Kiri Industries Ltd

Kiri Industries is engaged in manufacturing and selling of Dyes, Dyes Intermediates and Basic Chemicals.

Pros:
Company is virtually debt free.
Stock is trading at 0.97 times its book value
Promoter's stake has increased
Company has a good return on equity (ROE) track record: 3 Years ROE 33.81%
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Chemicals // Industry: Dyes And Pigments

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
293 279 257 297 273 268 248 329 333 373 302 386
250 239 224 254 227 219 206 284 266 300 258 339
Operating Profit 43 40 33 43 46 49 41 45 67 73 44 47
OPM % 15% 14% 13% 14% 17% 18% 17% 14% 20% 20% 14% 12%
Other Income 1 1 0 1 0 0 0 1 1 0 0 1
Interest 3 3 2 2 1 1 1 1 1 1 1 1
Depreciation 7 7 7 9 8 8 8 11 8 9 10 11
Profit before tax 34 31 25 33 38 40 33 34 59 63 33 37
Tax % 3% 10% 9% 22% 9% 13% 18% 12% 14% 15% 18% 28%
Net Profit 82 86 44 53 104 93 42 120 86 112 -9 -26
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
92 802 3,682 556 554 691 931 1,030 1,125 1,117 1,394
85 745 3,665 475 531 619 831 917 966 936 1,163
Operating Profit 6 56 17 81 23 73 100 113 159 181 231
OPM % 7% 7% 0% 15% 4% 11% 11% 11% 14% 16% 17%
Other Income 1 -48 100 -19 -110 -28 2 18 159 233 3
Interest 2 27 113 54 78 80 86 74 9 3 5
Depreciation 1 27 105 32 35 37 28 27 29 34 38
Profit before tax 5 -46 -102 -24 -199 -72 -13 30 279 376 191
Tax % 8% -25% 13% -33% -0% -1% -22% 13% 5% 5%
Net Profit 5 -57 -88 -32 -200 10 182 196 266 358 164
EPS in Rs 0.00 0.00 0.00 0.00 5.22 79.88 73.71 95.39 118.38
Dividend Payout % 106% -4% -3% -0% -0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:28.41%
5 Years:15.05%
3 Years:6.27%
TTM:24.79%
Compounded Profit Growth
10 Years:54.87%
5 Years:%
3 Years:25.41%
TTM:-54.16%
Return on Equity
10 Years:%
5 Years:36.05%
3 Years:33.81%
Last Year:31.54%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
10 15 19 19 19 19 27 31 28 30 31
Reserves 15 976 886 352 150 158 369 596 878 1,335 1,570
Borrowings 36 1,135 273 553 735 782 787 425 184 174 148
11 642 2,603 201 210 254 377 292 386 289 298
Total Liabilities 72 2,769 3,781 1,126 1,114 1,212 1,556 1,339 1,476 1,828 2,048
19 712 747 349 325 324 368 333 376 412 401
CWIP 0 10 37 95 109 111 89 6 36 32 60
Investments 0 13 15 114 114 196 394 568 717 948 1,042
53 2,033 2,982 568 567 581 705 433 347 436 546
Total Assets 72 2,769 3,781 1,126 1,114 1,212 1,556 1,339 1,476 1,828 2,048

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-9 -123 -563 114 32 169 -83 226 206 70
-10 116 -212 -158 -22 -120 -247 -212 -105 -71
19 303 660 37 -8 -45 325 1 -119 1
Net Cash Flow -1 296 -116 -8 1 4 -6 16 -19 0

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 4% 1% 5% -1% 4% 7% 9% 27% 29%
Debtor Days 109 242 105 177 189 175 184 90 48 68
Inventory Turnover 1.96 3.16 0.65 3.06 4.24 7.72 11.00 13.37 11.08