Goa Carbon Ltd // Refineries/ Petro-Products

Pros:
Company has reduced debt.
Company has been maintaining a healthy dividend payout of 23.45%
Cons:
Stock is trading at 6.95 times its book value
The company has delivered a poor growth of -3.29% over past five years.
Company has a low return on equity of 1.22% for last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.8.79 Cr.

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. B P C L 367.40 8.42 79698.35 5.72 2293.26 208.00 71696.73 25.49 32.24
2. H P C L 248.15 5.29 37813.66 6.85 1719.21 85.91 67628.85 26.43 29.01
3. M R P L 74.20 5.45 13004.29 4.04 361.96 61.75 13557.80 32.11 23.13
4. C P C L 271.95 3.91 4049.65 7.77 156.02 365.87 9520.94 42.23 26.88
5. Savita Oil Tech 1049.75 12.42 1503.46 0.24 18.21 -22.15 542.41 28.67 23.05
6. Goa Carbon 607.30 10.00 555.68 2.47 7.45 29.57 124.72 59.24 35.76
7. Goa Carbon 607.30 60.40 555.68 2.47 5.65
8. Cals Refineries 0.10 82.94 0.00 -0.65 -58.54 0.00 999.00

Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Operating Profit
OPM %
Other Income
Depreciation
Interest
Profit before tax
Tax
Net Profit

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

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017
267.9 344.05 295.6 292.03 187.95 316.02 291.08
246.81 324.63 282.89 285.33 195.45 310.61 275.95
Operating Profit 21.09 19.42 12.71 6.7 -7.5 5.41 15.13
OPM % 7.87% 5.64% 4.3% 2.29% -3.99% 1.71% 5.2%
Other Income 3.04 6.04 6.46 5.65 8.0 6.86 8.79
Interest 7.55 7.45 5.03 6.19 7.73 15.21 6.7
Depreciation 2.59 2.39 2.24 2.2 1.67 1.87 1.89
Profit before tax 13.99 15.62 11.9 3.96 -8.9 -4.81 15.33
Tax 4.83 5.17 4.25 0.14 0.07 -1.42 6.22
Net Profit 9.16 10.45 7.64 3.83 -8.96 -3.39 9.11
EPS 9.37 10.78 7.95 4.01 0.0 0.0 9.65
Dividend Payout % 39.96% 35.02% 29.97% 3.92% -10.27% -0.0% 45.23%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-3.29%
3 Years:-0.11%
TTM:-7.89%
Compounded Profit Growth
10 Years:%
5 Years:-2.45%
3 Years:33.70%
TTM:-368.73%
Return on Equity
10 Years:%
5 Years:3.66%
3 Years:1.22%
TTM:12.06%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017
9.15 9.15 9.15 9.15 9.15 9.15 9.15
Reserves 63.66 69.85 74.85 77.61 67.21 63.82 71.27
Borrowings 171.33 164.92 133.14 226.72 155.7 205.41 158.7
29.62 24.43 20.89 23.27 24.15 26.26 26.3
Total Liabilities 273.76 268.35 238.03 336.75 256.21 304.64 265.42
25.18 23.22 21.48 19.5 25.86 27.24 25.51
CWIP 0.09 0.09 1.18 3.87 0.0 0.0 0.0
Investments 0.04 0.04 0.04 0.04 0.04 0.04 0.04
248.45 245.0 215.33 313.34 230.31 277.36 239.87
Total Assets 273.76 268.35 238.03 336.75 256.21 304.64 265.42

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017
-9.39 -23.11 83.2 -30.25 -13.73 38.25 15.14
-44.3 14.68 -9.93 -92.44 115.83 -79.86 24.65
70.76 -17.27 -40.07 93.94 -80.05 33.64 -51.27
Net Cash Flow 17.07 -25.7 33.2 -28.75 22.05 -7.97 -11.48