Dredging Corporation of India Ltd

Dredging Corporation of India is engaged in providing the services of Capital Dredging , Maintenance Dredging, Beach Nourishment, Land Reclamation, Shallow water Dredging, Project Management Consultancy, Marine Construction.

Pros:
Stock is trading at 0.64 times its book value
Company has been maintaining a healthy dividend payout of 17.17%
Cons:
The company has delivered a poor growth of -2.13% over past five years.
Tax rate seems low
Company has a low return on equity of 1.35% for last 3 years.
Company might be capitalizing the interest cost
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Miscellaneous // Industry: Miscellaneous

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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
143 161 152 130 158 161 120 153 140 148 165 238
113 150 112 94 121 110 113 114 107 194 126 92
Operating Profit 29 11 40 36 37 51 7 39 33 -46 39 146
OPM % 20% 7% 26% 28% 24% 32% 6% 26% 23% -31% 23% 61%
Other Income 3 2 2 6 0 2 3 15 1 1 4 -0
Interest 5 4 5 5 5 5 5 5 4 4 4 6
Depreciation 22 23 22 32 28 29 27 29 26 30 28 29
Profit before tax 5 -14 15 6 4 19 -22 20 3 -79 11 112
Tax % 18% -6% 8% 35% 4% 3% -5% 15% 16% -1% 13% 0%
Net Profit 4 -14 14 4 4 19 -23 17 3 -79 10 111
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
705 685 645 507 485 635 770 735 666 585 592 692
577 732 551 407 391 524 584 561 536 469 457 521
Operating Profit 128 -47 94 100 93 111 186 174 130 116 135 171
OPM % 18% -7% 15% 20% 19% 18% 24% 24% 19% 20% 23% 25%
Other Income 66 161 50 16 13 3 2 10 26 14 20 7
Interest 2 0 1 1 1 3 12 26 18 18 20 18
Depreciation 42 53 66 70 88 90 138 92 93 100 113 113
Profit before tax 151 62 78 45 17 22 39 65 45 12 22 48
Tax % -3% 25% 10% 12% 24% 5% 3% 4% 7% 40% 21% 6%
Net Profit 155 46 70 40 13 21 38 62 42 7 17 45
EPS in Rs 52.74 15.71 24.52 14.11 4.71 7.32 12.90 21.68 14.36 2.65 6.12 15.92
Dividend Payout % 27% 30% 12% 0% 0% 27% 22% 13% 20% 0% 33% 19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:0.09%
5 Years:-2.13%
3 Years:1.28%
TTM:16.87%
Compounded Profit Growth
10 Years:-0.39%
5 Years:3.50%
3 Years:12.16%
TTM:337.59%
Return on Equity
10 Years:2.34%
5 Years:2.06%
3 Years:1.35%
Last Year:2.85%

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
28 28 28 28 28 28 28 28 28 28 28 28
Reserves 1,211 1,241 1,301 1,341 1,354 1,368 1,395 1,446 1,474 1,493 1,516 1,553
Borrowings 17 6 0 1 261 721 1,257 1,040 1,013 818 809 652
232 298 240 277 221 356 427 270 319 333 296 236
Total Liabilities 1,488 1,573 1,569 1,646 1,864 2,472 3,108 2,784 2,834 2,672 2,649 2,470
332 312 284 487 533 1,008 2,188 1,871 1,928 1,808 1,817 1,719
CWIP 236 238 269 0 48 23 0 1 38 26 43 33
Investments 24 30 30 30 30 30 30 30 4 4 4 4
896 992 986 1,129 1,252 1,412 890 882 864 834 786 714
Total Assets 1,488 1,573 1,569 1,646 1,864 2,472 3,108 2,784 2,834 2,672 2,649 2,470

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
84 107 -27 102 72 -37 268 212 158 87 138 148
-141 -12 -40 -100 -489 -530 -733 -9 -17 -8 1 3
-68 -36 -22 -10 260 517 493 -142 -127 -141 -127 -145
Net Cash Flow -125 58 -88 -8 -157 -50 28 61 14 -62 12 7

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 % 13% 5% 6% 3% 1% 1% 2% 3% 2% 1% 1% 3%
Debtor Days 153 165 229 275 276 272 173 185 188 177 147 135
Inventory Turnover 24.77 11.74 7.29 5.51 5.02 5.66 6.26 6.10 5.20 3.46 2.99 3.54