PTL Enterprises Ltd

The tyres manufacturing facility of PTL at Kalamassery, Kerala, is leased out to ApolloTyres Limited on long term basis. All production is done by Apollo Tyres Limited.Company derive

Pros:
Company is virtually debt free.
Stock is trading at 0.57 times its book value
Stock is providing a good dividend yield of 4.91%.
Company has good consistent profit growth of 23.44% over 5 years
Company has been maintaining a healthy dividend payout of 27.84%
Cons:
The company has delivered a poor growth of 8.54% over past five years.
Company has a low return on equity of 7.18% for last 3 years.

Peer Comparison Sector: Tyres // Industry: Tyres

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
13.36 13.37 13.37 13.36 13.36 15.29 15.82 15.79 15.80 15.81 15.81 15.79
1.28 1.46 1.45 0.82 1.25 0.47 0.35 1.47 0.49 0.92 0.66 2.85
Operating Profit 12.08 11.91 11.92 12.54 12.11 14.82 15.47 14.32 15.31 14.89 15.15 12.94
OPM % 90.42% 89.08% 89.15% 93.86% 90.64% 96.93% 97.79% 90.69% 96.90% 94.18% 95.83% 81.95%
Other Income 0.32 0.19 0.19 1.44 0.36 3.80 3.65 3.38 0.35 2.51 0.20 0.05
Interest 0.71 0.74 0.76 0.77 0.79 2.05 1.65 1.65 0.46 0.48 0.49 0.49
Depreciation 0.24 0.21 0.21 0.29 0.30 0.31 0.30 0.28 0.31 0.30 0.30 0.30
Profit before tax 11.45 11.15 11.14 12.92 11.38 16.26 17.17 15.77 14.89 16.62 14.56 12.20
Tax % 35.55% 31.66% 39.05% 34.21% 35.24% 20.73% 32.32% 11.48% 29.15% 28.70% 30.22% 40.16%
Net Profit 7.38 7.62 6.79 8.50 7.37 12.89 11.62 13.96 10.56 11.84 10.16 7.30
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
0 0 0 0 40 40 40 40 40 46 53 60 63
39 38 32 2 6 2 5 5 9 4 5 4 5
Operating Profit -39 -38 -32 -2 34 38 35 35 31 42 48 57 58
OPM % 86% 94% 88% 88% 77% 91% 91% 94% 92%
Other Income 51 55 56 18 3 1 2 1 2 1 2 11 3
Interest 1 6 8 6 7 12 12 9 8 5 3 6 2
Depreciation 0 0 0 0 0 0 1 1 1 1 1 1 1
Profit before tax 10 11 17 10 30 27 25 27 23 38 47 61 58
Tax % 40% 13% 34% 69% 33% 34% 33% 34% 35% 36% 35% 24%
Net Profit 6 9 11 3 20 17 17 18 15 24 30 46 40
EPS in Rs 0.38 0.56 0.65 0.15 1.15 1.00 0.96 1.01 0.84 1.40 4.58 6.92
Dividend Payout % 0% 21% 24% 111% 33% 38% 39% 38% 44% 27% 27% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:8.54%
3 Years:14.64%
TTM:4.90%
Compounded Profit Growth
10 Years:17.07%
5 Years:23.44%
3 Years:45.66%
TTM:-13.05%
Return on Equity
10 Years:11.23%
5 Years:8.51%
3 Years:7.18%
Last Year:10.09%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 13 20 28 27 39 49 58 68 75 668 423 459 454
Borrowings 25 53 53 50 74 76 76 59 49 0 0 0 0
39 42 44 44 56 56 57 77 82 98 199 200 215
Total Liabilities 90 129 139 134 182 194 204 218 219 779 635 672 683
2 7 7 7 7 12 17 16 16 593 599 595 594
CWIP 0 1 2 2 1 1 1 1 1 3 0 0 0
Investments 62 60 90 81 116 158 158 158 158 160 0 43 51
25 61 40 45 58 22 28 42 44 23 36 35 37
Total Assets 90 129 139 134 182 194 204 218 219 779 635 672 683

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
27 -18 42 11 25 66 20 32 26 65 25 42
-60 -4 -31 -0 -35 -48 -4 -0 0 -5 -6 -35
24 22 -10 -13 14 -18 -20 -33 -26 -62 -5 -5
Net Cash Flow -10 1 1 -3 3 1 -3 -1 0 -2 14 2

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 34% 24% 27% 28% 34% 29% 25% 25% 22% 10% 9% 15%
Debtor Days 0 0 3 1 1 0 0 0
Inventory Turnover 0.00 0.00 0.00 0.00 615.38 615.38 666.67 666.67 666.67 763.83 891.17 1,004.33