Himatsingka Seide Ltd

₹ 69.9 -0.57%
03 Feb - close price
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]

  • Market Cap 688 Cr.
  • Current Price 69.9
  • High / Low 224 / 68.5
  • Stock P/E
  • Book Value 141
  • Dividend Yield 0.72 %
  • ROCE 9.45 %
  • ROE 10.2 %
  • Face Value 5.00

Pros

  • Stock is trading at 0.50 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 8.29% over past five years.
  • Company has a low return on equity of 2.73% over last 3 years.
  • Contingent liabilities of Rs.226 Cr.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 10.5% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
644 666 435 179 653 679 746 815 813 791 765 638 613
513 551 375 264 563 524 618 657 672 661 664 627 587
Operating Profit 131 114 60 -85 91 155 128 159 141 130 100 11 26
OPM % 20% 17% 14% -47% 14% 23% 17% 19% 17% 16% 13% 2% 4%
3 -24 -21 4 6 2 2 4 3 2 10 41 26
Interest 47 50 54 45 47 45 40 42 41 48 50 69 68
Depreciation 26 35 38 38 39 38 37 38 40 40 40 41 41
Profit before tax 61 5 -53 -164 10 75 53 83 63 44 20 -58 -57
Tax % 44% 48% -29% 15% 63% 40% 29% 30% 24% 38% 61% 5% 40%
Net Profit 34 3 -69 -140 4 45 38 58 48 27 8 -55 -34
EPS in Rs 3.46 0.28 -6.99 -14.20 0.39 4.58 3.82 5.86 4.88 2.75 0.82 -5.56 -3.44
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,233 1,429 1,689 2,028 1,943 1,890 2,138 2,249 2,618 2,358 2,259 3,184 2,807
1,146 1,283 1,530 1,826 1,741 1,590 1,758 1,797 2,074 1,940 1,968 2,652 2,539
Operating Profit 87 146 160 202 202 300 381 452 544 418 291 532 268
OPM % 7% 10% 9% 10% 10% 16% 18% 20% 21% 18% 13% 17% 10%
10 8 11 1 21 16 13 17 36 -12 12 18 79
Interest 54 54 67 85 87 95 96 107 163 195 177 181 234
Depreciation 56 56 52 54 45 67 58 72 109 126 152 158 163
Profit before tax -14 45 52 63 91 154 239 290 308 85 -26 210 -50
Tax % -13% 24% -2% 14% -3% 19% 24% 31% 36% 84% -101% 33%
Net Profit -16 34 53 55 94 125 182 202 197 13 -53 141 -54
EPS in Rs -1.68 3.36 5.82 6.43 9.69 12.72 18.50 20.48 19.99 1.35 -5.42 14.30 -5.43
Dividend Payout % 0% 15% 17% 23% 21% 20% 14% 12% 25% 37% -9% 4%
Compounded Sales Growth
10 Years: 8%
5 Years: 8%
3 Years: 7%
TTM: -8%
Compounded Profit Growth
10 Years: 16%
5 Years: -4%
3 Years: -10%
TTM: -128%
Stock Price CAGR
10 Years: 7%
5 Years: -27%
3 Years: -18%
1 Year: -68%
Return on Equity
10 Years: 10%
5 Years: 8%
3 Years: 3%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
49 49 49 49 49 49 49 49 49 49 49 49 49
Reserves 474 519 586 696 756 840 1,018 1,178 1,372 1,311 1,266 1,420 1,335
745 698 703 805 756 1,007 1,407 2,255 2,790 2,963 2,593 2,922 3,016
220 276 259 357 369 300 418 728 974 932 1,183 1,236 1,132
Total Liabilities 1,488 1,543 1,597 1,906 1,930 2,196 2,892 4,211 5,185 5,255 5,091 5,627 5,531
933 919 989 1,044 1,058 1,012 1,271 2,235 2,382 3,157 3,184 3,176 3,156
CWIP 7 9 6 11 46 44 113 32 634 173 142 44 30
Investments 10 13 3 0 0 48 0 126 123 29 18 13 13
539 602 599 852 826 1,094 1,508 1,818 2,046 1,896 1,747 2,394 2,331
Total Assets 1,488 1,543 1,597 1,906 1,930 2,196 2,892 4,211 5,185 5,255 5,091 5,627 5,531

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
129 118 201 49 228 181 186 19 478 434 576 68
-23 13 -96 -40 -71 -121 -544 -642 -743 -206 -12 -141
-114 -133 -84 -11 -158 26 296 673 322 -348 -544 121
Net Cash Flow -8 -2 21 -2 -0 86 -62 50 57 -120 20 48

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 21 21 15 2 10 12 12 16 23 18 54 46
Inventory Days 177 172 135 177 162 190 224 305 333 351 235 251
Days Payable 78 83 74 87 80 64 78 108 125 120 180 157
Cash Conversion Cycle 120 110 75 92 92 138 158 213 231 249 108 140
Working Capital Days 51 56 38 50 53 91 108 150 120 123 112 144
ROCE % 3% 8% 9% 10% 11% 14% 15% 13% 12% 8% 4% 9%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57 47.57
3.67 2.96 2.36 2.93 3.16 3.46 4.15 4.06 4.06 3.15 2.65 2.44
16.50 15.52 15.03 14.88 15.66 14.29 11.92 10.57 10.70 9.53 9.08 7.44
32.26 33.95 35.04 34.62 33.61 34.68 36.36 37.81 37.68 39.75 40.71 42.57

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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