NELCO Ltd

Nelco Limited (Nelco) is a very small aperture terminal (VSAT) provider and offers network communications solutions.

Pros:
Company has reduced debt.
Promoter's stake has increased
Cons:
Stock is trading at 12.10 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 1.75% over past five years.
Company has a low return on equity of 9.64% for last 3 years.

Peer Comparison Sector: Telecomm Equipment & Infra Services // Industry: Telecommunications - Equipment

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
33.88 36.31 36.49 36.99 37.20 36.12 37.24 39.05 49.03 45.19 45.28 51.51
28.86 31.35 31.98 33.03 31.94 31.62 30.05 30.87 40.44 37.94 36.38 40.36
Operating Profit 5.02 4.96 4.51 3.96 5.26 4.50 7.19 8.18 8.59 7.25 8.90 11.15
OPM % 14.82% 13.66% 12.36% 10.71% 14.14% 12.46% 19.31% 20.95% 17.52% 16.04% 19.66% 21.65%
Other Income 0.89 0.48 2.04 1.59 0.64 2.59 1.22 1.06 0.72 1.24 1.41 1.01
Interest 2.28 2.28 2.06 1.88 1.70 1.53 1.49 1.21 1.47 1.59 1.96 2.27
Depreciation 1.84 1.94 2.14 2.10 2.21 2.10 2.34 2.84 2.89 2.96 3.25 3.86
Profit before tax 1.79 1.22 2.35 1.57 1.99 3.46 4.58 5.19 4.95 3.94 5.10 6.03
Tax % 0.00% 0.00% 2.55% 37.58% 0.00% 17.63% 25.11% 26.01% 20.61% -156.09% 21.57% 29.19%
Net Profit 1.79 1.22 2.29 0.98 1.99 2.85 3.43 3.84 3.93 10.09 4.00 4.27
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Sep 2006 Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 TTM
117.26 73.40 209.39 362.69 158.02 131.76 160.72 134.74 123.27 199.94 143.67 191.01
101.92 62.19 184.67 335.69 163.68 137.39 147.41 133.14 119.66 176.66 125.54 155.12
Operating Profit 15.34 11.21 24.72 27.00 -5.66 -5.63 13.31 1.60 3.61 23.28 18.13 35.89
OPM % 13.08% 15.27% 11.81% 7.44% -3.58% -4.27% 8.28% 1.19% 2.93% 11.64% 12.62% 18.79%
Other Income 1.56 2.23 3.60 12.69 56.30 5.17 5.39 0.05 13.99 3.13 5.32 4.38
Interest 9.32 5.20 12.64 21.25 14.71 8.18 9.01 9.98 6.82 13.09 8.50 7.29
Depreciation 3.42 3.38 5.97 11.42 7.15 7.78 8.84 8.92 8.61 11.11 8.02 12.96
Profit before tax 4.16 4.86 9.71 7.02 28.78 -16.42 0.85 -17.25 2.17 2.21 6.93 20.02
Tax % 18.03% 12.76% 16.58% 143.45% 25.12% 3.90% 18.82% 1.57% 23.96% 0.00% 9.38%
Net Profit 3.41 4.24 8.10 3.30 22.39 -15.54 1.03 -16.63 1.93 2.21 6.28 22.29
EPS in Rs 1.49 3.72 3.55 0.90 9.48 0.00 0.37 0.00 0.85 0.65 2.75
Dividend Payout % 0.00% 0.00% 0.00% 41.49% 20.38% -0.00% 110.78% -0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:2.05%
5 Years:1.75%
3 Years:2.16%
TTM:27.67%
Compounded Profit Growth
10 Years:7.63%
5 Years:%
3 Years:%
TTM:84.06%
Return on Equity
10 Years:-13.06%
5 Years:-11.47%
3 Years:9.64%
Last Year:33.30%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Sep 2006 Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2019
22.82 22.82 22.82 22.82 22.82 22.82 22.82 22.82 22.82 22.82 22.82 22.82
Reserves -4.18 -0.10 6.78 8.48 25.55 10.01 9.72 -6.91 -5.92 -6.97 -0.95 33.02
Borrowings 93.09 95.15 89.66 96.29 72.87 53.23 89.08 80.90 66.44 84.99 56.59 67.91
72.77 66.34 108.20 140.13 79.25 93.34 66.56 70.51 63.14 56.07 52.68 113.60
Total Liabilities 184.50 184.21 227.46 267.72 200.49 179.40 188.18 167.32 146.48 156.91 131.14 237.35
20.79 30.94 31.34 38.47 36.94 41.62 38.72 37.42 35.46 27.61 35.60 86.68
CWIP 0.24 0.97 2.96 0.43 1.85 0.55 0.20 0.73 3.36 6.11 2.85 16.60
Investments 4.80 7.66 9.77 6.61 7.33 7.53 7.83 8.14 8.33 8.77 5.27 0.16
158.67 144.64 183.39 222.21 154.37 129.70 141.43 121.03 99.33 114.42 87.42 133.91
Total Assets 184.50 184.21 227.46 267.72 200.49 179.40 188.18 167.32 146.48 156.91 131.14 237.35

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Sep 2006 Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017
10.66 11.21 35.41 11.94 -36.93 41.99 -26.92 25.50 32.53 2.68 35.89
-5.05 -7.13 -8.12 2.73 -8.41 -10.09 -6.03 -8.01 -7.20 -7.71 -11.81
-6.14 -3.00 -16.78 -11.44 35.18 -31.46 30.95 -18.34 -24.40 5.37 -25.97
Net Cash Flow -0.53 1.08 10.51 3.23 -10.16 0.44 -2.00 -0.85 0.93 0.34 -1.89

Ratios Consolidated / View Standalone

Sep 2006 Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017
ROCE % 10.12% 19.94% 19.50% -6.72% -10.69% 6.97% -6.39% 4.72% 14.88% 17.21%
Debtor Days 250.92 403.14 183.97 152.19 258.10 184.08 172.60 151.73 114.41 78.70 93.21
Inventory Turnover 2.47 7.26 11.99 7.11 8.00 8.05 6.64 7.09 17.28 16.89