Kernex Microsystems (India) Ltd

About [ edit ]

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

  • Market Cap 51.2 Cr.
  • Current Price 41.0
  • High / Low 71.0 / 11.0
  • Stock P/E
  • Book Value 45.8
  • Dividend Yield 0.00 %
  • ROCE 12.6 %
  • ROE 5.88 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.89 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -4.11% over past five years.
  • Promoter holding is low: 22.34%
  • Company has a low return on equity of -13.19% for last 3 years.
  • Company has high debtors of 315.70 days.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -9.44%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
0.00 3.12 0.83 3.15 9.71 3.37 1.15 0.65 0.54 0.89 2.93
2.64 4.41 7.37 4.08 9.83 4.88 2.70 4.79 1.91 0.18 1.49
Operating Profit -2.64 -1.29 -6.54 -0.93 -0.12 -1.51 -1.55 -4.14 -1.37 0.71 1.44
OPM % -41.35% -787.95% -29.52% -1.24% -44.81% -134.78% -636.92% -253.70% 79.78% 49.15%
Other Income 0.00 -1.84 0.81 -4.41 0.21 0.82 15.82 1.43 0.20 0.32 0.18
Interest 0.55 0.70 0.65 0.38 0.50 0.40 0.23 4.70 0.37 0.40 0.62
Depreciation 0.00 0.51 0.51 0.59 0.44 0.43 0.44 0.41 0.38 0.39 0.40
Profit before tax -3.19 -4.34 -6.89 -6.31 -0.85 -1.52 13.60 -7.82 -1.92 0.24 0.60
Tax % 2.19% 1.84% -3.05% 5.07% 14.12% 7.89% -0.88% -3.96% -7.81% 12.50% -38.33%
Net Profit -3.13 -4.26 -7.10 -5.99 -0.73 -1.41 13.71 -8.13 -2.07 0.22 0.83
EPS in Rs -2.50 -3.41 -5.68 -4.79 -0.58 -1.13 10.97 -6.50 -1.66 0.18 0.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
20.62 4.01 44.02 42.72 27.20 28.29 18.35 11.53 12.27 13.31 8.14 14.88 5.01
16.77 13.42 34.58 33.52 22.09 26.57 25.23 20.28 38.50 24.90 40.44 22.20 8.37
Operating Profit 3.85 -9.41 9.44 9.20 5.11 1.72 -6.88 -8.75 -26.23 -11.59 -32.30 -7.32 -3.36
OPM % 18.67% -234.66% 21.44% 21.54% 18.79% 6.08% -37.49% -75.89% -213.77% -87.08% -396.81% -49.19% -67.07%
Other Income 3.38 2.61 1.60 1.83 2.95 2.90 1.52 2.08 30.60 0.71 15.12 18.29 2.13
Interest 1.06 2.48 3.13 3.70 3.84 3.09 3.40 6.38 3.70 2.15 2.29 5.83 6.09
Depreciation 1.82 1.40 1.05 0.81 2.76 4.03 4.17 3.21 2.56 2.25 2.10 1.73 1.58
Profit before tax 4.35 -10.68 6.86 6.52 1.46 -2.50 -12.93 -16.26 -1.89 -15.28 -21.57 3.41 -8.90
Tax % 42.30% 33.52% 36.44% 36.66% 76.03% 16.00% 2.24% 2.03% -114.81% 3.66% 1.16% -0.88%
Net Profit 2.51 -7.10 4.36 4.13 0.36 -2.11 -12.64 -15.93 -4.05 -14.72 -21.33 3.44 -9.15
EPS in Rs 2.01 -5.68 3.49 3.30 0.29 -1.69 -10.11 -12.74 -3.24 -11.78 -17.06 2.75 -7.32
Dividend Payout % 49.80% 0.00% 28.67% 30.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years:14%
5 Years:-4%
3 Years:7%
TTM:-71%
Compounded Profit Growth
10 Years:9%
5 Years:18%
3 Years:29%
TTM:-189%
Stock Price CAGR
10 Years:-8%
5 Years:4%
3 Years:3%
1 Year:209%
Return on Equity
10 Years:-7%
5 Years:-17%
3 Years:-13%
Last Year:6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
12.50 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 116.81 109.63 112.53 115.34 115.79 114.54 100.77 84.09 75.16 63.68 43.11 46.47 44.71
Borrowings 11.06 19.03 22.55 17.94 16.35 26.50 27.91 33.36 24.48 25.67 20.53 10.65 15.07
15.82 14.65 17.41 18.83 16.35 20.39 20.35 26.76 21.19 19.39 16.37 9.30 9.77
Total Liabilities 156.19 155.81 164.99 164.61 160.99 173.93 161.53 156.71 133.33 121.24 92.51 78.92 82.05
27.90 27.41 26.46 27.89 60.48 57.62 52.78 49.68 55.45 53.54 42.66 32.60 31.68
CWIP 47.62 50.60 44.80 43.81 9.74 9.74 9.74 9.74 0.00 0.00 0.00 0.03 0.03
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 0.00
80.67 77.80 93.73 92.91 90.77 106.57 99.01 97.29 77.88 67.70 49.85 46.29 50.34
Total Assets 156.19 155.81 164.99 164.61 160.99 173.93 161.53 156.71 133.33 121.24 92.51 78.92 82.05

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
8.49 -15.85 -5.80 8.23 3.53 -1.35 -5.73 -3.53 -25.54 3.06 -22.65 -11.25
-15.21 -1.86 -2.29 -0.77 -0.16 -0.91 0.61 0.37 29.64 -0.03 26.19 24.53
4.05 4.15 0.39 -9.57 -6.85 7.07 -2.39 2.73 -3.71 -2.46 -2.26 -5.85
Net Cash Flow -2.67 -13.56 -7.70 -2.11 -3.48 4.81 -7.52 -0.44 0.38 0.56 1.28 7.43

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 3.96% -5.83% 6.92% 6.97% 3.65% 0.40% -6.47% -7.29% -17.95% -12.26% -15.36% 12.58%
Debtor Days 359.87 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
Inventory Turnover 0.03 -0.09 0.69 0.56 0.27 0.09 -0.00 0.22 0.75 0.21 0.48 1.69

Shareholding Pattern

Numbers in percentages

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

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