Ion Exchange (India) Ltd

₹ 2,793 0.69%
02 Dec - close price
ionexchangeglobal.com BSE: 500214 NSE : IONEXCHANG
About

Ion Exchange (India) is engaged in a wide range of solutions across the water cycle from pre-treatment to process water treatment, waste water treatment, recycle, zero liquid discharge, sewage treatment, packaged drinking water, sea water desalination etc.(Source : 201903 Annual Report Page No: 63)

Key Points

Leader in Water Management Industry
With 56 years of legacy the company has established a long standing presence in the Industry with more than 100,000 Installations worldwide. [1]. IEL India started its journey as a flagship company for the Ion Exchange Group London but the Foreign holding has been reduced in stages and now is owned by the Indian promoters since 1985. [2]

Website BSE NSE
  • Market Cap ₹ 4,096 Cr.
  • Current Price ₹ 2,793
  • High / Low ₹ 2,829 / 1,486
  • Stock P/E 23.1
  • Book Value ₹ 482
  • Dividend Yield 0.36 %
  • ROCE 34.4 %
  • ROE 26.5 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 41.1% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.4%

Cons

  • The company has delivered a poor sales growth of 9.34% over past five years.
  • Promoter holding is low: 27.0%
  • Promoter holding has decreased over last 3 years: -17.0%

* 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: Capital Goods-Non Electrical Equipment Industry: Engineering

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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
409 398 351 265 390 349 445 314 378 388 496 382 448
377 359 312 234 349 305 360 278 338 345 402 349 394
Operating Profit 33 39 39 31 41 44 85 36 40 43 95 33 53
OPM % 8% 10% 11% 12% 11% 13% 19% 11% 10% 11% 19% 9% 12%
9 8 11 6 8 6 14 7 8 6 21 15 8
Interest 4 4 4 4 3 3 3 3 2 2 2 2 2
Depreciation 6 6 6 7 7 7 7 7 7 7 7 7 7
Profit before tax 32 37 39 26 39 41 90 33 38 39 106 39 52
Tax % 21% 29% 27% 32% 31% 30% 22% 31% 29% 28% 22% 30% 26%
Net Profit 26 26 29 17 27 29 70 23 27 28 83 27 39
EPS in Rs 17.29 18.04 19.16 12.07 18.37 19.87 47.83 16.28 18.70 19.37 56.64 19.10 26.58
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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
608 723 852 787 798 868 1,009 1,046 1,162 1,480 1,450 1,577 1,715
586 690 801 751 750 810 935 966 1,053 1,342 1,243 1,361 1,491
Operating Profit 21 33 51 36 49 58 74 80 109 138 207 216 224
OPM % 4% 5% 6% 5% 6% 7% 7% 8% 9% 9% 14% 14% 13%
12 9 5 5 4 7 12 21 34 36 31 42 50
Interest 10 13 17 15 17 17 21 22 21 19 15 13 9
Depreciation 7 9 12 11 12 13 12 13 20 24 28 28 28
Profit before tax 16 20 26 15 24 35 54 66 102 131 195 217 236
Tax % 46% 43% 44% 68% 52% 51% 46% 40% 35% 28% 27% 26%
Net Profit 9 12 15 5 11 17 29 40 66 94 143 162 177
EPS in Rs 6.23 7.11 10.41 3.13 6.72 10.52 20.73 27.40 44.50 63.83 98.13 110.98 121.69
Dividend Payout % 31% 27% 18% 62% 43% 28% 16% 12% 10% 9% 10% 9%
Compounded Sales Growth
10 Years: 8%
5 Years: 9%
3 Years: 11%
TTM: 15%
Compounded Profit Growth
10 Years: 33%
5 Years: 41%
3 Years: 35%
TTM: 19%
Stock Price CAGR
10 Years: 35%
5 Years: 45%
3 Years: 59%
1 Year: 32%
Return on Equity
10 Years: 22%
5 Years: 27%
3 Years: 28%
Last Year: 27%

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
13 13 13 14 14 14 14 14 14 14 14 14 14
Reserves 119 124 137 138 142 156 182 216 276 377 520 670 692
47 69 86 96 86 90 111 165 110 122 62 55 65
337 433 447 407 437 456 659 669 765 868 847 886 934
Total Liabilities 516 639 682 655 679 715 967 1,064 1,164 1,382 1,443 1,625 1,706
61 75 101 94 85 103 99 145 161 194 190 192 192
CWIP 9 15 1 1 14 2 34 7 12 12 15 20 25
Investments 5 5 3 3 2 2 3 4 5 5 5 9 9
442 544 577 557 578 608 831 909 987 1,172 1,234 1,404 1,479
Total Assets 516 639 682 655 679 715 967 1,064 1,164 1,382 1,443 1,625 1,706

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
34 15 31 5 45 50 176 86 127 102 197 91
-10 -12 -17 -1 -17 -25 -75 -167 -70 -17 -27 -93
-17 -9 -10 -7 -29 -17 -3 31 -79 -28 -75 -27
Net Cash Flow 7 -7 4 -2 -1 8 98 -50 -22 56 96 -28

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 150 178 153 162 164 153 151 153 133 124 113 118
Inventory Days 48 47 45 51 55 53 68 55 65 51 52 70
Days Payable 207 221 217 212 221 215 206 197 207 188 219 202
Cash Conversion Cycle -9 5 -19 0 -2 -9 12 11 -9 -13 -54 -14
Working Capital Days 8 15 19 37 30 27 -24 -33 -43 -30 -41 -18
ROCE % 13% 18% 20% 12% 17% 21% 26% 25% 31% 33% 38% 34%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
27.01 27.01 27.01 27.01 27.01 27.01 27.01 27.01 27.01 27.01 27.01 27.01
1.45 1.63 1.79 0.75 0.67 0.85 1.49 1.63 2.54 2.66 2.43 0.71
4.89 5.54 5.62 6.51 6.74 6.78 7.84 8.14 9.50 9.68 10.10 10.82
50.47 49.64 49.40 49.55 49.40 49.18 47.48 47.04 44.77 44.47 44.28 45.28
16.18 16.18 16.18 16.18 16.18 16.18 16.18 16.18 16.18 16.18 16.18 16.18

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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