Skipper Ltd

Skipper is evolved into one of the world's leading manufacturers for Transmission & Distribution Structures (Towers & Poles) in it's Engineering Products segment, a leading and respected brand in the Plastic Water Pipes sector as well as trusted partner for executing critical Infrastructure EPC projects.

Pros:
Stock is trading at 0.84 times its book value
Cons:
Company has low interest coverage ratio.
Dividend payout has been low at 7.05% of profits over last 3 years
Company's cost of borrowing seems high

Peer Comparison Sector: Engineering // Industry: Engineering

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
391 425 564 399 516 566 593 479 524 435 433 339
317 367 463 347 447 492 484 434 485 393 378 296
Operating Profit 74 58 101 52 68 74 109 45 39 42 55 43
OPM % 19% 14% 18% 13% 13% 13% 18% 9% 7% 10% 13% 13%
Other Income 1 1 1 1 0 0 1 0 0 0 0 0
Interest 17 19 14 17 20 18 24 27 26 24 25 22
Depreciation 7 8 10 11 12 12 11 12 10 9 8 9
Profit before tax 51 33 78 25 37 45 74 6 4 11 22 12
Tax % 34% 32% 26% 35% 36% 35% 33% 29% 35% 39% 20% 32%
Net Profit 33 22 58 16 23 29 49 4 2 6 18 8
EPS in Rs 3.26 2.17 5.68 1.56 2.27 2.85 4.82 0.44 0.24 0.63 1.73 0.80
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2006 Mar 2007 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
38 120 409 502 762 898 1,039 1,310 1,501 1,665 2,074 1,871 1,731
35 112 374 452 699 808 920 1,082 1,273 1,392 1,769 1,689 1,552
Operating Profit 3 9 35 49 62 90 118 228 227 273 305 182 179
OPM % 9% 7% 9% 10% 8% 10% 11% 17% 15% 16% 15% 10% 10%
Other Income 0 2 0 5 1 1 2 1 5 3 1 1 1
Interest 1 3 12 22 37 51 69 70 65 68 79 102 96
Depreciation 1 1 3 7 12 13 15 22 24 32 46 38 36
Profit before tax 2 6 21 25 15 28 37 137 143 177 180 43 49
Tax % 38% 34% 34% 30% 32% 33% 27% 35% 34% 30% 35% 27%
Net Profit 1 4 14 18 10 19 27 89 95 124 118 31 35
EPS in Rs 8.45 9.01 12.14 11.48 3.04 3.40
Dividend Payout % 0% 4% 8% 6% 7% 5% 6% 15% 15% 13% 0% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:12.49%
3 Years:7.62%
TTM:-19.64%
Compounded Profit Growth
10 Years:%
5 Years:3.32%
3 Years:-30.73%
TTM:-67.13%
Stock Price CAGR
10 Years:%
5 Years:-11.48%
3 Years:-29.83%
1 Year:-43.93%
Return on Equity
10 Years:%
5 Years:20.01%
3 Years:16.29%
Last Year:4.93%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2006 Mar 2007 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1 2 7 36 36 10 10 10 10 10 10 10
Reserves 7 16 104 121 127 196 221 294 371 522 627 638
Borrowings 21 31 199 347 299 424 440 383 468 436 496 523
7 21 45 71 235 156 211 377 341 424 613 486
Total Liabilities 37 69 355 546 669 787 882 1,064 1,190 1,393 1,747 1,657
17 19 133 208 283 326 339 351 385 497 521 514
CWIP 0 1 47 33 2 4 8 3 40 14 2 8
Investments 0 1 0 0 0 0 0 0 0 0 0 9
19 48 175 304 385 457 535 709 765 881 1,224 1,125
Total Assets 37 69 355 546 669 787 882 1,064 1,190 1,393 1,747 1,657

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2006 Mar 2007 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-2 -12 1 -112 79 -62 101 174 65 176 80 134
-10 -2 -100 -64 -55 -56 -32 -32 -92 -79 -42 -41
13 15 105 176 -22 122 -79 -116 13 -110 -39 -93
Net Cash Flow 0 1 5 -1 2 4 -10 26 -14 -13 -1 -0

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2006 Mar 2007 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 23% 11% 11% 14% 16% 31% 27% 27% 25% 13%
Debtor Days 50 81 54 67 69 63 81 105 91 82 91 96
Inventory Turnover 9.03 3.87 4.42 4.42 4.45 5.73 6.28 5.39 4.46 3.41