JSW Holdings Ltd

JSW Holdings continues to be a Core Investment Company (CIC) and is eligible to function as a CIC without applying for registration with RBI as the Company is not a Systemically Important Core Investment Company.

Pros:
Company is virtually debt free.
Stock is trading at 0.39 times its book value
Company is expected to give good quarter
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.3176.21 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
9 22 22 10 51 13 13 12 13 70 12 12
1 1 1 1 1 1 1 1 1 2 1 1
Operating Profit 8 21 21 9 50 12 12 11 11 69 11 10
OPM % 91% 95% 96% 87% 98% 91% 90% 90% 90% 98% 91% 88%
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 8 21 21 9 50 12 12 11 11 69 11 10
Tax % 25% 26% 12% 21% 19% 21% 21% 18% 14% 14% 12% 14%
Net Profit 6 16 19 7 41 9 9 9 10 59 10 9
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
6 41 7 24 32 29 43 49 50 63 89 107
1 1 1 2 2 3 2 3 4 4 5 5
Operating Profit 5 40 6 22 30 26 41 46 47 59 84 102
OPM % 86% 97% 82% 92% 93% 90% 95% 94% 93% 94% 95% 95%
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 5 40 6 22 30 26 41 46 47 59 84 102
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
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
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:20.70%
Compounded Profit Growth
10 Years:9.22%
5 Years:21.65%
3 Years:33.85%
TTM:29.16%
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
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
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
5 3 3 1 1 2 2 2 2 2 743 743
Total Liabilities 586 621 625 643 671 693 726 763 799 847 8,858 8,923
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
Investments 483 537 537 537 537 537 537 533 543 517 8,502 8,511
104 83 87 106 133 156 188 229 256 330 356 412
Total Assets 586 621 625 643 671 693 726 763 799 847 8,858 8,923

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