D-Link India Ltd

About

D-Link (India) is primarily engaged in the business of marketing and distribution of Networking products.

  • Market Cap 456 Cr.
  • Current Price 129
  • High / Low 169 / 94.8
  • Stock P/E 11.8
  • Book Value 75.0
  • Dividend Yield 1.40 %
  • ROCE 16.3 %
  • ROE 12.1 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 17.50%

Cons

  • The company has delivered a poor sales growth of 0.28% over past five years.
  • Company has a low return on equity of 13.38% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
172 181 184 188 194 160 122 180 200 209 159 241
159 170 173 175 182 155 120 168 188 196 148 225
Operating Profit 13 12 11 13 11 5 2 12 12 13 11 16
OPM % 7% 6% 6% 7% 6% 3% 2% 7% 6% 6% 7% 7%
Other Income 0 0 2 1 1 8 1 2 2 1 1 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 1 1 1 1 1 1 1 1 1 1
Profit before tax 12 12 12 13 12 12 2 13 13 13 11 16
Tax % 35% 41% 35% 23% 30% 27% 25% 25% 26% 27% 25% 26%
Net Profit 8 7 8 10 8 9 1 9 9 9 8 12
EPS in Rs 2.28 1.92 2.13 2.76 2.29 2.42 0.39 2.63 2.62 2.62 2.26 3.37

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
133 128 223 354 488 625 701 687 626 700 726 711 809
127 124 212 334 466 592 667 664 611 657 685 672 758
Operating Profit 6 4 11 19 22 33 34 23 16 43 40 38 51
OPM % 5% 3% 5% 6% 4% 5% 5% 3% 2% 6% 6% 5% 6%
Other Income 5 2 1 1 1 2 1 2 2 -4 12 6 6
Interest 0 0 0 0 1 0 0 1 1 0 0 1 1
Depreciation 0 1 2 2 2 2 1 1 1 1 4 4 4
Profit before tax 10 5 10 18 20 32 33 23 16 37 48 40 52
Tax % 31% 31% 30% 32% 33% 34% 35% 35% 34% 37% 29% 26%
Net Profit 7 3 7 12 14 21 22 15 10 24 34 29 39
EPS in Rs 2.39 1.14 2.35 4.11 4.53 6.01 6.06 4.30 2.93 6.63 9.60 8.26 10.87
Dividend Payout % 42% 26% 17% 12% 13% 12% 12% 12% 17% 15% 16% 22%
Compounded Sales Growth
10 Years: 19%
5 Years: 0%
3 Years: 4%
TTM: 23%
Compounded Profit Growth
10 Years: 24%
5 Years: 7%
3 Years: 41%
TTM: 60%
Stock Price CAGR
10 Years: 22%
5 Years: 8%
3 Years: 20%
1 Year: 19%
Return on Equity
10 Years: 13%
5 Years: 11%
3 Years: 13%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
6 6 6 6 6 7 7 7 7 7 7 7 7
Reserves 64 66 72 82 94 127 146 162 171 192 220 246 259
Borrowings 0 0 0 0 4 2 0 11 0 0 7 5 4
21 20 47 65 85 124 174 79 123 131 127 157 176
Total Liabilities 91 92 125 153 188 260 327 260 300 330 361 415 447
2 23 22 21 20 20 18 18 17 16 23 20 19
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 22 8 0 2 0 16 22 16 20 24 39 65 92
67 61 103 131 168 224 287 225 263 290 300 330 335
Total Assets 91 92 125 153 188 260 327 260 300 330 361 415 447

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
13 -1 -5 -2 0 1 17 -19 31 -1 28 71
5 -6 8 -2 2 -1 -5 5 -5 -2 -17 -56
-4 -4 -1 -1 1 -3 -6 -4 -3 -2 -10 -7
Net Cash Flow 14 -11 2 -6 3 -3 7 -18 23 -5 1 8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 58 60 78 84 71 82 89 77 99 96 87 90
Inventory Days 88 109 87 56 57 56 62 40 43 52 61 56
Days Payable 65 71 91 77 72 82 101 46 80 75 75 92
Cash Conversion Cycle 80 98 74 63 56 56 50 71 63 73 72 54
Working Capital Days 84 101 78 66 58 57 53 74 70 76 80 61
ROCE % 16% 7% 13% 22% 22% 27% 23% 14% 9% 22% 20% 16%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
51.02 51.02 51.02 51.02 51.02 51.02 51.02 51.02 51.02 51.02 51.02 51.02
0.31 0.13 0.13 0.00 0.00 0.06 0.06 0.00 0.00 0.00 0.00 0.03
2.49 0.81 0.66 0.72 0.66 0.69 0.62 0.01 0.01 0.00 0.00 0.00
46.18 48.04 48.20 48.26 48.32 48.23 48.30 48.97 48.97 48.98 48.98 48.95

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