Himatsingka Seide Ltd

About

Himatsingka Seide Ltd. is a vertically integrated global textile major that designs, develops, manufactures and distributes a suite of home textile products. It has installed capacities for manufacturing bedding and bath products, drapery and upholstery fabrics, and fine-count cotton yarn which are among the largest in the world.

Company produces home textiles for over 12 global brands, licensed and owned. It owns exclusive license rights of global iconic brands like Calvin Klein, Tommy Hilfiger, Kate Spade, Royal Velvet, Barbara Berry and Waverly. [1]

It also entered into a licensing agreement with The Walt Disney company to manufacture and distribute a broad range of home textile products inspired by archives and characters from all its franchisee including Disney, Marvel, Pixar and Lucas to increase its presence in the European region. [2]

Key Points

Major CAPEX
Company undertook major capital expenditure programme that took 3-4 years to complete. It committed investments of approximately 2,500 crores and all three projects were commissioned on schedule. All of these facilities were developed in Hassan (Karnataka). This capex programme increased company's Fixed Assets by 3 times in the last 3-4 years. [1]

See full details
  • Market Cap 2,626 Cr.
  • Current Price 267
  • High / Low 280 / 76.2
  • Stock P/E 16.0
  • Book Value 158
  • Dividend Yield 0.19 %
  • ROCE 5.76 %
  • ROE 3.57 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 10.47% over past five years.
  • Company has a low return on equity of 10.16% for last 3 years.
  • Dividend payout has been low at 11.12% of profits over last 3 years
  • Debtor days have increased from 116.96 to 143.91 days.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
443 454 417 448 446 431 301 142 391 559 590 695
337 305 294 321 325 324 245 164 310 414 488 556
Operating Profit 106 149 123 127 121 108 56 -22 81 145 101 139
OPM % 24% 33% 29% 28% 27% 25% 19% -15% 21% 26% 17% 20%
Other Income 37 -11 17 10 16 -8 32 9 12 5 2 5
Interest 27 28 31 31 35 41 45 38 38 36 32 33
Depreciation 21 22 22 19 17 27 29 26 28 27 27 27
Profit before tax 95 88 87 87 85 32 14 -77 27 87 44 83
Tax % 37% 36% 23% 34% 32% 35% 26% 32% 24% 34% 36% 30%
Net Profit 60 56 67 57 58 21 11 -53 20 58 28 58
EPS in Rs 6.10 5.72 6.78 5.82 5.85 2.15 1.08 -5.34 2.07 5.85 2.88 5.92

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
456 508 650 714 984 948 1,022 1,398 1,617 1,745 1,601 1,682 2,235
416 488 559 606 844 795 780 1,085 1,232 1,266 1,215 1,374 1,768
Operating Profit 41 20 92 108 140 153 242 313 384 479 386 308 467
OPM % 9% 4% 14% 15% 14% 16% 24% 22% 24% 27% 24% 18% 21%
Other Income 38 14 7 17 13 37 42 39 33 67 76 27 23
Interest 26 29 31 37 47 46 61 65 72 111 152 144 139
Depreciation 45 48 48 46 46 35 38 43 56 85 91 109 109
Profit before tax 8 -42 20 42 59 109 186 245 289 350 218 81 241
Tax % -1% 0% 0% 0% -0% 0% 25% 28% 26% 32% 33% 34%
Net Profit 8 -42 20 42 59 109 140 177 215 236 147 54 165
EPS in Rs 0.83 -4.28 2.03 4.30 5.98 11.11 14.18 17.96 21.83 23.97 14.89 5.46 16.72
Dividend Payout % 30% 0% 25% 23% 25% 18% 18% 14% 11% 21% 3% 9%
Compounded Sales Growth
10 Years:13%
5 Years:10%
3 Years:1%
TTM:69%
Compounded Profit Growth
10 Years:12%
5 Years:-17%
3 Years:-37%
TTM:192%
Stock Price CAGR
10 Years:23%
5 Years:0%
3 Years:5%
1 Year:229%
Return on Equity
10 Years:12%
5 Years:13%
3 Years:10%
Last Year:4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
49 49 49 49 49 49 49 49 49 49 49 49
Reserves 517 475 468 503 550 635 837 1,017 1,171 1,396 1,440 1,510
Borrowings 518 499 451 464 443 500 750 1,166 1,886 2,333 2,478 2,327
141 132 166 161 231 186 181 283 556 823 889 1,125
Total Liabilities 1,225 1,155 1,134 1,177 1,273 1,371 1,818 2,516 3,662 4,601 4,857 5,011
496 479 440 407 368 345 542 804 1,735 1,722 2,354 2,419
CWIP 28 6 9 6 9 36 28 99 28 634 172 142
Investments 277 295 338 352 358 395 294 230 425 600 588 889
424 374 347 413 537 594 953 1,383 1,474 1,646 1,743 1,562
Total Assets 1,225 1,155 1,134 1,177 1,273 1,371 1,818 2,516 3,662 4,601 4,857 5,011

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-31 76 80 115 103 198 86 75 83 539 295 369
-12 -32 5 -71 -18 -193 -72 -476 -607 -749 -265 -35
49 -49 -85 -32 -88 -6 81 332 568 285 -151 -297
Net Cash Flow 5 -6 -0 12 -4 -1 96 -69 44 75 -121 37

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 43 36 41 37 39 23 70 89 86 94 113 144
Inventory Days 320 179 148 129 118 100 114 116 135 187 238 144
Days Payable 180 111 114 117 113 72 67 62 83 147 180 234
Cash Conversion Cycle 182 104 74 49 44 51 117 143 137 135 171 54
Working Capital Days 220 103 69 52 48 35 113 158 169 131 164 135
ROCE % 2% -1% 5% 7% 10% 13% 17% 16% 14% 13% 10% 6%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57
8.93 7.08 5.93 4.50 4.29 4.15 3.67 2.96 2.36 2.93 3.16 3.46
12.13 13.55 13.73 15.27 15.25 16.39 16.50 15.52 15.03 14.88 15.66 14.29
31.37 31.80 32.77 32.66 32.89 31.89 32.26 33.95 35.04 34.62 33.61 34.68

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