Linde India Ltd

Linde India Ltd

₹ 6,409 0.50%
28 Mar - close price
About

Linde India Limited, a subsidiary of BOC Group,UK (owns 75% stake in the co), is primarily engaged in manufacture of industrial and medical gases and construction of cryogenic and non cryogenic air separation plants.[1]

Key Points

Business Segment
Gas and Related Products: It comprises of pipeline gas supplies to large industrial customers like primary steel, glass and chemical industries, supply of liquefied gases through Cryogenic tankers (Bulk) to cater to demand across a wide range of industrial sectors and compressed gas supply in cylinders (Packaged Gas) for meeting smaller demand for gases mainly across fabrication, manufacturing and construction industry.
Healthcare business: It provides high quality gases for pharmaceutical use such as medical oxygen, synthetic air and nitrous oxide in addition to providing state of the art medical gas distribution systems to major hospitals.
Project Engineering division (PED): It comprises the business of design, engineering, supply, installation, testing and commissioning of Air Separation plants and related projects on turnkey basis. [1][2]

  • Market Cap 54,655 Cr.
  • Current Price 6,409
  • High / Low 6,969 / 3,809
  • Stock P/E 128
  • Book Value 381
  • Dividend Yield 0.07 %
  • ROCE 20.8 %
  • ROE 18.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 90.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.6%
  • Debtor days have improved from 76.6 to 55.5 days.

Cons

  • Stock is trading at 16.8 times its book value
  • Company has a low return on equity of 13.0% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
475 441 519 507 644 534 588 686 697 630 721 711 706
345 309 383 377 496 403 453 542 529 445 557 538 520
Operating Profit 130 132 136 130 148 132 135 144 168 186 164 174 186
OPM % 27% 30% 26% 26% 23% 25% 23% 21% 24% 29% 23% 24% 26%
5 299 20 12 4 16 11 38 22 22 20 21 25
Interest 1 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 47 45 45 45 46 46 46 44 48 66 49 50 51
Profit before tax 87 385 111 97 105 101 98 137 141 141 134 143 159
Tax % 35% 21% 35% 34% 35% 35% -75% 34% 22% 30% 25% 24% 25%
57 303 72 64 68 66 172 91 110 99 100 109 120
EPS in Rs 6.66 35.56 8.50 7.46 7.95 7.74 20.15 10.66 12.90 11.64 11.71 12.75 14.08
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 TTM
1,825 2,033 2,192 1,762 1,471 2,112 3,136 2,769
1,539 1,705 1,866 1,347 1,096 1,564 2,371 2,059
Operating Profit 287 328 326 415 375 548 764 710
OPM % 16% 16% 15% 24% 25% 26% 24% 26%
40 8 15 862 36 335 113 88
Interest 116 116 103 86 6 3 6 5
Depreciation 195 206 199 177 176 181 253 215
Profit before tax 16 13 39 1,013 229 698 618 577
Tax % -20% -21% 35% 28% 34% 27% 13%
19 16 26 727 151 507 538 428
EPS in Rs 2.23 1.90 3.01 85.27 17.72 59.47 63.09 50.18
Dividend Payout % 34% 53% 50% 12% 17% 23% 19%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 21%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: 91%
3 Years: 63%
TTM: -2%
Stock Price CAGR
10 Years: 35%
5 Years: 67%
3 Years: 55%
1 Year: 64%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 13%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023 Sep 2023
Equity Capital 85 85 85 85 85 85 85 85
Reserves 1,356 1,365 1,377 2,087 2,149 2,630 3,055 3,161
1,445 1,282 1,199 108 7 24 22 22
722 680 759 970 1,045 1,277 1,238 1,230
Total Liabilities 3,608 3,412 3,420 3,250 3,286 4,017 4,400 4,498
2,573 2,498 2,162 2,035 1,989 1,869 1,762 1,697
CWIP 80 36 44 53 17 68 225 371
Investments 61 58 0 0 4 9 32 36
895 821 1,214 1,162 1,276 2,071 2,380 2,393
Total Assets 3,608 3,412 3,420 3,250 3,286 4,017 4,400 4,498

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023
293 252 376 327 339 589 629
-128 -59 -73 981 -54 98 -306
-80 -261 -216 -1,193 -201 -28 -119
Net Cash Flow 85 -68 87 115 84 659 203

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Mar 2023
Debtor Days 71 63 61 79 101 73 56
Inventory Days 102 91 66 57 72 37 22
Days Payable 447 348 293 327 477 312 158
Cash Conversion Cycle -274 -194 -166 -190 -303 -202 -80
Working Capital Days -50 -42 -33 -24 13 -3 -9
ROCE % 5% 5% 10% 10% 17% 21%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
1.62% 1.55% 2.38% 2.56% 2.59% 2.65% 2.77% 2.80% 2.77% 2.85% 2.89% 2.25%
11.42% 10.47% 8.71% 8.27% 8.31% 7.97% 7.77% 7.80% 8.01% 7.76% 7.44% 7.22%
11.96% 12.98% 13.91% 14.17% 14.10% 14.38% 14.45% 14.39% 14.23% 14.38% 14.67% 15.52%
No. of Shareholders 23,78346,08047,02346,25348,53751,97450,99550,48144,45744,13749,72454,661

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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