Deccan Cements Ltd

Deccan Cements is engaged in the manufacturing of cement in the form of clinker; manufacturing of Portland cement, slag cement and related products, and generation of electricity.

Pros:
Company is virtually debt free.
Cons:
The company has delivered a poor growth of 8.14% over past five years.
Company has a low return on equity of 12.63% for last 3 years.
Dividend payout has been low at 10.42% of profits over last 3 years

Peer Comparison Sector: Cement // Industry: Cement - South India

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
117 129 114 135 136 136 134 164 162 163 173 154
94 102 90 109 111 115 116 142 139 141 150 126
Operating Profit 23 27 23 26 25 21 18 21 23 21 23 28
OPM % 20% 21% 21% 19% 18% 15% 14% 13% 14% 13% 13% 18%
Other Income 1 1 0 1 0 1 2 1 2 2 2 4
Interest 2 2 2 2 1 1 1 1 2 2 2 3
Depreciation 5 5 5 6 6 6 6 6 5 6 6 6
Profit before tax 17 21 17 18 18 15 13 15 18 16 18 24
Tax % 35% 34% 35% 41% 37% 35% 32% 42% 36% 36% 35% 45%
Net Profit 11 14 11 11 11 10 9 9 11 10 11 13
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
188 185 296 338 510 573 441 407 625 496 570 651
111 120 222 274 394 509 383 343 511 396 484 556
Operating Profit 77 65 74 64 115 65 57 64 115 100 86 95
OPM % 41% 35% 25% 19% 23% 11% 13% 16% 18% 20% 15% 15%
Other Income 3 1 3 5 3 3 2 3 1 2 4 10
Interest 1 5 34 40 41 31 27 27 15 7 6 8
Depreciation 6 7 24 24 25 25 24 19 20 22 23 22
Profit before tax 73 55 19 5 54 12 7 21 81 74 61 75
Tax % 34% 38% 77% 63% 11% 41% 33% 6% 43% 36% 37% 39%
Net Profit 48 34 4 2 48 7 5 20 46 47 39 46
EPS in Rs 34.01 24.20 2.85 1.33 33.87 5.05 3.48 13.94 32.02 33.46 27.52 32.88
Dividend Payout % 4% 6% 48% 42% 4% 19% 17% 9% 8% 9% 11% 11%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.39%
5 Years:8.14%
3 Years:1.37%
TTM:14.23%
Compounded Profit Growth
10 Years:3.02%
5 Years:55.94%
3 Years:0.50%
TTM:18.75%
Return on Equity
10 Years:10.37%
5 Years:12.73%
3 Years:12.63%
Last Year:11.95%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7 7 7 7 7 7 7 7 7 7 7 7
Reserves 132 164 166 167 212 218 223 238 279 325 358 399
Borrowings 162 326 333 310 259 238 239 191 79 70 33 54
76 125 92 115 135 114 120 115 128 133 163 163
Total Liabilities 377 622 598 599 613 577 589 551 494 536 561 623
76 396 437 427 405 396 373 356 342 377 363 354
CWIP 198 87 58 33 35 35 35 33 34 0 4 9
Investments 0 0 0 0 0 0 0 0 0 0 0 0
103 138 103 139 174 146 181 162 118 159 194 259
Total Assets 377 622 598 599 613 577 589 551 494 536 561 623

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
52 33 81 61 92 43 66 67 140 61 71 58
-189 -216 -30 13 -2 -14 -0 -2 -7 -27 -12 -14
133 156 -29 -62 -79 -46 -63 -82 -125 -15 -36 10
Net Cash Flow -5 -27 22 13 11 -17 2 -17 9 19 23 55

Ratios Figures in Rs. Crores

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 % 35% 15% 11% 9% 20% 9% 7% 11% 24% 21% 17% 19%
Debtor Days 2 5 14 21 9 6 22 27 5 8 9 9
Inventory Turnover 23.87 11.32 11.89 11.16 12.29 11.09 7.03 5.85 10.24 8.92 9.80 10.50