Himatsingka Seide Ltd

About [ edit ]

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. #

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. #

Key Points [ edit ]
  • Market Cap 1,576 Cr.
  • Current Price 160
  • High / Low 179 / 45.0
  • Stock P/E
  • Book Value 126
  • Dividend Yield 0.31 %
  • ROCE 8.23 %
  • ROE 1.75 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 24.79%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.95% over past five years.
  • Company has a low return on equity of 10.80% for last 3 years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
563 583 666 678 691 640 644 666 435 179 653 679
439 467 545 510 552 501 513 551 375 264 563 524
Operating Profit 124 116 121 168 139 138 131 114 60 -85 91 155
OPM % 22% 20% 18% 25% 20% 22% 20% 17% 14% -47% 14% 23%
Other Income 7 19 33 -17 2 5 3 -24 -21 4 6 2
Interest 32 37 41 41 45 44 47 50 54 45 47 45
Depreciation 20 26 26 27 29 27 26 35 38 38 39 38
Profit before tax 79 71 87 83 67 72 61 5 -53 -164 10 75
Tax % 36% 38% 40% 38% 28% 37% 44% 48% -29% 15% 63% 40%
Net Profit 50 45 53 51 48 45 34 3 -69 -140 4 45
EPS in Rs 5.11 4.53 5.36 5.20 4.91 4.60 3.46 0.28 -6.99 -14.20 0.39 4.58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,019 1,059 1,233 1,429 1,689 2,028 1,943 1,890 2,138 2,249 2,618 2,358 1,947
973 975 1,144 1,283 1,530 1,840 1,741 1,592 1,758 1,798 2,074 1,942 1,726
Operating Profit 46 84 89 146 160 188 202 298 381 451 543 416 221
OPM % 5% 8% 7% 10% 9% 9% 10% 16% 18% 20% 21% 18% 11%
Other Income -19 33 8 8 11 15 21 18 13 18 37 -10 -9
Interest 45 51 54 54 67 85 87 95 96 107 163 195 191
Depreciation 60 55 56 56 52 54 45 67 58 72 109 126 153
Profit before tax -78 11 -14 45 52 63 91 154 239 290 308 85 -133
Tax % -1% 15% -13% 24% -2% 14% -3% 19% 24% 31% 36% 84%
Net Profit -74 12 -17 33 57 63 95 125 182 202 197 13 -160
EPS in Rs -7.56 1.20 -1.68 3.36 5.82 6.43 9.69 12.72 18.50 20.48 19.99 1.35 -16.22
Dividend Payout % 0% 21% 0% 15% 17% 23% 21% 20% 14% 12% 25% 37%
Compounded Sales Growth
10 Years:8%
5 Years:4%
3 Years:3%
TTM:-26%
Compounded Profit Growth
10 Years:8%
5 Years:-24%
3 Years:-48%
TTM:-209%
Stock Price CAGR
10 Years:17%
5 Years:-7%
3 Years:-23%
1 Year:220%
Return on Equity
10 Years:11%
5 Years:13%
3 Years:11%
Last Year:2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
49 49 49 49 49 49 49 49 49 49 49 49 49
Reserves 499 492 474 519 586 696 756 840 1,018 1,178 1,372 1,311 1,189
Borrowings 653 794 745 698 703 805 756 1,007 1,407 2,255 2,790 2,963 2,419
426 252 220 276 259 357 369 300 418 728 974 932 1,344
Total Liabilities 1,627 1,588 1,488 1,543 1,597 1,906 1,930 2,196 2,892 4,211 5,185 5,255 5,001
981 952 933 919 989 1,044 1,058 1,012 1,271 2,235 2,382 3,157 3,208
CWIP 56 29 7 9 6 11 46 44 113 32 634 173 135
Investments 33 8 10 13 3 0 0 48 0 126 123 29 22
557 600 539 602 599 852 826 1,094 1,508 1,818 2,046 1,896 1,636
Total Assets 1,627 1,588 1,488 1,543 1,597 1,906 1,930 2,196 2,892 4,211 5,185 5,255 5,001

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
87 -107 129 118 201 49 228 181 186 19 478 433
-76 -12 -23 13 -96 -40 -71 -121 -544 -642 -743 -205
-5 115 -114 -133 -84 -11 -158 26 296 673 322 -348
Net Cash Flow 7 -4 -8 -2 21 -2 -0 86 -62 50 57 -120

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 1% 4% 3% 8% 9% 10% 11% 14% 15% 13% 12% 8%
Debtor Days 38 32 21 21 15 2 10 12 12 16 23 18
Inventory Turnover 1.84 1.78 2.16 2.37 2.79 2.64 2.22 2.07 1.91 1.43 1.30 1.12

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 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
9.62 8.93 7.08 5.93 4.50 4.29 4.15 3.67 2.96 2.36 2.93 3.16
11.41 12.13 13.55 13.73 15.27 15.25 16.39 16.50 15.52 15.03 14.88 15.66
31.41 31.37 31.80 32.77 32.66 32.89 31.89 32.26 33.95 35.04 34.62 33.61

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