Kabra Extrusion Technik Ltd

Kabra Extrusion Technik is engaged in the sale of plastic extrusion machinery. The Company also manufactures allied equipment. It specializes in providing plastic extrusion machinery for manufacturing pipes and films. It offers a spectrum of plastics extrusion solutions for pipes, drip tubes, monolayer-multilayer blown films, pelletizing, mixers and profiles.

Pros:
Company is virtually debt free.
Stock is trading at 0.99 times its book value
Company has been maintaining a healthy dividend payout of 20.81%
Cons:
The company has delivered a poor growth of 1.90% over past five years.
Company has a low return on equity of 9.87% for last 3 years.
Earnings include an other income of Rs.19.94 Cr.

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Engineering

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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
48.54 66.86 53.56 107.12 47.56 51.73 65.99 103.10 43.73 46.56 55.20 98.90
46.27 60.64 52.62 86.67 47.91 49.43 59.44 83.42 44.20 45.59 52.00 81.95
Operating Profit 2.27 6.22 0.94 20.45 -0.35 2.30 6.55 19.68 -0.47 0.97 3.20 16.95
OPM % 4.68% 9.30% 1.76% 19.09% -0.74% 4.45% 9.93% 19.09% -1.07% 2.08% 5.80% 17.14%
Other Income 0.62 0.85 -0.20 0.95 0.45 0.69 0.86 0.57 0.34 13.46 0.43 5.72
Interest 0.32 0.44 0.48 0.70 0.57 0.10 0.47 0.33 0.43 0.65 0.71 0.71
Depreciation 1.67 1.73 1.80 1.78 1.77 2.06 2.20 1.91 1.80 1.76 1.77 1.91
Profit before tax 0.90 4.90 -1.54 18.92 -2.24 0.83 4.74 18.01 -2.36 12.02 1.15 20.05
Tax % 23.33% 18.78% 3.90% 7.03% -4.46% -43.37% 6.96% 6.39% -0.00% 24.38% -18.26% 18.25%
Net Profit 0.69 3.97 -1.49 17.59 -2.33 1.19 4.41 16.86 -2.36 9.09 1.36 16.39
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
145.78 153.50 194.81 219.52 190.83 179.94 223.16 271.28 299.08 276.08 268.38 245.14
126.24 136.31 161.58 186.16 176.75 163.53 199.84 241.70 279.41 246.22 240.19 224.49
Operating Profit 19.54 17.19 33.23 33.36 14.08 16.41 23.32 29.58 19.67 29.86 28.19 20.65
OPM % 13.40% 11.20% 17.06% 15.20% 7.38% 9.12% 10.45% 10.90% 6.58% 10.82% 10.50% 8.42%
Other Income 4.71 4.02 2.50 6.58 4.17 5.05 1.92 8.52 22.35 2.22 2.57 19.94
Interest 1.48 1.26 1.51 0.88 1.00 2.78 1.84 3.44 1.77 1.93 1.48 2.50
Depreciation 3.37 3.66 3.39 3.88 4.65 5.84 5.93 7.61 8.71 6.99 7.93 7.23
Profit before tax 19.40 16.29 30.83 35.18 12.60 12.84 17.47 27.05 31.54 23.16 21.35 30.86
Tax % 25.21% 28.18% 30.36% 26.61% 20.56% 15.34% 18.66% 17.19% 28.79% 10.36% 5.71% 20.71%
Net Profit 14.51 11.70 21.47 25.82 10.01 10.86 14.21 22.40 22.47 20.76 20.12 24.47
EPS in Rs 4.29 3.41 6.43 7.81 2.97 3.23 4.20 6.60 6.59 6.51 6.31 7.67
Dividend Payout % 33.00% 40.92% 26.02% 21.62% 31.87% 29.37% 33.67% 28.48% 31.94% 30.73% 31.71% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.79%
5 Years:1.90%
3 Years:-6.41%
TTM:-8.66%
Compounded Profit Growth
10 Years:7.58%
5 Years:11.99%
3 Years:4.25%
TTM:21.58%
Return on Equity
10 Years:12.15%
5 Years:11.04%
3 Years:9.87%
Last Year:10.18%

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
7.98 7.98 7.98 15.95 15.95 15.95 15.95 15.95 15.95 15.95 15.95 15.95
Reserves 58.44 64.54 79.48 90.82 97.12 104.25 112.87 126.65 140.48 210.77 217.82 230.78
Borrowings 6.42 9.31 8.07 7.61 12.44 15.55 17.33 20.99 17.15 8.37 4.07 9.43
45.96 42.09 56.69 72.10 58.14 63.87 78.08 98.47 74.14 75.30 107.25 95.66
Total Liabilities 118.80 123.92 152.22 186.48 183.65 199.62 224.23 262.06 247.72 310.39 345.09 351.82
40.55 39.53 39.30 44.77 52.50 49.70 44.89 70.00 107.43 113.25 108.42 120.14
CWIP 0.00 1.73 8.49 0.00 0.00 0.00 0.00 0.00 0.00 0.57 0.00 0.96
Investments 10.99 21.92 45.55 41.59 24.93 52.42 57.80 41.70 16.20 63.31 57.05 51.69
67.26 60.74 58.88 100.12 106.22 97.50 121.54 150.36 124.09 133.26 179.62 179.03
Total Assets 118.80 123.92 152.22 186.48 183.65 199.62 224.23 262.06 247.72 310.39 345.09 351.82

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
9.12 13.25 38.27 9.02 -5.26 20.48 5.14 5.24 32.88 18.75 12.12 5.98
-3.32 -10.05 -31.51 -1.44 8.51 -16.00 -4.58 0.82 -18.96 -7.50 1.06 0.66
-6.07 -3.00 -6.76 -7.44 -2.61 -4.82 -0.78 -5.39 -13.95 -10.70 -13.46 -5.18
Net Cash Flow -0.27 0.20 0.00 0.14 0.64 -0.34 -0.22 0.67 -0.03 0.54 -0.27 1.47

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 % 30.31% 22.85% 36.47% 30.21% 9.53% 9.66% 13.40% 15.88% 18.98% 12.28% 9.65% 13.49%
Debtor Days 46.55 29.37 19.95 33.47 37.58 31.58 41.07 72.25 48.62 46.62 60.02 52.75
Inventory Turnover 4.04 3.86 4.79 4.44 3.41 3.32 3.97 4.52 4.86 4.36 3.20 2.35