Karda Constructions Ltd

About

The Co. is a part of the Karda Group located in Nashik, Maharashtra. It is engaged in the business of residential & commercial real estate development and the development of construction contracts. It caters across all segments from low to premium. [1]

Key Points

Market Position
The Company has a geographic presence with 17 projects under construction and 3 planned projects. [1]
The Co has a Presence across:
Affordable: 50%
Medium: 25%
Premium: 25%
Its assets mix comprises 69% owned assets and 31% of JVs[2]

Read More
  • Market Cap 1,027 Cr.
  • Current Price 16.7
  • High / Low 24.2 / 10.1
  • Stock P/E 38.0
  • Book Value 2.16
  • Dividend Yield 0.18 %
  • ROCE 20.4 %
  • ROE 17.9 %
  • Face Value 1.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 7.73 times its book value
  • Promoter holding has decreased over last quarter: -10.22%
  • Company has a low return on equity of 13.88% for last 3 years.
  • Debtor days have increased from 56.04 to 90.22 days.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
24.66 34.46 21.56 24.14 40.90 27.52 16.21 20.23 39.41 45.08 18.01 17.26
15.74 27.30 13.66 20.07 31.00 22.01 12.10 16.13 32.29 25.36 8.59 11.64
Operating Profit 8.92 7.16 7.90 4.07 9.90 5.51 4.11 4.10 7.12 19.72 9.42 5.62
OPM % 36.17% 20.78% 36.64% 16.86% 24.21% 20.02% 25.35% 20.27% 18.07% 43.74% 52.30% 32.56%
Other Income 0.69 0.29 1.14 0.07 1.34 0.73 1.56 1.41 1.93 2.64 2.27 3.89
Interest 5.59 4.04 5.52 4.30 4.18 3.84 3.35 2.86 3.98 4.36 3.01 3.40
Depreciation 0.07 0.07 0.07 0.06 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.03
Profit before tax 3.95 3.34 3.45 -0.22 7.04 2.38 2.30 2.62 5.04 17.97 8.65 6.08
Tax % 18.48% 18.26% 19.13% 140.91% 29.83% 23.53% 23.91% 19.85% 25.79% 29.49% 29.02% 25.82%
Net Profit 3.22 2.73 2.78 0.10 4.94 1.82 1.74 2.10 3.74 12.67 6.14 4.51
EPS in Rs 0.05 0.04 0.05 0.00 0.08 0.03 0.03 0.03 0.06 0.21 0.10 0.07

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
8 17 106 127 105 114 121 120
7 16 79 95 75 87 86 78
Operating Profit 1 2 27 32 30 27 35 42
OPM % 11% 10% 25% 25% 28% 24% 29% 35%
Other Income 0 0 4 8 3 3 8 11
Interest 0 0 18 20 17 18 15 15
Depreciation 0 0 0 0 0 0 0 0
Profit before tax 1 2 12 19 16 13 28 38
Tax % 30% 33% 35% 31% 25% 24% 27%
Net Profit 1 1 8 13 12 10 20 27
EPS in Rs 1.93 1.42 0.18 0.21 0.20 0.16 0.33 0.44
Dividend Payout % 0% 0% 0% 0% 0% 0% 3%
Compounded Sales Growth
10 Years: 32%
5 Years: %
3 Years: -2%
TTM: 14%
Compounded Profit Growth
10 Years: 43%
5 Years: %
3 Years: 21%
TTM: 155%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 66%
1 Year: 45%
Return on Equity
10 Years: %
5 Years: %
3 Years: 14%
Last Year: 18%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
0 2 9 12 12 12 12 62
Reserves 1 2 21 71 82 91 111 71
Borrowings 15 25 135 127 128 99 92 60
47 77 83 89 43 88 99 155
Total Liabilities 63 105 248 299 265 291 314 348
0 0 2 2 2 1 1 1
CWIP 0 0 0 0 0 0 0 0
Investments 0 2 20 2 27 47 56 63
63 102 226 295 236 243 257 283
Total Assets 63 105 248 299 265 291 314 348

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
0 0 33 59 -18 45 35
0 0 -8 25 -21 -15 -2
0 0 -24 6 -46 -35 -32
Net Cash Flow 0 0 1 90 -85 -6 0

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 143 48 3 5 39 39 90
Inventory Days
Days Payable
Cash Conversion Cycle 143 48 3 5 39 39 90
Working Capital Days 701 514 640 318 580 610 588
ROCE % 8% 20% 15% 14% 20%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
65.04 65.04 65.04 65.16 65.16 65.16 65.16 65.16 65.16 62.72 58.24 47.53
0.00 0.00 0.00 0.00 0.00 0.00 0.28 0.28 0.28 3.70 6.18 12.09
1.12 1.13 1.91 1.80 0.76 0.03 0.00 2.20 2.20 2.19 2.11 1.80
33.83 33.83 33.05 33.04 34.08 34.81 34.55 32.36 32.36 31.39 33.46 38.58

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