Emkay Taps & Cutting Tools Ltd
Emkay Taps & Cutting Tools Ltd (ETCT) is engaged in making threads tools (HSS Taps) and selling under 'Emkay' brand. Organizational functioning -Manufacturing – Cutting Tools (Metal cutting machine tools) - catering to the needs of automobile and auto- ancillary industry, electrical fittings industry, defense components along with Aerospace and general engineering industry requirements covering major sectors of Engineering and Capital Goods Industry in broader sense.
- Market Cap ₹ 720 Cr.
- Current Price ₹ 675
- High / Low ₹ 750 / 313
- Stock P/E 12.9
- Book Value ₹ 241
- Dividend Yield 0.00 %
- ROCE 20.5 %
- ROE 16.3 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Earnings include an other income of Rs.29.6 Cr.
* 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.
Peer comparison
Sector: Engineering Industry: Engineering
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 35 | 31 | 30 | 44 | 49 | 53 | 56 | 64 | 51 | 56 | 71 | 89 | 93 | |
| 21 | 21 | 18 | 27 | 32 | 34 | 33 | 35 | 30 | 33 | 37 | 45 | 49 | |
| Operating Profit | 13 | 10 | 11 | 17 | 17 | 19 | 23 | 29 | 20 | 23 | 34 | 43 | 44 |
| OPM % | 38% | 31% | 38% | 38% | 34% | 36% | 41% | 45% | 40% | 41% | 48% | 49% | 47% |
| 1 | 1 | 0 | 2 | 5 | 2 | 6 | -13 | 1 | 9 | 14 | 16 | 30 | |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before tax | 11 | 7 | 9 | 16 | 19 | 18 | 25 | 13 | 19 | 29 | 44 | 57 | 71 |
| Tax % | 25% | 32% | 36% | 34% | 26% | 33% | 22% | 59% | 24% | 18% | 20% | 22% | |
| 8 | 5 | 6 | 11 | 14 | 12 | 20 | 5 | 14 | 24 | 35 | 44 | 56 | |
| EPS in Rs | 16.37 | 9.65 | 11.25 | 10.13 | 13.13 | 11.07 | 18.59 | 4.94 | 13.31 | 22.33 | 33.04 | 41.35 | 52.23 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 3% | 10% | 3% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 10% |
| 3 Years: | 20% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 10% |
| 3 Years: | 33% |
| TTM: | 55% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 88% |
| 1 Year: | 113% |
| Return on Equity | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 13% |
| 3 Years: | 15% |
| Last Year: | 16% |
Balance Sheet
Figures in Rs. Crores
| 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 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 38 | 43 | 49 | 56 | 71 | 83 | 102 | 98 | 111 | 135 | 170 | 215 | 246 |
| 5 | 2 | 2 | 2 | 2 | 5 | 4 | 3 | 3 | 0 | 3 | 6 | 4 | |
| 7 | 6 | 7 | 7 | 6 | 8 | 10 | 17 | 11 | 13 | 19 | 25 | 20 | |
| Total Liabilities | 51 | 51 | 58 | 67 | 81 | 97 | 118 | 128 | 136 | 159 | 203 | 257 | 281 |
| 19 | 18 | 16 | 14 | 16 | 18 | 17 | 17 | 21 | 19 | 19 | 16 | 15 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Investments | 14 | 16 | 24 | 31 | 36 | 49 | 71 | 65 | 78 | 99 | 144 | 187 | 210 |
| 18 | 17 | 18 | 22 | 28 | 30 | 30 | 44 | 37 | 41 | 40 | 53 | 55 | |
| Total Assets | 51 | 51 | 58 | 67 | 81 | 97 | 118 | 128 | 136 | 159 | 203 | 257 | 281 |
Cash Flows
Figures in Rs. Crores
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 8 | 8 | 8 | 5 | 12 | 19 | 14 | 18 | 15 | 32 | 25 | |
| -7 | -4 | -8 | -4 | -6 | -15 | -17 | -11 | -17 | -12 | -35 | -28 | |
| -3 | -4 | 0 | -3 | 0 | 2 | -2 | -2 | -1 | -3 | 3 | 2 | |
| Net Cash Flow | -1 | 1 | 0 | 1 | -0 | -1 | 0 | 0 | -0 | -1 | 0 | 0 |
Ratios
Figures in Rs. Crores
| 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 | 82 | 81 | 91 | 79 | 82 | 92 | 99 | 94 | 100 | 117 | 90 | 81 |
| Inventory Days | 295 | 307 | 484 | 612 | 546 | 827 | 605 | 681 | 635 | 194 | 417 | 518 |
| Days Payable | 77 | 58 | 84 | 150 | 81 | 146 | 211 | 173 | 98 | 85 | 157 | 155 |
| Cash Conversion Cycle | 300 | 330 | 491 | 541 | 548 | 773 | 493 | 602 | 637 | 226 | 350 | 443 |
| Working Capital Days | 143 | 149 | 154 | 127 | 161 | 158 | 134 | 157 | 183 | 181 | 107 | 112 |
| ROCE % | 29% | 17% | 19% | 30% | 29% | 22% | 27% | 12% | 16% | 16% | 19% | 21% |
Types of Taps & Tools:-
The varieties of taps offered by it include HI Performance Thread Forming Taps, HI-Performance Spiral Fluted Taps, HI-Performance Spiral Pointed Taps, HI-Performance Taps for Cast Iron Tapping, HI-Performance Special Taps, PM Taps, Carbide Taps, Special Designed Roll Taps, Through Coolant Taps (T.C.H), Special Geometry, Spiral Fluted Taps, Special Geometry, Spiral Pointed Taps, Taps With Special Coatings among others are widely used in several critical auto components, ensuring the right product for each customer specific production requirement and timely deliveries has given ETCT a competitive advantage in this high-precision industry.