Kernex Microsystems (India) Ltd

Kernex Microsystems (India) Ltd

₹ 563 1.73%
16 Apr - close price
About

Kernex Microsystems (India) Ltd manufactures, installs, and maintains anti-collision devices, and conceptualises, designs, and develops railway safety and signal systems. [1]

Key Points

Product & Services
The Co has developed safety products for the rail industry using the latest in GPS, Radio and navigation technologies. The co’s product portfolio include Anti-collision systems, level crossing protection systems, Yard protection systems, Passenger information systems. Besides this it also provides services like Turnkey product development, electronic product design, embedded software design, ESS testing, offshore development, Quality control and training. [1][2][3][4][5]

Revenue Split
Sale of Products: 89% in FY21 vs 81 % in FY20
Sale of Services: 11% in FY21 vs 19 % in FY20 [6]

Projects
Egyptian National Railways: The Co has completed installation of 122 gates and handed over to ENR. 2 more gates to be Installed and commissioned for which the work is in progress.
Sri Lanka Railways: The Co bagged an order for an Amount of US$8,175,225/- from Sri Lanka Railways for Supply, Installation, Testing, Commissioning and Maintenance of 200 Nos. of Bell and Light Level Crossing Protection Systems.
Domestic Projects: The Co has got a new section in SCR for 250 Km and works for installation and commissioning of the new Section began from Dec' 2020. [7]

  • Market Cap 943 Cr.
  • Current Price 563
  • High / Low 721 / 236
  • Stock P/E
  • Book Value 52.0
  • Dividend Yield 0.00 %
  • ROCE -19.9 %
  • ROE -26.3 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 10.8 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.45%
  • The company has delivered a poor sales growth of -31.6% over past five years.
  • Promoter holding is low: 29.2%
  • Company has a low return on equity of -15.6% over last 3 years.
  • Company has high debtors of 1,712 days.
  • Working capital days have increased from 2,634 days to 6,097 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Electronics Industry: Electronics - Components

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
2.69 11.53 1.45 2.80 0.34 0.76 0.91 0.41 0.26 0.43 0.96 0.82 8.57
1.71 10.72 3.98 4.54 2.48 4.10 3.34 3.99 4.69 6.30 1.57 4.16 10.85
Operating Profit 0.98 0.81 -2.53 -1.74 -2.14 -3.34 -2.43 -3.58 -4.43 -5.87 -0.61 -3.34 -2.28
OPM % 36.43% 7.03% -174.48% -62.14% -629.41% -439.47% -267.03% -873.17% -1,703.85% -1,365.12% -63.54% -407.32% -26.60%
0.18 1.12 0.22 0.22 1.01 -4.09 0.22 0.35 0.45 0.28 0.64 0.42 0.68
Interest 0.42 0.11 0.52 0.85 0.49 0.54 0.45 0.45 0.78 0.30 0.20 0.35 1.22
Depreciation 0.40 0.39 0.39 0.32 0.45 0.28 0.32 0.36 0.35 1.36 0.62 0.56 0.63
Profit before tax 0.34 1.43 -3.22 -2.69 -2.07 -8.25 -2.98 -4.04 -5.11 -7.25 -0.79 -3.83 -3.45
Tax % -67.65% 6.99% -1.55% -3.35% -5.31% -1.21% -1.01% -2.23% -3.52% -2.48% -10.13% -11.23% -1.45%
0.57 1.33 -3.28 -2.77 -2.18 -8.35 -3.02 -4.12 -5.30 -7.42 -0.86 -4.26 -3.50
EPS in Rs 0.46 1.06 -2.62 -2.22 -1.74 -6.68 -2.19 -2.99 -3.84 -4.80 -0.56 -2.76 -2.09
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
43 27 28 20 12 12 13 7 15 16 5 2 11
33 22 27 24 20 33 25 20 22 15 15 18 23
Operating Profit 9 5 2 -4 -8 -21 -11 -12 -7 1 -10 -16 -12
OPM % 22% 19% 6% -18% -74% -170% -85% -164% -49% 7% -182% -801% -112%
2 3 3 2 2 25 1 -4 18 2 -3 1 2
Interest 4 4 3 3 4 3 2 2 1 1 2 2 2
Depreciation 1 3 4 4 3 3 2 2 2 2 1 2 3
Profit before tax 7 2 -2 -10 -14 -1 -15 -21 8 0 -16 -19 -15
Tax % 35% 63% 19% 3% 2% -162% 4% 1% -0% 12% -2% -2%
4 1 -2 -9 -13 -4 -14 -21 8 0 -17 -20 -16
EPS in Rs 3.58 0.52 -1.36 -7.51 -10.63 -2.81 -11.54 -16.54 6.45 0.30 -13.26 -12.85 -10.21
Dividend Payout % 28% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -23%
5 Years: -32%
3 Years: -48%
TTM: 361%
Compounded Profit Growth
10 Years: %
5 Years: -9%
3 Years: %
TTM: 2%
Stock Price CAGR
10 Years: 31%
5 Years: 86%
3 Years: 127%
1 Year: 131%
Return on Equity
10 Years: -13%
5 Years: -16%
3 Years: -16%
Last Year: -26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 12 12 12 12 12 12 12 12 12 12 15 15
Reserves 117 118 117 106 92 84 69 49 57 58 46 77 72
18 16 21 22 27 18 19 13 5 14 12 9 17
19 16 20 20 24 18 20 17 12 15 14 13 12
Total Liabilities 166 163 170 161 156 132 120 92 87 99 85 114 117
28 60 58 53 50 55 54 43 33 32 25 24 22
CWIP 44 10 10 10 10 0 0 0 0 0 0 0 0
Investments 1 1 1 1 1 1 1 1 11 8 8 13 13
93 91 102 97 95 75 66 48 43 60 51 77 81
Total Assets 166 163 170 161 156 132 120 92 87 99 85 114 117

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
8 3 -2 1 -6 -26 2 -25 -8 1 -5 -31
-1 -0 -1 1 0 30 -0 29 15 -9 -6 -36
-10 -7 1 -2 5 -3 -2 -2 -1 -1 1 48
Net Cash Flow -2 -3 -2 -1 -0 0 0 1 5 -9 -10 -19

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 364 628 711 945 1,643 1,223 1,002 745 321 300 775 1,712
Inventory Days 599 1,408 6,386 1,779 293 1,670 894 137 978 1,026 4,437
Days Payable 266 751 3,258 962 236 1,103 20 20 307 337 959
Cash Conversion Cycle 697 1,285 711 4,073 2,460 1,279 1,568 1,619 438 971 1,463 5,190
Working Capital Days 432 731 829 1,145 1,951 1,373 1,149 1,186 327 523 1,281 6,097
ROCE % 7% 4% 1% -4% -7% -18% -12% -15% -8% 1% -13% -20%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
22.34% 22.34% 31.04% 34.52% 31.27% 31.27% 31.27% 31.60% 31.60% 31.60% 29.14% 29.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.01% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.08% 0.08% 0.07% 0.07% 0.07% 0.06% 0.06%
77.66% 77.66% 68.96% 65.48% 68.73% 68.66% 68.65% 68.34% 68.33% 68.30% 70.79% 70.77%
No. of Shareholders 14,02313,35912,76112,51412,22413,02413,09113,09413,79114,66015,00716,240

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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