Shankara Building Products Ltd

Shankara Building Products Limited is one of the India's leading organized retailer of home improvement and building products in India. It caters to a large customer base spread across various end-user segments in urban and semi-urban markets through a retail led, multi-channel sales approach complemented by processing facilities, supply chain and logistics facilities. It deals with a number of product categories including structural steel, cement, TMT bars, hollow blocks, pipes and tubes, roofing solutions, welding accessories, primers, solar heaters, plumbing, tiles, sanitary ware, water tanks, plywood, kitchen sinks, lighting and other allied products.(Source : 201903 Annual Report Page No: 144)

Pros:
Company has reduced debt.
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 6.61% over past five years.
Company has a low return on equity of 13.38% for last 3 years.
Dividend payout has been low at 10.41% of profits over last 3 years

Peer Comparison Sector: Trading // Industry: Trading

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
567 602 541 600 592 572 625 761 785 644 605 620
534 565 505 555 552 530 584 707 736 613 582 603
Operating Profit 33 37 36 45 39 41 41 54 49 31 23 16
OPM % 6% 6% 7% 7% 7% 7% 7% 7% 6% 5% 4% 3%
Other Income 0 0 0 0 0 0 0 0 0 2 0 2
Interest 12 13 13 13 10 12 11 14 14 15 15 12
Depreciation 3 3 3 3 3 3 3 4 4 5 5 5
Profit before tax 19 21 20 29 27 26 27 36 31 13 3 2
Tax % 32% 37% 33% 37% 35% 34% 34% 40% 37% 29% 26% -2%
Net Profit 13 14 14 19 17 17 18 22 19 9 3 2
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1,412 1,766 1,927 1,979 2,036 2,310 2,549 2,654
1,342 1,679 1,838 1,889 1,916 2,159 2,373 2,535
Operating Profit 70 87 89 90 120 152 175 119
OPM % 5% 5% 5% 5% 6% 7% 7% 4%
Other Income 0 0 1 1 1 1 1 4
Interest 23 35 42 47 46 51 46 57
Depreciation 3 5 6 9 10 11 14 19
Profit before tax 45 48 42 35 65 90 116 49
Tax % 31% 33% 32% 35% 37% 35% 36% 33%
Net Profit 30 32 29 23 41 59 74 33
EPS in Rs 32.29 14.33
Dividend Payout % 7% 7% 8% 10% 8% 11% 10% 10%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:6.61%
3 Years:9.24%
TTM:4.14%
Compounded Profit Growth
10 Years:%
5 Years:2.20%
3 Years:-7.68%
TTM:-56.56%
Return on Equity
10 Years:%
5 Years:13.06%
3 Years:13.38%
Last Year:6.86%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
20 21 22 22 22 23 23 23
Reserves 141 179 211 231 269 367 433 456
Borrowings 222 275 284 293 223 223 248 197
96 134 160 180 286 331 513 438
Total Liabilities 480 610 677 726 799 945 1,216 1,115
109 138 175 205 233 259 297 253
CWIP 0 0 0 0 0 0 0 4
Investments 0 0 0 0 0 0 0 0
371 472 502 522 566 686 919 857
Total Assets 480 610 677 726 799 945 1,216 1,115

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-44 9 64 80 159 106 40 171
-51 -33 -38 -40 -38 -37 -74 -48
94 23 -26 -40 -122 -69 34 -115
Net Cash Flow -1 -1 1 -0 0 0 -1 8

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 19% 17% 15% 21% 25% 25% 15%
Debtor Days 56 54 47 48 50 49 61 46
Inventory Turnover 11.23 9.49 8.73 8.34 8.63 7.33 6.65