Sarda Energy & Minerals Ltd

Sarda Energy & Minerals has integrated steel manufacturing facility starting from iron ore mining to the finished steel in the form of wire rod and H.B. wire. The Company is also a leading manufacturer and exporter of Ferro Alloys enjoying Two Star Export House Status.

Pros:
Stock is trading at 0.33 times its book value
Stock is providing a good dividend yield of 3.11%.
Cons:
Company has a low return on equity of 11.61% for last 3 years.
Contingent liabilities of Rs.389.15 Cr.

Peer Comparison Sector: Steel // Industry: Steel - Medium / Small

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
491 568 523 591 624 591 614 496 555
409 465 423 475 487 472 468 415 446
Operating Profit 82 103 100 117 137 118 146 81 109
OPM % 17% 18% 19% 20% 22% 20% 24% 16% 20%
Other Income 43 2 13 4 -14 -3 8 25 11
Interest 23 24 24 26 24 26 24 25 23
Depreciation 18 19 18 18 19 19 19 19 19
Profit before tax 85 63 71 75 80 70 112 61 78
Tax % 38% 26% 24% 32% 43% 43% 31% 27% 35%
Net Profit 54 47 50 54 45 40 77 47 47
EPS in Rs 15.03 12.25 13.93 14.98 12.49 9.47 21.44 12.96 13.16
Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
949 528 891 1,108 1,405 1,591 1,760 1,480 1,434 2,174 2,324 2,255
767 447 754 940 1,115 1,265 1,389 1,289 1,217 1,774 1,842 1,801
Operating Profit 182 81 138 168 290 326 371 190 217 399 482 455
OPM % 19% 15% 15% 15% 21% 20% 21% 13% 15% 18% 21% 20%
Other Income 9 121 51 47 49 46 -70 36 96 65 17 42
Interest 3 2 36 72 69 123 120 112 94 97 99 98
Depreciation 28 41 60 65 69 96 93 75 69 73 76 76
Profit before tax 159 159 93 79 201 154 87 39 150 294 324 321
Tax % 17% 9% 23% -12% 19% 40% 35% 68% 15% 30% 36%
Net Profit 132 144 72 87 162 91 55 13 132 202 203 211
EPS in Rs 38.39 41.84 19.47 24.31 44.57 25.39 15.24 3.50 36.60 56.17 56.36 57.03
Dividend Payout % 8% 7% 15% 0% 7% 12% 20% 143% 11% 9% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.37%
5 Years:7.87%
3 Years:16.23%
TTM:-2.22%
Compounded Profit Growth
10 Years:4.57%
5 Years:18.24%
3 Years:166.07%
TTM:7.71%
Stock Price CAGR
10 Years:-3.64%
5 Years:0.23%
3 Years:-11.81%
1 Year:-46.60%
Return on Equity
10 Years:10.09%
5 Years:9.72%
3 Years:11.61%
Last Year:11.98%

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
34 34 36 36 36 36 36 36 36 36 36
Reserves 491 617 771 864 1,017 1,112 1,174 1,187 1,322 1,540 1,742
Borrowings 744 622 787 1,130 1,427 1,737 1,482 1,221 1,363 1,386 1,395
92 157 183 307 306 363 352 382 395 451 492
Total Liabilities 1,360 1,431 1,776 2,336 2,786 3,247 3,044 2,827 3,115 3,413 3,665
354 477 750 800 1,428 1,383 1,333 1,226 1,183 1,358 1,334
CWIP 360 429 245 613 263 375 441 594 799 783 1,063
Investments 377 211 198 133 289 572 279 205 226 241 213
269 313 584 791 806 917 991 803 907 1,030 1,056
Total Assets 1,360 1,431 1,776 2,336 2,786 3,247 3,044 2,827 3,115 3,413 3,665

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
212 108 -66 274 247 241 -36 469 177 300 446
-574 51 -186 -444 -474 -385 330 -148 -241 -156 -364
302 -113 205 233 218 176 -385 -383 63 -86 -106
Net Cash Flow -60 46 -47 64 -9 32 -91 -61 -1 58 -24

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
ROCE % 7% 8% 8% 11% 10% 12% 6% 8% 14% 14%
Debtor Days 9 16 18 14 20 15 20 31 27 22 15
Inventory Turnover 4.19 4.34 4.56 5.92 5.98 4.94 4.55 5.08 5.77 5.46