India Cements Ltd

India Cements is engaged in Business of Cement / Clinker.(Source : 201903 Annual Report Page No: 68)

Pros:
Stock is trading at 0.47 times its book value
Company has been maintaining a healthy dividend payout of 58.06%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 2.57% over past five years.
Promoter holding is low: 28.21%
Company has a low return on equity of 1.63% for last 3 years.
Contingent liabilities of Rs.1298.47 Cr.
Promoters have pledged 27.22% of their holding

Peer Comparison Sector: Cement // Industry: Cement - South India

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
1,386.29 1,603.36 1,496.37
1,238.38 1,415.99 1,253.25
Operating Profit 147.91 187.37 243.12
OPM % 10.67% 11.69% 16.25%
Other Income 7.47 19.65 7.24
Interest 76.84 92.03 86.22
Depreciation 65.53 67.81 62.02
Profit before tax 13.01 47.18 102.12
Tax % 51.42% 30.97% 32.45%
Net Profit 2.65 25.81 64.27
EPS in Rs 0.09 0.53 2.08
Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3,045.42 3,428.82 3,744.87 3,621.30 4,631.04 5,156.63 5,082.07 5,057.49 4,879.25 5,158.01 5,267.09 5,770.37
1,981.04 2,508.29 3,013.58 3,185.18 3,686.57 4,220.36 4,459.73 4,294.69 4,006.31 4,269.77 4,551.71 5,144.68
Operating Profit 1,064.38 920.53 731.29 436.12 944.47 936.27 622.34 762.80 872.94 888.24 715.38 625.69
OPM % 34.95% 26.85% 19.53% 12.04% 20.39% 18.16% 12.25% 15.08% 17.89% 17.22% 13.58% 10.84%
Other Income 21.14 44.24 169.80 47.13 22.95 23.82 -133.19 22.45 20.91 19.29 18.12 39.23
Interest 109.87 112.28 142.85 152.61 333.27 369.08 410.73 478.05 439.59 379.97 364.76 350.42
Depreciation 128.07 204.52 234.45 251.00 285.50 323.95 319.66 302.85 290.53 276.01 279.00 264.74
Profit before tax 847.58 647.97 523.79 79.64 348.65 267.06 -241.24 4.35 163.73 251.55 89.74 49.76
Tax % 24.46% 33.56% 33.92% 28.48% 25.47% 33.12% -0.50% 127.36% 28.96% 37.37% 21.44% 49.22%
Net Profit 641.57 422.42 351.83 66.92 271.47 188.02 -243.38 -3.31 116.69 166.08 65.06 21.06
EPS in Rs 22.42 14.62 11.12 1.93 8.50 5.77 0.00 0.00 3.79 5.39 2.11 0.68
Dividend Payout % 8.79% 13.37% 17.46% 68.85% 22.63% 32.68% -0.00% -0.00% 26.41% 18.55% 37.89% 117.72%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.34%
5 Years:2.57%
3 Years:5.75%
TTM:9.56%
Compounded Profit Growth
10 Years:-27.18%
5 Years:17.35%
3 Years:-44.85%
TTM:-71.41%
Stock Price CAGR
10 Years:-4.43%
5 Years:-5.21%
3 Years:-19.80%
1 Year:-15.32%
Return on Equity
10 Years:2.60%
5 Years:1.60%
3 Years:1.63%
Last Year:0.38%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
281.87 282.43 307.17 307.18 307.18 307.18 307.18 307.18 308.15 308.15 308.15 321.43
Reserves 2,951.39 3,251.78 3,738.07 3,684.43 3,630.68 3,683.88 3,363.76 3,073.37 4,742.08 4,866.75 4,960.93 4,936.08
Borrowings 1,811.53 1,988.78 2,300.62 2,735.81 3,034.55 3,315.68 3,498.44 3,501.97 3,295.98 3,100.35 3,197.38 3,441.40
1,210.87 1,449.14 1,452.18 1,535.56 1,724.18 1,941.82 1,988.35 1,907.47 2,345.32 2,771.96 2,542.56 2,672.23
Total Liabilities 6,255.66 6,972.13 7,798.04 8,262.98 8,696.59 9,248.56 9,157.73 8,789.99 10,691.53 11,047.21 11,009.02 11,359.61
3,477.05 3,823.91 3,938.82 4,373.00 5,206.74 5,199.32 5,209.70 4,598.78 7,487.78 7,259.86 7,146.47 7,071.58
CWIP 575.52 904.05 1,429.06 440.53 170.41 355.82 112.37 98.50 98.78 134.25 175.73 195.74
Investments 332.99 355.60 514.79 337.17 422.37 445.99 442.15 439.55 357.40 357.86 358.40 371.11
1,870.10 1,888.57 1,915.37 3,112.28 2,897.07 3,247.43 3,393.51 3,653.16 2,747.57 3,295.24 3,328.42 3,721.18
Total Assets 6,255.66 6,972.13 7,798.04 8,262.98 8,696.59 9,248.56 9,157.73 8,789.99 10,691.53 11,047.21 11,009.02 11,359.61

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,009.63 681.59 786.49 441.39 941.89 731.75 516.09 645.09 963.65 765.18 556.05 279.98
-1,010.24 -915.74 -1,186.14 -651.31 -692.95 -544.07 -184.43 -123.53 -220.04 -157.90 -305.96 -202.29
195.90 -104.12 388.50 183.98 -287.67 -189.85 -334.91 -520.34 -757.11 -605.02 -234.53 -82.51
Net Cash Flow 195.29 -338.27 -11.15 -25.94 -38.73 -2.17 -3.25 1.22 -13.50 2.26 15.56 -4.82

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 21.64% 15.88% 10.51% 3.12% 9.98% 8.91% 4.52% 6.84% 7.97% 7.58% 5.51% 4.62%
Debtor Days 38.34 39.32 26.16 26.54 19.49 34.79 33.16 37.24 41.93 37.01 44.72 47.16
Inventory Turnover 10.12 9.20 8.67 7.22 8.46 9.22 8.78 7.91 7.49 7.37 7.17 7.49

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