Safari Industries (India) Ltd

₹ 1,649 -1.30%
30 Sep - close price
About

Safari Industries is in the business of manufacturing and trading of luggage and luggage accessories. There are two broad categories of luggage i.e hard luggage and soft luggage. Hard luggages are mainly made of PolyPropylene (PP) and Polycarbonate (PC) and manufactured in-house by Safari at its Plant located at Halol, Gujarat. Soft luggages are made of fabrics of various kinds and are mainly imported.[1]

Key Points

Market Position
The co claims market share of around 17-18% (as of April 29, 2021) in the organised luggage sector.[1]

  • Market Cap 3,911 Cr.
  • Current Price 1,649
  • High / Low 1,731 / 750
  • Stock P/E 74.1
  • Book Value 104
  • Dividend Yield 0.05 %
  • ROCE 16.7 %
  • ROE 14.0 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 79.8 to 59.4 days.
  • Company's median sales growth is 27.8% of last 10 years

Cons

  • Stock is trading at 15.8 times its book value
  • Promoter holding has decreased over last quarter: -2.78%
  • Company has a low return on equity of 6.27% over last 3 years.
  • Dividend payout has been low at 2.60% 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
203 170 165 143 20 63 112 133 120 189 204 193 293
182 153 146 130 39 68 107 120 113 171 191 176 251
Operating Profit 21 17 20 13 -19 -5 5 13 7 18 13 16 42
OPM % 10% 10% 12% 9% -95% -8% 5% 10% 6% 10% 6% 9% 14%
1 0 0 1 1 1 1 0 2 2 2 -7 2
Interest 3 3 2 2 2 2 1 1 1 1 1 1 1
Depreciation 5 5 5 6 5 6 5 5 4 5 5 5 6
Profit before tax 14 9 12 5 -25 -12 0 8 3 14 9 3 36
Tax % 36% 10% 26% 12% 23% 26% -750% 25% 27% 24% 24% 9% 24%
Net Profit 9 8 9 5 -19 -9 1 6 3 11 7 3 27
EPS in Rs 3.86 3.59 4.09 2.12 -8.64 -4.01 0.53 2.79 1.13 4.78 3.21 1.15 12.25
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
66 62 92 161 211 269 342 417 573 681 328 705 878
60 59 88 154 198 251 318 375 520 610 333 649 789
Operating Profit 6 3 4 7 12 19 24 42 52 71 -6 56 89
OPM % 9% 4% 5% 4% 6% 7% 7% 10% 9% 10% -2% 8% 10%
1 0 -1 0 -1 1 0 1 1 1 3 -2 -0
Interest 3 3 4 6 3 3 4 3 4 10 6 5 5
Depreciation 0 0 0 1 3 4 5 6 8 22 20 19 21
Profit before tax 4 -1 -1 1 6 12 15 33 41 40 -29 30 63
Tax % 31% -8% 46% 78% 27% 35% 34% 36% 34% 24% 28% 23%
Net Profit 3 -1 -1 0 4 8 10 21 27 31 -21 23 48
EPS in Rs 1.77 -0.47 -0.41 0.08 2.15 3.75 4.84 9.53 12.08 13.64 -9.32 10.28 21.39
Dividend Payout % 28% 0% 0% 0% 9% 6% 8% 5% 4% 0% 0% 8%
Compounded Sales Growth
10 Years: 28%
5 Years: 16%
3 Years: 7%
TTM: 105%
Compounded Profit Growth
10 Years: 47%
5 Years: 24%
3 Years: 4%
TTM: 5074%
Stock Price CAGR
10 Years: 48%
5 Years: 37%
3 Years: 42%
1 Year: 95%
Return on Equity
10 Years: 9%
5 Years: 9%
3 Years: 6%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3 3 3 3 4 4 4 4 4 4 4 4
Reserves 11 10 9 9 70 87 97 168 195 225 206 229
16 18 37 54 33 58 42 55 104 114 41 54
22 20 23 35 23 27 55 47 80 71 145 177
Total Liabilities 51 50 73 102 130 176 197 274 385 415 396 464
3 3 4 12 12 24 23 31 29 79 67 82
CWIP 0 0 0 0 0 0 1 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 20
48 47 69 90 117 152 173 242 356 335 329 361
Total Assets 51 50 73 102 130 176 197 274 385 415 396 464

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1 1 -4 -3 -32 -13 24 -48 -39 70 112 16
-0 -0 2 -9 -3 -15 -6 -13 -6 -21 -98 32
-0 -1 4 12 36 29 -20 59 45 -49 -10 -14
Net Cash Flow 1 -0 1 -0 1 1 -2 -2 -0 0 4 35

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 158 120 126 72 70 74 62 86 90 79 101 59
Inventory Days 151 235 209 186 174 176 171 199 205 155 223 123
Days Payable 152 159 135 121 40 41 86 67 75 59 138 87
Cash Conversion Cycle 157 197 200 137 204 208 147 218 220 175 185 96
Working Capital Days 121 142 144 102 147 150 117 164 169 135 154 92
ROCE % 23% 8% 11% 11% 12% 12% 14% 20% 17% 16% -8% 17%

Shareholding Pattern

Numbers in percentages

7 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Aug 2022
56.69 56.67 56.67 56.67 56.63 55.27 50.36 49.90 49.89 50.02 50.01 47.24
15.90 23.54 24.34 22.64 22.55 15.75 16.24 17.30 16.28 16.21 15.77 14.67
7.96 0.81 0.89 1.29 1.31 5.73 5.54 5.18 6.14 5.88 6.74 11.86
19.45 18.98 18.10 19.40 19.50 23.25 27.86 27.63 27.69 27.89 27.48 26.23

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