Greaves Cotton Ltd

Greaves Cotton (the Company) is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines and construction equipment / infrastructure equipment etc.

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 4.31%.
Company has been maintaining a healthy dividend payout of 69.34%
Cons:
The company has delivered a poor growth of -0.88% over past five years.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
401 439 404 391 406 452 447 486 458 495 506 528
344 369 344 338 351 385 385 417 397 422 436 461
Operating Profit 57 69 60 53 55 68 62 69 61 73 71 67
OPM % 14% 16% 15% 14% 14% 15% 14% 14% 13% 15% 14% 13%
Other Income 9 13 12 22 16 17 32 29 10 13 5 -2
Interest 0 0 0 0 0 -0 0 1 0 1 1 1
Depreciation 11 12 12 13 12 14 13 13 13 13 12 12
Profit before tax 55 71 60 63 60 71 80 84 58 72 63 53
Tax % 29% 28% 27% 26% 31% 31% 31% 33% 32% 32% 32% 30%
Net Profit 39 51 44 47 41 49 56 57 40 49 43 37
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1,063 1,150 1,041 1,347 1,252 1,753 1,873 1,719 1,689 1,613 1,634 1,792 1,988
898 988 926 1,141 1,059 1,551 1,635 1,570 1,496 1,356 1,405 1,538 1,716
Operating Profit 166 161 115 206 193 202 238 149 192 258 230 254 272
OPM % 16% 14% 11% 15% 15% 12% 13% 9% 11% 16% 14% 14% 14%
Other Income 12 20 13 7 12 84 2 63 -34 81 67 94 26
Interest 18 23 22 13 1 3 1 5 2 1 1 1 3
Depreciation 16 21 25 27 21 32 39 43 47 45 47 52 49
Profit before tax 144 138 80 173 184 251 200 164 109 293 249 296 246
Tax % 15% 20% 30% 32% 31% 26% 31% 31% 25% 32% 27% 31%
Net Profit 122 110 56 118 127 185 138 113 82 199 181 203 169
EPS in Rs 4.81 4.31 2.17 4.34 6.63 7.25 5.40 4.41 2.88 7.01 7.40 8.30
Dividend Payout % 28% 27% 35% 62% 29% 29% 28% 28% 75% 67% 74% 66%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-0.88%
3 Years:2.00%
TTM:10.92%
Compounded Profit Growth
10 Years:%
5 Years:2.54%
3 Years:12.63%
TTM:-16.44%
Return on Equity
10 Years:%
5 Years:16.98%
3 Years:18.55%
Last Year:17.73%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
49 49 49 49 49 49 49 49 49 49 49 49 49
Reserves 250 326 360 392 477 601 693 769 771 838 872 912 920
Borrowings 39 49 44 5 6 20 2 0 0 0 0 0 0
288 301 269 433 454 427 442 391 320 304 343 398 440
Total Liabilities 627 726 722 880 986 1,097 1,186 1,209 1,140 1,191 1,264 1,358 1,409
174 225 249 238 264 326 368 368 325 283 292 277 321
CWIP 42 37 17 28 9 20 8 5 8 24 15 28 11
Investments 78 102 66 130 84 111 94 178 284 359 407 503 492
332 363 390 484 628 639 716 657 522 524 550 551 585
Total Assets 627 726 722 880 986 1,097 1,186 1,209 1,140 1,191 1,264 1,358 1,409

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
159 115 18 175 110 114 105 157 223 235 118 279
-81 -72 15 -88 13 -61 -55 -123 -178 -74 33 -97
-72 -53 -44 -83 -84 -42 -78 -41 -59 -166 -148 -162
Net Cash Flow 5 -10 -11 4 40 10 -29 -7 -15 -5 3 20

Ratios Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 52% 39% 23% 41% 36% 35% 30% 22% 21% 28% 26% 26%
Debtor Days 30 34 53 55 75 53 73 71 51 45 60 51
Inventory Turnover 10.97 9.45 7.49 9.16 7.64 9.83 11.32 10.77 12.85 15.16 13.77 15.01