National Aluminium Company Ltd

National Aluminium is engaged in the business of manufacturing and selling of Alumina and Aluminium.

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Pros:

Company is virtually debt free.

Stock is trading at 0.81 times its book value

Stock is providing a good dividend yield of 12.91%.

Company has been maintaining a healthy dividend payout of 76.17%

Cons:

Promoter's stake has decreased

The company has delivered a poor growth of 6.57% over past five years.

Company has a low return on equity of 6.18% for last 3 years.

Peer Comparison Sector: Non Ferrous Metals // Industry: Aluminium and Aluminium Products

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	1,530	1,846	1,988	2,550	1,803	2,455	2,389	2,863	2,973	3,041	2,719	2,766
	1,335	1,674	1,703	2,122	1,575	2,119	2,045	2,373	1,962	2,190	2,206	2,249
Operating Profit	195	172	285	427	228	335	344	490	1,011	851	513	518
OPM %	13%	9%	14%	17%	13%	14%	14%	17%	34%	28%	19%	19%
Other Income	134	137	39	59	86	97	878	64	153	90	76	7
Interest	1	1	1	1	0	0	1	1	1	1	1	1
Depreciation	119	135	118	109	117	112	124	127	122	116	118	120
Profit before tax	209	173	206	377	196	320	1,097	426	1,042	825	470	403
Tax %	35%	30%	30%	29%	34%	27%	34%	40%	34%	38%	36%	42%
Net Profit	135	121	144	268	129	235	722	257	687	510	302	234
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	5,943	4,990	5,095	5,056	6,057	6,612	6,916	6,781	7,383	6,818	7,543	9,509	11,499
	2,363	2,737	3,326	3,976	4,364	5,475	5,841	5,693	5,510	5,858	6,463	8,158	8,607
Operating Profit	3,580	2,253	1,769	1,079	1,693	1,136	1,075	1,087	1,873	960	1,080	1,351	2,893
OPM %	60%	45%	35%	21%	28%	17%	16%	16%	25%	14%	14%	14%	25%
Other Income	403	557	513	480	353	660	511	558	821	658	368	1,170	326
Interest	46	62	82	85	101	132	176	203	167	3	3	2	2
Depreciation	317	281	272	319	422	467	505	525	414	426	480	480	476
Profit before tax	3,620	2,467	1,927	1,155	1,524	1,198	905	918	2,113	1,189	965	2,039	2,740
Tax %	34%	34%	34%	30%	30%	29%	34%	30%	37%	34%	31%	34%
Net Profit	2,381	1,632	1,272	814	1,069	850	593	642	1,322	787	669	1,342	1,732
EPS in Rs	8.96	6.08	4.73	3.05	3.98	3.14	2.09	2.24	4.78	2.80	2.89	5.99
Dividend Payout %	20%	24%	25%	20%	36%	30%	54%	60%	34%	65%	81%	82%

* Sales is net of excise duty and discounts

	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
	644	644	644	644	1,289	1,289	1,289	1,289	1,289	1,289	966	966	933
Reserves	7,051	8,230	9,126	9,751	9,876	10,426	10,644	10,834	11,509	11,906	9,239	9,538	9,552
Borrowings	0	0	0	9	15	0	0	0	0	0	51	45	67
	1,899	2,148	2,630	2,996	3,938	3,994	4,618	4,681	3,550	3,752	4,505	4,414	4,596
Total Liabilities	9,594	11,023	12,400	13,400	15,117	15,709	16,551	16,804	16,347	16,947	14,762	14,964	15,147
	3,712	3,532	4,032	4,836	5,494	6,612	6,629	6,792	6,645	6,596	7,144	7,139	7,325
CWIP	840	2,335	2,837	2,243	1,707	684	1,002	769	550	688	566	915	844
Investments	0	115	896	987	1,332	754	1,490	1,245	951	1,010	1,261	711	257
	5,042	5,041	4,636	5,333	6,585	7,658	7,430	7,998	8,201	8,653	5,791	6,199	6,722
Total Assets	9,594	11,023	12,400	13,400	15,117	15,709	16,551	16,804	16,347	16,947	14,762	14,964	15,147

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	2,724	1,902	1,938	1,172	1,630	887	441	981	520	881	1,436	1,467
	-642	-1,544	-2,198	-593	-768	-82	-877	78	566	314	1,550	-366
	-589	-528	-388	-295	-219	-431	-229	-515	-506	-544	-3,616	-1,100
Net Cash Flow	1,493	-170	-647	283	643	373	-664	544	580	651	-630	1

	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 %	54%	31%	22%	12%	15%	11%	9%	9%	16%	9%	9%	12%
Debtor Days	2	4	2	13	7	8	8	13	6	13	9	10
Inventory Turnover	9.70	7.55	6.53	5.56	6.01	5.83	5.37	5.31	6.31	6.14	6.82	8.09