Kernex Microsystems (India) Ltd

About

Kernex Microsystems (India) is engaged in the manufacture and sale of Safety Systems and Software services for Railways.

  • Market Cap 92.1 Cr.
  • Current Price 73.7
  • High / Low 94.0 / 16.3
  • Stock P/E 132
  • Book Value 50.1
  • Dividend Yield 0.00 %
  • ROCE 4.42 %
  • ROE 3.08 %
  • Face Value 10.0

Pros

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 9.70% over past five years.
  • Promoter holding is low: 22.34%
  • Company has a low return on equity of -14.04% for last 3 years.
  • Earnings include an other income of Rs.1.20 Cr.
  • Company has high debtors of 238.68 days.
  • Promoter holding has decreased over last 3 years: -9.44%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
3.12 0.83 3.15 9.71 3.37 1.15 0.65 0.54 0.89 2.93 13.97 1.63
4.41 7.37 4.08 9.83 4.88 2.70 4.81 1.91 0.18 1.49 10.92 4.17
Operating Profit -1.29 -6.54 -0.93 -0.12 -1.51 -1.55 -4.16 -1.37 0.71 1.44 3.05 -2.54
OPM % -41.35% -787.95% -29.52% -1.24% -44.81% -134.78% -640.00% -253.70% 79.78% 49.15% 21.83% -155.83%
Other Income -1.84 0.81 -4.41 0.21 0.82 15.82 1.44 0.20 0.32 0.18 0.55 0.15
Interest 0.70 0.65 0.38 0.50 0.40 0.23 4.70 0.37 0.40 0.62 0.07 0.55
Depreciation 0.51 0.51 0.59 0.44 0.43 0.44 0.41 0.38 0.39 0.40 0.39 0.39
Profit before tax -4.34 -6.89 -6.31 -0.85 -1.52 13.60 -7.83 -1.92 0.24 0.60 3.14 -3.33
Tax % 1.84% -3.05% 5.07% 14.12% 7.89% -0.88% -3.96% -7.81% 12.50% -38.33% 3.18% -1.50%
Net Profit -4.26 -7.10 -5.99 -0.73 -1.41 13.71 -8.15 -2.07 0.22 0.83 3.04 -3.39
EPS in Rs -3.41 -5.68 -4.79 -0.58 -1.13 10.97 -6.52 -1.66 0.18 0.66 2.43 -2.71

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4.01 44.02 42.72 27.20 28.29 18.35 11.53 12.27 13.31 8.14 14.88 18.32 19.42
13.42 34.58 33.52 22.09 26.57 25.23 20.28 33.29 24.90 21.01 22.22 14.49 16.76
Operating Profit -9.41 9.44 9.20 5.11 1.72 -6.88 -8.75 -21.02 -11.59 -12.87 -7.34 3.83 2.66
OPM % -234.66% 21.44% 21.54% 18.79% 6.08% -37.49% -75.89% -171.31% -87.08% -158.11% -49.33% 20.91% 13.70%
Other Income 2.61 1.60 1.83 2.95 2.90 1.52 2.08 25.39 0.71 -4.31 18.29 1.26 1.20
Interest 2.48 3.13 3.70 3.84 3.09 3.40 6.38 3.70 2.15 2.29 5.83 1.46 1.64
Depreciation 1.40 1.05 0.81 2.76 4.03 4.17 3.21 2.56 2.25 2.10 1.73 1.56 1.57
Profit before tax -10.68 6.86 6.52 1.46 -2.50 -12.93 -16.26 -1.89 -15.28 -21.57 3.39 2.07 0.65
Tax % 33.52% 36.44% 36.66% 76.03% 16.00% 2.24% 2.03% -114.81% 3.66% 1.16% -0.88% 2.42%
Net Profit -7.10 4.36 4.13 0.36 -2.11 -12.64 -15.93 -4.05 -14.72 -21.33 3.43 2.02 0.70
EPS in Rs -5.68 3.49 3.30 0.29 -1.69 -10.11 -12.74 -3.24 -11.78 -17.06 2.74 1.62 0.56
Dividend Payout % 0.00% 28.67% 30.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years:-8%
5 Years:10%
3 Years:11%
TTM:240%
Compounded Profit Growth
10 Years:-8%
5 Years:16%
3 Years:29%
TTM:-66%
Stock Price CAGR
10 Years:-2%
5 Years:13%
3 Years:49%
1 Year:298%
Return on Equity
10 Years:-10%
5 Years:-18%
3 Years:-14%
Last Year:3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50 12.50
Reserves 109.63 112.53 115.34 115.79 114.54 100.77 84.09 75.16 63.68 43.11 46.47 50.15
Borrowings 19.03 22.55 17.94 16.35 26.50 27.91 33.36 24.48 25.67 20.53 10.67 20.25
14.65 17.41 18.83 16.35 20.39 20.35 26.76 21.19 19.39 16.37 15.50 11.88
Total Liabilities 155.81 164.99 164.61 160.99 173.93 161.53 156.71 133.33 121.24 92.51 85.14 94.78
27.41 26.46 27.89 60.48 57.62 52.78 49.68 55.45 53.54 42.66 32.60 31.55
CWIP 50.60 44.80 43.81 9.74 9.74 9.74 9.74 0.00 0.00 0.00 0.03 0.00
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
77.80 93.73 92.91 90.77 106.57 99.01 97.29 77.88 67.70 49.85 52.51 63.23
Total Assets 155.81 164.99 164.61 160.99 173.93 161.53 156.71 133.33 121.24 92.51 85.14 94.78

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-15.85 -5.80 8.23 3.53 -1.35 -5.73 -3.53 -25.54 3.06 -22.65 -11.25 3.28
-1.86 -2.29 -0.77 -0.16 -0.91 0.61 0.37 29.64 -0.03 26.19 24.53 0.98
4.15 0.39 -9.57 -6.85 7.07 -2.39 2.73 -3.71 -2.46 -2.26 -5.85 -1.46
Net Cash Flow -13.56 -7.70 -2.11 -3.48 4.81 -7.52 -0.44 0.38 0.56 1.28 7.43 2.80

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 1,822.27 298.25 363.89 627.61 710.52 1,042.89 1,642.66 1,236.30 996.00 674.40 315.70 238.68
Inventory Days 542.53 598.51 1,407.99 1,779.11 293.49 1,914.82 844.45 266.29 961.79
Days Payable 194.27 266.56 753.32 961.62 325.08 1,224.95 405.21 19.88 101.24
Cash Conversion Cycle 1,822.27 646.52 695.84 1,282.28 710.52 1,042.89 2,460.14 1,204.71 1,685.87 1,113.64 562.11 1,099.23
Working Capital Days 3,254.05 443.69 449.84 758.99 855.67 1,303.06 1,943.71 1,357.37 1,166.85 814.30 344.64 517.61
ROCE % -5.83% 6.92% 6.97% 3.65% 0.40% -6.47% -7.29% -17.95% -12.26% -15.36% -8.49% 4.42%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
31.78 31.78 27.41 22.33 22.33 22.33 22.34 22.34 22.34 22.34 22.34 22.34
0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00
68.22 68.22 72.59 77.67 77.67 77.63 77.66 77.66 77.66 77.66 77.66 77.66

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