Esab India Ltd

Esab India is engaged in the business of fabrication technology.(Source : 201903 Annual Report Page No: 78)

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 7.20%.
Company has been maintaining a healthy dividend payout of 83.46%
Cons:
Stock is trading at 7.22 times its book value
The company has delivered a poor growth of 9.10% over past five years.
Company has a low return on equity of 12.49% for last 3 years.

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Electrodes - Welding Equipment

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
131 121 132 137 127 126 154 172 166 153 181 181
117 114 123 123 113 112 143 149 148 139 157 156
Operating Profit 14 8 9 13 14 15 11 22 19 14 24 26
OPM % 11% 6% 7% 10% 11% 12% 7% 13% 11% 9% 13% 14%
Other Income 4 3 -5 2 2 2 3 3 5 6 2 3
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 2 3 3 2 3 2 3 3 3 3 3
Profit before tax 16 8 1 13 14 14 11 23 21 17 24 26
Tax % 31% 27% -30% 31% 32% 33% 20% 33% 32% 30% 30% 35%
Net Profit 11 6 1 9 9 10 9 15 14 12 16 17
EPS in Rs 7.10 3.64 0.71 5.89 6.04 6.24 5.97 10.00 9.28 7.50 10.63 10.87
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
339 417 410 494 541 504 434 552 451 466 543 672 681
259 326 309 408 461 442 383 507 406 426 491 593 599
Operating Profit 80 91 101 85 80 62 51 45 45 41 52 78 82
OPM % 24% 22% 25% 17% 15% 12% 12% 8% 10% 9% 10% 12% 12%
Other Income 7 9 9 14 3 5 8 -0 6 8 11 17 16
Interest 1 1 1 1 1 1 1 0 0 0 0 0 0
Depreciation 6 7 8 11 12 12 11 14 10 10 10 11 11
Profit before tax 81 93 101 88 71 54 47 31 41 38 53 84 87
Tax % 34% 34% 34% 33% 33% 30% 30% 23% 31% 29% 29% 32%
Net Profit 53 61 66 59 47 38 33 24 28 27 37 58 59
EPS in Rs 32.23 37.12 39.60 34.99 28.39 23.33 21.35 12.12 18.21 17.45 24.14 37.42 38.28
Dividend Payout % 45% 39% 47% 52% 49% 31% 5% 7% 5% 6% 4% 241%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.89%
5 Years:9.10%
3 Years:14.20%
TTM:17.74%
Compounded Profit Growth
10 Years:-0.64%
5 Years:11.49%
3 Years:24.28%
TTM:35.56%
Stock Price CAGR
10 Years:10.76%
5 Years:16.12%
3 Years:29.47%
1 Year:42.15%
Return on Equity
10 Years:16.52%
5 Years:11.76%
3 Years:12.49%
Last Year:17.71%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
15 15 15 15 15 15 15 15 15 15 15 15
Reserves 88 122 152 176 196 221 252 274 300 327 363 251
Borrowings 0 0 0 0 0 0 0 0 0 1 0 0
62 71 65 110 84 101 89 89 79 94 113 122
Total Liabilities 166 208 233 301 296 337 356 378 394 438 491 388
61 68 89 93 104 99 96 83 78 76 80 83
CWIP 6 12 7 17 2 1 3 1 5 7 8 3
Investments 17 12 2 34 34 78 105 122 120 147 125 30
82 116 134 158 155 160 153 172 191 208 279 272
Total Assets 166 208 233 301 296 337 356 378 394 438 491 388

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
47 59 72 60 40 46 35 16 18 36 30 67
-24 -13 -11 -48 -5 -46 -27 -12 -9 -23 9 102
-28 -25 -40 -19 -45 -0 -14 -2 -2 -2 -41 -163
Net Cash Flow -5 21 21 -8 -9 -0 -6 3 7 12 -2 6

Ratios Standalone Figures in Rs. Crores / View Consolidated

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 91% 77% 67% 49% 36% 25% 19% 15% 14% 13% 15% 26%
Debtor Days 11 15 9 20 14 17 23 29 37 37 40 35
Inventory Turnover 10.83 10.92 10.46 10.68 9.19 7.66 6.75 9.57 8.02 7.69 8.01 9.53