Greaves Cotton Ltd

Greaves Cotton is engaged in manufacturing of engines, engine applications and trading of power tillers, spares related to engines, electric vehicles and infrastructure equipment etc. The Company has manufacturing facilities in the states of Maharashtra and Tamil Nadu.(Source : 201903 Annual Report Page No: 92)

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 66.11%
Cons:
The company has delivered a poor growth of 2.95% 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

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
439 404 391 406 452 447 486 458 495 506 528 477
369 344 338 351 385 385 417 397 422 436 461 416
Operating Profit 69 60 53 55 68 62 69 61 73 71 67 61
OPM % 16% 15% 14% 14% 15% 14% 14% 13% 15% 14% 13% 13%
Other Income 13 12 22 16 17 32 29 10 13 5 -2 7
Interest 0 0 0 0 -0 0 1 0 1 1 1 1
Depreciation 12 12 13 12 14 13 13 13 13 12 12 12
Profit before tax 71 60 63 60 71 80 84 58 72 63 53 56
Tax % 28% 27% 26% 31% 31% 31% 33% 32% 32% 32% 30% 32%
Net Profit 51 44 47 41 49 56 57 40 49 43 37 38
EPS in Rs 2.10 1.81 1.91 1.69 2.01 2.28 2.32 1.63 2.02 1.75 1.53 1.56
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,150 1,041 1,347 1,252 1,753 1,873 1,719 1,689 1,613 1,634 1,792 1,988 2,006
988 926 1,141 1,059 1,551 1,635 1,570 1,496 1,356 1,405 1,538 1,734 1,734
Operating Profit 161 115 206 193 202 238 149 192 258 230 254 254 272
OPM % 14% 11% 15% 15% 12% 13% 9% 11% 16% 14% 14% 13% 14%
Other Income 20 13 7 12 84 2 63 -34 81 67 94 44 23
Interest 23 22 13 1 3 1 5 2 1 1 1 3 3
Depreciation 21 25 27 21 32 39 43 47 45 47 52 49 49
Profit before tax 138 80 173 184 251 200 164 109 293 249 296 246 244
Tax % 20% 30% 32% 31% 26% 31% 31% 25% 32% 27% 31% 31%
Net Profit 110 56 118 127 185 138 113 82 199 181 203 169 168
EPS in Rs 4.31 2.17 4.34 6.63 7.25 5.40 4.41 2.88 7.01 7.40 8.30 6.93 6.86
Dividend Payout % 27% 35% 62% 29% 29% 28% 28% 75% 67% 74% 66% 58%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:2.95%
3 Years:7.20%
TTM:8.81%
Compounded Profit Growth
10 Years:%
5 Years:7.01%
3 Years:-0.82%
TTM:-16.72%
Stock Price CAGR
10 Years:12.52%
5 Years:-0.34%
3 Years:1.66%
1 Year:5.20%
Return on Equity
10 Years:%
5 Years:17.29%
3 Years:17.67%
Last Year:16.38%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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
Reserves 326 360 392 477 601 693 769 771 838 872 912 920
Borrowings 49 44 5 6 20 2 0 0 0 0 0 0
301 269 433 454 427 442 391 320 304 343 398 462
Total Liabilities 726 722 880 986 1,097 1,186 1,209 1,140 1,191 1,264 1,358 1,431
225 249 238 264 326 368 368 325 283 292 277 261
CWIP 37 17 28 9 20 8 5 8 24 15 28 71
Investments 102 66 130 84 111 94 178 284 359 407 503 492
363 390 484 628 639 716 657 522 524 550 551 607
Total Assets 726 722 880 986 1,097 1,186 1,209 1,140 1,191 1,264 1,358 1,431

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
115 18 175 110 114 105 157 223 235 118 279 165
-72 15 -88 13 -61 -55 -123 -178 -74 33 -97 9
-53 -44 -83 -84 -42 -78 -41 -59 -166 -148 -162 -165
Net Cash Flow -10 -11 4 40 10 -29 -7 -15 -5 3 20 9

Ratios Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 39% 23% 41% 36% 35% 30% 22% 21% 28% 26% 26% 24%
Debtor Days 34 53 55 75 53 73 71 51 45 60 51 62
Inventory Turnover 9.45 7.49 9.16 7.64 9.83 11.32 10.77 12.85 15.16 13.77 15.01 17.70