PTC India Ltd

PTC India is principally engaged in trading of power.

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Pros:

Stock is trading at 0.27 times its book value

Stock is providing a good dividend yield of 10.88%.

Company has been maintaining a healthy dividend payout of 36.16%

Cons:

Company has low interest coverage ratio.

The company has delivered a poor growth of 4.76% over past five years.

Promoter holding is low: 16.22%

Company has a low return on equity of 9.12% for last 3 years.

Contingent liabilities of Rs.556.71 Cr.

Peer comparison Sector: Trading // Industry: Trading

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Detailed Comparison with:

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	3,778	5,028	3,304	3,035	5,411	5,225	3,829
	3,320	4,441	2,855	2,588	4,947	4,658	3,416
Operating Profit	458	587	449	447	464	567	413
OPM %	12%	12%	14%	15%	9%	11%	11%
Other Income	44	68	6	22	4	10	6
Interest	283	336	305	315	303	295	281
Depreciation	24	24	24	24	25	25	25
Profit before tax	195	294	126	129	140	257	112
Tax %	35%	33%	28%	43%	33%	22%	43%
Net Profit	108	181	76	61	88	186	48
EPS in Rs	3.64	6.10	2.55	2.07	2.97	6.28	1.64
	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	7,706	9,109	8,021	9,120	12,003	13,838	13,447	15,311	12,766	15,145	17,500
	3,831	6,425	7,647	8,865	7,615	8,672	11,172	12,837	12,333	13,918	11,612	13,201	15,610
Operating Profit	13	17	59	245	406	449	830	1,000	1,114	1,393	1,154	1,943	1,891
OPM %	0%	0%	1%	3%	5%	5%	7%	7%	8%	9%	9%	13%	11%
Other Income	48	114	129	62	52	16	49	7	154	203	147	141	42
Interest	2	4	13	47	95	108	228	422	633	802	946	1,243	1,194
Depreciation	2	6	6	10	9	8	9	8	10	21	97	97	100
Profit before tax	58	121	169	250	354	348	642	577	624	772	258	744	638
Tax %	17%	19%	29%	29%	27%	30%	30%	32%	35%	34%	36%	34%
Net Profit	48	94	107	166	204	198	361	256	323	415	200	425	383
EPS in Rs	1.95	3.87		5.39	6.68	6.35	11.73	8.18	10.90	14.01	6.75	14.37	12.96
Dividend Payout %	47%	29%	33%	27%	22%	24%	16%	25%	23%	21%	59%	28%

* 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	Sep 2019
	227	227	295	295	295	296	296	296	296	296	296	296	296
Reserves	1,264	1,332	1,839	2,049	2,206	2,338	2,613	2,786	3,255	3,559	3,423	3,666	3,799
Borrowings	0	20	311	570	760	1,587	3,895	5,110	7,724	9,999	12,353	13,320	10,898
	270	446	553	1,176	1,852	1,750	1,871	2,477	3,507	4,245	3,181	3,996	8,196
Total Liabilities	1,762	2,026	2,998	4,091	5,112	5,971	8,675	10,670	14,782	18,098	19,253	21,278	23,189
	53	47	77	68	60	55	54	49	387	2,155	2,061	1,967	1,934
CWIP	1	1	1	0	0	1	1	0	0	0	0	0	0
Investments	1,382	532	810	1,057	762	982	866	1,293	1,102	974	400	291	292
	325	1,446	2,110	2,965	4,290	4,934	7,754	9,328	13,293	14,970	16,792	19,020	20,964
Total Assets	1,762	2,026	2,998	4,091	5,112	5,971	8,675	10,670	14,782	18,098	19,253	21,278	23,189

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	18	-200	-509	-614	-1,152	-370	-1,849	-497	-1,281	111	-1,438	-108
	-1,177	1,036	-40	155	599	-94	-396	-160	87	-1,374	249	244
	1,231	92	742	608	-67	652	2,012	709	1,124	1,353	1,278	-408
Net Cash Flow	72	928	194	150	-620	188	-233	52	-70	91	89	-272

	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%	8%	8%	11%	14%	12%	16%	14%	13%	12%	8%	12%
Debtor Days	17	20	25	40	118	86	64	67	101	78	95	118
Inventory Turnover					373.81	293.81	1,242.99