CARE Ratings Ltd

CARE Ratings is a credit rating agency. The Company is engaged in providing financial services other than securities dealing activities.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.83%
Company has been maintaining a healthy dividend payout of 73.42%
Cons:
The company has delivered a poor growth of 5.32% over past five years.

Peer Comparison Sector: Credit Rating Agencies // Industry: Miscellaneous

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
81 66 76 61 91 75 94 57 94 65 81 45
21 22 30 22 25 28 37 29 31 31 35 34
Operating Profit 60 44 46 39 66 46 58 29 62 34 47 11
OPM % 74% 67% 61% 64% 73% 62% 61% 50% 66% 52% 58% 25%
Other Income 11 7 7 6 6 5 8 4 7 9 9 8
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 2
Profit before tax 70 50 52 45 72 50 65 32 69 42 55 17
Tax % 32% 24% 31% 21% 33% 26% 38% 21% 33% 32% 38% 24%
Net Profit 47 38 36 35 48 37 40 26 46 28 35 13
EPS in Rs 16.09 12.95 12.33 12.05 16.41 12.65 13.55 8.67 15.75 9.64 11.76 4.44
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
52 94 136 171 178 199 229 257 265 280 322 297 285
14 21 28 40 55 65 83 95 93 94 112 126 131
Operating Profit 37 73 108 130 123 134 147 162 172 186 209 171 154
OPM % 72% 77% 79% 76% 69% 67% 64% 63% 65% 66% 65% 58% 54%
Other Income 3 6 16 6 28 29 36 44 9 34 25 30 33
Interest 0 0 0 0 0 0 0 1 0 0 0 0 0
Depreciation 1 1 1 2 2 3 3 5 4 3 3 3 4
Profit before tax 40 78 122 134 150 160 179 199 177 217 232 198 183
Tax % 33% 33% 30% 32% 28% 29% 28% 30% 33% 30% 31% 32%
Net Profit 27 52 86 91 108 113 129 140 118 152 161 135 123
EPS in Rs 39.69 39.63 34.70 34.36 51.70 54.66 45.82 41.59
Dividend Payout % 13% 6% 6% 7% 27% 50% 63% 163% 70% 54% 101% 65%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.19%
5 Years:5.32%
3 Years:3.94%
TTM:-10.23%
Compounded Profit Growth
10 Years:10.44%
5 Years:3.11%
3 Years:4.89%
TTM:-18.90%
Return on Equity
10 Years:28.76%
5 Years:28.22%
3 Years:27.83%
Last Year:24.05%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 8 10 10 29 29 29 29 29 29 29 29
Reserves 75 125 204 293 349 395 455 331 379 495 561 499
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
20 26 31 30 52 83 96 88 95 65 70 82
Total Liabilities 103 158 245 333 429 507 581 448 503 589 661 611
10 18 28 42 48 51 52 56 55 53 52 75
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 78 117 186 254 279 390 468 346 392 484 537 458
15 23 31 37 102 66 61 46 56 53 72 78
Total Assets 103 158 245 333 429 507 581 448 503 589 661 611

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
31 50 75 89 98 82 109 107 108 123 136 111
-24 -47 -67 -80 -7 -87 -47 157 -41 -28 -27 81
-3 -2 -4 -6 -40 -40 -62 -276 -66 -96 -99 -195
Net Cash Flow 4 1 4 4 51 -44 -1 -13 1 -0 11 -4

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 51% 69% 65% 51% 40% 37% 35% 40% 46% 45% 41% 35%
Debtor Days 37 21 18 26 32 40 23 21 31 30 42 53
Inventory Turnover