SPL Industries Ltd

SPL Industries is garment manufacturing concern.

Pros:
Company is virtually debt free.
Stock is trading at 0.92 times its book value
Company is expected to give good quarter
Company has good consistent profit growth of 51.12% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Textiles // Industry: Textiles - Products

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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
34 34 45 58 55 27 32 28 50 40 39 47
31 36 50 61 58 21 26 21 41 33 34 40
Operating Profit 3 -2 -5 -3 -3 7 6 7 9 7 5 6
OPM % 8% -5% -12% -6% -6% 24% 18% 27% 18% 19% 14% 14%
Other Income 0 0 9 1 0 2 2 0 1 0 1 1
Interest 0 0 1 1 0 0 1 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 2 -2 1 -4 -4 7 6 7 9 7 5 6
Tax % 0% -0% 0% -0% -0% 0% 0% 0% 0% 0% 0% 0%
Net Profit 2 -2 1 -4 -4 7 6 7 9 7 5 6
EPS in Rs 0.61 -0.82 0.37 -1.30 -1.35 2.55 1.95 2.27 3.13 2.30 1.67 2.04
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
296 340 258 157 60 40 46 60 148 151 173 157 176
309 334 296 210 103 58 39 56 136 148 166 127 148
Operating Profit -13 6 -37 -53 -43 -19 7 4 12 2 7 29 28
OPM % -4% 2% -14% -34% -71% -47% 15% 7% 8% 2% 4% 19% 16%
Other Income 36 2 23 -0 18 6 -0 0 1 5 4 3 3
Interest 10 15 14 9 11 5 0 0 1 3 2 1 1
Depreciation 9 8 7 6 5 4 3 4 3 3 4 4 4
Profit before tax 5 -15 -36 -68 -41 -22 3 1 9 1 5 27 26
Tax % 40% 6% -1% -2% 7% -1% 10% 0% 0% 0% 0% 0%
Net Profit 3 -14 -37 -70 -38 -22 3 1 9 1 5 27 26
EPS in Rs 0.94 0.00 0.00 0.00 0.00 0.00 0.94 0.18 3.04 0.50 1.86 9.37 9.14
Dividend Payout % 0% -0% -0% -0% -0% -0% 0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-7.44%
5 Years:28.05%
3 Years:1.85%
TTM:23.67%
Compounded Profit Growth
10 Years:7.45%
5 Years:51.12%
3 Years:45.07%
TTM:68.51%
Stock Price CAGR
10 Years:12.61%
5 Years:26.55%
3 Years:1.96%
1 Year:-20.82%
Return on Equity
10 Years:-16.17%
5 Years:13.33%
3 Years:15.89%
Last Year:32.91%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
29 29 29 29 29 29 29 29 29 29 29 29
Reserves 135 121 84 14 45 22 25 26 35 36 41 69
Borrowings 98 114 94 87 65 4 0 5 18 15 2 2
78 78 70 40 31 15 9 17 17 72 53 40
Total Liabilities 341 342 277 170 170 70 63 77 99 152 126 140
75 71 64 58 119 56 52 49 47 52 55 52
CWIP 3 0 0 0 0 0 0 0 0 2 1 1
Investments 10 8 5 4 0 0 0 0 0 0 0 0
253 262 207 108 51 14 11 29 52 97 70 88
Total Assets 341 342 277 170 170 70 63 77 99 152 126 140

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-2 3 19 16 11 5 3 -4 -9 19 16 16
-1 0 14 3 19 61 -0 -0 -2 -14 -0 -14
-3 -2 -35 -21 -31 -66 -3 5 12 -6 -14 -1
Net Cash Flow -6 2 -2 -2 -1 0 -1 1 1 -1 1 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 6% 10% -5% -35% -31% -12% 7% 1% 14% 5% 9% 33%
Debtor Days 55 42 60 60 62 8 19 96 77 80 63 90
Inventory Turnover 2.29 2.23 1.87 1.97 2.04 5.09 9.33 15.64 21.24 10.16 15.74 58.06