Sical Logistics Ltd

Sical Logistics is a leading integrated multimodal logistics solutions provider. The Company is into every aspect of logistics namely port handling road and rail transport warehousing shipping stevedoring customs handling trucking retail logisitics mining and integrated logisitics.

Pros:
Stock is trading at 0.94 times its book value
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 73.65% of their holding

Peer Comparison Sector: Logistics // Industry: Miscellaneous

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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
213.96 198.12 247.57 262.30 244.76 247.98 329.44 372.06 323.51 360.83 414.15 426.45
182.35 166.19 208.89 215.12 200.77 210.24 286.27 324.42 285.03 320.20 373.26 373.87
Operating Profit 31.61 31.93 38.68 47.18 43.99 37.74 43.17 47.64 38.48 40.63 40.89 52.58
OPM % 14.77% 16.12% 15.62% 17.99% 17.97% 15.22% 13.10% 12.80% 11.89% 11.26% 9.87% 12.33%
Other Income 4.40 4.68 4.74 1.18 1.75 4.02 0.03 -0.77 1.27 1.62 1.69 1.35
Interest 16.54 14.62 13.74 13.75 13.98 15.02 16.09 16.65 15.54 16.07 16.15 16.27
Depreciation 9.14 10.33 11.03 12.29 14.66 15.82 16.01 16.27 16.88 18.41 18.59 18.07
Profit before tax 10.33 11.66 18.65 22.32 17.10 10.92 11.10 13.95 7.33 7.77 7.84 19.59
Tax % 37.56% 44.00% 48.90% 29.12% 34.56% 31.50% 45.41% 59.28% 69.17% 42.47% 40.05% 35.78%
Net Profit 6.71 6.61 10.14 16.31 11.16 6.06 5.80 7.07 4.02 5.08 5.16 6.16
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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
1,057.95 711.39 670.40 722.01 767.50 779.62 760.69 841.96 827.26 854.79 1,032.81 1,355.41 1,524.94
1,067.95 630.22 584.71 689.49 770.36 699.73 671.62 755.77 743.49 753.25 883.41 1,182.87 1,352.36
Operating Profit -10.00 81.17 85.69 32.52 -2.86 79.89 89.07 86.19 83.77 101.54 149.40 172.54 172.58
OPM % -0.95% 11.41% 12.78% 4.50% -0.37% 10.25% 11.71% 10.24% 10.13% 11.88% 14.47% 12.73% 11.32%
Other Income 136.02 35.62 11.19 -4.61 32.67 13.26 16.83 27.77 40.80 14.51 15.00 5.03 5.93
Interest 33.51 36.40 29.91 27.19 17.36 43.14 64.13 60.70 57.11 56.54 58.65 61.74 64.03
Depreciation 23.53 27.75 36.07 35.29 26.95 33.29 37.82 40.43 45.69 33.60 42.79 62.76 71.95
Profit before tax 68.98 52.64 30.90 -34.57 -14.50 16.72 3.95 12.83 21.77 25.91 62.96 53.07 42.53
Tax % 34.71% -1.67% 20.32% -2.02% 23.59% 6.64% -77.22% -26.11% 9.10% 28.21% 39.12% 42.70%
Net Profit 45.04 50.21 18.01 -35.63 -8.03 15.61 6.99 9.48 16.32 18.42 39.31 34.10 20.42
EPS in Rs 15.60 12.70 4.55 0.00 0.00 2.81 1.26 1.70 2.93 3.31 7.07 6.13
Dividend Payout % 0.00% 0.00% 0.00% -0.24% -1.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.66%
5 Years:12.25%
3 Years:17.89%
TTM:27.69%
Compounded Profit Growth
10 Years:-1.31%
5 Years:42.08%
3 Years:32.24%
TTM:-32.14%
Return on Equity
10 Years:3.21%
5 Years:4.60%
3 Years:6.37%
Last Year: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 Mar 2019
30.19 39.54 39.54 39.54 39.54 55.62 55.62 55.62 55.62 55.62 55.62 55.62 58.54
Reserves 321.96 274.88 230.99 290.30 233.33 362.17 378.42 382.74 386.80 400.10 438.44 469.30 543.94
Borrowings 630.37 685.76 940.21 822.64 603.74 596.63 784.95 829.23 761.19 1,002.03 1,256.45 1,329.99 1,113.36
532.17 554.58 433.75 488.23 655.27 398.31 341.11 390.05 589.88 576.61 628.61 685.02 1,032.30
Total Liabilities 1,514.69 1,554.76 1,644.49 1,640.71 1,531.88 1,412.73 1,560.10 1,657.64 1,793.49 2,034.36 2,379.12 2,539.93 2,748.14
338.39 628.04 710.59 650.06 367.81 501.40 541.18 534.48 569.17 764.17 900.55 921.16 907.34
CWIP 77.32 45.31 155.02 302.82 490.12 474.80 563.43 614.82 691.05 672.69 765.36 879.00 1,027.82
Investments 97.33 173.49 103.68 87.79 26.44 1.35 1.66 1.29 0.05 16.98 17.03 24.15 18.27
1,001.65 707.92 675.20 600.04 647.51 435.18 453.83 507.05 533.22 580.52 696.18 715.62 794.71
Total Assets 1,514.69 1,554.76 1,644.49 1,640.71 1,531.88 1,412.73 1,560.10 1,657.64 1,793.49 2,034.36 2,379.12 2,539.93 2,748.14

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
27.47 64.27 87.10 49.42 -73.28 25.15 86.61 20.51 75.10 75.49 54.85 119.87
-131.96 -258.46 -110.18 -295.98 -54.72 -116.90 -153.40 -58.12 -136.80 -187.64 -241.49 -184.48
287.99 175.91 7.77 149.76 236.33 -24.96 112.24 -50.64 68.00 119.36 197.96 31.77
Net Cash Flow 183.50 -18.28 -15.31 -96.80 108.33 -116.71 45.45 -88.25 6.30 7.21 11.32 -32.84

Ratios 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
ROCE % 7.72% 7.79% 6.50% 0.58% 0.41% 6.24% 5.98% 4.76% 6.13% 6.17% 7.58% 6.34%
Debtor Days 93.23 112.57 104.30 97.25 51.85 51.34 76.46 71.85 72.89 86.58 101.12 82.94
Inventory Turnover 25.31 31.75 125.78 190.76 102.06 63.33 52.03 53.56 52.98 60.26 76.79 99.37