Kernex Microsystems (India) Ltd

₹ 285 -3.92%
23 Sep - 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 393 Cr.
  • Current Price 285
  • High / Low 313 / 70.3
  • Stock P/E
  • Book Value 34.2
  • Dividend Yield 0.00 %
  • ROCE -13.8 %
  • ROE -25.8 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 8.33 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -3.25%
  • The company has delivered a poor sales growth of -11.5% over past five years.
  • Promoter holding is low: 31.3%
  • Company has a low return on equity of -13.9% for last 3 years.
  • Company has high debtors of 596 days.
  • Company's cost of borrowing seems high

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
9.71 3.37 1.15 0.65 0.54 0.89 2.93 13.97 1.63 3.11 1.07 0.84 0.99
9.83 4.88 2.70 4.81 1.91 0.18 1.49 10.92 4.17 4.84 2.85 4.24 3.49
Operating Profit -0.12 -1.51 -1.55 -4.16 -1.37 0.71 1.44 3.05 -2.54 -1.73 -1.78 -3.40 -2.50
OPM % -1.24% -44.81% -134.78% -640.00% -253.70% 79.78% 49.15% 21.83% -155.83% -55.63% -166.36% -404.76% -252.53%
0.21 0.82 15.82 1.44 0.20 0.32 0.18 0.55 0.15 0.23 1.02 -4.09 0.11
Interest 0.50 0.40 0.23 4.70 0.37 0.40 0.62 0.07 0.55 1.08 0.73 0.93 0.60
Depreciation 0.44 0.43 0.44 0.41 0.38 0.39 0.40 0.39 0.39 0.32 0.45 0.28 0.32
Profit before tax -0.85 -1.52 13.60 -7.83 -1.92 0.24 0.60 3.14 -3.33 -2.90 -1.94 -8.70 -3.31
Tax % 14.12% 7.89% -0.88% -3.96% -7.81% 12.50% -38.33% 3.18% -1.50% -3.10% -5.67% -1.15% -0.91%
Net Profit -0.73 -1.41 13.71 -8.15 -2.07 0.22 0.83 3.04 -3.39 -2.98 -2.05 -8.79 -3.34
EPS in Rs -0.58 -1.13 10.97 -6.52 -1.66 0.18 0.66 2.43 -2.71 -2.38 -1.64 -7.04 -2.43
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
44 43 27 28 18 12 12 13 8 15 18 7 6
35 34 22 27 25 20 33 25 21 22 14 16 15
Operating Profit 9 9 5 2 -7 -9 -21 -12 -13 -7 4 -9 -9
OPM % 21% 22% 19% 6% -37% -76% -171% -87% -158% -49% 21% -142% -157%
2 2 3 3 2 2 25 1 -4 18 1 -3 -3
Interest 3 4 4 3 3 6 4 2 2 6 1 3 3
Depreciation 1 1 3 4 4 3 3 2 2 2 2 1 1
Profit before tax 7 7 1 -2 -13 -16 -2 -15 -22 3 2 -17 -17
Tax % 36% 37% 76% 16% 2% 2% -115% 4% 1% -1% 2% -2%
Net Profit 4 4 0 -2 -13 -16 -4 -15 -21 3 2 -17 -17
EPS in Rs 3.49 3.30 0.29 -1.69 -10.11 -12.74 -3.24 -11.78 -17.06 2.74 1.62 -13.76 -13.49
Dividend Payout % 29% 30% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -17%
5 Years: -12%
3 Years: -7%
TTM: -69%
Compounded Profit Growth
10 Years: %
5 Years: 8%
3 Years: 4%
TTM: -1926%
Stock Price CAGR
10 Years: 18%
5 Years: 43%
3 Years: 118%
1 Year: 286%
Return on Equity
10 Years: -12%
5 Years: -17%
3 Years: -14%
Last Year: -26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
12 12 12 12 12 12 12 12 12 12 12 12
Reserves 113 115 116 115 101 84 75 64 43 46 50 30
23 18 16 26 28 33 24 26 21 11 20 18
17 19 16 20 20 27 21 19 16 16 12 19
Total Liabilities 165 165 161 174 162 157 133 121 93 85 95 80
26 28 60 58 53 50 55 54 43 33 32 25
CWIP 45 44 10 10 10 10 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0
94 93 91 107 99 97 78 68 50 53 63 55
Total Assets 165 165 161 174 162 157 133 121 93 85 95 80

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-6 8 4 -1 -6 -4 -26 3 -23 -11 3 -5
-2 -1 -0 -1 1 0 30 -0 26 25 -12 -7
0 -10 -7 7 -2 3 -4 -2 -2 -6 -1 0
Net Cash Flow -8 -2 -3 5 -8 -0 0 1 1 7 -10 -11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 298 364 628 711 1,043 1,643 1,236 996 674 316 239 596
Inventory Days 543 599 1,408 1,779 293 1,915 844 266 962 967
Days Payable 194 267 753 962 325 1,225 405 20 101 177
Cash Conversion Cycle 647 696 1,282 711 1,043 2,460 1,205 1,686 1,114 562 1,099 1,385
Working Capital Days 443 450 759 782 1,182 1,740 1,357 1,205 1,190 497 567 1,217
ROCE % 7% 7% 4% 0% -6% -7% -18% -12% -15% -8% 4% -14%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
22.33 22.33 22.34 22.34 22.34 22.34 22.34 22.34 22.34 31.04 34.52 31.27
0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
77.67 77.63 77.66 77.66 77.66 77.66 77.66 77.66 77.66 68.96 65.48 68.73

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