PTC India Ltd

PTC India is principally engaged in trading of power.

Pros:
Stock is trading at 0.40 times its book value
Stock is providing a good dividend yield of 7.17%.
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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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
3,778 5,028 3,304 3,035 5,411 5,225
3,320 4,441 2,855 2,588 4,947 4,658
Operating Profit 458 587 449 447 464 567
OPM % 12% 12% 14% 15% 9% 11%
Other Income 44 68 6 22 4 10
Interest 283 336 305 315 303 295
Depreciation 24 24 24 24 25 25
Profit before tax 195 294 126 129 140 257
Tax % 35% 33% 28% 43% 33% 22%
Net Profit 108 181 76 61 88 186
EPS in Rs 3.64 6.10 2.55 2.07 2.97 6.28
Notes Notes Notes Notes Notes Notes

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

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 16,975
3,831 6,425 7,647 8,865 7,615 8,672 11,172 12,837 12,333 13,918 11,612 13,201 15,048
Operating Profit 13 17 59 245 406 449 830 1,000 1,114 1,393 1,154 1,943 1,927
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 1,218
Depreciation 2 6 6 10 9 8 9 8 10 21 97 97 99
Profit before tax 58 121 169 250 354 348 642 577 624 772 258 744 652
Tax % 17% 19% 29% 29% 27% 30% 30% 32% 35% 34% 36% 34%
Net Profit 48 94 107 166 204 198 361 256 323 415 200 425 411
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 13.87
Dividend Payout % 47% 29% 33% 27% 22% 24% 16% 25% 23% 21% 59% 28%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.92%
5 Years:4.76%
3 Years:4.04%
TTM:18.63%
Compounded Profit Growth
10 Years:17.00%
5 Years:3.55%
3 Years:10.83%
TTM:112.63%
Stock Price CAGR
10 Years:-6.68%
5 Years:-11.21%
3 Years:-6.34%
1 Year:-30.05%
Return on Equity
10 Years:8.89%
5 Years:9.20%
3 Years:9.12%
Last Year:11.07%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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
271 447 555 1,181 1,858 1,764 1,893 2,532 3,861 4,594 3,553 4,384 8,196
Total Liabilities 1,763 2,027 2,999 4,095 5,119 5,986 8,697 10,724 15,136 18,447 19,625 21,666 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
326 1,447 2,112 2,970 4,297 4,948 7,776 9,382 13,647 15,319 17,164 19,409 20,964
Total Assets 1,763 2,027 2,999 4,095 5,119 5,986 8,697 10,724 15,136 18,447 19,625 21,666 23,189

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 403.06 317.06 1,353.93