Sandesh Ltd

The Sandesh Limited is an India-based company engaged in selling of newspapers and other publications, and advertisement.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.82 times its book value
Cons:
The company has delivered a poor growth of 4.09% over past five years.
Company has a low return on equity of 13.37% for last 3 years.
Dividend payout has been low at 4.95% of profits over last 3 years

Peer Comparison Sector: Media - Print/Television/Radio // Industry: Printing & Stationery

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
94.35 97.82 88.76 88.37 81.03 97.78 91.89 94.87 89.83 121.03 89.66 97.68
61.83 60.70 61.08 65.77 60.64 63.45 60.79 67.59 65.16 95.84 74.80 80.09
Operating Profit 32.52 37.12 27.68 22.60 20.39 34.33 31.10 27.28 24.67 25.19 14.86 17.59
OPM % 34.47% 37.95% 31.19% 25.57% 25.16% 35.11% 33.84% 28.76% 27.46% 20.81% 16.57% 18.01%
Other Income 3.13 1.21 3.84 3.14 3.61 4.12 4.18 3.06 3.00 3.53 3.96 5.34
Interest 0.10 0.35 0.15 0.43 0.13 0.10 0.09 0.10 0.11 0.09 0.11 0.12
Depreciation 1.99 1.83 1.90 1.95 2.07 1.92 2.13 2.19 2.27 2.13 2.20 2.24
Profit before tax 33.56 36.15 29.47 23.36 21.80 36.43 33.06 28.05 25.29 26.50 16.51 20.57
Tax % 34.51% 33.53% 41.87% 34.85% 33.53% 36.01% 31.91% 36.72% 36.14% 35.13% 33.37% 33.20%
Net Profit 21.98 24.03 17.14 15.23 14.49 23.31 22.51 17.74 16.15 17.20 11.00 13.75
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
238 263 284 220 222 266 307 313 345 374 354 375 398
242 247 239 162 160 193 226 231 248 246 248 257 316
Operating Profit -5 17 46 58 63 73 81 82 97 128 106 118 82
OPM % -2% 6% 16% 26% 28% 28% 26% 26% 28% 34% 30% 31% 21%
Other Income 26 31 3 7 14 2 13 2 1 4 14 14 16
Interest 1 4 4 4 7 10 5 8 4 2 1 0 0
Depreciation 4 5 5 5 7 7 8 8 8 8 8 9 9
Profit before tax 16 38 39 56 63 59 81 68 86 123 111 123 89
Tax % 44% 31% 29% 33% 30% 33% 28% 33% 34% 35% 36% 35%
Net Profit 9 26 28 37 44 39 58 46 57 80 71 80 58
EPS in Rs 9.65 29.99 31.64 42.91 50.80 45.33 75.45 59.84 74.54 104.23 93.65 105.32
Dividend Payout % 25% 10% 9% 7% 8% 8% 5% 7% 5% 5% 5% 5%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.59%
5 Years:4.09%
3 Years:2.81%
TTM:8.93%
Compounded Profit Growth
10 Years:12.17%
5 Years:9.32%
3 Years:12.02%
TTM:-25.56%
Return on Equity
10 Years:13.50%
5 Years:13.15%
3 Years:13.37%
Last Year:12.68%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
9 9 9 9 9 9 8 8 8 8 8 8 8
Reserves 168 191 216 248 288 324 350 392 446 563 582 657 685
Borrowings 0 45 0 25 19 82 68 56 10 14 2 0 0
64 99 95 93 162 101 82 91 86 118 97 90 84
Total Liabilities 241 344 320 374 479 515 507 547 549 703 688 755 777
57 53 55 75 76 78 75 68 71 73 126 138 135
CWIP 0 0 1 4 1 2 0 0 1 0 11 0 1
Investments 15 7 14 8 93 146 159 159 171 393 285 387 484
169 284 249 287 308 289 273 320 307 237 266 230 157
Total Assets 241 344 320 374 479 515 507 547 549 703 688 755 777

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-10 -56 102 56 78 -80 74 28 55 97 96 80
2 8 -17 -25 -80 -63 -5 -2 -22 -39 -31 -112
14 47 -52 16 -8 65 -46 -15 -50 -4 -17 -6
Net Cash Flow 6 -1 32 46 -10 -78 22 11 -17 55 49 -38

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 5% 19% 18% 23% 23% 19% 18% 17% 19% 24% 19% 20%
Debtor Days 41 48 41 61 77 85 60 60 60 62 68 69
Inventory Turnover 7.26 7.58 11.51 11.20 12.18 11.75 11.05 11.06 7.49 8.92 10.59 8.55