Gandhi Special Tubes Ltd

Gandhi Special Tubes is engaged in manufacturing and marketing of welded and seamless steel tubes of different sizes and specifications, and cold formed coupling nuts. The Company is engaged in the business of manufacturing automobiles components, cold formed tube nuts for fuel injection tube assemblies, hydraulic and other tube assemblies.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 46.48%
Cons:
The company has delivered a poor growth of 3.50% over past five years.

Peer Comparison

Steel >> Steel - Medium / Small
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Quarterly Results Figures in Rs. Crores

Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018
21.01 21.85 26.24 27.42 22.28 21.63 28.04 29.78 28.10 28.01 37.55 33.64
15.61 15.46 16.91 18.05 15.53 14.10 17.53 18.38 17.57 19.36 22.86 20.72
Operating Profit 5.40 6.39 9.33 9.37 6.75 7.53 10.51 11.40 10.53 8.65 14.69 12.92
OPM % 25.70% 29.24% 35.56% 34.17% 30.30% 34.81% 37.48% 38.28% 37.47% 30.88% 39.12% 38.41%
Other Income 0.46 1.76 2.36 2.77 1.97 2.45 2.49 2.44 1.62 1.70 1.25 1.61
Depreciation 1.19 1.18 1.12 1.12 1.12 1.10 0.97 0.98 0.98 0.95 0.89 0.91
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 4.67 6.97 10.57 11.02 7.60 8.88 12.03 12.86 11.17 9.40 15.05 13.62
Tax 1.46 0.80 1.84 3.39 -0.01 2.04 3.19 4.18 1.87 2.67 3.75 3.61
Net Profit 3.20 6.17 8.73 7.63 7.61 6.84 8.85 8.69 9.31 6.72 11.30 10.01

Profit & Loss Figures in Rs. Crores

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
60 76 56 78 92 107 96 84 92 91 98 114 127
39 47 34 44 52 64 63 57 69 64 65 73 81
Operating Profit 21 29 22 33 40 42 32 26 23 27 33 41 47
OPM % 36% 38% 39% 43% 44% 40% 34% 31% 25% 30% 34% 36% 37%
Other Income 2 3 7 8 2 4 3 8 4 3 10 8 6
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 4 5 5 5 5 5 4 5 5 5 4 4 4
Profit before tax 19 27 23 36 37 42 31 29 23 25 38 45 49
Tax % 34% 30% 31% 30% 30% 28% 28% 41% 31% 26% 19% 26%
Net Profit 13 19 16 25 26 30 22 17 16 19 31 34 37
EPS in Rs 8.48 12.39 10.41 16.38 17.05 19.31 14.04 10.76 9.21 11.09 20.96 24.29
Dividend Payout % 23% 20% 23% 29% 28% 30% 40% 64% 70% 59% 43% 37%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.11%
5 Years:3.50%
3 Years:7.43%
TTM:25.14%
Compounded Profit Growth
10 Years:5.85%
5 Years:8.91%
3 Years:32.63%
TTM:16.72%
Return on Equity
10 Years:16.23%
5 Years:13.08%
3 Years:15.71%
TTM:18.24%

Balance Sheet Figures in Rs. Crores

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
7 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 51 66 77 94 112 131 143 150 153 158 180 170 177
Borrowings 1 1 0 0 0 0 0 0 0 0 0 0 0
8 10 11 11 12 13 14 15 15 16 19 21 23
Total Liabilities 68 84 96 112 131 152 165 173 175 181 207 198 207
36 50 47 42 38 36 52 64 63 59 55 51 53
CWIP 2 0 0 0 0 1 4 0 0 0 0 0 0
Investments 6 4 18 31 51 68 61 64 65 82 104 99 101
25 30 32 39 41 48 48 45 47 41 47 48 52
Total Assets 68 84 96 112 131 152 165 173 175 181 207 198 207

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
14 19 20 21 28 27 27 14 15 29 21 32
-12 -15 -16 -11 -20 -15 -18 -4 -1 -14 -5 13
-4 -5 -5 -9 -9 -10 -10 -10 -13 -13 -16 -44
Net Cash Flow -2 -0 0 1 -0 2 -1 -1 0 1 0 1