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.
Stock is providing a good dividend yield of 6.03%.
Company has a good return on equity (ROE) track record: 3 Years ROE 29.98%
Company has been maintaining a healthy dividend payout of 74.91%
Cons:
The company has delivered a poor growth of 10.10% 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
57 81 66 76 61 91 75 94 57 94 65 81
22 21 22 30 22 25 28 37 29 31 31 35
Operating Profit 35 60 44 46 39 66 46 58 29 62 34 47
OPM % 62% 74% 67% 61% 64% 73% 62% 61% 50% 66% 52% 58%
Other Income 10 11 7 7 6 6 5 8 4 7 9 9
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 1
Profit before tax 44 70 50 52 45 72 50 65 32 69 42 55
Tax % 31% 32% 24% 31% 21% 33% 26% 38% 21% 33% 32% 38%
Net Profit 30 47 38 36 35 48 37 40 26 46 28 35
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
25 52 94 136 171 178 199 229 257 265 280 322 297
13 14 21 28 40 55 65 83 95 93 94 112 126
Operating Profit 12 37 73 108 130 123 134 147 162 172 186 209 171
OPM % 48% 72% 77% 79% 76% 69% 67% 64% 63% 65% 66% 65% 58%
Other Income 5 3 6 16 6 28 29 36 44 9 34 25 30
Interest 0 0 0 0 0 0 0 0 1 0 0 0 0
Depreciation 0 1 1 1 2 2 3 3 5 4 3 3 3
Profit before tax 17 40 78 122 134 150 160 179 199 177 217 232 198
Tax % 29% 33% 33% 30% 32% 28% 29% 28% 30% 33% 30% 31%
Net Profit 12 27 52 86 91 108 113 129 140 118 152 161 135
EPS in Rs 39.69 39.63 34.70 34.36 51.70 54.66
Dividend Payout % 16% 13% 6% 6% 7% 27% 50% 63% 163% 70% 54% 101%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.99%
5 Years:10.10%
3 Years:7.73%
TTM:-7.54%
Compounded Profit Growth
10 Years:20.32%
5 Years:8.88%
3 Years:10.83%
TTM:-16.16%
Return on Equity
10 Years:30.01%
5 Years:28.66%
3 Years:29.98%
Last Year:28.60%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 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 8 10 10 29 29 29 29 29 29 29 29
Reserves 54 75 125 204 293 349 395 455 331 379 495 561 520
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
15 20 26 31 30 52 83 96 88 95 65 70 56
Total Liabilities 77 103 158 245 333 429 507 581 448 503 589 661 606
10 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 0
Investments 52 78 117 186 254 279 390 468 346 392 484 537 458
15 15 23 31 37 102 66 61 46 56 53 72 73
Total Assets 77 103 158 245 333 429 507 581 448 503 589 661 606

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
31 50 75 89 98 82 109 107 108 123 138
-24 -47 -67 -80 -7 -87 -47 157 -41 -28 -27
-3 -2 -4 -6 -40 -40 -62 -276 -66 -96 -99
Net Cash Flow 4 1 4 4 51 -44 -1 -13 1 -0 12

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 23% 51% 69% 65% 51% 40% 37% 35% 40% 46% 45% 41%
Debtor Days 26 37 21 18 26 32 40 23 21 31 30 42
Inventory Turnover