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 3.76%.
Company has been maintaining a healthy dividend payout of 69.21%
Cons:
The company has delivered a poor growth of -1.23% over past five years.
Earnings include an other income of Rs.94.59 Cr.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

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

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

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
1,087 1,190 1,065 1,392 1,281 1,789 1,906 1,736 1,698 1,616 1,634 1,792
920 1,031 957 1,182 1,086 1,573 1,669 1,577 1,505 1,358 1,405 1,538
Operating Profit 167 159 108 210 195 216 237 159 192 259 230 254
OPM % 15% 13% 10% 15% 15% 12% 12% 9% 11% 16% 14% 14%
Other Income 14 22 13 7 13 84 16 65 -31 82 67 95
Interest 19 24 24 14 1 4 2 5 2 1 1 1
Depreciation 18 24 28 31 24 42 41 45 48 46 47 52
Profit before tax 144 133 69 173 183 255 211 175 111 294 249 295
Tax % 16% 22% 35% 32% 31% 26% 30% 30% 25% 32% 27% 32%
Net Profit 122 104 44 117 126 189 148 123 84 201 181 202
EPS in Rs 4.80 4.02 1.69 4.31 6.57 7.38 5.80 4.83 2.96 7.05 7.40 8.28
Dividend Payout % 28% 28% 44% 62% 29% 28% 26% 26% 73% 67% 74% 66%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-1.23%
3 Years:1.82%
TTM:9.65%
Compounded Profit Growth
10 Years:%
5 Years:0.07%
3 Years:8.00%
TTM:-3.58%
Return on Equity
10 Years:%
5 Years:16.09%
3 Years:17.13%
Last Year:15.65%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
49 49 49 49 49 49 49 49 49 49 49 49
Reserves 250 319 340 372 456 582 684 771 774 842 876 916
Borrowings 47 65 57 15 16 33 16 0 0 0 0 0
317 311 276 440 462 433 449 392 322 304 343 398
Total Liabilities 664 744 722 876 983 1,097 1,198 1,212 1,145 1,195 1,268 1,363
193 244 266 252 277 331 373 370 326 283 292 278
CWIP 42 37 17 28 9 20 8 5 8 24 15 28
Investments 57 80 34 98 53 94 92 181 293 362 411 506
372 383 405 497 643 652 725 655 518 525 551 552
Total Assets 664 744 722 876 983 1,097 1,198 1,212 1,145 1,195 1,268 1,363

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Jun 2007 Jun 2008 Jun 2009 Jun 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
176 113 14 179 110 113 108 155 225 230 114 280
-100 -77 24 -89 12 -62 -59 -108 -179 -70 36 -97
-73 -46 -49 -87 -83 -41 -78 -55 -60 -166 -148 -162
Net Cash Flow 3 -10 -11 3 39 10 -29 -8 -14 -6 2 20

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 37% 21% 42% 36% 34% 30% 21% 21% 28% 23% 23%
Debtor Days 31 35 53 55 75 52 70 68 50 45 60 51
Inventory Turnover 10.63 8.91 7.05 8.97 7.36 9.44 10.52 10.12 12.61 15.06 13.76 15.01