Kalyani Steels Ltd

Kalyani Steels Limited offers iron and steel products, such as bars and rods alloy rolled, and bars and rods iron or non-alloy rolled.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 1.07 times its book value
Cons:
The company has delivered a poor growth of 10.69% 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
305 287 346 319 335 315 337 357 325 386 374 322
218 217 280 258 286 266 288 302 273 326 331 267
Operating Profit 87 70 66 61 50 49 49 55 51 60 43 54
OPM % 29% 24% 19% 19% 15% 16% 15% 15% 16% 15% 11% 17%
Other Income 1 4 1 10 4 2 8 4 1 -5 19 15
Interest 3 3 2 2 2 2 2 3 1 2 2 2
Depreciation 14 13 13 12 10 9 9 10 9 10 10 10
Profit before tax 71 58 52 58 42 40 46 46 43 43 50 56
Tax % 34% 35% 34% 35% 34% 34% 33% 36% 34% 34% 31% 28%
Net Profit 47 38 34 38 27 27 31 30 28 29 35 41
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
867 930 963 1,021 1,236 976 809 1,116 1,226 1,180 1,257 1,344 1,407
761 847 952 959 1,134 934 732 987 1,059 945 970 1,141 1,198
Operating Profit 106 83 11 63 102 43 77 129 167 235 288 203 208
OPM % 12% 9% 1% 6% 8% 4% 9% 12% 14% 20% 23% 15% 15%
Other Income 53 60 51 45 17 27 7 12 2 3 13 17 29
Interest 17 19 28 26 21 21 22 17 15 12 10 9 7
Depreciation 17 19 32 31 29 26 24 34 31 52 52 37 38
Profit before tax 125 105 1 50 69 22 38 89 124 174 239 175 193
Tax % 28% 25% -128% 14% 20% 2% 37% 35% 33% 35% 35% 34%
Net Profit 90 79 3 43 55 22 24 59 83 114 156 115 132
EPS in Rs 8.39 7.37 0.32 4.09 12.19 4.88 5.20 12.89 19.05 25.97 35.79 26.27
Dividend Payout % 19% 22% 0% 13% 16% 20% 27% 22% 0% 0% 14% 19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.75%
5 Years:10.69%
3 Years:3.10%
TTM:4.57%
Compounded Profit Growth
10 Years:4.92%
5 Years:36.92%
3 Years:11.30%
TTM:14.94%
Return on Equity
10 Years:14.01%
5 Years:19.26%
3 Years:20.03%
Last Year:15.46%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 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 44 22 22 22 22 22 22 22 22 22 22
Reserves 410 469 472 255 300 317 333 376 454 568 680 763 869
Borrowings 81 225 248 208 257 227 170 206 219 327 239 169 0
379 388 303 336 218 232 312 431 390 339 424 329 487
Total Liabilities 915 1,125 1,067 821 797 798 836 1,035 1,085 1,256 1,365 1,282 1,377
179 260 255 235 214 191 337 339 442 488 436 437 422
CWIP 47 26 15 2 12 60 14 10 13 0 5 5 5
Investments 193 229 337 89 83 69 49 31 77 249 234 280 366
496 611 461 494 488 479 436 655 552 519 689 560 584
Total Assets 915 1,125 1,067 821 797 798 836 1,035 1,085 1,256 1,365 1,282 1,377

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
79 -71 98 98 37 100 132 39 114 161 152 192
-89 -36 -67 -25 -27 -39 -87 -43 -107 -255 -38 -77
7 105 -28 -65 -6 -60 -55 12 -19 97 -98 -105
Net Cash Flow -4 -1 3 8 3 1 -10 8 -12 2 16 10

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 29% 18% 3% 10% 17% 7% 11% 19% 21% 23% 27% 19%
Debtor Days 67 83 51 81 74 74 81 108 98 107 135 102
Inventory Turnover 9.06 7.44 6.04 7.18 9.54 7.72 6.58 7.46 7.50 8.90 10.31 10.91