Rajesh Exports Ltd

₹ 696 -4.45%
07 Dec - close price
About

Rajesh Exports Ltd is headquartered in Bangalore and is involved in Extensive global manufacturing of gold and gold products and marketing network with distribution through Exports, Wholesale and directly to consumers by its own retail brand. It refines over 35% of world's gold. [1]

Key Points

Presence across Gold Value Chain
Company has presence across the value chain of gold:-
1. Mining - Minor presence in mining, contracts with leading gold mining companies for supply of gold dore bars (Raw Gold)
2. Refining - Largest gold refiner in the world, refined ~900 tons of gold in FY20.
3. Bullion manufacturing & supply - Produces VALCAMBI brand bullions supplied to leading bullion banks and central banks across world.
4. Gold products manufacturing - largest gold jewellery & gold products manufacturer in the world.
5. Wholesale of Gold Products - Wholesale presence in India & Middle East where it supplies jewellery to 5,000+ showrooms directly.
6. Exports of Gold Products - Export products to almost all gold markets in the world.
7. Retail of Gold products - Retail presence under brand "SHUBH Jewellers" in Karnataka, India. Currently operates 83 showrooms. [1]

  • Market Cap 20,560 Cr.
  • Current Price 696
  • High / Low 995 / 516
  • Stock P/E 19.0
  • Book Value 456
  • Dividend Yield 0.14 %
  • ROCE 8.85 %
  • ROE 8.53 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 0.08% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 9.45% over last 3 years.
  • Dividend payout has been low at 2.96% of profits over last 3 years

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
66,827 40,601 47,553 46,054 102,150 45,586 64,523 50,897 41,245 65,179 85,806 49,497 80,270
66,467 40,251 47,267 45,868 101,944 45,323 64,196 50,596 40,916 64,862 85,666 49,192 79,852
Operating Profit 361 350 285 186 206 264 326 302 329 318 141 305 418
OPM % 1% 1% 1% 0% 0% 1% 1% 1% 1% 0% 0% 1% 1%
1 1 2 0 1 1 1 0 1 0 38 1 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 18 18 18 19 19 30 23 22 33 13 23 23 24
Profit before tax 343 333 269 168 188 234 304 280 298 304 157 283 395
Tax % 8% 5% -1% 9% 8% 3% 4% 0% 2% 1% 12% 4% 6%
Net Profit 316 316 272 152 173 228 293 278 291 300 139 272 373
EPS in Rs 10.69 10.72 9.20 5.15 5.86 7.71 9.92 9.43 9.87 10.17 4.69 9.20 12.63
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
31,226 29,197 50,463 165,179 242,132 187,686 175,763 195,600 258,306 243,128 280,753
30,437 28,414 49,196 163,452 240,382 185,802 173,967 194,051 257,182 241,949 279,571
Operating Profit 789 783 1,266 1,727 1,750 1,884 1,796 1,549 1,124 1,179 1,182
OPM % 3% 3% 3% 1% 1% 1% 1% 1% 0% 0% 0%
3 1 0 42 48 62 66 7 3 40 41
Interest 300 363 478 578 430 537 442 222 142 90 0
Depreciation 2 16 62 79 65 68 74 73 90 91 83
Profit before tax 490 404 726 1,112 1,303 1,342 1,346 1,261 894 1,038 1,139
Tax % 8% 11% 10% 4% 5% 6% 4% 4% 5% 3%
Net Profit 453 357 655 1,069 1,244 1,266 1,292 1,206 845 1,009 1,083
EPS in Rs 15.33 12.11 22.18 36.21 42.12 42.87 43.76 40.84 28.61 34.18 36.69
Dividend Payout % 7% 8% 5% 3% 3% 2% 2% 2% 4% 3%
Compounded Sales Growth
10 Years: %
5 Years: 0%
3 Years: 11%
TTM: 39%
Compounded Profit Growth
10 Years: %
5 Years: -4%
3 Years: -8%
TTM: -1%
Stock Price CAGR
10 Years: 18%
5 Years: -3%
3 Years: 1%
1 Year: -8%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
30 30 30 30 30 30 30 30 30 30 30
Reserves 2,385 2,713 3,332 4,362 5,606 7,145 8,811 10,504 11,192 12,416 13,424
2,729 3,118 3,842 4,594 5,552 8,717 6,198 1,278 1,021 815 720
8,697 5,378 8,877 11,956 12,943 7,643 13,803 18,916 11,230 10,655 10,286
Total Liabilities 13,840 11,238 16,081 20,941 24,131 23,535 28,841 30,728 23,473 23,916 24,459
69 168 264 1,287 1,199 1,289 1,452 1,521 1,447 1,449 1,759
CWIP 0 0 0 62 88 5 2 1 12 6 28
Investments 3 13 60 841 919 1,020 1,088 1,142 1,041 1,113 1,209
13,767 11,056 15,756 18,752 21,925 21,221 26,300 28,064 20,973 21,348 21,464
Total Assets 13,840 11,238 16,081 20,941 24,131 23,535 28,841 30,728 23,473 23,916 24,459

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
2,849 -2,502 4,185 2,069 2,474 -2,870 3,482 2,572 -10,252 -4
-1 -125 -204 -1,551 -224 -97 101 324 -54 86
-857 -4 211 138 528 2,596 -2,990 -5,172 -429 -326
Net Cash Flow 1,991 -2,632 4,192 657 2,777 -371 594 -2,276 -10,735 -244

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 27 30 22 11 8 8 13 17 15 16
Inventory Days 9 7 4 2 2 3 8 9 11 12
Days Payable 97 68 65 24 18 14 28 35 16 16
Cash Conversion Cycle -60 -30 -39 -11 -9 -3 -7 -9 9 12
Working Capital Days -56 -20 -33 -10 -8 -1 -5 -7 11 13
ROCE % 14% 18% 21% 17% 14% 12% 11% 9% 9%

Shareholding Pattern

Numbers in percentages

6 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
54.03 54.04 54.05 54.05 54.05 54.05 54.05 54.05 54.05 54.05 54.05 54.05
17.52 17.75 17.40 17.15 17.01 16.89 16.99 16.80 17.84 17.72 17.70 17.62
7.47 7.49 7.48 7.45 7.45 9.14 9.64 10.47 11.45 11.43 11.39 11.35
20.98 20.72 21.08 21.36 21.50 19.93 19.32 18.68 16.66 16.80 16.87 16.97

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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