Safari Industries (India) Ltd

₹ 1,701 -1.70%
25 Nov - 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 20-22% (as of September 2022) in the organized luggage sector. [1] It is one of the top 3 luggage brands in India. [2]

  • Market Cap 4,032 Cr.
  • Current Price 1,701
  • High / Low 1,977 / 780
  • Stock P/E 60.7
  • Book Value 149
  • Dividend Yield 0.05 %
  • ROCE 16.4 %
  • ROE 13.6 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 79.4 to 59.3 days.
  • Company's working capital requirements have reduced from 124 days to 84.9 days

Cons

  • Stock is trading at 11.4 times its book value
  • Promoter holding has decreased over last quarter: -2.77%
  • Company has a low return on equity of 6.17% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 2.67% 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
171 166 144 20 63 112 133 120 189 204 193 293 315
154 146 131 39 68 107 120 113 171 191 176 252 273
Operating Profit 17 20 13 -19 -5 5 13 7 18 13 17 42 42
OPM % 10% 12% 9% -95% -8% 5% 10% 6% 10% 6% 9% 14% 13%
0 0 1 1 1 1 0 2 2 2 -7 2 3
Interest 3 2 2 2 2 1 1 1 1 1 1 1 2
Depreciation 5 6 6 5 6 5 5 4 5 5 6 7 8
Profit before tax 9 13 5 -25 -12 0 8 3 14 9 3 35 35
Tax % 10% 25% 11% 23% 26% -750% 26% 28% 24% 24% 10% 25% 25%
Net Profit 8 10 5 -19 -9 1 6 2 11 7 2 27 26
EPS in Rs 3.67 4.25 2.09 -8.64 -4.01 0.53 2.78 1.09 4.74 3.08 1.07 11.88 10.94
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
161 211 271 344 419 578 686 328 706 1,005
154 198 252 319 377 525 614 334 649 891
Operating Profit 7 12 19 24 42 53 72 -6 56 114
OPM % 4% 6% 7% 7% 10% 9% 11% -2% 8% 11%
0 -1 1 0 1 1 1 3 -2 -1
Interest 6 3 3 4 3 4 10 6 5 6
Depreciation 1 3 4 5 6 8 22 20 20 25
Profit before tax 1 6 12 16 34 41 40 -29 29 82
Tax % 78% 27% 35% 34% 36% 34% 24% 28% 23%
Net Profit 0 4 8 10 22 27 31 -21 22 62
EPS in Rs 0.08 2.14 3.73 4.89 9.68 12.19 13.71 -9.34 9.99 26.97
Dividend Payout % 0% 9% 6% 8% 5% 4% 0% 0% 8%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 7%
TTM: 82%
Compounded Profit Growth
10 Years: %
5 Years: 23%
3 Years: 3%
TTM: 224%
Stock Price CAGR
10 Years: 45%
5 Years: 30%
3 Years: 44%
1 Year: 88%
Return on Equity
10 Years: %
5 Years: 9%
3 Years: 6%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
3 4 4 4 4 4 4 4 4 5
Reserves 9 70 87 97 168 196 226 206 228 349
54 33 58 42 55 104 114 41 56 159
35 23 27 55 47 81 71 145 180 161
Total Liabilities 102 130 177 198 275 386 416 397 468 674
12 12 24 23 32 29 79 67 96 132
CWIP 0 0 0 1 0 0 0 0 20 3
Investments 0 0 0 0 0 0 0 0 0 0
90 117 152 174 243 357 336 330 353 538
Total Assets 102 130 177 198 275 386 416 397 468 674

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-3 -32 -13 24 -48 -38 71 111 16
-9 -3 -15 -6 -13 -7 -21 -98 33
12 36 29 -20 59 45 -50 -10 -14
Net Cash Flow -0 1 1 -2 -2 -0 1 3 35

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 72 70 73 62 85 89 78 101 59
Inventory Days 186 174 180 172 199 206 155 223 123
Days Payable 121 40 42 87 68 76 59 138 87
Cash Conversion Cycle 137 204 211 147 217 219 174 185 95
Working Capital Days 102 147 149 116 163 167 134 154 85
ROCE % 12% 12% 14% 20% 17% 16% -8% 16%

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 Sep 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 15.14
7.96 0.81 0.89 1.29 1.31 5.73 5.54 5.18 6.14 5.88 6.74 12.21
19.45 18.98 18.10 19.40 19.50 23.25 27.86 27.63 27.69 27.89 27.48 25.43

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