96	0.53	0.53	0.69	0.56	0.56	0.62	0.54	0.61	0.48	0.44	0.78	1.71
Depreciation	1.18	0.80	1.12	0.79	0.78	0.72	1.03	1.03	1.04	1.03	1.07	1.09	1.20
Profit before tax	-2.40	1.02	-9.15	-0.35	-1.95	29.37	1.42	0.15	-2.33	-5.90	-1.57	-1.27	3.44
Tax %	0.00%	16.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-2.40	0.85	-9.15	-0.35	-1.95	29.37	1.42	0.15	-2.33	-5.90	-1.57	-1.27	3.44
EPS in Rs	-0.13	0.04	-0.48	-0.02	-0.10	1.53	0.07	0.01	-0.12	-0.31	-0.08	-0.07	0.18
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	245	268	268	271	213	193	230	336	285	104	208	207	221
	243	268	268	268	220	204	241	339	289	121	215	212	221
Operating Profit	2	0	0	4	-7	-12	-11	-4	-4	-17	-6	-5	1
OPM %	1%	0%	0%	1%	-3%	-6%	-5%	-1%	-1%	-16%	-3%	-2%	0%
	1	1	1	-10	-0	52	148	50	8	10	30	5	2
Interest	1	2	2	5	12	9	7	8	2	2	2	2	3
Depreciation	13	13	12	5	4	3	4	6	5	3	3	4	4
Profit before tax	-12	-14	-13	-16	-24	28	126	33	-3	-12	18	-7	-5
Tax %	0%	0%	0%	0%	0%	1%	0%	0%	0%	-1%	0%	0%
	-12	-14	-13	-16	-24	27	126	33	-3	-12	18	-7	-5
EPS in Rs	-1.05	-1.23	-1.13	-1.43	-2.08	2.12	9.85	2.55	-0.26	-0.61	0.93	-0.35	-0.28
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-3%
5 Years:	-2%
3 Years:	-10%
TTM:	-3%

Compounded Profit Growth
10 Years:	4%
5 Years:	9%
3 Years:	-10%
TTM:	-20%

Stock Price CAGR
10 Years:	22%
5 Years:	14%
3 Years:	12%
1 Year:	72%

Return on Equity
10 Years:	%
5 Years:	-5%
3 Years:	-6%
Last Year:	-4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	33	33	33	33	33	128	128	93	53	192	192	192	192
Reserves	-284	-298	-311	-323	-35	-75	32	134	31	19	36	29	26
Preference Capital	20	20	20	20	20	0	5	6	6	7	7	8
	471	468	468	540	156	78	24	23	19	16	11	25	80
	46	63	65	70	69	66	72	71	195	44	80	75	109
Total Liabilities	266	266	255	320	223	198	256	321	298	270	319	320	407
	186	174	162	145	138	121	105	137	139	134	117	134	133
CWIP	0	0	0	0	0	0	0	0	1	1	8	4	7
Investments	0	0	0	0	0	0	0	15	16	3	13	15	22
	80	93	94	175	86	77	151	169	142	132	181	167	245
Total Assets	266	266	255	320	223	198	256	321	298	270	319	320	407

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-0	1	1	6	7	-12	-8	-26	4	-8	-26	-24
	1	-1	2	1	-6	67	70	55	13	-7	37	16
	-0	-2	0	-6	-4	-62	-58	-24	-20	13	-6	13
Net Cash Flow	0	-2	3	1	-3	-8	4	6	-2	-2	6	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	35	30	32	43	14	16	24	27	21	50	39	26
Inventory Days	115	147	149	126	176	169	174	157	142	246	236	260
Days Payable	33	72	80	90	119	121	152	116	104	172	146	113
Cash Conversion Cycle	117	104	101	79	70	64	47	68	58	124	128	173
Working Capital Days	74	64	64	165	47	-13	110	78	80	114	127	116
ROCE %	-4%	-5%	-5%	-0%	-5%	-9%	-7%	4%	-2%	-6%	-3%	-3%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%	73.49%
	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.32%	0.00%	0.00%	0.03%	0.03%	0.03%
	26.19%	26.19%	26.19%	26.19%	26.19%	26.20%	26.21%	26.52%	26.51%	26.48%	26.49%	26.48%
No. of Shareholders	21,006	20,742	22,128	24,853	25,110	25,336	24,976	24,429	24,139	24,828	26,562	33,324

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	57.20%	60.92%	60.92%	60.92%	73.49%	73.49%	73.49%	73.49%
	0.00%	0.00%	0.00%	0.00%	0.32%	0.32%	0.00%	0.03%
	0.12%	0.18%	0.11%	0.02%	0.00%	0.00%	0.00%	0.00%
	42.68%	38.90%	38.97%	39.06%	26.19%	26.19%	26.52%	26.48%
No. of Shareholders	22,145	24,515	23,454	22,205	21,839	24,853	24,429	33,324

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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