Shivalik Bimetal Controls Ltd

About

Shivalik Bimetal Controls Ltd. is a company specialized in the joining of material through various methods such as Diffusion Bonding / Cladding, Electron Beam Welding, Solder Reflow and Resistance Welding. Our present program includes Thermostatic Bimetal, Clad Metal, Spring Rolled stainless Steels, Electron Beam Welded Material with multi- Gauge and Multi- Materials strips and Thermostatic Edge- Welded Strips for a board spectrum of industries. [1]

Key Points

Product Portfolio
The company is in the business of manufacturing & sales of Thermostatic Bimetal /Trimetal strips, Components, Spring Rolled Stainless Steels, EB welded products with multigauge, Cold Bonded Bimetal Strips and Parts etc. [1]
Thermostatic Bimetal/Trimetal Strips account for 52% of revenues and the Shunt Resistors account for the rest 48% of company's revenues.

The shunt resistors division of the company is completely new and was started 4-5 years back by the company. [2]

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  • Market Cap 1,296 Cr.
  • Current Price 337
  • High / Low 413 / 57.3
  • Stock P/E 29.6
  • Book Value 42.6
  • Dividend Yield 0.18 %
  • ROCE 23.3 %
  • ROE 19.9 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 7.91 times its book value
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
45 48 51 46 44 46 29 49 59 67 70 76
36 39 45 41 38 43 25 42 46 54 54 58
Operating Profit 9 9 5 5 6 4 3 8 13 13 16 18
OPM % 20% 18% 11% 10% 14% 8% 12% 15% 21% 19% 23% 23%
Other Income 1 3 2 2 1 1 1 1 2 2 1 2
Interest 1 1 1 1 1 1 0 0 0 0 0 0
Depreciation 1 1 1 1 2 2 1 1 2 2 1 1
Profit before tax 8 9 5 4 5 3 2 7 12 13 15 18
Tax % 29% 27% 27% 12% 23% 24% 26% 25% 26% 26% 24% 25%
Net Profit 6 7 3 4 4 2 2 5 9 9 12 14
EPS in Rs 1.53 1.77 0.90 0.98 1.07 0.55 0.43 1.37 2.40 2.43 3.02 3.53

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
76 75 76 95 109 119 158 193 187 204 272
66 66 66 85 95 100 132 158 166 168 214
Operating Profit 10 9 11 10 14 19 26 36 21 36 59
OPM % 13% 12% 14% 11% 13% 16% 16% 18% 11% 18% 22%
Other Income 2 0 1 2 0 2 5 7 5 6 7
Interest 3 3 3 4 4 3 3 4 3 2 2
Depreciation 2 2 2 3 4 5 5 5 6 6 6
Profit before tax 8 5 7 5 6 14 23 34 17 34 58
Tax % 4% 4% 28% 50% 42% 40% 27% 29% 22% 26%
Net Profit 7 5 5 3 3 8 17 25 13 25 44
EPS in Rs 1.92 1.19 1.24 0.71 0.87 2.14 4.30 6.41 3.50 6.64 11.38
Dividend Payout % 21% 19% 18% 42% 0% 12% 14% 9% 9% 9%
Compounded Sales Growth
10 Years: 8%
5 Years: 13%
3 Years: 9%
TTM: 62%
Compounded Profit Growth
10 Years: 25%
5 Years: 49%
3 Years: 15%
TTM: 232%
Stock Price CAGR
10 Years: 50%
5 Years: 72%
3 Years: 55%
1 Year: 422%
Return on Equity
10 Years: %
5 Years: 19%
3 Years: 19%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
4 4 4 4 4 4 8 8 8 8 8
Reserves 33 37 41 42 51 65 75 97 108 132 156
Borrowings 18 25 31 41 47 29 36 45 25 28 40
26 22 25 30 23 18 28 27 23 53 50
Total Liabilities 81 87 101 116 125 116 147 176 163 221 254
20 20 35 37 41 43 45 45 45 46 57
CWIP 0 9 1 3 4 4 5 6 18 25 19
Investments 0 0 0 0 1 7 8 11 11 13 14
60 58 65 76 78 61 89 115 88 137 163
Total Assets 81 87 101 116 125 116 147 176 163 221 254

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 8 8 2 16 12 6 4 41 30
-1 -10 -9 -7 -2 -3 -7 -7 -14 -15
-9 3 2 4 -6 -17 1 3 -27 0
Net Cash Flow 2 0 1 -1 8 -8 0 0 -0 15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 121 115 122 106 88 81 78 65 60 77
Inventory Days 212 180 165 221 150 153 182 264 172 253
Days Payable 153 116 87 115 46 48 78 56 41 127
Cash Conversion Cycle 180 180 199 212 192 187 181 273 192 202
Working Capital Days 165 173 183 181 141 140 152 175 137 127
ROCE % 14% 14% 12% 16% 24% 28% 14% 23%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
60.77 60.77 60.50 60.50 60.53 60.55 60.55 60.61 60.61 60.61 60.61 60.61
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
0.06 0.06 0.06 0.06 0.09 0.06 0.06 0.06 0.06 0.06 0.06 0.02
39.16 39.16 39.43 39.43 39.37 39.39 39.39 39.33 39.33 39.33 39.33 39.36

Documents