Delta Manufacturing Ltd

Delta Manufacturing Ltd

₹ 97.8 4.60%
23 Feb - close price
About

Incorporated in 1982, Delta Manufacturing Ltd manufactures hard ferrites, soft ferrites, textile woven labels, fabric printed labels and elastic / woven tape[1]

Key Points

Business Overview:[1][2]
Company manufactures hard ferrite magnets, ring magnets, segment magnets, etc. for Loud speakers, arc magnets for automobiles, flat rectangular shaped magnets for various other applications and Isotropic rings for DC motor, dynamo etc. It has 2 primary business lines, viz.:
a) Manufacture and supply of magnets to tier 1 suppliers of all the two wheeler, three wheeler, passenger vehicles, electronic components and aerospace OEMs in India and worldwide, which we undertake through its magnet division.
b) Design, manufacture and supply of garment trims in India i.e. woven labels, heat transfers, fabric printed labels, elastic & non-elastic tapes primarily to major garment / textile companies in India

  • Market Cap 106 Cr.
  • Current Price 97.8
  • High / Low 122 / 61.2
  • Stock P/E
  • Book Value 29.6
  • Dividend Yield 0.00 %
  • ROCE -9.97 %
  • ROE -32.3 %
  • Face Value 10.0

Pros

  • Debtor days have improved from 129 to 95.4 days.
  • Company's working capital requirements have reduced from 125 days to 92.6 days

Cons

  • Stock is trading at 3.30 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.13% over past five years.
  • Company has a low return on equity of -19.4% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
21.89 25.11 30.19 20.80 24.75 24.95 21.04 17.48 21.39 19.72 21.08 20.72 20.49
21.57 22.47 29.27 20.27 25.32 27.45 21.60 20.55 22.47 20.82 21.72 21.21 21.01
Operating Profit 0.32 2.64 0.92 0.53 -0.57 -2.50 -0.56 -3.07 -1.08 -1.10 -0.64 -0.49 -0.52
OPM % 1.46% 10.51% 3.05% 2.55% -2.30% -10.02% -2.66% -17.56% -5.05% -5.58% -3.04% -2.36% -2.54%
0.71 1.10 26.61 1.18 2.28 2.88 -1.88 0.28 0.51 0.94 0.26 0.28 0.20
Interest 1.85 1.50 1.20 0.89 1.12 1.30 0.77 0.95 1.01 1.07 0.98 1.15 1.00
Depreciation 1.14 1.08 1.23 1.03 1.00 1.13 1.18 1.28 1.21 1.18 1.17 1.18 1.06
Profit before tax -1.96 1.16 25.10 -0.21 -0.41 -2.05 -4.39 -5.02 -2.79 -2.41 -2.53 -2.54 -2.38
Tax % -12.24% -258.62% 11.83% 28.57% -526.83% 94.15% -46.47% -0.40% -1.43% -1.66% 0.40% 0.79% -1.68%
-2.20 4.16 22.12 -0.16 -2.57 -0.12 -6.42 -5.04 -2.83 -2.45 -2.52 -2.52 -2.42
EPS in Rs -2.03 3.83 20.39 -0.15 -2.37 -0.11 -5.92 -4.64 -2.61 -2.26 -2.32 -2.32 -2.23
Raw PDF

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 Mar 2021 Mar 2022 Mar 2023 TTM
44.24 43.35 50.67 56.17 55.28 60.38 71.65 100.71 124.02 70.50 87.97 79.63 82.01
40.32 43.08 47.40 53.44 54.06 58.45 68.24 96.18 124.19 71.10 91.45 85.44 84.76
Operating Profit 3.92 0.27 3.27 2.73 1.22 1.93 3.41 4.53 -0.17 -0.60 -3.48 -5.81 -2.75
OPM % 8.86% 0.62% 6.45% 4.86% 2.21% 3.20% 4.76% 4.50% -0.14% -0.85% -3.96% -7.30% -3.35%
0.67 0.47 0.53 0.49 -2.38 0.39 0.87 0.48 0.91 2.33 34.27 -0.15 1.68
Interest 0.67 0.40 0.77 0.91 2.82 3.95 4.83 4.64 6.12 6.44 4.45 3.79 4.20
Depreciation 1.76 1.47 1.40 0.78 1.54 2.15 2.22 3.98 6.65 5.03 4.22 4.85 4.59
Profit before tax 2.16 -1.13 1.63 1.53 -5.52 -3.78 -2.77 -3.61 -12.03 -9.74 22.12 -14.60 -9.86
Tax % -50.93% 1.77% -42.94% 19.61% -23.37% -15.34% -17.69% 7.48% -2.41% 31.11% 12.88% -14.66%
3.26 -1.12 2.32 1.23 -6.82 -4.36 -3.26 -3.33 -12.31 -6.71 19.27 -16.74 -9.91
EPS in Rs -1.84 3.82 1.90 -10.54 -6.74 -5.04 -5.15 -11.34 -6.18 17.76 -15.43 -9.13
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: 6%
5 Years: 2%
3 Years: -14%
TTM: -3%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -7%
TTM: 37%
Stock Price CAGR
10 Years: 13%
5 Years: 4%
3 Years: 48%
1 Year: 38%
Return on Equity
10 Years: -14%
5 Years: -19%
3 Years: -19%
Last Year: -32%

