Redington India Ltd

Redington (India) is engaged in the business of distribution of information technology, mobility and other technology products besides supply chain solutions and after sales services.

Pros:
Stock is trading at 1.10 times its book value
Company has been maintaining a healthy dividend payout of 25.12%
Cons:
The company has delivered a poor growth of 10.74% over past five years.
Company's cost of borrowing seems high

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
10,962 10,795 9,374 10,037 11,310 10,880 10,215 11,109 12,630 12,583 11,675 12,339
10,735 10,561 9,199 9,839 11,100 10,648 10,048 10,921 12,353 12,327 11,442 12,092
Operating Profit 227 234 175 198 209 232 167 187 277 255 233 248
OPM % 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Other Income 8 18 9 8 10 14 14 24 -60 27 12 14
Interest 35 38 41 39 39 48 44 47 56 57 65 63
Depreciation 14 14 14 14 15 14 15 17 16 15 33 48
Profit before tax 186 201 128 153 166 183 122 147 144 210 147 151
Tax % 32% 24% 23% 24% 24% 22% 30% 35% 10% 18% 25% 12%
Net Profit 118 153 98 113 126 143 89 96 145 169 110 133
EPS in Rs 2.96 3.82 2.46 2.81 3.18 3.58 2.22 2.62 3.65 4.34 2.83 3.34
Notes Notes Notes Notes Notes Notes 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
10,870 12,668 13,758 16,704 21,162 24,165 27,945 31,559 35,442 41,115 41,603 46,536 49,227
10,624 12,354 13,412 16,229 20,540 23,511 27,263 30,843 34,637 40,264 40,757 45,574 48,214
Operating Profit 246 315 346 474 621 653 682 717 806 851 846 962 1,013
OPM % 2% 2% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2%
Other Income 13 15 20 19 29 46 53 64 34 41 39 -4 -7
Interest 72 98 66 118 169 199 212 182 202 183 197 271 241
Depreciation 10 13 23 25 31 38 38 43 47 55 57 63 112
Profit before tax 177 219 276 351 450 462 485 555 590 655 631 623 652
Tax % 23% 23% 23% 25% 25% 25% 26% 26% 25% 27% 23% 22%
Net Profit 136 160 184 226 293 323 337 387 424 464 482 508 557
EPS in Rs 3.38 3.96 4.51 5.52 7.23 8.03 8.27 9.31 10.59 11.61 12.04 13.05 14.16
Dividend Payout % 20% 20% 21% 19% 5% 5% 11% 20% 20% 37% 20% 18%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.90%
5 Years:10.74%
3 Years:9.50%
TTM:13.13%
Compounded Profit Growth
10 Years:13.33%
5 Years:10.28%
3 Years:9.65%
TTM:35.80%
Stock Price CAGR
10 Years:6.17%
5 Years:2.05%
3 Years:6.28%
1 Year:23.72%
Return on Equity
10 Years:16.85%
5 Years:15.37%
3 Years:14.84%
Last Year:15.00%

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
78 78 79 79 80 80 80 80 80 80 80 78 78
Reserves 644 924 997 1,176 1,243 1,561 1,941 2,294 2,869 3,068 3,451 3,828 3,976
Borrowings 784 983 1,149 1,590 2,060 2,150 1,786 1,867 2,349 1,516 1,458 1,307 1,338
703 1,036 1,410 2,227 2,129 2,733 3,503 4,142 5,228 5,486 5,876 7,207 7,423
Total Liabilities 2,209 3,021 3,634 5,072 5,512 6,524 7,310 8,383 10,526 10,150 10,865 12,421 12,816
121 76 85 212 235 350 259 276 498 476 470 454 770
CWIP 3 12 12 1 9 15 23 13 14 0 20 38 1
Investments 0 0 0 0 0 0 0 0 0 5 4 7 14
2,084 2,933 3,537 4,859 5,268 6,158 7,028 8,094 10,014 9,669 10,371 11,922 12,031
Total Assets 2,209 3,021 3,634 5,072 5,512 6,524 7,310 8,383 10,526 10,150 10,865 12,421 12,816

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
-59 -100 11 -71 354 288 241 257 -142 1,360 186 1,068
-50 91 -115 -243 -841 76 296 10 12 -86 -25 -94
89 428 84 198 282 -160 -523 -225 202 -1,131 -199 -651
Net Cash Flow -20 419 -20 -116 -205 203 14 42 71 144 -38 324

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 % 18% 18% 16% 18% 20% 18% 19% 18% 17% 17% 17% 19%
Debtor Days 36 40 48 41 38 46 51 51 55 45 53 49
Inventory Turnover 15.91 16.91 15.61 13.02 12.89 13.23 13.19 12.28 10.70 11.51 12.84 13.36