Carborundum Universal Ltd

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Carborundum Universal manufactures and sells Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electrominerals.(Source : 202003 Annual Report Page No: 161)

Abrasives are substances which clean or removes solid material by rubbing action or by impact #. The company's operations are carried out through over 10 manufacturing facilities located pan India, Russia and other countries.

The Ceramics segment consists of super refractories, industrial ceramics, anti-corrosives and bioceramics. Its user industries include power generation and transmission, coal washers, grain handling, ballistic protection and construction.

The Electrominerals segment includes abrasive/refractory grains, micro grits for the photovoltaic industry and captive power generation from hydel power plant. Its product range includes white and brown fused alumina, silicon carbide, fused zirconia, alumina zirconia and zirconia mullite. Its geographical segments include India and Rest of the world.

  • Market Cap 9,608 Cr.
  • Current Price 507
  • High / Low 572 / 203
  • Stock P/E 50.9
  • Book Value 75.4
  • Dividend Yield 0.54 %
  • ROCE 17.8 %
  • ROE 14.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.40%

Cons

  • The company has delivered a poor sales growth of 7.29% over past five years.
  • Company has a low return on equity of 13.59% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
449 415 443 464 460 431 440 415 366 238 430 494
368 347 370 392 377 370 373 353 296 229 354 403
Operating Profit 82 69 73 72 83 61 67 62 69 9 76 92
OPM % 18% 17% 16% 16% 18% 14% 15% 15% 19% 4% 18% 19%
Other Income 12 10 10 -0 8 18 4 4 22 15 8 9
Interest 1 0 0 0 1 0 0 0 0 0 0 0
Depreciation 19 20 19 19 18 17 17 17 16 14 15 16
Profit before tax 74 59 64 53 72 62 54 50 75 11 69 85
Tax % 28% 33% 33% 34% 32% 27% 19% 19% 16% 1% 27% 22%
Net Profit 53 39 43 35 49 45 44 40 62 10 50 66
EPS in Rs 2.80 2.07 2.25 1.85 2.60 2.38 2.30 2.13 3.29 0.55 2.65 3.47

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
648 726 920 1,119 1,096 1,142 1,161 1,292 1,406 1,583 1,782 1,651 1,528
556 606 739 899 943 997 1,012 1,092 1,193 1,333 1,485 1,392 1,282
Operating Profit 92 120 181 220 153 145 149 199 212 250 297 260 247
OPM % 14% 16% 20% 20% 14% 13% 13% 15% 15% 16% 17% 16% 16%
Other Income 51 24 43 30 18 19 118 39 34 31 27 47 54
Interest 27 24 20 17 16 13 9 9 9 1 1 0 0
Depreciation 30 35 40 44 47 49 59 62 67 74 75 67 61
Profit before tax 86 84 164 189 108 102 199 167 171 205 248 240 238
Tax % 31% 31% 24% 23% 31% 29% 26% 30% 29% 30% 33% 20%
Net Profit 60 58 124 147 75 73 148 116 122 143 166 191 189
EPS in Rs 3.20 3.11 6.65 7.83 3.98 3.88 7.88 6.18 6.46 7.59 8.78 10.10 9.96
Dividend Payout % 31% 32% 19% 26% 31% 32% 16% 24% 27% 30% 31% 27%
Compounded Sales Growth
10 Years:9%
5 Years:7%
3 Years:6%
TTM:-12%
Compounded Profit Growth
10 Years:12%
5 Years:17%
3 Years:15%
TTM:6%
Stock Price CAGR
10 Years:15%
5 Years:23%
3 Years:12%
1 Year:131%
Return on Equity
10 Years:14%
5 Years:13%
3 Years:14%
Last Year:14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
19 19 19 19 19 19 19 19 19 19 19 19 19
Reserves 372 410 510 618 666 715 841 940 1,036 1,151 1,258 1,348 1,410
Borrowings 348 284 165 97 132 119 84 109 3 2 1 0 0
147 166 250 267 202 195 202 203 240 264 248 206 239
Total Liabilities 886 879 943 1,000 1,019 1,047 1,146 1,270 1,297 1,436 1,526 1,573 1,668
350 346 373 385 414 415 389 375 408 430 395 422 399
CWIP 21 33 14 27 14 14 18 68 51 17 22 12 39
Investments 172 172 164 135 125 131 238 256 254 311 345 307 248
343 328 392 453 466 488 501 571 584 677 763 831 982
Total Assets 886 879 943 1,000 1,019 1,047 1,146 1,270 1,297 1,436 1,526 1,573 1,668

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
64 112 116 136 118 98 106 112 177 132 122 231
-46 -33 -4 -9 -53 -40 -53 -88 -46 -29 -28 -31
-1 -107 -110 -115 -76 -56 -57 -21 -133 -36 -59 -86
Net Cash Flow 17 -28 1 12 -11 3 -5 3 -2 67 35 114

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 12% 15% 23% 27% 16% 14% 14% 18% 17% 19% 20% 18%
Debtor Days 86 80 70 60 67 72 70 72 67 75 68 57
Inventory Turnover 3.13 3.18 3.38 3.29 3.25 3.45 3.15 3.11 3.21 3.39 3.15 2.53

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
42.42 42.40 42.40 42.39 42.37 42.11 42.08 42.08 42.05 42.05 42.04 42.04
4.62 4.68 4.62 4.63 5.13 5.50 5.59 6.01 6.54 6.60 4.19 6.52
23.60 24.04 24.05 24.22 23.77 23.81 26.65 27.64 28.20 27.99 30.17 28.71
29.36 28.88 28.93 28.76 28.72 28.58 25.68 24.27 23.21 23.36 23.59 22.73

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