Electrosteel Castings Ltd

About

Electrosteel Castings is engaged in the manufacture and supply of Ductile Iron (DI) Pipes, Ductile Iron Fittings (DIF) and Cast iron (CI) Pipes as its core business and produces and supplies Pig Iron, in the process. It also produces Metallurgic Coke, Sinter and Power for captive consumption.

  • Market Cap 929 Cr.
  • Current Price 21.4
  • High / Low 27.0 / 7.56
  • Stock P/E 81.8
  • Book Value 58.9
  • Dividend Yield 1.40 %
  • ROCE 8.55 %
  • ROE 4.07 %
  • Face Value 1.00

Pros

  • Stock is trading at 0.36 times its book value
  • Promoter holding has increased by 2.78% over last quarter.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor growth of 2.86% over past five years.
  • Company has a low return on equity of 3.72% for last 3 years.
  • Promoters have pledged 80.09% of their holding.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
423 512 560 502 576 640 673 627 583 647 622 189
368 442 496 430 484 541 589 519 513 537 557 208
Operating Profit 55 70 64 72 91 99 84 108 70 110 66 -20
OPM % 13% 14% 11% 14% 16% 15% 13% 17% 12% 17% 11% -10%
Other Income 14 22 14 -563 -195 15 17 8 23 5 6 4
Interest 55 45 52 66 55 57 48 51 64 50 55 44
Depreciation 15 15 14 14 14 13 13 13 13 13 13 13
Profit before tax -0 31 12 -571 -172 44 41 52 17 52 3 -73
Tax % 1,007% 35% -92% -0% 37% 35% 56% 35% 12% 22% -181% 26%
Net Profit 4 20 23 -574 -108 28 18 34 15 40 10 -54
EPS in Rs 0.10 0.57 0.63 -16.07 -2.67 0.70 0.44 0.83 0.36 0.94 0.23 -1.24
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,838 1,429 1,710 1,917 1,935 2,187 2,154 2,016 1,794 2,021 2,391 2,480 2,041
1,570 1,144 1,463 1,810 1,744 1,882 1,876 1,730 1,517 1,796 2,049 2,123 1,815
Operating Profit 269 284 246 107 190 305 278 286 276 225 342 357 227
OPM % 15% 20% 14% 6% 10% 14% 13% 14% 15% 11% 14% 14% 11%
Other Income 90 122 102 71 95 20 31 20 97 80 -721 40 38
Interest 97 46 79 101 111 136 145 169 201 202 225 220 213
Depreciation 52 52 54 54 53 53 67 65 64 59 55 53 53
Profit before tax 209 308 215 23 121 136 96 72 108 44 -659 124 -1
Tax % 33% 33% 28% -88% 20% 26% 25% 22% 29% -8% 4% 20%
Net Profit 140 206 155 42 97 101 73 56 77 47 -636 99 11
EPS in Rs 4.89 6.31 4.73 1.30 2.98 2.92 2.04 1.57 2.16 1.32 -15.68 2.28 0.29
Dividend Payout % 26% 20% 26% 39% 17% 22% 32% 32% 23% 23% 0% 13%
Compounded Sales Growth
10 Years:6%
5 Years:3%
3 Years:11%
TTM:-19%
Compounded Profit Growth
10 Years:-7%
5 Years:9%
3 Years:24%
TTM:-94%
Stock Price CAGR
10 Years:-6%
5 Years:3%
3 Years:-12%
1 Year:60%
Return on Equity
10 Years:3%
5 Years:3%
3 Years:4%
Last Year:4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
29 33 33 33 33 34 36 36 36 36 41 43
Reserves 1,232 1,551 1,652 1,670 2,322 2,413 2,469 2,771 2,829 2,856 2,339 2,505
Borrowings 1,008 1,242 1,472 1,793 2,264 2,389 2,464 2,066 1,917 1,564 1,619 1,538
460 358 636 575 368 571 493 954 993 1,144 975 898
Total Liabilities 2,729 3,184 3,793 4,071 4,986 5,408 5,462 5,828 5,775 5,600 4,973 4,985
507 525 538 555 1,094 1,095 1,109 1,714 1,640 1,603 1,579 1,633
CWIP 296 391 432 656 986 1,211 1,278 1,278 1,210 1,202 1,237 1,165
Investments 445 1,024 1,400 1,119 1,143 1,100 1,266 1,149 1,147 1,147 542 540
1,481 1,244 1,423 1,741 1,763 2,003 1,809 1,686 1,779 1,648 1,617 1,646
Total Assets 2,729 3,184 3,793 4,071 4,986 5,408 5,462 5,828 5,775 5,600 4,973 4,985

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
186 406 221 -219 152 57 395 510 445 424 -43 238
-567 -496 -454 162 -271 -145 -248 91 77 -59 37 -16
294 285 104 57 303 -80 -152 -595 -343 -561 -5 -256
Net Cash Flow -87 195 -130 0 184 -168 -5 6 179 -195 -11 -34

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 15% 14% 10% 3% 5% 6% 5% 5% 6% 5% 8% 9%
Debtor Days 123 96 104 118 124 103 98 127 98 101 92 94
Inventory Turnover 3.07 1.99 2.21 2.22 2.33 2.50 2.47 2.56 2.40 2.57 2.60 2.23

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
53.02 53.02 53.02 50.18 50.54 50.62 50.62 50.62 52.22 52.41 52.41 55.19
0.95 0.89 0.99 6.41 6.57 6.73 6.72 7.07 11.05 11.04 11.11 11.10
7.16 6.74 6.60 5.57 5.24 5.23 5.24 4.73 4.80 4.84 4.84 4.70
38.87 39.35 39.39 37.84 37.65 37.42 37.42 37.58 31.92 31.71 31.64 29.01

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