Jindal Saw Ltd

Jindal Saw is engaged in a leading global manufacturer and supplier of Iron & Steel pipes and pellets having manufacturing facilities in India.(Source : 201903 Annual Report Page No: 88)

Pros:
Stock is trading at 0.42 times its book value
Promoter's stake has increased
Company has good consistent profit growth of 41.51% over 5 years
Company has been maintaining a healthy dividend payout of 19.04%
Cons:
Company has low interest coverage ratio.
Company has a low return on equity of 5.09% for last 3 years.
Contingent liabilities of Rs.2466.19 Cr.
Earnings include an other income of Rs.524.07 Cr.

Peer Comparison Sector: Steel // Industry: Steel - Large

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
2,761 3,438 3,056
2,408 3,039 2,662
Operating Profit 353 399 395
OPM % 13% 12% 13%
Other Income 35 419 25
Interest 183 146 146
Depreciation 93 100 100
Profit before tax 112 572 174
Tax % 32% 14% 37%
Net Profit 93 521 131
EPS in Rs 2.90 63.95 4.11
Notes Notes Notes

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

Dec 2007 Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6,822 5,354 7,110 4,586 6,036 6,765 6,656 8,208 7,703 7,070 8,507 12,117
6,215 4,648 5,857 3,724 5,362 6,163 6,017 7,254 6,979 6,381 7,468 10,654
Operating Profit 607 706 1,253 862 675 602 639 954 723 689 1,038 1,463
OPM % 9% 13% 18% 19% 11% 9% 10% 12% 9% 10% 12% 12%
Other Income 1,302 31 57 61 -46 -116 29 76 136 318 26 524
Interest 218 215 258 182 165 236 392 606 679 569 579 615
Depreciation 77 84 159 164 182 219 321 335 328 337 363 396
Profit before tax 1,613 437 894 577 282 31 -46 89 -148 101 122 975
Tax % 18% 25% 24% 23% 33% 163% -120% 131% 46% 62% 109% 22%
Net Profit 1,334 329 680 445 189 -19 -86 -14 -40 114 178 850
EPS in Rs 36.97 10.86 17.38 14.16 6.31 0.00 0.00 0.00 0.00 3.56 5.58 26.59
Dividend Payout % 2% 8% 5% 6% 15% -146% -32% -200% -76% 28% 22% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.51%
5 Years:12.73%
3 Years:16.30%
TTM:42.44%
Compounded Profit Growth
10 Years:5.78%
5 Years:41.51%
3 Years:209.19%
TTM:239.56%
Stock Price CAGR
10 Years:-5.29%
5 Years:3.04%
3 Years:8.06%
1 Year:3.74%
Return on Equity
10 Years:3.28%
5 Years:2.79%
3 Years:5.09%
Last Year:9.77%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
151 152 155 55 55 55 55 58 61 64 64 64
Reserves 2,224 2,655 3,532 4,014 3,641 3,612 3,513 5,332 5,061 5,322 5,432 6,218
Borrowings 1,246 1,824 1,081 2,289 3,587 5,159 5,989 8,102 7,547 6,222 6,311 5,692
1,258 1,712 1,330 1,413 2,325 2,144 2,137 3,162 2,523 2,043 2,229 3,642
Total Liabilities 4,779 6,244 5,997 7,772 9,607 10,971 11,694 16,654 15,193 13,651 14,037 15,616
909 1,454 2,401 2,498 2,800 4,247 5,843 8,239 7,977 7,455 7,120 7,163
CWIP 429 819 367 665 1,502 1,410 343 531 254 102 126 260
Investments 209 79 326 276 45 154 75 309 154 119 110 190
3,231 3,891 2,904 4,332 5,261 5,161 5,434 7,576 6,807 5,975 6,680 8,003
Total Assets 4,779 6,244 5,997 7,772 9,607 10,971 11,694 16,654 15,193 13,651 14,037 15,616

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
695 318 1,686 -799 -296 222 109 -183 917 1,163 565 1,567
9 -563 -1,049 -593 -600 -1,482 -615 -867 -517 -428 -121 -518
-437 153 -604 1,005 979 1,255 359 1,253 -512 -816 -470 -977
Net Cash Flow 266 -92 33 -387 83 -5 -148 203 -112 -81 -25 72

Ratios Consolidated Figures in Rs. Crores / View Standalone

Dec 2007 Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 25% 16% 24% 13% 9% 6% 4% 7% 4% 4% 7% 10%
Debtor Days 60 86 43 103 94 91 96 91 83 71 83 67
Inventory Turnover 5.29 3.77 5.78 3.65 3.14 3.44 3.59 3.35 2.82 2.96 3.56 4.29