Linde India Ltd

About

Linde India Limited, formerly BOC India Limited, is engaged in the gases business.

  • Market Cap 21,466 Cr.
  • Current Price 2,508
  • High / Low 2,947 / 880
  • Stock P/E 82.9
  • Book Value 299
  • Dividend Yield 0.12 %
  • ROCE 10.4 %
  • ROE 6.83 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 52.75% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.12%

Cons

  • Stock is trading at 8.38 times its book value
  • The company has delivered a poor sales growth of -1.25% over past five years.
  • Company has a low return on equity of 5.65% for last 3 years.
  • Earnings include an other income of Rs.341.28 Cr.
  • Debtor days have increased from 80.36 to 101.03 days.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
563 441 498 410 413 377 248 370 475 441 519 507
478 328 404 300 313 290 177 283 345 309 383 377
Operating Profit 85 113 95 110 100 87 71 87 130 132 136 130
OPM % 15% 26% 19% 27% 24% 23% 29% 23% 27% 30% 26% 26%
Other Income 7 5 2 10 843 17 3 11 14 299 18 11
Interest 25 23 23 22 18 3 2 1 1 1 1 1
Depreciation 46 42 43 43 49 44 42 43 47 45 45 45
Profit before tax 21 52 31 54 876 57 30 54 96 385 109 95
Tax % 28% 32% 35% 32% 28% 31% 36% 35% 35% 21% 35% 35%
Net Profit 15 36 20 37 634 39 20 35 62 303 71 62
EPS in Rs 1.81 4.17 2.36 4.33 74.40 4.58 2.29 4.07 7.30 35.48 8.27 7.31

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 TTM
804 986 1,153 1,324 1,428 1,491 1,567 1,825 2,033 2,192 1,762 1,471 1,943
686 819 925 1,120 1,167 1,214 1,337 1,539 1,705 1,866 1,347 1,096 1,415
Operating Profit 119 167 228 205 261 277 230 287 328 326 415 375 528
OPM % 15% 17% 20% 15% 18% 19% 15% 16% 16% 15% 24% 25% 27%
Other Income 19 22 18 74 59 11 22 34 11 23 862 44 341
Interest 0 0 1 40 74 103 90 116 116 103 86 6 3
Depreciation 47 59 71 113 129 181 162 195 206 199 177 176 182
Profit before tax 90 130 175 126 117 4 1 10 16 47 1,013 236 685
Tax % 41% 28% 30% 29% 34% -51% -4,164% -31% -17% 29% 28% 34%
Net Profit 53 94 122 89 77 5 23 13 19 33 727 156 498
EPS in Rs 6.24 10.98 14.27 10.49 9.07 0.63 2.75 1.57 2.22 3.93 85.27 18.24 58.36
Dividend Payout % 24% 14% 11% 14% 17% 237% 27% 48% 45% 38% 12% 16%
Compounded Sales Growth
10 Years: 4%
5 Years: -1%
3 Years: -10%
TTM: 38%
Compounded Profit Growth
10 Years: 5%
5 Years: 53%
3 Years: 84%
TTM: 119%
Stock Price CAGR
10 Years: 24%
5 Years: 47%
3 Years: 55%
1 Year: 175%
Return on Equity
10 Years: 4%
5 Years: 4%
3 Years: 6%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Jun 2021
85 85 85 85 85 85 85 85 85 85 85 85 85
Reserves 973 1,030 1,177 1,249 1,342 1,304 1,307 1,310 1,322 1,342 2,052 2,118 2,467
Borrowings 118 469 838 1,099 1,528 1,564 1,388 1,445 1,282 1,199 108 7 6
571 736 880 981 1,011 926 883 722 680 759 970 1,034 1,098
Total Liabilities 1,746 2,320 2,980 3,414 3,966 3,880 3,664 3,563 3,369 3,385 3,215 3,245 3,657
690 843 993 1,684 1,665 2,201 2,158 2,573 2,498 2,162 2,035 1,989 1,904
CWIP 427 787 499 576 744 356 577 80 36 44 53 17 44
Investments 15 15 15 15 15 15 15 15 15 0 0 2 2
615 676 1,474 1,139 1,542 1,308 915 895 821 1,179 1,127 1,237 1,707
Total Assets 1,746 2,320 2,980 3,414 3,966 3,880 3,664 3,563 3,369 3,385 3,215 3,245 3,657

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
93 140 193 96 229 271 242 293 252 376 327 339
-259 -497 -419 -166 -385 -264 -58 -128 -59 -73 981 -54
100 342 192 93 169 -8 -222 -80 -261 -216 -1,193 -201
Net Cash Flow -66 -15 -34 23 12 -1 -37 85 -68 87 115 84

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Debtor Days 55 75 103 85 74 75 78 71 63 61 79 101
Inventory Days 98 111 140 86 104 153 141 102 91 66 57 72
Days Payable 341 504 475 310 424 541 466 447 348 293 327 477
Cash Conversion Cycle -188 -319 -232 -139 -246 -313 -247 -274 -194 -166 -190 -303
Working Capital Days 21 -14 -5 15 39 32 30 21 22 50 1 6
ROCE % 8% 9% 9% 4% 5% 3% 3% 4% 5% 6% 11% 10%

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
75.00 75.00 75.00 75.00 75.03 75.03 75.00 75.00 75.00 75.00 75.00 75.00
1.99 1.54 1.87 1.88 1.53 1.98 1.83 1.99 2.05 1.62 1.55 2.38
13.80 13.83 13.84 14.02 13.94 13.02 12.87 12.07 11.90 11.42 10.47 8.71
9.21 9.63 9.29 9.10 9.50 9.97 10.30 10.94 11.05 11.96 12.98 13.91

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