Sical Logistics Ltd // Transportation - Logistics

Pros:
Company is expected to give good quarter
Company has good consistent profit growth of 42.08% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Promoter's stake has decreased
Company has a low return on equity of 6.37% for last 3 years.
Contingent liabilities of Rs.408.22 Cr.
Company might be capitalizing the interest cost
Promoters have pledged 89.07% of their holding

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Allcargo Logist. 96.60 15.03 2373.42 2.07 54.33 3.71 1624.99 9.54 10.67
2. Blue Dart Exp. 2782.85 46.15 6603.70 0.45 22.08 4.69 732.78 9.92 28.93
3. Gateway Distr. 159.90 17.36 1738.56 4.38 30.78 5.48 103.11 -61.53 9.17
4. VRL Logistics 254.25 27.67 2296.98 0.00 24.19 -28.30 528.47 7.44 21.59
5. Mahindra Logis. 559.75 53.47 3982.17 0.27 24.31 60.89 928.19 8.88 25.35
6. Future Supply 671.05 37.20 2687.97 0.15 17.95 37.65 227.91 49.96 25.08
7. TCI Express 617.25 37.90 2364.72 0.40 16.12 33.00 247.59 21.86 40.01
8. Sical Logistics 157.05 40.65 873.20 0.00 2.26 -79.80 323.51 32.17 6.34

Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
192.52 210.54 224.10 213.96 198.12 247.57 262.30 244.76 247.98 329.44 372.06 323.51
171.00 187.17 190.08 182.35 166.19 208.89 215.12 200.77 210.24 286.27 324.42 285.03
Operating Profit 21.52 23.37 34.02 31.61 31.93 38.68 47.18 43.99 37.74 43.17 47.64 38.48
OPM % 11.18% 11.10% 15.18% 14.77% 16.12% 15.62% 17.99% 17.97% 15.22% 13.10% 12.80% 11.89%
Other Income 5.74 3.49 1.46 4.40 4.68 4.74 1.18 1.75 4.02 0.03 -0.77 1.27
Depreciation 7.48 9.54 9.16 9.14 10.33 11.03 12.29 14.66 15.82 16.01 16.27 16.88
Interest 14.92 14.92 13.37 16.54 14.62 13.74 13.75 13.98 15.02 16.09 16.65 15.54
Profit before tax 4.86 2.40 12.95 10.33 11.66 18.65 22.32 17.10 10.92 11.10 13.95 7.33
Tax 0.82 1.13 3.02 3.88 5.13 9.12 6.50 5.91 3.44 5.04 8.27 5.07
Net Profit 4.04 1.27 9.93 6.45 6.53 9.53 15.82 11.19 7.48 6.06 5.68 2.26

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1,058 711 670 722 768 780 761 842 827 855 1,033 1,355 1,273
1,068 630 596 704 772 700 672 756 743 753 883 1,183 1,106
Operating Profit -10 81 75 18 -4 80 89 86 84 102 149 173 167
OPM % -1% 11% 11% 3% -1% 10% 12% 10% 10% 12% 14% 13% 13%
Other Income 136 36 22 10 34 13 17 28 41 15 15 5 5
Interest 34 36 30 27 17 43 64 61 57 57 59 62 63
Depreciation 24 28 36 35 27 33 38 40 46 34 43 63 65
Profit before tax 69 53 31 -35 -14 17 4 13 22 26 63 53 43
Tax % 35% -2% 20% -2% 24% 7% -77% -26% 9% 28% 39% 43%
Net Profit 45 50 18 -36 -8 16 7 9 16 18 39 34 21
EPS in Rs 16.43 12.70 4.55 0.00 0.00 2.81 1.26 1.70 2.93 3.31 7.07 6.13
Dividend Payout % 0% 0% 0% -0% -1% 0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.66%
5 Years:12.25%
3 Years:17.89%
TTM:33.61%
Compounded Profit Growth
10 Years:-1.31%
5 Years:42.08%
3 Years:32.24%
TTM:-50.13%
Return on Equity
10 Years:3.22%
5 Years:4.61%
3 Years:6.37%
TTM:6.63%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
30 40 40 40 40 56 56 56 56 56 56 56
Reserves 317 271 227 287 233 362 370 383 387 400 438 469
Borrowings 630 686 940 823 604 597 785 829 761 1,002 1,256 1,330
537 558 437 492 655 398 350 390 590 577 629 685
Total Liabilities 1,515 1,555 1,644 1,641 1,532 1,413 1,560 1,658 1,793 2,034 2,379 2,540
338 628 711 650 368 501 541 534 569 764 901 921
CWIP 77 45 155 303 490 475 563 615 691 673 765 879
Investments 97 173 104 88 26 1 2 1 0 17 17 24
1,002 708 675 600 648 435 454 507 533 581 696 716
Total Assets 1,515 1,555 1,644 1,641 1,532 1,413 1,560 1,658 1,793 2,034 2,379 2,540

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
27 64 87 49 -73 25 87 21 75 75 55 120
-132 -258 -110 -296 -55 -117 -153 -58 -137 -188 -241 -184
288 176 8 150 236 -25 112 -51 68 119 198 32
Net Cash Flow 184 -18 -15 -97 108 -117 45 -88 6 7 11 -33