PTC India Ltd

PTC India is principally engaged in trading of power.

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Pros:

Stock is trading at 0.41 times its book value

Stock is providing a good dividend yield of 8.14%.

Company has been maintaining a healthy dividend payout of 37.59%

Cons:

The company has delivered a poor growth of 3.41% over past five years.

Promoter holding is low: 16.22%

Company has a low return on equity of 9.17% for last 3 years.

Contingent liabilities of Rs.526.15 Cr.

Peer comparison Sector: Trading // Industry: Trading

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	2,966	3,488	2,700	2,162	3,387	4,535	2,922	2,651	4,973	4,750	3,465	3,255
	2,877	3,395	2,614	2,068	3,293	4,403	2,830	2,558	4,871	4,609	3,374	3,153
Operating Profit	89	94	86	93	95	132	93	93	102	141	91	102
OPM %	3%	3%	3%	4%	3%	3%	3%	4%	2%	3%	3%	3%
	43	125	18	18	32	65	13	22	3	36	3	1
Interest	35	53	16	13	31	56	25	31	9	15	15	17
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	96	165	87	98	94	141	79	83	96	162	79	86
Tax %	32%	21%	32%	34%	35%	32%	35%	35%	35%	17%	26%	25%
Net Profit	65	131	59	64	61	96	51	54	63	135	58	64
EPS in Rs	2.21	4.41	1.99	2.17	2.08	3.23	1.74	1.82	2.12	4.56	1.97	2.17
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	3,844	6,442	7,679	8,908	7,613	8,866	11,414	13,018	12,476	14,075	11,315	13,496	16,443
	3,825	6,416	7,614	8,765	7,467	8,694	11,097	12,744	12,207	13,764	10,951	13,081	16,007
Operating Profit	19	26	64	142	146	172	317	274	268	311	364	414	436
OPM %	0%	0%	1%	2%	2%	2%	3%	2%	2%	2%	3%	3%	3%
	43	98	74	62	51	12	59	37	184	238	203	132	44
Interest	2	4	1	2	27	2	7	5	105	137	120	145	55
Depreciation	1	6	6	5	4	4	4	4	4	3	3	3	3
Profit before tax	59	113	132	197	166	178	364	301	344	409	445	397	423
Tax %	17%	20%	29%	30%	27%	28%	31%	33%	32%	29%	28%	34%
Net Profit	49	91	94	139	120	129	251	203	234	291	319	262	320
EPS in Rs	1.97	3.73		4.45	3.84	4.08	8.22	6.61	7.92	9.83	10.78	8.86	10.82
Dividend Payout %	47%	30%	38%	32%	37%	37%	24%	32%	32%	31%	37%	45%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	227	227	295	295	295	296	296	296	296	296	296	296	296
Reserves	1,252	1,309	1,802	1,885	1,955	2,030	2,212	2,343	2,590	2,779	2,924	3,032	3,217
Borrowings	0	0	0	0	0	0	0	0	734	721	689	973	833
	226	310	399	632	1,362	1,196	1,206	1,739	2,563	2,809	2,305	3,044	4,487
Total Liabilities	1,706	1,846	2,495	2,812	3,612	3,521	3,715	4,378	6,183	6,604	6,214	7,346	8,833
	52	47	42	38	34	33	30	27	25	25	23	22	21
CWIP	1	1	1	0	0	0	0	0	0	0	0	0	0
Investments	1,326	799	876	1,053	824	924	960	1,454	1,369	2,268	1,746	1,604	1,617
	326	1,000	1,577	1,721	2,754	2,564	2,725	2,896	4,789	4,311	4,445	5,720	7,195
Total Assets	1,706	1,846	2,495	2,812	3,612	3,521	3,715	4,378	6,183	6,604	6,214	7,346	8,833

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	17	-88	-74	-147	-853	452	234	258	-181	941	-299	-482
	-1,115	616	-12	156	585	-94	-334	-142	323	-704	655	266
	1,174	-27	455	-42	-77	-50	-54	-66	-230	-230	-243	-0
Net Cash Flow	76	502	369	-33	-345	308	-154	50	-88	7	114	-216

	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 %	6%	7%	6%	9%	7%	8%	15%	13%	14%	14%	15%	13%
Debtor Days	17	20	25	40	124	88	67	71	108	85	105	128
Inventory Turnover					358.95	281.44	1,199.66

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22	16.22
34.57	34.37	34.47	33.06	29.52	32.60	37.52	38.00	36.22	35.71	36.04	35.32
25.86	25.59	26.27	28.01	29.64	25.02	23.95	22.96	22.63	20.67	20.04	19.03
0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02
23.36	23.82	23.03	22.70	24.61	26.15	22.30	22.81	24.92	27.38	27.67	29.41