Shoppers Stop Ltd

About

Shoppers Stop Ltd is a leading premier retailer of fashion and beauty products established in 1991. It owns and operates various department stores, home concept stores and specialty beauty stores across the country.[1]

Key Points

Product Offerings
The company sells a wide range of products under various private and trusted brands through its stores. Its product offerings include clothes, beauty products, home products (kitchen, furnishing, appliances, bath, bedding, etc.), books, electronics and various others.[1][2]

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  • Market Cap 3,549 Cr.
  • Current Price 323
  • High / Low 409 / 172
  • Stock P/E
  • Book Value 5.80
  • Dividend Yield 0.00 %
  • ROCE -4.45 %
  • ROE -159 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 55.72 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -13.01% over past five years.
  • Company has a low return on equity of -18.73% for last 3 years.
  • Earnings include an other income of Rs.155.93 Cr.

Peer comparison

Sector: Retail Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
999.15 791.06 832.42 845.33 994.06 709.17 53.92 292.42 707.60 671.15 201.08 631.60
901.95 731.96 694.23 708.13 796.58 632.58 156.33 327.13 612.68 575.59 263.84 560.97
Operating Profit 97.20 59.10 138.19 137.20 197.48 76.59 -102.41 -34.71 94.92 95.56 -62.76 70.63
OPM % 9.73% 7.47% 16.60% 16.23% 19.87% 10.80% -189.93% -11.87% 13.41% 14.24% -31.21% 11.18%
Other Income 2.85 5.31 2.41 18.12 6.60 -13.65 104.03 53.08 30.99 8.27 49.10 67.57
Interest 3.00 2.47 48.36 47.43 47.77 50.82 55.19 60.73 53.54 50.51 50.84 52.01
Depreciation 27.84 45.53 88.43 87.79 93.39 169.59 99.73 94.11 100.30 90.55 87.80 90.26
Profit before tax 69.21 16.41 3.81 20.10 62.92 -157.47 -153.30 -136.47 -27.93 -37.23 -152.30 -4.07
Tax % 35.96% 30.16% 35.70% 126.72% 108.30% 15.68% 24.89% 25.05% 25.85% 0.38% 22.69% 25.55%
Net Profit 44.32 11.45 2.45 -5.37 -5.22 -132.78 -115.14 -102.28 -20.71 -37.09 -117.74 -3.03
EPS in Rs 4.05 1.05 0.22 -0.49 -0.48 -12.14 -10.52 -9.35 -1.89 -3.39 -10.77 -0.28

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,492 1,769 2,061 2,212 2,668 2,992 3,462 3,648 3,591 3,481 3,381 1,725 2,211
1,385 1,619 1,919 2,084 2,513 2,803 3,257 3,430 3,353 3,204 2,807 1,661 2,013
Operating Profit 108 150 142 127 155 189 205 218 239 278 574 64 198
OPM % 7% 8% 7% 6% 6% 6% 6% 6% 7% 8% 17% 4% 9%
Other Income 12 10 18 16 12 17 6 -18 -35 18 13 196 156
Interest 22 15 25 32 42 51 57 84 63 37 218 231 207
Depreciation 31 31 38 51 62 86 98 116 112 135 439 385 369
Profit before tax 66 114 98 60 63 70 56 0 29 124 -71 -355 -222
Tax % 24% 34% 34% 35% 41% 41% 59% 6,535% 60% 36% -99% 22%
Net Profit 50 75 64 39 37 41 23 -20 12 79 -141 -275 -179
EPS in Rs 5.79 7.36 6.26 3.80 3.58 3.93 2.21 -1.92 1.06 7.20 -12.88 -25.17 -16.33
Dividend Payout % 10% 8% 10% 16% 17% 15% 27% -31% 57% 8% 0% 0%
Compounded Sales Growth
10 Years: 0%
5 Years: -13%
3 Years: -22%
TTM: 8%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 53%
Stock Price CAGR
10 Years: -1%
5 Years: 3%
3 Years: -12%
1 Year: 74%
Return on Equity
10 Years: -2%
5 Years: -10%
3 Years: -19%
Last Year: -159%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
35 41 41 41 42 42 42 42 44 44 44 55 55
Reserves 243 557 617 652 687 724 737 719 909 934 93 127 9
Borrowings 199 145 259 329 451 518 590 576 87 40 2,191 2,062 1,986
300 305 348 412 479 507 542 499 722 1,458 1,737 1,331 1,441
Total Liabilities 778 1,048 1,266 1,435 1,659 1,790 1,910 1,836 1,763 2,475 4,065 3,574 3,491
271 312 417 456 549 596 631 635 648 595 1,878 1,711 1,545
CWIP 28 33 30 27 32 14 28 17 18 35 44 3 12
Investments 120 237 284 331 388 406 405 408 318 294 206 128 119
360 466 535 621 690 773 846 775 779 1,552 1,937 1,733 1,814
Total Assets 778 1,048 1,266 1,435 1,659 1,790 1,910 1,836 1,763 2,475 4,065 3,574 3,491

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
102 137 37 112 125 130 163 156 322 203 564 10
-113 -287 -119 -142 -207 -147 -164 -85 32 -131 -283 -36
-2 150 86 34 78 13 2 -110 -270 -59 -423 171
Net Cash Flow -13 -0 4 4 -3 -4 0 -39 84 13 -142 145

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 3 3 3 3 4 3 2 4 4 5 4 7
Inventory Days 61 53 64 63 64 64 68 56 54 190 227 290
Days Payable 103 76 71 73 67 64 65 53 81 226 278 391
Cash Conversion Cycle -39 -20 -4 -6 0 2 5 7 -22 -31 -47 -93
Working Capital Days 20 -19 -12 -13 -12 -9 -7 -5 -19 -14 -26 -36
ROCE % 18% 21% 15% 10% 10% 10% 10% 10% 12% 16% 10% -4%

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
63.68 63.68 63.71 63.72 63.86 63.86 63.86 63.86 65.46 65.46 65.46 65.41
11.75 10.39 7.03 6.92 6.95 6.96 6.73 6.58 5.58 5.76 5.76 5.83
12.93 14.48 18.19 22.93 22.81 21.13 20.78 19.35 19.67 19.93 19.93 20.21
11.65 11.45 11.07 6.43 6.38 8.05 8.63 10.21 9.29 8.85 8.85 8.54

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