ISGEC Heavy Engineering Ltd

ISGEC Heavy Engineering Ltd

₹ 850 -1.68%
26 Feb - close price
About

ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts.
It also undertakes turnkey projects for setting-up boilers, power plants, sugar plants, distilleries, factories and others. It also has strengths in the business of construction.[1]
It is also engaged in the business of manufacture of sugar and its by-products through a subsidiary.[2]

Key Points

History
Established in 1933, the company initially offered Sugar Machinery and Boilers. Over the years, it evolved into a diversified heavy engineering company involved in manufacturing and project businesses, with a strong global presence. [1]

  • Market Cap 6,250 Cr.
  • Current Price 850
  • High / Low 1,178 / 418
  • Stock P/E 24.2
  • Book Value 326
  • Dividend Yield 0.35 %
  • ROCE 10.7 %
  • ROE 8.83 %
  • Face Value 1.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 2.61 times its book value
  • The company has delivered a poor sales growth of 11.0% over past five years.
  • Company has a low return on equity of 8.90% over last 3 years.
  • Dividend payout has been low at 11.2% of profits over last 3 years
  • Company has high debtors of 161 days.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,392 1,618 1,132 1,376 1,396 1,596 1,247 1,513 1,597 2,043 1,386 1,473 1,493
1,292 1,496 1,080 1,330 1,289 1,490 1,175 1,422 1,469 1,878 1,282 1,340 1,369
Operating Profit 101 122 51 46 107 106 72 91 128 164 104 134 123
OPM % 7% 8% 5% 3% 8% 7% 6% 6% 8% 8% 7% 9% 8%
31 10 2 3 7 1 4 3 1 6 13 4 5
Interest 9 14 11 12 11 32 20 18 17 17 19 20 13
Depreciation 26 22 24 24 26 27 25 26 26 27 25 26 27
Profit before tax 97 96 18 14 78 48 30 49 85 126 72 91 89
Tax % 33% 28% 25% 26% 33% 19% 40% 42% 23% 26% 27% 30% 25%
65 69 14 10 52 39 18 28 66 93 53 64 67
EPS in Rs 9.01 8.63 1.85 1.43 6.40 5.12 2.42 4.02 8.56 11.71 6.89 8.13 8.42
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,048 2,933 1,679 3,952 4,507 3,916 3,790 5,050 5,882 5,426 5,499 6,399 6,394
2,840 2,748 1,595 3,679 4,157 3,510 3,481 4,761 5,537 4,956 5,165 5,926 5,869
Operating Profit 207 186 84 273 349 407 309 289 345 469 335 473 525
OPM % 7% 6% 5% 7% 8% 10% 8% 6% 6% 9% 6% 7% 8%
34 42 30 47 76 93 56 65 31 52 13 12 28
Interest 44 41 23 51 66 58 34 45 61 64 88 91 70
Depreciation 55 64 34 83 76 75 81 82 101 101 101 104 105
Profit before tax 141 123 58 188 284 367 251 227 214 356 158 290 378
Tax % 32% 38% 33% 34% 33% 32% 33% 37% 30% 29% 27% 29%
95 76 39 123 190 248 168 144 149 253 115 206 276
EPS in Rs 12.72 11.10 5.74 16.03 25.13 32.94 21.40 19.42 19.65 33.71 14.80 26.72 35.15
Dividend Payout % 8% 9% 12% 12% 8% 9% 7% 33% 10% 9% 14% 11%
Compounded Sales Growth
10 Years: 8%
5 Years: 11%
3 Years: 3%
TTM: 7%
Compounded Profit Growth
10 Years: 9%
5 Years: 5%
3 Years: 11%
TTM: 76%
Stock Price CAGR
10 Years: 25%
5 Years: 13%
3 Years: 21%
1 Year: 92%
Return on Equity
10 Years: 11%
5 Years: 9%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 7 7 7 7 7 7 7 7 7 7 7 7 7
Reserves 635 709 744 837 1,021 1,246 1,374 1,508 1,777 2,014 2,114 2,297 2,388
300 364 537 524 661 356 174 304 991 983 1,233 1,235 959
1,401 1,614 1,803 2,110 2,434 2,504 2,271 3,303 3,166 3,441 3,387 3,513 4,026
Total Liabilities 2,343 2,694 3,091 3,479 4,124 4,114 3,826 5,121 5,941 6,445 6,741 7,053 7,381
480 544 532 554 615 623 629 749 833 803 977 947 937
CWIP 49 18 41 14 10 19 32 19 706 893 702 805 880
Investments 178 241 143 348 554 697 371 155 98 60 135 33 153
1,636 1,891 2,375 2,562 2,944 2,775 2,794 4,199 4,303 4,689 4,928 5,267 5,410
Total Assets 2,343 2,694 3,091 3,479 4,124 4,114 3,826 5,121 5,941 6,445 6,741 7,053 7,381

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-2 342 -193 261 123 236 101 -238 104 228 -70 208
-7 -128 66 -239 -261 -141 276 73 -328 -164 -159 -43
23 25 150 -66 66 -370 -233 93 295 -89 176 -98
Net Cash Flow 14 238 23 -44 -72 -275 144 -71 71 -25 -53 67

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Sep 2012 Sep 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 85 95 173 96 116 106 109 137 111 144 143 161
Inventory Days 116 102 311 125 115 183 143 142 125 128 153 110
Days Payable 122 135 306 179 183 241 189 174 147 180 157 141
Cash Conversion Cycle 78 62 178 42 48 48 64 105 89 92 138 129
Working Capital Days 29 18 82 32 36 31 55 78 68 82 104 103
ROCE % 19% 14% 6% 16% 21% 23% 17% 15% 11% 14% 8% 11%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43% 62.43%
1.94% 1.95% 2.00% 2.29% 2.29% 2.35% 2.45% 2.81% 2.45% 2.77% 3.48% 3.53%
6.95% 7.25% 6.97% 6.86% 7.03% 7.39% 7.10% 7.14% 7.80% 8.17% 8.33% 8.73%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
28.67% 28.35% 28.59% 28.41% 28.23% 27.82% 27.99% 27.60% 27.30% 26.61% 25.75% 25.30%
No. of Shareholders 13,82317,98037,11637,56135,54834,28634,01433,17033,30930,68632,60132,484

* 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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