JSW Holdings Ltd

JSW Holdings is primarily engaged in the business of investing and financing.(Source : 201903 Annual Report Page No: 76)

Pros:
Company is virtually debt free.
Stock is trading at 0.41 times its book value
Company has good consistent profit growth of 21.65% over 5 years
Market value of investments Rs.5315.87 Cr. is more than the Market Cap Rs.2704.00 Cr.
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company has a low return on equity of 1.51% for last 3 years.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
22 10 51 13 13 12 13 70 12 12 12 85
1 1 1 1 1 1 1 2 1 1 1 2
Operating Profit 21 9 50 12 12 11 11 69 11 10 11 84
OPM % 96% 87% 98% 91% 90% 90% 90% 98% 91% 88% 90% 98%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 21 9 50 12 12 11 11 69 11 10 11 84
Tax % 12% 21% 19% 21% 21% 18% 14% 14% 12% 14% 12% 10%
Net Profit 19 7 41 9 9 9 10 59 10 9 9 76
EPS in Rs 16.73 6.45 36.60 8.30 8.26 8.20 8.89 53.39 8.96 8.09 8.50 68.31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
6 41 7 24 32 29 43 49 50 63 89 107 122
1 1 1 2 2 3 2 3 4 4 5 5 5
Operating Profit 5 40 6 22 30 26 41 46 47 59 84 102 116
OPM % 86% 97% 82% 92% 93% 90% 95% 94% 93% 94% 95% 95% 96%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 5 40 6 22 30 26 41 46 47 59 84 102 116
Tax % 33% 8% 24% 6% 11% 18% 20% 21% 22% 20% 19% 14%
Net Profit 3 36 4 21 27 22 33 37 37 47 68 88 104
EPS in Rs 3.01 32.75 3.95 18.65 24.04 19.54 29.69 33.07 32.98 42.69 61.37 79.34 93.86
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.13%
5 Years:19.89%
3 Years:28.69%
TTM:12.33%
Compounded Profit Growth
10 Years:9.22%
5 Years:21.65%
3 Years:33.85%
TTM:19.18%
Stock Price CAGR
10 Years:2.68%
5 Years:20.96%
3 Years:23.60%
1 Year:1.09%
Return on Equity
10 Years:2.10%
5 Years:1.85%
3 Years:1.51%
Last Year:1.08%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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
11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 570 606 611 632 658 680 713 750 786 834 8,103 8,168 6,562
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
5 3 3 1 1 2 2 2 2 2 743 743 527
Total Liabilities 586 621 625 643 671 693 726 763 799 847 8,858 8,923 7,100
0 0 0 0 0 0 0 0 0 0 0 0 0
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 483 537 537 537 537 537 537 533 543 517 8,502 8,511 6,665
104 83 87 106 133 156 188 229 256 330 356 412 435
Total Assets 586 621 625 643 671 693 726 763 799 847 8,858 8,923 7,100

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

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 31 4 20 26 23 30 37 36 32 66 89
-3 -31 -5 -20 -26 -22 -30 -38 -25 -43 -58 -87
0 0 0 0 0 0 0 0 0 0 0 0
Net Cash Flow 0 -0 -1 0 0 1 -0 -1 11 -11 8 2

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 1% 7% 1% 3% 5% 4% 6% 6% 6% 7% 2% 1%
Debtor Days 0 0 0 23 34 36 31 2 2 13 16 8
Inventory Turnover