SEPC Ltd

SEPC Ltd

₹ 24.0 -1.44%
11 Dec 3:58 p.m.
About

SEPC (Shriram EPC Ltd till February 2021) was incorporated in June 2000. The company became majority owned by Mark AB since September 2022 post infusion of Rs 350 crore. SEPC specialises in executing EPC contracts, providing integrated solutions encompassing design, engineering, procurement, construction and project management services in water, process and process and metallurgy, and infrastructure segments.[1]

Key Points

Service Offerings
The company is an engineering, procurement, and construction, commissioning end-to-end solutions provider offering multi-disciplinary services and project management solutions across 2 business areas:

  • Market Cap 3,747 Cr.
  • Current Price 24.0
  • High / Low 33.5 / 15.0
  • Stock P/E 166
  • Book Value 9.08
  • Dividend Yield 0.00 %
  • ROCE 4.71 %
  • ROE 1.98 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 2.64 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -3.70%
  • The company has delivered a poor sales growth of -14.1% over past five years.
  • Promoter holding is low: 33.9%
  • Company has a low return on equity of -10.2% over last 3 years.
  • Promoters have pledged 34.0% of their holding.
  • Earnings include an other income of Rs.47.4 Cr.
  • Company has high debtors of 195 days.

* 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 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
81.05 89.45 92.39 59.24 54.93 122.45 142.23 143.28 129.18 140.70 147.82 175.82 170.99
88.97 117.43 93.01 70.79 136.37 108.67 129.33 130.51 120.69 142.56 140.98 151.61 163.31
Operating Profit -7.92 -27.98 -0.62 -11.55 -81.44 13.78 12.90 12.77 8.49 -1.86 6.84 24.21 7.68
OPM % -9.77% -31.28% -0.67% -19.50% -148.26% 11.25% 9.07% 8.91% 6.57% -1.32% 4.63% 13.77% 4.49%
11.99 -7.51 -61.56 9.31 136.55 4.42 7.90 2.58 9.60 20.11 13.95 2.38 10.96
Interest 28.96 29.82 28.79 27.23 11.55 12.28 9.34 9.08 11.11 11.40 12.79 12.61 10.45
Depreciation 1.34 1.33 1.60 1.37 1.36 2.03 1.39 1.34 1.33 1.32 1.34 1.30 1.29
Profit before tax -26.23 -66.64 -92.57 -30.84 42.20 3.89 10.07 4.93 5.65 5.53 6.66 12.68 6.90
Tax % 0.00% 0.00% 46.21% 0.00% 0.00% 0.00% 300.10% 0.00% 0.00% 0.00% 0.00% 36.28% 66.67%
-26.23 -66.64 -135.35 -30.85 42.20 3.89 -20.15 4.93 5.65 5.53 6.67 8.08 2.29
EPS in Rs -0.23 -0.58 -1.18 -0.21 0.27 0.02 -0.13 0.03 0.04 0.04 0.04 0.05 0.01
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Jun 2013 15m Mar 2014 9m Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,906 495 548 548 744 829 1,202 1,208 583 329 379 561 635
1,652 753 615 519 736 813 1,139 1,149 641 366 435 527 598
Operating Profit 253 -258 -67 28 8 16 63 59 -58 -36 -56 34 37
OPM % 13% -52% -12% 5% 1% 2% 5% 5% -10% -11% -15% 6% 6%
10 67 121 46 83 105 70 -15 12 -53 155 46 47
Interest 448 231 301 272 298 104 95 115 126 125 67 52 47
Depreciation 23 4 6 7 6 6 6 6 6 6 6 5 5
Profit before tax -208 -426 -253 -204 -213 11 31 -77 -178 -221 25 23 32
Tax % -21% 3% 0% 0% -35% 118% 3% 0% 1% 19% 119% 0%
-269 -506 -266 -204 -137 -2 31 -77 -179 -264 -5 23 23
EPS in Rs -51.20 -96.44 -25.99 -5.22 -1.24 -0.02 0.27 -0.67 -1.56 -2.29 -0.03 0.15 0.14
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 1%
5 Years: -14%
3 Years: -1%
TTM: 18%
Compounded Profit Growth
10 Years: 7%
5 Years: -8%
3 Years: 29%
TTM: 365%
Stock Price CAGR
10 Years: -4%
5 Years: 36%
3 Years: 47%
1 Year: 12%
Return on Equity
10 Years: %
5 Years: -9%
3 Years: -10%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Jun 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 44 44 86 331 937 972 972 972 972 972 1,322 1,410 1,564
Reserves 238 -268 -365 125 204 258 288 212 32 -234 -235 -200 -143
1,578 2,023 2,422 1,967 841 800 657 684 836 981 409 455 381
623 587 484 528 883 1,121 1,055 735 577 505 506 544 630
Total Liabilities 2,484 2,387 2,627 2,951 2,865 3,151 2,971 2,603 2,416 2,223 2,002 2,209 2,432
45 43 41 55 61 56 55 51 45 41 36 31 28
CWIP 9 27 29 10 0 0 0 0 0 0 0 0 0
Investments 282 17 5 5 1 1 1 1 1 1 0 1 1
2,148 2,300 2,552 2,880 2,803 3,094 2,915 2,551 2,370 2,182 1,965 2,178 2,402
Total Assets 2,484 2,387 2,627 2,951 2,865 3,151 2,971 2,603 2,416 2,223 2,002 2,209 2,432

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Jun 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
700 -376 -299 12 28 302 -7 -50 -72 21 -121
-148 167 22 -6 21 -38 40 21 1 12 -24
-880 218 306 35 -81 -257 -52 25 68 -6 130
Net Cash Flow -327 8 29 42 -32 7 -19 -4 -3 27 -15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Jun 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 112 181 168 194 237 160 147 145 252 413 281 195
Inventory Days 861 195 679 421
Days Payable 1,089 519 1,895 1,894
Cash Conversion Cycle -116 -142 -1,048 -1,280 237 160 147 145 252 413 281 195
Working Capital Days 239 292 404 642 429 228 307 313 611 1,057 757 624
ROCE % 13% 2% 6% 4% 6% 7% 5% -2% -2% -3% 5%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
28.76% 28.76% 22.82% 47.62% 47.62% 31.08% 26.66% 27.75% 27.75% 26.97% 37.65% 33.94%
0.00% 0.20% 0.22% 0.20% 0.16% 0.19% 0.21% 0.34% 0.42% 0.47% 0.65% 0.76%
56.76% 55.53% 44.02% 40.79% 40.79% 40.79% 39.30% 37.53% 26.58% 25.16% 24.93% 19.00%
14.48% 15.51% 32.95% 11.38% 11.42% 27.94% 33.82% 34.38% 45.24% 47.41% 36.78% 46.30%
No. of Shareholders 43,73957,90353,71751,59250,91250,28554,82882,0431,28,3261,62,3311,74,4562,68,268

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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