CARE Ratings Ltd

About [ edit ]

CARE Ratings is a leading credit rating agency of India. The Company provides various credit ratings that helps corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own riskreturn expectations.(Source : 202003-01 Annual Report Page No:134)

Key Points [ edit ]
  • Market Cap 1,576 Cr.
  • Current Price 535
  • High / Low 608 / 296
  • Stock P/E 20.0
  • Book Value 194
  • Dividend Yield 3.64 %
  • ROCE 20.2 %
  • ROE 15.9 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.40%
  • Company has been maintaining a healthy dividend payout of 77.93%

Cons

  • The company has delivered a poor sales growth of -1.33% over past five years.
  • Earnings include an other income of Rs.33.05 Cr.
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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
99 60 97 73 89 50 72 56 66 37 76 56
39 32 35 37 40 38 35 39 51 32 34 37
Operating Profit 60 28 61 36 49 12 36 18 15 5 42 18
OPM % 60% 47% 63% 50% 55% 24% 51% 31% 23% 14% 55% 33%
Other Income 8 5 7 9 10 8 9 7 7 10 8 8
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 2 2 2 2 2 2 2
Profit before tax 67 32 68 44 58 18 43 22 20 12 48 24
Tax % 37% 21% 33% 30% 37% 24% 15% 22% 23% 21% 25% 22%
Net Profit 42 25 45 31 36 13 36 17 15 9 35 19
EPS in Rs 14.27 8.50 15.43 10.37 12.37 4.47 12.39 5.91 5.19 3.17 12.04 6.32

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 Mar 2020 TTM
180 203 236 261 279 287 333 319 244 235
56 68 88 101 105 105 122 144 162 154
Operating Profit 123 135 148 160 174 182 211 175 81 80
OPM % 69% 66% 63% 61% 62% 63% 63% 55% 33% 34%
Other Income 28 29 36 44 9 34 25 30 31 33
Interest 0 0 0 1 0 0 0 0 1 1
Depreciation 2 3 3 5 4 3 3 3 8 8
Profit before tax 150 160 181 197 178 212 233 202 104 105
Tax % 28% 29% 28% 30% 33% 31% 30% 32% 20%
Net Profit 108 114 129 138 120 148 162 137 82 79
EPS in Rs 37.69 39.78 44.63 47.53 40.68 50.13 55.13 46.66 27.96 26.72
Dividend Payout % 27% 50% 63% 166% 69% 56% 100% 64% 70%
Compounded Sales Growth
10 Years:%
5 Years:-1%
3 Years:-5%
TTM:-12%
Compounded Profit Growth
10 Years:%
5 Years:-6%
3 Years:-18%
TTM:-24%
Stock Price CAGR
10 Years:%
5 Years:-12%
3 Years:-25%
1 Year:51%
Return on Equity
10 Years:%
5 Years:26%
3 Years:23%
Last Year:16%

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 Mar 2020 Sep 2020
29 29 29 29 29 29 29 29 29 29
Reserves 349 396 456 330 379 490 559 499 480 543
Borrowings 0 0 0 0 0 0 0 0 0 0
53 84 96 87 94 64 70 86 108 79
Total Liabilities 430 508 581 446 502 584 658 614 618 651
56 58 59 65 64 61 60 83 93 90
CWIP 0 0 0 0 0 0 0 0 1 0
Investments 270 381 459 335 381 466 518 439 339 280
103 69 63 46 58 57 79 93 185 281
Total Assets 430 508 581 446 502 584 658 614 618 651

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 Mar 2020
98 83 107 107 106 119 134 109 -30
-6 -87 -46 157 -41 -22 -25 83 124
-40 -40 -62 -276 -66 -96 -99 -195 -107
Net Cash Flow 52 -44 -1 -12 -1 1 11 -4 -13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 37% 36% 39% 46% 44% 42% 36% 20%
Debtor Days 32 40 23 22 31 32 43 54 61
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
42.90 45.37 42.74 46.65 49.31 47.62 40.80 29.43 29.17 27.65 26.30 22.69
23.67 22.11 24.80 21.66 19.87 19.00 19.03 24.25 23.69 27.61 21.69 20.40
33.43 32.52 32.46 31.69 30.82 33.38 40.17 46.32 47.14 44.74 52.01 56.91

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