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 27.92%
Company has been maintaining a healthy dividend payout of 73.30%
Cons:
The company has delivered a poor growth of 6.25% over past five years.
Debtor days have increased from 43.09 to 54.08 days

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
63 93 78 99 60 97 73 89 50
24 27 31 39 32 35 37 40 38
Operating Profit 39 66 46 60 28 61 36 49 12
OPM % 61% 71% 60% 60% 47% 63% 50% 55% 24%
Other Income 7 6 5 8 5 7 9 10 8
Interest 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 2
Profit before tax 44 71 50 67 32 68 44 58 18
Tax % 21% 33% 26% 37% 21% 33% 30% 37% 24%
Net Profit 35 48 38 42 25 45 31 36 13
EPS in Rs 11.83 16.31 12.49 14.26 8.49 15.43 10.44 12.37 4.47
Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
180 203 236 261 279 287 333 319 309
56 68 88 101 105 105 122 144 150
Operating Profit 123 135 148 160 174 182 211 175 159
OPM % 69% 66% 63% 61% 62% 63% 63% 55% 51%
Other Income 28 29 36 44 9 34 25 30 34
Interest 0 0 0 1 0 0 0 0 0
Depreciation 2 3 3 5 4 3 3 3 4
Profit before tax 150 160 181 197 178 212 233 202 188
Tax % 28% 29% 28% 30% 33% 31% 30% 32%
Net Profit 108 114 129 138 120 148 162 137 126
EPS in Rs 36.47 39.88 33.83 35.01 50.13 55.13 46.66 42.71
Dividend Payout % 27% 50% 63% 166% 69% 56% 100% 64%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:6.25%
3 Years:4.52%
TTM:-6.31%
Compounded Profit Growth
10 Years:%
5 Years:3.36%
3 Years:4.96%
TTM:-17.62%
Stock Price CAGR
10 Years:%
5 Years:-16.73%
3 Years:-28.95%
1 Year:-51.04%
Return on Equity
10 Years:%
5 Years:28.26%
3 Years:27.92%
Last Year:24.55%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
29 29 29 29 29 29 29 29
Reserves 349 396 456 330 379 490 559 499
Borrowings 0 0 0 0 0 0 0 0
54 86 98 90 94 68 76 91
Total Liabilities 431 510 584 449 503 588 664 620
56 58 59 65 64 61 60 83
CWIP 0 0 0 0 0 0 0 0
Investments 270 381 459 335 381 466 518 439
104 70 66 49 58 61 85 98
Total Assets 431 510 584 449 503 588 664 620

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
98 83 107 107 106 119 134 109
-6 -87 -46 157 -41 -22 -25 83
-40 -40 -62 -276 -66 -96 -99 -195
Net Cash Flow 52 -44 -1 -12 -1 1 11 -4

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 37% 36% 39% 46% 44% 42% 36%
Debtor Days 32 40 23 22 31 32 43 54
Inventory Turnover

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