India Cements Ltd

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

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Pros:

Stock is trading at 0.51 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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Detailed Comparison with:

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
	1,386	1,430	1,351	1,603	1,496	1,269
	1,238	1,275	1,216	1,416	1,253	1,120
Operating Profit	148	155	135	187	243	150
OPM %	11%	11%	10%	12%	16%	12%
Other Income	7	6	6	20	7	6
Interest	77	99	83	92	86	88
Depreciation	66	66	66	68	62	63
Profit before tax	13	-4	-7	47	102	4
Tax %	51%	-48%	-21%	31%	32%	-28%
Net Profit	3	-5	-4	26	64	5
EPS in Rs	0.09	-0.16	0.00	0.53	2.08	0.17
	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	3,045	3,429	3,745	3,621	4,631	5,157	5,082	5,057	4,879	5,158	5,267	5,770	5,720
	1,981	2,508	3,014	3,185	3,687	4,220	4,460	4,295	4,006	4,270	4,552	5,145	5,005
Operating Profit	1,064	921	731	436	944	936	622	763	873	888	715	626	716
OPM %	35%	27%	20%	12%	20%	18%	12%	15%	18%	17%	14%	11%	13%
Other Income	21	44	170	47	23	24	-133	22	21	19	18	39	39
Interest	110	112	143	153	333	369	411	478	440	380	365	350	349
Depreciation	128	205	234	251	286	324	320	303	291	276	279	265	259
Profit before tax	848	648	524	80	349	267	-241	4	164	252	90	50	147
Tax %	24%	34%	34%	28%	25%	33%	-0%	127%	29%	37%	21%	49%
Net Profit	642	422	352	67	271	188	-243	-3	117	166	65	21	91
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	2.78
Dividend Payout %	9%	13%	17%	69%	23%	33%	-0%	-0%	26%	19%	38%	118%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	282	282	307	307	307	307	307	307	308	308	308	321	310
Reserves	2,951	3,252	3,738	3,684	3,631	3,684	3,364	3,073	4,742	4,867	4,961	4,936	4,974
Borrowings	1,812	1,989	2,301	2,736	3,035	3,316	3,498	3,502	3,296	3,100	3,197	3,441	3,125
	1,211	1,449	1,452	1,536	1,724	1,942	1,988	1,907	2,345	2,772	2,543	2,672	3,108
Total Liabilities	6,256	6,972	7,798	8,263	8,697	9,249	9,158	8,790	10,692	11,047	11,009	11,360	11,516
	3,477	3,824	3,939	4,373	5,207	5,199	5,210	4,599	7,488	7,260	7,146	7,072	7,014
CWIP	576	904	1,429	441	170	356	112	98	99	134	176	196	225
Investments	333	356	515	337	422	446	442	440	357	358	358	371	367
	1,870	1,889	1,915	3,112	2,897	3,247	3,394	3,653	2,748	3,295	3,328	3,721	3,910
Total Assets	6,256	6,972	7,798	8,263	8,697	9,249	9,158	8,790	10,692	11,047	11,009	11,360	11,516

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	1,010	682	786	441	942	732	516	645	964	765	556	280
	-1,010	-916	-1,186	-651	-693	-544	-184	-124	-220	-158	-306	-202
	196	-104	388	184	-288	-190	-335	-520	-757	-605	-235	-83
Net Cash Flow	195	-338	-11	-26	-39	-2	-3	1	-14	2	16	-5

	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 %	22%	16%	11%	3%	10%	9%	5%	7%	8%	8%	6%	5%
Debtor Days	38	39	26	27	19	35	33	37	42	37	45	47
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