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 66.69%
Cons:
The company has delivered a poor growth of 3.03% over past five years.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
458 495 521 541 492 512
397 422 454 473 434 457
Operating Profit 61 73 67 68 58 55
OPM % 13% 15% 13% 13% 12% 11%
Other Income 10 13 8 -4 7 11
Interest 0 1 1 1 1 1
Depreciation 13 13 14 13 14 16
Profit before tax 58 72 60 50 51 49
Tax % 32% 32% 33% 33% 32% 11%
Net Profit 40 49 41 35 36 44
EPS in Rs 1.63 2.02 1.66 1.43 1.46 1.80
Notes Notes Notes Notes Notes Notes

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

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
1,190 1,065 1,392 1,281 1,789 1,906 1,736 1,698 1,616 1,634 1,792 2,015 2,067
1,031 957 1,182 1,086 1,573 1,669 1,577 1,505 1,358 1,405 1,538 1,764 1,818
Operating Profit 159 108 210 195 216 237 159 192 259 230 254 252 249
OPM % 13% 10% 15% 15% 12% 12% 9% 11% 16% 14% 14% 12% 12%
Other Income 22 13 7 13 84 16 65 -31 82 67 95 44 22
Interest 24 24 14 1 4 2 5 2 1 1 1 4 4
Depreciation 24 28 31 24 42 41 45 48 46 47 52 52 57
Profit before tax 133 69 173 183 255 211 175 111 294 249 295 240 209
Tax % 22% 35% 32% 31% 26% 30% 30% 25% 32% 27% 32% 32%
Net Profit 104 44 117 126 189 148 123 84 201 181 202 165 155
EPS in Rs 4.02 1.69 4.31 6.57 7.38 5.80 4.83 2.96 7.05 7.40 8.28 6.74 6.35
Dividend Payout % 28% 44% 62% 29% 28% 26% 26% 73% 67% 74% 66% 59%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:3.03%
3 Years:7.64%
TTM:12.46%
Compounded Profit Growth
10 Years:%
5 Years:7.03%
3 Years:-1.39%
TTM:5.63%
Stock Price CAGR
10 Years:11.75%
5 Years:-0.62%
3 Years:3.75%
1 Year:8.13%
Return on Equity
10 Years:%
5 Years:16.41%
3 Years:16.23%
Last Year:16.16%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
49 49 49 49 49 49 49 49 49 49 49 49 49
Reserves 319 340 372 456 582 684 771 774 842 876 916 920 979
Borrowings 65 57 15 16 33 16 0 0 0 0 0 11 0
311 276 440 462 433 449 392 322 304 343 398 499 455
Total Liabilities 744 722 876 983 1,097 1,198 1,212 1,145 1,195 1,268 1,363 1,479 1,482
244 266 252 277 331 373 370 326 283 292 278 339 413
CWIP 37 17 28 9 20 8 5 8 24 15 28 72 16
Investments 80 34 98 53 94 92 181 293 362 411 506 420 4
383 405 497 643 652 725 655 518 525 551 552 649 1,049
Total Assets 744 722 876 983 1,097 1,198 1,212 1,145 1,195 1,268 1,363 1,479 1,482

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
113 14 179 110 113 108 155 225 230 114 280 145
-77 24 -89 12 -62 -59 -108 -179 -70 36 -97 38
-46 -49 -87 -83 -41 -78 -55 -60 -166 -148 -162 -174
Net Cash Flow -10 -11 3 39 10 -29 -8 -14 -6 2 20 10

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 37% 21% 42% 36% 34% 30% 21% 21% 28% 23% 23% 24%
Debtor Days 35 53 55 75 52 70 68 50 45 60 51 62
Inventory Turnover 8.91 7.05 8.97 7.36 9.44 10.52 10.12 12.61 15.06 13.76 15.01 16.57