Responsive Industries Ltd

About [ edit ]

Responsive Industries Limited, incorporated in 1982 is a leading India-based manufacturer of polyvinyl chloride (PVC)-based products. #

Key Points [ edit ]
  • Market Cap 4,172 Cr.
  • Current Price 156
  • High / Low 205 / 67.6
  • Stock P/E 183
  • Book Value 36.2
  • Dividend Yield 0.06 %
  • ROCE 4.32 %
  • ROE 2.47 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 4.31 times its book value
  • Promoter holding has decreased over last quarter: -0.55%
  • The company has delivered a poor sales growth of -24.03% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 2.29% for last 3 years.
  • Debtor days have increased from 113.47 to 149.52 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
509.74 260.25 261.32 152.89 100.57 146.44 151.47 124.10 111.10 153.93 191.67 202.85
478.09 220.55 212.90 126.08 100.08 118.61 119.00 97.18 100.84 134.11 160.00 156.56
Operating Profit 31.65 39.70 48.42 26.81 0.49 27.83 32.47 26.92 10.26 19.82 31.67 46.29
OPM % 6.21% 15.25% 18.53% 17.54% 0.49% 19.00% 21.44% 21.69% 9.23% 12.88% 16.52% 22.82%
Other Income -5.22 13.25 8.03 2.76 0.41 2.44 4.42 7.92 13.44 2.54 0.86 -50.36
Interest 5.18 3.65 3.75 3.25 2.27 1.78 2.01 6.56 10.93 2.56 -1.69 0.45
Depreciation 28.05 19.96 21.54 21.48 18.92 20.53 19.06 20.30 18.03 16.13 17.59 16.08
Profit before tax -6.80 29.34 31.16 4.84 -20.29 7.96 15.82 7.98 -5.26 3.67 16.63 -20.60
Tax % -13.38% 35.51% 40.18% 35.95% 44.85% 45.98% -16.12% 25.44% 19.39% -92.64% 4.21% 49.71%
Net Profit -7.70 17.74 18.35 3.97 -11.35 5.45 18.65 5.88 -5.79 8.02 16.56 3.98
EPS in Rs -0.29 0.66 0.69 0.15 -0.43 0.20 0.70 0.22 -0.22 0.30 0.62 0.15

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
650 839 1,189 1,684 2,186 2,515 2,106 2,247 2,006 1,247 775 533 660
561 711 997 1,471 1,936 2,257 1,859 2,041 1,846 1,135 659 436 552
Operating Profit 89 129 191 213 250 258 248 206 160 112 116 97 108
OPM % 14% 15% 16% 13% 11% 10% 12% 9% 8% 9% 15% 18% 16%
Other Income 2 10 2 8 10 27 32 24 18 13 24 28 -34
Interest 2 10 11 12 31 31 26 26 23 17 13 21 12
Depreciation 27 37 53 79 121 145 166 173 132 87 82 78 68
Profit before tax 62 92 129 130 108 108 87 31 22 21 45 26 -6
Tax % 20% 27% 24% 14% 20% 24% 29% 39% 66% 56% 35% 8%
Net Profit 46 63 91 104 81 73 49 18 11 11 29 24 23
EPS in Rs 2.11 2.52 3.46 3.90 3.04 2.72 1.85 0.68 0.40 0.40 1.08 0.91 0.85
Dividend Payout % 5% 4% 3% 3% 3% 4% 5% 14% 25% 24% 11% 11%
Compounded Sales Growth
10 Years:-4%
5 Years:-24%
3 Years:-36%
TTM:26%
Compounded Profit Growth
10 Years:-10%
5 Years:-14%
3 Years:29%
TTM:22%
Stock Price CAGR
10 Years:6%
5 Years:14%
3 Years:28%
1 Year:94%
Return on Equity
10 Years:6%
5 Years:2%
3 Years:2%
Last Year:2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
24 24 26 26 26 26 26 26 26 26 26 26 26
Reserves 149 208 364 523 605 739 817 855 863 871 896 917 941
Borrowings 127 382 350 764 753 799 550 420 382 223 109 167 158
160 173 173 142 148 279 261 402 263 268 220 232 335
Total Liabilities 458 788 914 1,455 1,532 1,843 1,654 1,703 1,535 1,389 1,251 1,342 1,461
270 353 382 900 1,026 1,150 1,063 919 801 765 692 617 583
CWIP 43 196 335 0 0 0 0 7 0 0 0 0 0
Investments 4 34 16 127 123 10 8 14 15 38 19 13 10
141 204 180 428 382 683 583 763 718 586 540 712 868
Total Assets 458 788 914 1,455 1,532 1,843 1,654 1,703 1,535 1,389 1,251 1,342 1,461

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
93 -17 192 17 255 105 220 164 107 142 306 90
-109 -301 -202 -352 -211 -48 -80 32 -36 -29 -253 -94
43 310 -5 364 -65 90 -263 -160 -58 -177 -62 32
Net Cash Flow 27 -8 -16 29 -21 146 -123 37 13 -64 -9 28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 25% 22% 21% 14% 10% 9% 8% 4% 4% 4% 5% 4%
Debtor Days 11 46 28 46 31 47 53 96 74 115 76 150
Inventory Turnover 19.76 18.35 19.09 20.42 23.54 32.53 29.39 36.70 20.96 8.83 6.15 5.66

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
50.13 50.13 50.13 50.13 50.13 50.13 50.13 50.13 50.13 50.13 50.13 49.58
4.22 4.22 4.22 4.24 4.22 4.22 4.22 4.22 4.22 5.25 5.30 5.30
4.00 3.94 3.95 3.95 3.95 3.98 3.94 3.93 3.93 3.59 3.60 3.67
41.64 41.70 41.70 41.68 41.69 41.67 41.71 41.71 41.72 41.03 40.97 41.45

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