Kalyani Steels Ltd

Kalyani Steels is primarily engaged in the business of manufacture and sale of Iron and Steel Products.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.85 times its book value
Cons:
The company has delivered a poor growth of 4.74% over past five years.

Peer Comparison Sector: Steel // Industry: Steel - Medium / Small

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
287 346 319 335 315 337 357 325 386 374 322 343
217 280 258 286 266 288 302 273 326 331 267 282
Operating Profit 70 66 61 50 49 49 55 51 60 43 54 62
OPM % 24% 19% 19% 15% 16% 15% 15% 16% 15% 11% 17% 18%
Other Income 4 1 10 4 2 8 4 1 -5 19 15 5
Interest 3 2 2 2 2 2 3 1 2 2 2 2
Depreciation 13 13 12 10 9 9 10 9 10 10 10 9
Profit before tax 58 52 58 42 40 46 46 43 43 50 56 55
Tax % 35% 34% 35% 34% 34% 33% 36% 34% 34% 31% 28% 33%
Net Profit 38 34 38 27 27 31 30 28 29 35 41 37
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
930 963 1,021 1,236 976 809 1,116 1,226 1,180 1,257 1,345 1,407 1,425
847 952 959 1,134 934 732 987 1,059 945 970 1,142 1,194 1,207
Operating Profit 83 11 63 102 43 77 129 167 235 288 203 212 219
OPM % 9% 1% 6% 8% 4% 9% 12% 14% 20% 23% 15% 15% 15%
Other Income 60 51 45 17 27 7 12 2 3 13 17 25 33
Interest 19 28 26 21 21 22 17 15 12 10 9 7 8
Depreciation 19 32 31 29 26 24 34 31 52 52 37 38 39
Profit before tax 105 1 50 69 22 38 89 124 174 239 175 192 205
Tax % 25% -128% 14% 20% 2% 37% 35% 33% 35% 35% 34% 31%
Net Profit 79 3 43 55 22 24 59 83 114 156 115 132 141
EPS in Rs 7.37 0.32 4.09 12.19 4.88 5.20 12.89 19.05 25.97 35.79 26.27 30.20
Dividend Payout % 22% 0% 13% 16% 20% 27% 22% 0% 0% 14% 19% 17%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.86%
5 Years:4.74%
3 Years:6.02%
TTM:6.84%
Compounded Profit Growth
10 Years:%
5 Years:16.19%
3 Years:2.98%
TTM:21.77%
Return on Equity
10 Years:15.76%
5 Years:18.53%
3 Years:17.76%
Last Year:14.81%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
44 44 22 22 22 22 22 22 22 22 22 22
Reserves 469 472 255 300 317 333 376 454 568 680 763 869
Borrowings 225 248 208 257 227 170 206 219 327 239 169 18
388 303 336 218 232 312 431 390 339 424 329 473
Total Liabilities 1,125 1,067 821 797 798 836 1,035 1,085 1,256 1,365 1,282 1,381
260 255 235 214 191 337 339 442 488 436 437 422
CWIP 26 15 2 12 60 14 10 13 0 5 5 5
Investments 229 337 89 83 69 49 31 77 249 234 280 366
611 461 494 488 479 436 655 552 519 689 560 587
Total Assets 1,125 1,067 821 797 798 836 1,035 1,085 1,256 1,365 1,282 1,381

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-71 98 98 37 100 132 39 114 161 152 191 286
-36 -67 -25 -27 -39 -87 -43 -107 -255 -38 -77 -100
105 -28 -65 -6 -60 -55 12 -19 97 -98 -105 -181
Net Cash Flow -1 3 8 3 1 -10 8 -12 2 16 10 5

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 18% 3% 10% 17% 7% 11% 19% 21% 23% 27% 19% 20%
Debtor Days 83 51 81 74 74 81 108 98 107 135 102 92
Inventory Turnover 7.44 6.04 7.18 9.54 7.72 6.58 7.46 7.50 8.90 10.31 10.92 10.57