NELCO Ltd

NELCO is engaged in business of providing systems and solutions in the areas of VSAT connectivity and Integrated Security & Surveillance. The Company offers a range of innovative and customised solutions for businesses and government institutions under one roof.(Source : 201903 Annual Report Page No: 75)

Pros:
Promoter's stake has increased
Company has a good return on equity (ROE) track record: 3 Years ROE 35.24%
Cons:
Stock is trading at 8.67 times its book value
The company has delivered a poor growth of 7.23% over past five years.
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
36.31 36.49 36.99 37.20 36.12 37.24 39.05 49.03 45.19 45.28 51.51 48.76
31.35 31.98 33.03 31.94 31.62 30.05 30.87 40.40 37.94 36.38 40.36 38.17
Operating Profit 4.96 4.51 3.96 5.26 4.50 7.19 8.18 8.63 7.25 8.90 11.15 10.59
OPM % 13.66% 12.36% 10.71% 14.14% 12.46% 19.31% 20.95% 17.60% 16.04% 19.66% 21.65% 21.72%
Other Income 0.48 2.04 1.59 0.64 2.59 1.22 1.06 0.72 1.24 1.41 1.01 1.49
Interest 2.28 2.06 1.88 1.70 1.53 1.49 1.21 1.51 1.59 1.96 2.27 3.03
Depreciation 1.94 2.14 2.10 2.21 2.10 2.34 2.84 2.89 2.96 3.25 3.86 4.57
Profit before tax 1.22 2.35 1.57 1.99 3.46 4.58 5.19 4.95 3.94 5.10 6.03 4.48
Tax % 0.00% 2.55% 37.58% 0.00% 17.63% 25.11% 26.01% 20.61% -156.09% 21.57% 29.19% 24.55%
Net Profit 1.22 2.29 0.98 1.99 2.85 3.43 3.84 3.93 10.09 4.00 4.27 3.38
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
73.40 209.39 362.69 158.02 131.76 160.72 134.74 123.27 199.94 143.67 149.61 191.01 190.74
62.19 184.67 335.69 163.68 137.39 147.41 133.14 119.66 176.66 125.22 124.48 155.02 152.85
Operating Profit 11.21 24.72 27.00 -5.66 -5.63 13.31 1.60 3.61 23.28 18.45 25.13 35.99 37.89
OPM % 15.27% 11.81% 7.44% -3.58% -4.27% 8.28% 1.19% 2.93% 11.64% 12.84% 16.80% 18.84% 19.86%
Other Income 2.23 3.60 12.69 56.30 5.17 5.39 0.05 13.99 3.13 5.00 5.51 4.37 5.15
Interest 5.20 12.64 21.25 14.71 8.18 9.01 9.98 6.82 13.09 8.50 5.93 7.38 8.85
Depreciation 3.38 5.97 11.42 7.15 7.78 8.84 8.92 8.61 11.11 8.02 9.49 12.96 14.64
Profit before tax 4.86 9.71 7.02 28.78 -16.42 0.85 -17.25 2.17 2.21 6.93 15.22 20.02 19.55
Tax % 12.76% 16.58% 143.45% 25.12% 3.90% 18.82% 1.57% 23.96% 0.00% 9.38% 20.43% -11.34%
Net Profit 4.24 8.10 3.30 22.39 -15.54 1.03 -16.63 1.93 2.21 6.28 12.11 22.29 21.74
EPS in Rs 3.72 3.55 0.90 9.48 0.00 0.37 0.00 0.85 0.65 2.75 5.31 9.77
Dividend Payout % 0.00% 0.00% 41.49% 20.38% -0.00% 110.78% -0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-0.91%
5 Years:7.23%
3 Years:-1.51%
TTM:18.15%
Compounded Profit Growth
10 Years:4.38%
5 Years:%
3 Years:141.94%
TTM:54.73%
Return on Equity
10 Years:-7.98%
5 Years:24.90%
3 Years:35.24%
Last Year:31.29%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 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 -0.10 6.78 8.48 25.55 10.01 9.72 -6.91 -5.92 -6.97 -0.95 10.95 33.02
Borrowings 95.15 89.66 96.29 72.87 53.23 89.08 80.90 66.44 84.99 56.55 50.02 67.91
66.34 108.20 140.13 79.25 93.34 66.56 70.51 63.14 56.07 52.11 79.89 115.65
Total Liabilities 184.21 227.46 267.72 200.49 179.40 188.18 167.32 146.48 156.91 130.53 163.68 239.40
30.94 31.34 38.47 36.94 41.62 38.72 37.42 35.46 27.61 35.60 50.76 86.68
CWIP 0.97 2.96 0.43 1.85 0.55 0.20 0.73 3.36 6.11 2.85 4.68 16.60
Investments 7.66 9.77 6.61 7.33 7.53 7.83 8.14 8.33 8.77 5.27 5.76 0.16
144.64 183.39 222.21 154.37 129.70 141.43 121.03 99.33 114.42 86.81 102.48 135.96
Total Assets 184.21 227.46 267.72 200.49 179.40 188.18 167.32 146.48 156.91 130.53 163.68 239.40

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019
11.21 35.41 11.94 -36.93 41.99 -26.92 25.50 32.53 2.68 37.93 32.15 21.22
-7.13 -8.12 2.73 -8.41 -10.09 -6.03 -8.01 -7.20 -7.71 -2.51 -14.26 -44.68
-3.00 -16.78 -11.44 35.18 -31.46 30.95 -18.34 -24.40 5.37 -40.12 -12.19 25.02
Net Cash Flow 1.08 10.51 3.23 -10.16 0.44 -2.00 -0.85 0.93 0.34 -4.70 5.70 1.56

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 19.94% 19.50% -6.72% -10.69% 6.97% -6.39% 4.72% 14.88% 17.22% 25.82% 26.35%
Debtor Days 403.14 183.97 152.19 258.10 184.08 172.60 151.73 114.41 78.70 85.49 133.52 114.60
Inventory Turnover 7.26 11.99 7.11 8.00 8.05 6.64 7.09 17.28 16.89 16.73 22.79