KRBL Ltd

About

KRBL is worlds leading basmati rice producer and has fully integrated operations in every aspect of basmati value chain, right from seed development, contract farming, procurement of paddy, storage, processing, packaging, branding and marketing.(Source : 202003 Annual Report Page No:181)

Key Points

India’s first integrated rice company[1] With a 120 year heritage, KRBL is the largest integrated rice miller of the country, is one of the major producers of rice products (both basmati and non-basmati rice), further the Company is engaged in the production of milling by-products like bran oil, furfural, rice bran, and de-oiled cakes.

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  • Market Cap 5,733 Cr.
  • Current Price 244
  • High / Low 338 / 173
  • Stock P/E 10.2
  • Book Value 165
  • Dividend Yield 1.44 %
  • ROCE 19.9 %
  • ROE 16.4 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 3.51% over past five years.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
936 1,196 1,218 890 1,329 1,062 764 1,133 1,121 974 1,016 1,054
733 966 980 724 1,090 834 581 913 911 765 823 855
Operating Profit 203 231 238 166 239 228 183 221 209 209 193 198
OPM % 22% 19% 20% 19% 18% 21% 24% 19% 19% 21% 19% 19%
Other Income 5 3 2 6 5 9 9 3 8 3 15 6
Interest 29 21 23 7 14 18 8 3 5 8 4 2
Depreciation 15 15 18 19 18 18 18 18 18 18 18 19
Profit before tax 164 197 199 146 211 201 166 202 194 186 186 183
Tax % 35% 30% 32% 22% 25% 26% 24% 26% 25% 26% 24% 26%
Net Profit 107 139 136 113 159 150 126 150 145 138 141 136
EPS in Rs 4.55 5.89 5.78 4.82 6.75 6.36 5.34 6.36 6.17 5.87 5.98 5.79

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
1,573 1,538 1,602 2,051 2,882 3,143 3,360 3,145 3,246 4,120 4,499 3,992 4,164
1,375 1,313 1,372 1,758 2,441 2,617 2,913 2,502 2,472 3,271 3,629 3,170 3,355
Operating Profit 197 225 230 293 441 526 447 644 774 850 870 822 810
OPM % 13% 15% 14% 14% 15% 17% 13% 20% 24% 21% 19% 21% 19%
Other Income 23 20 -19 19 20 2 61 10 18 15 23 23 31
Interest 42 51 72 78 76 81 67 55 69 68 62 24 17
Depreciation 28 36 45 51 58 53 50 61 68 64 73 72 73
Profit before tax 150 158 95 184 326 394 391 538 655 733 758 749 750
Tax % 17% 24% 23% 30% 22% 18% 25% 26% 34% 31% 26% 25%
Net Profit 125 120 73 130 255 322 293 399 434 503 558 559 560
EPS in Rs 5.12 4.95 3.00 5.37 10.84 13.67 12.45 16.97 18.46 21.37 23.71 23.74 23.81
Dividend Payout % 6% 6% 10% 15% 11% 12% 15% 12% 12% 12% 12% 15%
Compounded Sales Growth
10 Years: 10%
5 Years: 4%
3 Years: 7%
TTM: -3%
Compounded Profit Growth
10 Years: 17%
5 Years: 14%
3 Years: 9%
TTM: -4%
Stock Price CAGR
10 Years: 31%
5 Years: -2%
3 Years: -7%
1 Year: -6%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 18%
Last Year: 16%

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 Sep 2021
24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 511 623 693 805 1,020 1,301 1,475 1,884 2,264 2,703 3,104 3,669 3,863
Borrowings 604 902 938 870 1,380 1,351 1,167 1,090 1,245 1,428 572 369 158
212 326 353 310 291 390 315 425 324 481 724 566 543
Total Liabilities 1,352 1,875 2,009 2,010 2,715 3,066 2,981 3,422 3,858 4,636 4,423 4,628 4,587
318 385 418 443 563 640 765 1,013 982 941 979 947 925
CWIP 36 20 8 15 14 114 100 2 2 1 12 9 14
Investments 0 9 7 6 6 7 13 10 9 8 6 19 883
998 1,461 1,575 1,546 2,131 2,306 2,103 2,397 2,864 3,687 3,425 3,653 2,765
Total Assets 1,352 1,875 2,009 2,010 2,715 3,066 2,981 3,422 3,858 4,636 4,423 4,628 4,587

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
207 -171 145 189 -489 337 510 258 61 -115 1,212 384
-130 -96 -66 -82 1 -231 -174 -208 -49 20 -54 -12
-46 228 -68 -111 391 -147 -332 -74 25 59 -1,148 -227
Net Cash Flow 31 -39 11 -3 -96 -42 4 -23 37 -35 10 145

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 31 35 52 35 36 39 17 27 28 35 19 18
Inventory Days 235 373 369 289 273 283 248 331 415 395 323 392
Days Payable 30 41 39 18 24 24 20 42 12 12 9 13
Cash Conversion Cycle 236 367 382 306 285 299 245 316 431 418 332 398
Working Capital Days 174 267 272 215 221 219 196 236 289 286 206 257
ROCE % 18% 16% 12% 15% 19% 19% 17% 21% 22% 21% 21% 20%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
58.81 58.81 58.81 58.81 59.13 59.46 59.46 59.46 59.46 59.46 59.46 59.46
6.73 6.92 6.92 7.02 7.00 6.44 6.18 4.33 4.03 3.57 2.82 2.72
0.85 0.87 0.88 0.59 0.57 0.57 0.55 1.90 1.75 0.76 0.05 0.01
2.76 2.76 2.76 2.76 2.76 4.56 6.09 6.09 6.09 6.09 6.09 6.09
30.85 30.64 30.63 30.82 30.54 28.97 27.73 28.23 28.67 30.13 31.59 31.72

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