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 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 4.86 6.07 6.07 6.47 6.47 6.47 6.47 6.47 10.85 10.85 10.85 10.85 10.85
Reserves 22.32 23.19 24.90 27.49 20.83 21.61 18.38 43.24 31.89 25.94 44.37 26.69 21.28
16.14 15.26 16.80 28.92 37.86 36.45 44.62 56.69 62.38 66.55 47.39 40.19 39.56
6.89 7.93 9.99 13.37 13.37 19.86 22.87 34.05 31.87 33.22 27.09 27.61 28.14
Total Liabilities 50.21 52.45 57.76 76.25 78.53 84.39 92.34 140.45 136.99 136.56 129.70 105.34 99.83
27.92 27.93 27.09 38.03 42.30 45.29 45.62 59.06 63.69 59.77 45.78 49.80 47.52
CWIP 0.92 0.56 0.59 4.22 0.57 0.46 0.14 5.31 0.00 0.00 5.02 0.03 0.41
Investments 0.00 0.42 0.08 0.00 0.00 0.00 0.00 6.47 2.35 0.66 2.66 5.66 4.49
21.37 23.54 30.00 34.00 35.66 38.64 46.58 69.61 70.95 76.13 76.24 49.85 47.41
Total Assets 50.21 52.45 57.76 76.25 78.53 84.39 92.34 140.45 136.99 136.56 129.70 105.34 99.83

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 Mar 2021 Mar 2022 Mar 2023
3.77 0.06 0.06 4.60 -4.09 2.20 -1.35 1.79 -0.03 3.46 -3.17 -4.15
-2.50 -1.46 -0.15 -16.35 -2.05 -3.93 -1.69 -7.07 0.66 -0.47 42.83 -3.25
-3.29 1.65 0.81 12.58 6.32 0.05 4.30 6.35 -2.58 -2.07 -25.60 -9.59
Net Cash Flow -2.02 0.25 0.72 0.84 0.18 -1.68 1.26 1.07 -1.96 0.91 14.07 -17.00

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 Mar 2021 Mar 2022 Mar 2023
Debtor Days 66.75 70.81 88.46 78.69 100.49 95.69 99.85 124.96 98.00 178.77 113.27 95.39
Inventory Days 188.08 202.21 198.30 192.38 192.25 213.04 168.92 186.97 148.81 340.46 180.74 231.93
Days Payable 74.09 94.33 118.42 122.53 168.25 177.82 143.26 145.90 119.07 282.24 146.56 172.15
Cash Conversion Cycle 180.73 178.69 168.34 148.54 124.50 130.92 125.51 166.03 127.74 236.99 147.46 155.17
Working Capital Days 92.49 98.68 106.18 81.55 95.21 85.17 86.96 117.90 93.41 181.93 101.24 92.64
ROCE % 6.30% -1.64% 5.14% 4.21% 0.23% 0.26% 3.07% 1.00% -5.76% -5.08% -6.95% -9.97%

Shareholding Pattern

Numbers in percentages

10 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
71.23% 71.23% 71.23% 71.23% 71.23% 71.23% 71.23% 72.08% 72.08% 72.08% 72.08% 72.08%
0.09% 0.09% 0.09% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%
28.68% 28.68% 28.68% 28.69% 28.69% 28.69% 28.68% 27.84% 27.84% 27.83% 27.84% 27.84%
No. of Shareholders 14,08313,93913,70513,64614,21714,08914,05514,26414,33914,14614,72213,030

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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