Gallantt Metal Ltd

Gallantt Metal Limited is engaged in the business of production of iron, steel and power. The Company operates through two segments: Steel and Power.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Stock is trading at 0.97 times its book value

Company is expected to give good quarter

Promoter's stake has increased

Cons:

The company has delivered a poor growth of 4.45% over past five years.

Company has a low return on equity of 11.38% for last 3 years.

Dividend payout has been low at 1.37% of profits over last 3 years

Peer Comparison

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Detailed Comparison with:

	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018
	153.16	174.22	164.83	135.67	137.49	178.94	191.98	177.72	184.78	272.52	277.99	255.62
	136.71	155.73	153.01	122.58	123.61	165.40	171.44	162.18	168.01	234.46	230.76	216.78
Operating Profit	16.45	18.49	11.82	13.09	13.88	13.54	20.54	15.54	16.77	38.06	47.23	38.84
OPM %	10.74%	10.61%	7.17%	9.65%	10.10%	7.57%	10.70%	8.74%	9.08%	13.97%	16.99%	15.19%
Other Income	0.00	0.00	0.29	0.23	0.07	0.00	0.00	-0.05	0.00	0.00	0.00	1.52
Interest	1.91	1.68	1.29	0.93	1.49	2.58	1.57	1.44	1.76	1.79	1.69	1.53
Depreciation	4.49	4.21	4.13	4.17	4.12	4.43	3.93	3.95	3.84	3.24	3.68	3.44
Profit before tax	10.05	12.60	6.69	8.22	8.34	6.53	15.04	10.10	11.17	33.03	41.86	35.39
Tax %	4.48%	6.03%	6.43%	11.31%	7.67%	17.30%	34.71%	38.12%	32.23%	22.22%	35.38%	32.89%
Net Profit	9.59	11.84	6.26	7.29	7.71	5.39	9.82	6.24	7.58	25.69	27.05	23.74

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	217	387	441	433	557	585	663	669	720	670	616	824	991
	194	323	392	369	509	541	608	625	656	604	565	738	850
Operating Profit	23	64	49	64	48	44	55	44	65	66	52	86	141
OPM %	11%	17%	11%	15%	9%	8%	8%	7%	9%	10%	8%	10%	14%
Other Income	1	1	2	1	12	3	5	1	1	3	1	5	2
Interest	11	17	18	14	14	16	10	12	12	7	6	7	7
Depreciation	6	12	12	15	16	16	16	17	17	18	17	15	14
Profit before tax	8	37	20	36	30	15	33	16	37	44	30	69	121
Tax %	48%	16%	31%	34%	24%	5%	4%	6%	8%	5%	11%	29%
Net Profit	4	31	14	24	23	15	32	15	34	42	27	49	84
EPS in Rs	0.52	4.03	1.74	2.90	2.82	1.79	3.90	1.85	4.17	5.11	3.28	6.07
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	4%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Sep 2018
	76	76	81	81	81	81	81	81	81	81	81	81	81
Reserves	3	34	58	82	105	119	151	166	200	242	282	331	379
Borrowings	168	160	151	161	119	117	58	128	91	62	74	55	48
	37	61	63	61	71	75	122	60	52	60	60	122	57
Total Liabilities	285	331	354	385	377	392	413	436	425	445	497	589	566
	197	207	229	226	215	204	193	207	212	205	230	219	212
CWIP	10	27	11	1	1	1	9	7	5	18	13	29	58
Investments	0	0	9	9	29	43	43	43	43	43	43	43	43
	78	97	105	149	132	145	169	179	165	179	212	299	254
Total Assets	285	331	354	385	377	392	413	436	425	445	497	589	566

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	26	60	43	28	47	25	84	-43	70	56	31	109
	-74	-38	-26	-36	6	-2	-9	-27	-20	-22	-40	-83
	39	-20	-17	5	-54	-19	-69	57	-48	-36	7	-24
Net Cash Flow	-10	3	-0	-3	-1	4	6	-13	2	-1	-2	2

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	9%	21%	14%	16%	12%	10%	14%	9%	13%	13%	9%	17%
Debtor Days	22	22	9	15	14	21	16	23	12	17	20	22
Inventory Turnover	10	16	14	11	12	11	9	8	8	8	7	8