Balmer Lawrie & Company Ltd

₹ 108 -0.51%
01 Jul - 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 1,845 Cr.
  • Current Price 108
  • High / Low 146 / 103
  • Stock P/E 13.7
  • Book Value 92.8
  • Dividend Yield 5.56 %
  • ROCE 8.91 %
  • ROE 8.61 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 1.16 times its book value
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 81.78%

Cons

  • The company has delivered a poor sales growth of 3.84% over past five years.
  • Company has a low return on equity of 8.70% 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
431 383 374 345 277 365 388 499 486 489 505 575
387 349 327 282 279 337 364 409 449 457 469 511
Operating Profit 44 34 48 63 -2 29 24 90 37 32 36 64
OPM % 10% 9% 13% 18% -1% 8% 6% 18% 8% 7% 7% 11%
10 13 9 19 8 15 10 16 10 7 5 15
Interest 3 3 4 5 4 3 2 3 4 3 4 3
Depreciation 11 10 11 19 13 13 14 14 14 14 14 14
Profit before tax 40 34 41 59 -11 27 18 89 29 23 23 62
Tax % 43% 20% 22% 38% 12% 29% 55% 27% 27% 33% 23% 43%
Net Profit 24 39 43 47 -4 30 19 75 37 27 27 47
EPS in Rs 1.42 2.28 2.52 2.76 -0.23 1.73 1.13 4.40 2.15 1.58 1.59 2.76

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,384 2,669 3,013 3,120 3,254 1,591 1,702 1,720 1,772 1,532 1,526 2,055
2,185 2,456 2,779 2,908 3,031 1,386 1,492 1,502 1,539 1,342 1,385 1,886
Operating Profit 199 213 234 212 223 205 211 219 233 189 141 169
OPM % 8% 8% 8% 7% 7% 13% 12% 13% 13% 12% 9% 8%
44 47 55 70 64 63 56 51 51 51 49 37
Interest 24 23 23 24 23 5 5 4 7 15 12 14
Depreciation 31 35 38 35 46 24 26 27 30 52 55 56
Profit before tax 188 202 229 222 218 240 236 238 247 173 123 137
Tax % 32% 27% 27% 30% 30% 32% 34% 31% 35% 32% 33% 35%
Net Profit 128 148 167 156 152 164 155 165 199 161 120 138
EPS in Rs 7.51 8.67 9.79 9.09 8.89 9.58 9.05 9.66 11.65 9.43 7.04 8.07
Dividend Payout % 33% 31% 30% 27% 34% 35% 52% 69% 63% 80% 85% 81%
Compounded Sales Growth
10 Years: -3%
5 Years: 4%
3 Years: 5%
TTM: 35%
Compounded Profit Growth
10 Years: -1%
5 Years: -3%
3 Years: -12%
TTM: 17%
Stock Price CAGR
10 Years: 7%
5 Years: -6%
3 Years: -4%
1 Year: -22%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 634 742 847 953 1,015 1,210 1,247 1,342 1,406 1,383 1,371 1,417
205 210 196 175 197 0 0 15 81 120 125 122
633 657 668 724 670 559 669 720 682 660 712 737
Total Liabilities 1,489 1,625 1,726 1,880 1,911 1,798 2,030 2,191 2,282 2,334 2,379 2,446
373 415 452 464 577 393 397 410 568 770 767 768
CWIP 44 12 12 77 12 11 63 138 117 24 32 11
Investments 0 0 0 0 0 248 271 293 325 375 386 436
1,072 1,198 1,262 1,339 1,322 1,146 1,299 1,350 1,272 1,165 1,194 1,231
Total Assets 1,489 1,625 1,726 1,880 1,911 1,798 2,030 2,191 2,282 2,334 2,379 2,446

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
105 140 201 167 201 150 181 129 194 189 244 -22
-61 -16 -45 -76 -42 -71 -117 -19 -137 -60 -80 158
-40 -69 -101 -131 -143 -66 -73 -86 -78 -162 -149 -124
Net Cash Flow 3 56 55 -40 16 13 -9 24 -21 -34 15 12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 60 60 54 62 53 53 60 57 57 65 69 56
Inventory Days 55 53 45 48 48 77 51 46 47 57 59 51
Days Payable 55 50 48 53 44 144 104 108 96 88 100 69
Cash Conversion Cycle 59 63 51 57 56 -14 8 -4 8 35 28 38
Working Capital Days 22 28 24 31 33 -9 30 40 44 52 31 51
ROCE % 26% 25% 25% 22% 20% 20% 18% 17% 16% 11% 8% 9%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
1.54 1.54 1.50 1.51 1.47 1.44 1.76 1.71 1.71 1.73 1.57 1.63
7.14 6.48 5.74 5.75 5.76 5.42 4.83 3.50 3.00 2.52 2.50 2.50
0.00 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
91.32 91.96 92.74 92.72 92.74 93.12 93.38 94.76 95.27 95.72 95.91 95.84

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