Somany Ceramics Ltd

About [ edit ]

Somany Ceramics was started by the Shri H. L. Somany in 1971. Over the last 5 decades, the Company has emerged as a leader in the Indian ceramic industry on the back of its ability to evolve with changing décor aesthetics and trends. The Company has a diversified product portfolio ranging from ceramic wall and floor tiles, polished vitrified tiles and glazed vitrified tiles to sanitaryware and bath fittings. #

The Company’s operates 11 manufacturing units across the entire country which possess an
installed capacity of ~53 million square metres (msm) of tiles, 1.15 million pieces of sanitaryware per annum and 0.65 million pieces of bath fittings per annum. Company owns 35% of its capacities, 37% are run in Joint Ventures and the rest 28% are run in Partnerships. #

Key Points [ edit ]
  • Market Cap 1,791 Cr.
  • Current Price 423
  • High / Low 460 / 86.6
  • Stock P/E 103
  • Book Value 143
  • Dividend Yield 0.57 %
  • ROCE 7.47 %
  • ROE 3.83 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 30.36%
  • Debtor days have improved from 86.57 to 63.42 days.

Cons

  • Stock is trading at 2.96 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.10% over past five years.
  • Company has a low return on equity of 8.50% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
541 381 391 425 519 396 422 436 356 169 424 492
479 349 365 390 448 365 378 396 342 181 374 429
Operating Profit 62 31 26 35 71 30 45 40 14 -12 49 64
OPM % 11% 8% 7% 8% 14% 8% 11% 9% 4% -7% 12% 13%
Other Income 3 5 4 5 -7 5 -24 3 3 2 4 3
Interest 10 12 11 12 12 12 13 12 11 12 10 9
Depreciation 12 11 11 11 11 12 15 14 16 14 15 16
Profit before tax 43 14 9 17 40 11 -8 17 -11 -36 29 42
Tax % 33% 36% 38% 42% 28% 37% 215% 25% 16% 26% 26% 26%
Net Profit 26 9 5 9 24 7 6 10 -9 -22 20 28
EPS in Rs 6.12 2.01 1.08 2.16 5.68 1.76 1.52 2.46 -2.20 -5.19 4.84 6.66

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
443 537 713 869 1,043 1,251 1,525 1,685 1,731 1,713 1,715 1,610 1,442
400 480 645 794 957 1,170 1,417 1,543 1,501 1,527 1,552 1,477 1,327
Operating Profit 44 56 68 74 86 81 108 142 230 186 163 133 115
OPM % 10% 11% 10% 9% 8% 6% 7% 8% 13% 11% 9% 8% 8%
Other Income 1 3 1 1 2 3 8 6 17 13 8 -15 12
Interest 17 14 17 21 20 19 21 22 39 40 46 49 42
Depreciation 14 15 17 18 20 22 27 28 31 41 44 59 61
Profit before tax 14 31 34 36 48 44 68 97 177 118 80 10 24
Tax % 36% 33% 31% 31% 32% 39% 33% 32% 35% 33% 34% -104%
Net Profit 9 20 24 25 32 29 46 65 98 70 46 15 17
EPS in Rs 2.54 5.91 6.92 7.28 9.28 7.43 11.94 15.27 23.16 16.62 10.93 3.54 4.11
Dividend Payout % 12% 10% 10% 11% 13% 20% 17% 15% 12% 16% 18% 57%
Compounded Sales Growth
10 Years:12%
5 Years:1%
3 Years:-2%
TTM:-19%
Compounded Profit Growth
10 Years:1%
5 Years:-12%
3 Years:-38%
TTM:-77%
Stock Price CAGR
10 Years:25%
5 Years:-0%
3 Years:-10%
1 Year:368%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:9%
Last Year:4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
7 7 7 7 7 8 8 8 8 8 8 8 8
Reserves 58 76 97 119 146 216 250 420 516 572 605 598 597
Borrowings 138 162 179 167 162 171 191 243 497 541 574 529 378
107 161 199 237 306 353 335 372 422 518 477 416 477
Total Liabilities 309 405 482 529 621 747 784 1,044 1,443 1,639 1,664 1,552 1,460
131 131 174 191 200 241 264 381 527 648 713 778 768
CWIP 0 24 3 3 9 3 1 6 56 28 25 6 8
Investments 0 1 1 5 9 55 47 108 119 114 68 34 84
178 250 304 330 403 449 473 549 741 849 859 734 600
Total Assets 309 405 482 529 621 747 784 1,044 1,443 1,639 1,664 1,552 1,460

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
39 41 24 79 71 74 25 60 117 111 86 153
-7 -46 -34 -35 -40 -104 -38 -192 -131 -110 -89 -15
-33 10 11 -37 -28 39 -6 131 10 -10 27 -153
Net Cash Flow -1 5 0 6 4 9 -19 -1 -4 -9 24 -15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 20% 20% 20% 22% 17% 21% 22% 25% 15% 12% 7%
Debtor Days 67 69 66 59 61 63 62 69 90 107 89 63
Inventory Turnover 4.50 5.04 5.36 5.92 6.80 8.68 9.75 8.86 5.72 4.11 3.99 3.25

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
51.53 51.53 51.53 51.53 51.47 51.47 51.47 51.47 51.47 54.70 54.77 54.77
4.84 4.66 4.20 4.58 3.18 3.10 2.96 2.12 1.78 1.61 1.89 2.65
20.24 20.67 21.53 23.05 22.91 21.72 20.87 19.68 18.76 16.73 17.06 20.04
23.38 23.14 22.74 20.84 22.44 23.71 24.71 26.73 28.00 26.96 26.28 22.54

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