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 9,755 Cr.
  • Current Price 515
  • High / Low 572 / 175
  • Stock P/E 34.1
  • Book Value 103
  • Dividend Yield 0.53 %
  • ROCE 18.8 %
  • ROE 15.0 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.95%

Cons

  • The company has delivered a poor sales growth of 4.94% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
650 634 660 693 702 671 684 649 594 450 692 734
534 527 551 590 583 576 580 553 492 406 558 604
Operating Profit 116 107 108 103 119 95 104 96 102 43 134 130
OPM % 18% 17% 16% 15% 17% 14% 15% 15% 17% 10% 19% 18%
Other Income 8 17 15 11 4 11 11 11 30 7 14 9
Interest 2 2 2 2 3 2 2 1 2 1 1 1
Depreciation 28 28 27 27 26 26 26 27 25 23 24 25
Profit before tax 94 95 94 86 95 78 88 79 106 26 123 114
Tax % 33% 31% 33% 31% 36% 34% 22% 23% 11% 27% 26% 24%
Net Profit 66 63 65 58 62 53 64 63 92 20 86 88
EPS in Rs 3.48 3.33 3.43 3.07 3.27 2.79 3.41 3.32 4.87 1.04 4.56 4.63
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,084 1,267 1,601 1,988 1,966 2,118 2,042 1,944 2,112 2,374 2,689 2,599 2,469
1,017 1,056 1,314 1,599 1,729 1,866 1,809 1,639 1,778 1,976 2,251 2,200 2,060
Operating Profit 67 211 287 390 237 252 233 305 335 399 438 399 410
OPM % 6% 17% 18% 20% 12% 12% 11% 16% 16% 17% 16% 15% 17%
Other Income 161 35 49 15 13 22 113 41 42 37 47 63 60
Interest 33 31 27 25 27 28 25 23 18 9 8 6 4
Depreciation 35 44 50 57 71 91 100 87 96 106 108 105 97
Profit before tax 160 171 258 323 152 154 220 237 262 322 369 351 368
Tax % 34% 33% 29% 28% 41% 38% 37% 34% 30% 32% 33% 22%
Net Profit 104 102 171 219 90 92 133 144 175 216 248 272 286
EPS in Rs 5.56 5.45 9.14 11.70 4.79 4.87 7.05 7.65 9.27 11.41 13.09 14.38 15.10
Dividend Payout % 18% 18% 14% 17% 26% 26% 18% 20% 19% 20% 21% 19%
Compounded Sales Growth
10 Years:7%
5 Years:5%
3 Years:7%
TTM:-9%
Compounded Profit Growth
10 Years:10%
5 Years:27%
3 Years:16%
TTM:18%
Stock Price CAGR
10 Years:16%
5 Years:23%
3 Years:14%
1 Year:63%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:15%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 24 24 23 19
Reserves 485 574 727 928 1,040 1,087 1,070 1,173 1,364 1,545 1,705 1,839 1,942
Borrowings 515 439 408 399 435 456 340 320 156 124 92 57 74
297 285 335 418 409 423 387 348 374 399 406 367 395
Total Liabilities 1,316 1,317 1,489 1,764 1,903 1,986 1,816 1,860 1,913 2,088 2,222 2,282 2,430
589 572 612 662 844 897 793 659 705 736 695 748 721
CWIP 32 44 23 83 84 40 43 85 73 30 46 39 68
Investments 61 78 75 40 26 37 41 131 124 180 227 189 124
634 623 778 979 950 1,012 938 985 1,011 1,141 1,254 1,307 1,517
Total Assets 1,316 1,317 1,489 1,764 1,903 1,986 1,816 1,860 1,913 2,088 2,222 2,282 2,430

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
56 201 205 239 195 153 326 178 295 213 202 407
-84 -80 -56 -101 -205 -122 -136 -75 -72 -75 -85 -105
15 -134 -128 -86 -29 -37 -162 -86 -207 -83 -109 -135
Net Cash Flow -13 -13 21 51 -39 -6 28 17 16 55 7 168

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 18% 20% 24% 28% 13% 12% 10% 18% 18% 20% 21% 19%
Debtor Days 90 81 75 66 67 72 66 69 66 73 70 56
Inventory Turnover 2.35 2.40 2.63 2.52 2.46 2.58 2.48 2.43 2.61 2.75 2.75 2.42

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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