Rajesh Exports Ltd

₹ 319 0.54%

25 Apr 3:03 p.m.

rajeshindia.com BSE: 531500 NSE : RAJESHEXPO

About

Incorporated in 1989, Rajesh Exports Ltd is a manufacturer of Gold and Gold Products^[1]

Key Points

Business Overview:^[1]^[2]
Company is a gold refiner, manufacturer and exporter of Gold products. It is the only company in the world with presence across the entire value chain of Gold from refining to retailing, processing 35% of gold produced in the world. Company's manufacturing and R&D facilities are at Bangalore and the main refining facility is at Balerna, Switzerland. It has a design portfolio of 29000 active jewelry designs, selling them in wholesale and retail channels

Website BSE NSE

Market Cap ₹ 9,417 Cr.
Current Price ₹ 319
High / Low ₹ 669 / 259
Stock P/E
Book Value ₹ 172
Dividend Yield 0.32 %
ROCE 2.00 %
ROE 0.61 %
Face Value ₹ 1.00

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Pros

Company has been maintaining a healthy dividend payout of 85.8%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -29.7% over past five years.
Company has a low return on equity of 1.02% over last 3 years.
Company has high debtors of 253 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Diamond, Gems and Jewellery Industry: Diamond Cutting / Jewellery

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	442.62	1,133.68	1,472.36	1,527.13	1,576.22	1,660.80	1,298.07	1,331.43	1,634.18	1,497.87	1,465.66	1,602.08	1,006.12
	408.65	1,097.88	1,432.26	1,476.27	1,521.35	1,787.18	1,267.36	1,290.85	1,574.27	1,605.42	1,407.29	1,586.76	998.45
Operating Profit	33.97	35.80	40.10	50.86	54.87	-126.38	30.71	40.58	59.91	-107.55	58.37	15.32	7.67
OPM %	7.67%	3.16%	2.72%	3.33%	3.48%	-7.61%	2.37%	3.05%	3.67%	-7.18%	3.98%	0.96%	0.76%
	0.47	0.27	0.16	1.22	0.00	10.51	0.77	0.45	0.45	7.59	0.23	0.89	0.29
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.28	0.15	0.24	0.24	0.24	0.19	0.24	0.21	0.21	0.03	0.17	0.17	0.17
Profit before tax	34.16	35.92	40.02	51.84	54.63	-116.06	31.24	40.82	60.15	-99.99	58.43	16.04	7.79
Tax %	0.00%	12.05%	0.00%	0.00%	0.00%	-7.23%	0.00%	0.00%	0.00%	-1.84%	1.20%	10.16%	10.40%
	34.16	31.59	40.02	51.84	54.63	-124.45	31.24	40.82	60.15	-101.83	57.73	14.41	6.98
EPS in Rs	1.16	1.07	1.36	1.76	1.85	-4.21	1.06	1.38	2.04	-3.45	1.96	0.49	0.24
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	25,654	31,226	23,537	37,919	38,586	44,948	33,660	42,671	46,899	2,060	6,236	5,762	5,572
	25,047	30,437	22,920	37,170	37,803	44,153	32,778	41,934	46,252	1,820	6,133	5,658	5,598
Operating Profit	607	789	618	749	783	795	883	737	648	240	104	104	-26
OPM %	2%	3%	3%	2%	2%	2%	3%	2%	1%	12%	2%	2%	-0%
	196	3	1	4	37	44	38	50	3	1	11	9	9
Interest	369	300	343	419	308	351	431	320	213	137	84	80	0
Depreciation	2	2	2	2	2	2	1	1	1	1	1	1	1
Profit before tax	432	490	273	333	510	486	489	466	436	104	30	32	-18
Tax %	4%	8%	17%	21%	7%	5%	10%	5%	7%	5%	25%	6%
	412	453	227	264	475	461	441	442	403	99	23	30	-23
EPS in Rs	13.97	15.33	7.69	8.94	16.10	15.62	14.94	14.97	13.66	3.35	0.77	1.03	-0.76
Dividend Payout %	4%	7%	13%	11%	6%	7%	7%	7%	7%	30%	130%	97%

Compounded Sales Growth
10 Years:	-16%
5 Years:	-30%
3 Years:	-50%
TTM:	-6%

Compounded Profit Growth
10 Years:	-24%
5 Years:	-41%
3 Years:	-58%
TTM:	-393%

Stock Price CAGR
10 Years:	11%
5 Years:	-14%
3 Years:	-15%
1 Year:	-43%

Return on Equity
10 Years:	7%
5 Years:	4%
3 Years:	1%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	1,962	2,385	2,583	2,811	3,251	3,712	4,121	4,533	4,907	4,976	4,970	4,987	5,059
	3,257	2,729	3,089	3,826	4,462	5,435	8,595	6,072	961	702	626	624	626
	6,725	8,697	5,359	8,860	11,339	12,023	7,185	10,535	12,444	3,576	3,934	2,920	2,994
Total Liabilities	11,973	13,840	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	8,708
	71	69	70	69	67	66	65	64	63	62	60	59	59
CWIP	0	0	0	0	1	1	2	0	0	0	0	0	0
Investments	3	3	117	168	636	732	720	2,602	2,592	2,510	2,554	2,554	2,554
	11,898	13,767	10,873	15,290	18,377	20,400	19,143	18,503	15,686	6,711	6,946	5,947	6,095
Total Assets	11,973	13,840	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	8,708

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-294	2,849	-2,629	3,788	722	1,596	-2,855	3,728	3,924	-10,147	100	79
	-2	-1	-116	-51	-469	-97	11	-12	-1,858	83	-41	1
	335	-857	-12	283	292	622	2,696	-2,872	-5,354	-426	-189	-95
Net Cash Flow	40	1,991	-2,758	4,020	544	2,122	-148	844	-3,288	-10,490	-130	-15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	37	27	38	28	35	27	17	20	22	808	286	253
Inventory Days	9	9	8	5	4	4	12	5	5	68	24	24
Days Payable	91	97	83	86	109	99	79	91	98	715	235	187
Cash Conversion Cycle	-45	-60	-37	-53	-70	-68	-50	-66	-71	162	75	90
Working Capital Days	-38	-56	-25	-45	-62	-59	-39	-56	-62	426	141	155
ROCE %	17%	15%	11%	12%	11%	10%	8%	7%	8%	4%	2%	2%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%
	16.99%	16.80%	17.84%	17.72%	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%
	9.64%	10.47%	11.45%	11.43%	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%
	19.32%	18.68%	16.66%	16.80%	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%
No. of Shareholders	41,900	42,236	36,406	42,341	45,107	46,725	40,131	40,742	73,775	1,52,938	2,09,623	2,13,557

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	53.94%	53.94%	54.03%	54.04%	54.05%	54.05%	54.05%	54.55%
	17.89%	17.84%	17.69%	17.75%	16.89%	17.72%	17.60%	15.08%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Feb 2019

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Nov 2017

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Jan 2017

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Jun 2016

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Feb 2016

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Nov 2015

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