PNB Gilts Ltd

PNB Gilts is primary activities entail supporting government borrowing program via underwriting of government securities issuances and trade in a fixed income instruments such as Government securities, Treasury Bills, State Development Loans, Corporate Bonds, Interest Rate Swaps and various money market instruments such as Certificates of Deposits, Commercial Papers etc.(Source : 201903 Annual Report Page No: 78)

Pros:
Stock is trading at 0.69 times its book value
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 450.42%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 7.99% over past five years.
Company has a low return on equity of 8.63% for last 3 years.

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
175 166 61 119 102 34 101 100 118 202 149 194
4 4 5 6 2 3 13 63 4 5 11 6
Operating Profit 171 162 55 112 100 31 89 37 115 197 138 188
OPM % 98% 97% 91% 95% 98% 90% 88% 37% 97% 98% 92% 97%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Interest 64 61 36 78 91 86 78 80 103 106 115 120
Depreciation 0 0 0 0 0 0 0 0 0 0 0 1
Profit before tax 107 100 20 34 9 -55 11 -43 12 91 22 67
Tax % 34% 34% 41% 35% 30% 35% 40% -2% 7% -2% 134% 33%
Net Profit 70 66 12 22 6 -36 6 -44 11 93 -8 45
EPS in Rs 3.90 3.66 0.65 1.24 0.36 -2.00 0.36 -2.46 0.61 5.18 -0.43 2.51
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
172 111 101 101 165 288 346 410 343 500 402 508 663
6 7 11 7 9 10 12 16 16 18 70 21 25
Operating Profit 166 105 91 94 156 278 333 394 327 482 332 487 637
OPM % 96% 94% 89% 93% 94% 96% 96% 96% 95% 96% 83% 96% 96%
Other Income 1 1 1 2 1 1 0 0 0 0 0 0 0
Interest 99 67 35 52 126 189 243 261 276 226 331 403 443
Depreciation 1 0 0 1 1 1 1 1 0 0 0 0 1
Profit before tax 67 38 56 44 30 89 91 133 51 257 1 83 193
Tax % 33% 36% 34% 31% 29% 31% 32% 33% 33% 35% -8% 36%
Net Profit 45 24 37 31 21 61 61 88 34 167 1 53 142
EPS in Rs 2.32 1.26 1.91 1.55 1.05 3.28 3.26 4.60 1.69 9.29 0.08 2.94 7.87
Dividend Payout % 45% 44% 37% 53% 64% 22% 26% 31% 57% 27% 1,277% 48%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.38%
5 Years:7.99%
3 Years:13.95%
TTM:96.30%
Compounded Profit Growth
10 Years:7.99%
5 Years:-2.95%
3 Years:15.28%
TTM:310.59%
Return on Equity
10 Years:8.02%
5 Years:8.64%
3 Years:8.63%
Last Year:6.06%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
135 135 135 135 135 135 180 180 180 180 180 180
Reserves 393 405 426 437 443 488 486 541 552 719 677 708
Borrowings 1,688 1,559 747 855 2,208 3,122 3,767 3,858 4,921 3,514 4,369 8,234
85 55 75 57 62 93 124 182 119 153 27 406
Total Liabilities 2,302 2,153 1,383 1,484 2,847 3,837 4,557 4,761 5,771 4,566 5,252 9,528
5 5 5 5 5 4 4 3 3 3 3 3
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 4 4 0 129 175 182 695 328 640 443 4,999 8,818
2,293 2,145 1,378 1,349 2,668 3,651 3,857 4,430 5,128 4,120 251 707
Total Assets 2,302 2,153 1,383 1,484 2,847 3,837 4,557 4,761 5,771 4,566 5,252 9,528

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
45 819 819 -204 -1,292 -696 -94 -366 -1,088 1,213 -800 -3,843
0 -1 -1 2 -46 -8 -513 368 -313 197 -0 -0
-111 -824 -824 92 1,334 898 630 71 1,030 -1,431 800 3,844
Net Cash Flow -66 -6 -6 -110 -4 194 22 74 -370 -20 0 -0

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 7% 5% 5% 7% 7% 8% 8% 9% 6% 10% 7% 7%
Debtor Days 0 2 2 3 0 0 0 0 0 0 0 0
Inventory Turnover 0.09 0.06 0.07 0.09 0.09 0.10 0.10 0.11 0.08 0.11 0.21