Balmer Lawrie & Company Ltd

₹ 121 0.46%
18 Aug - close price
About

Balmer Lawrie & Company Ltd is engaged in the business of Industrial Packaging, Greases & Lubricants, Leather Chemicals, Logistic Services and Infrastructure, Refinery & Oil Field and Travel & Vacation Services in India. [1]

It is a central public-sector undertaking under the administrative control of Ministry of Petroleum and Natural Gas, GoI, since 1972.[2]

Key Points

Industrial Packaging (~35% of revenues)[1]
The company manufactures different types of high quality Industrial packaging products ranging from open-head, tight-head, plain, lacquered, composite, galvanized, Tall, Necked-in and conical drums catering to diverse industry segments. It is the market leader in industrial packaging industry in India with a market share of ~34%.[2]
It owns and operates 6 manufacturing units under this segment located at Asaoti (Haryana), Chennai (Tamil Nadu), Chittoor (AP), Navi Mumbai, Silvassa (Gujarat) and Vadodara (Gujarat).[3]

  • Market Cap 2,074 Cr.
  • Current Price 121
  • High / Low 146 / 103
  • Stock P/E 14.7
  • Book Value 77.2
  • Dividend Yield 5.36 %
  • ROCE 13.1 %
  • ROE 9.35 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 83.7%

Cons

  • The company has delivered a poor sales growth of 3.71% over past five years.
  • Company has a low return on equity of 10.6% for last 3 years.

* 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: Diversified Industry: Diversified - Large

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
431 382 373 344 275 362 388 497 483 485 502 572 645
385 349 325 270 278 335 365 408 448 455 468 510 586
Operating Profit 46 33 48 74 -3 27 24 89 35 29 34 62 59
OPM % 11% 9% 13% 21% -1% 8% 6% 18% 7% 6% 7% 11% 9%
10 22 9 42 9 21 10 31 10 12 5 35 8
Interest 2 1 2 3 2 1 1 1 2 1 2 1 3
Depreciation 9 8 9 16 11 11 11 12 12 11 12 12 12
Profit before tax 45 45 45 97 -8 36 21 106 31 30 25 84 53
Tax % 38% 15% 20% 23% 16% 21% 45% 23% 25% 25% 21% 32% 21%
Net Profit 28 38 36 75 -6 29 12 82 23 22 20 58 42
EPS in Rs 1.64 2.24 2.10 4.38 -0.37 1.68 0.69 4.82 1.35 1.31 1.15 3.37 2.43

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 Mar 2020 Mar 2021 Mar 2022 TTM
2,006 2,282 2,576 2,622 2,736 1,591 1,702 1,722 1,772 1,527 1,519 2,042 2,204
1,850 2,124 2,390 2,457 2,569 1,385 1,491 1,501 1,538 1,327 1,382 1,882 2,020
Operating Profit 156 157 186 165 167 206 211 221 234 200 137 160 184
OPM % 8% 7% 7% 6% 6% 13% 12% 13% 13% 13% 9% 8% 8%
42 53 59 80 75 63 73 71 79 82 71 62 61
Interest 4 5 4 6 5 5 5 4 6 8 5 6 6
Depreciation 12 15 17 20 26 24 26 27 27 42 46 47 47
Profit before tax 181 190 224 220 210 240 254 261 280 232 157 170 192
Tax % 33% 27% 27% 29% 30% 32% 33% 29% 33% 24% 26% 28%
Net Profit 121 138 163 157 147 164 170 185 188 177 116 123 141
EPS in Rs 7.09 8.08 9.53 9.15 8.61 9.60 9.97 10.81 11.02 10.36 6.81 7.18 8.26
Dividend Payout % 35% 33% 31% 33% 35% 35% 47% 62% 67% 72% 88% 91%
Compounded Sales Growth
10 Years: -1%
5 Years: 4%
3 Years: 5%
TTM: 27%
Compounded Profit Growth
10 Years: -1%
5 Years: -6%
3 Years: -13%
TTM: -3%
Stock Price CAGR
10 Years: 8%
5 Years: -5%
3 Years: 2%
1 Year: -6%
Return on Equity
10 Years: 15%
5 Years: 12%
3 Years: 11%
Last Year: 9%

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 Mar 2020 Mar 2021 Mar 2022
16 16 16 28 28 28 114 114 114 171 171 171
Reserves 518 603 707 791 875 1,036 1,052 1,142 1,186 1,149 1,137 1,149
0 0 0 0 0 0 0 15 15 35 35 27
530 543 550 619 546 528 628 581 568 528 582 598
Total Liabilities 1,064 1,162 1,273 1,438 1,450 1,593 1,794 1,852 1,883 1,882 1,925 1,945
188 228 263 290 407 393 396 401 402 566 573 582
CWIP 33 6 9 74 4 7 23 13 117 24 32 11
Investments 57 45 55 57 57 58 87 138 140 130 130 130
785 883 945 1,017 981 1,134 1,286 1,299 1,225 1,162 1,190 1,222
Total Assets 1,064 1,162 1,273 1,438 1,450 1,593 1,794 1,852 1,883 1,882 1,925 1,945

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 Mar 2020 Mar 2021 Mar 2022
79 100 126 100 107 132 172 109 175 171 217 -22
-33 1 -17 -61 -29 -54 -108 16 -34 -26 -56 158
-46 -52 -55 -63 -64 -66 -73 -106 -144 -172 -146 -124
Net Cash Flow -0 49 54 -24 14 12 -9 20 -4 -27 15 12

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 Mar 2020 Mar 2021 Mar 2022
Debtor Days 56 57 51 57 49 53 60 58 57 65 69 56
Inventory Days 79 69 67 74 67 77 51 46 47 57 59 51
Days Payable 146 161 119 138 112 144 104 109 96 86 100 69
Cash Conversion Cycle -10 -35 -2 -7 3 -14 8 -6 8 36 29 38
Working Capital Days -1 6 6 9 13 41 32 51 44 53 32 51
ROCE % 37% 34% 34% 29% 25% 25% 23% 22% 22% 18% 12% 13%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
1.54 1.50 1.51 1.47 1.44 1.76 1.71 1.71 1.73 1.57 1.63 1.61
6.48 5.74 5.75 5.76 5.42 4.83 3.50 3.00 2.52 2.50 2.50 2.49
0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
91.96 92.74 92.72 92.74 93.12 93.38 94.76 95.27 95.72 95.91 95.84 95.87

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