Sree Rayalaseema Hi-Strength Hypo Ltd

Sree Rayalaseema Hi-Strength Hypo Limited is an India-based manufacture of inorganic chemicals. The Company is engaged in manufacturing and sale of industrial chemicals and generation and distribution of power.

Pros:
Company has reduced debt.
Stock is trading at 0.55 times its book value
Promoter's stake has increased
Cons:
Company has a low return on equity of 7.95% for last 3 years.
Contingent liabilities of Rs.54.52 Cr.
Dividend payout has been low at 12.78% of profits over last 3 years
Company's cost of borrowing seems high

Peer Comparison Sector: Chemicals // Industry: Chemicals

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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
103.53 80.55 108.04 119.27 125.81 129.18 181.22 167.66 173.77 163.77 196.94 174.26
91.03 69.19 96.50 109.12 113.77 118.77 170.09 147.39 148.42 136.81 176.62 150.10
Operating Profit 12.50 11.36 11.54 10.15 12.04 10.41 11.13 20.27 25.35 26.96 20.32 24.16
OPM % 12.07% 14.10% 10.68% 8.51% 9.57% 8.06% 6.14% 12.09% 14.59% 16.46% 10.32% 13.86%
Other Income 0.64 -0.36 -1.53 1.26 -0.17 0.50 17.35 0.47 0.88 0.77 2.51 0.24
Interest 1.29 1.52 1.58 1.30 1.08 2.07 2.55 2.18 1.42 3.65 3.15 2.22
Depreciation 6.24 6.24 5.97 4.33 4.35 4.91 5.07 10.95 11.10 11.02 11.85 12.57
Profit before tax 5.61 3.24 2.46 5.78 6.44 3.93 20.86 7.61 13.71 13.06 7.83 9.61
Tax % 24.42% 50.31% -260.16% 13.32% 19.57% 66.16% -20.23% 21.68% 14.30% 22.89% 193.74% 17.69%
Net Profit 4.24 1.61 8.86 5.01 5.17 1.34 25.08 5.96 11.75 10.06 -7.34 7.91
EPS in Rs 2.88 1.10 5.72 3.24 3.34 0.87 15.38 3.66 6.85 5.86 -4.28 4.61
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
110.52 197.85 170.96 210.58 242.59 298.80 295.36 391.62 361.87 366.49 546.08 702.14 708.74
98.25 164.60 142.14 167.66 190.46 258.04 262.48 359.42 317.62 316.92 500.29 603.89 611.95
Operating Profit 12.27 33.25 28.82 42.92 52.13 40.76 32.88 32.20 44.25 49.57 45.79 98.25 96.79
OPM % 11.10% 16.81% 16.86% 20.38% 21.49% 13.64% 11.13% 8.22% 12.23% 13.53% 8.39% 13.99% 13.66%
Other Income 2.82 4.29 11.33 -1.51 -2.94 -4.33 9.21 17.03 2.20 -2.27 18.95 4.63 4.40
Interest 3.74 6.94 10.97 11.01 9.65 10.42 15.52 13.72 11.23 8.13 9.07 15.76 10.44
Depreciation 4.23 5.46 9.43 11.00 12.02 13.20 14.91 9.76 9.72 24.65 18.66 44.92 46.54
Profit before tax 7.12 25.14 19.75 19.40 27.52 12.81 11.66 25.75 25.50 14.52 37.01 42.20 44.21
Tax % 33.29% 39.42% 82.63% -7.01% 33.87% 27.48% 36.19% 24.82% 26.63% -26.65% 1.11% 51.61%
Net Profit 4.75 15.23 3.43 20.76 18.20 9.29 7.44 19.37 18.72 18.38 36.61 20.43 22.38
EPS in Rs 4.67 14.96 3.28 18.71 13.02 6.53 5.05 12.86 12.41 11.86 22.45 11.90 13.04
Dividend Payout % 0.00% 0.00% 0.00% 7.91% 0.00% 0.00% 0.00% 11.40% 11.79% 12.64% 8.91% 16.80%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.50%
5 Years:18.91%
3 Years:24.73%
TTM:17.37%
Compounded Profit Growth
10 Years:1.68%
5 Years:20.85%
3 Years:-0.89%
TTM:-40.40%
Stock Price CAGR
10 Years:10.14%
5 Years:12.26%
3 Years:-7.79%
1 Year:-28.25%
Return on Equity
10 Years:10.14%
5 Years:8.56%
3 Years:7.95%
Last Year:5.98%

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
10.18 10.18 10.45 10.95 13.98 14.22 14.72 14.72 14.72 15.49 16.31 17.16
Reserves 25.85 41.08 45.07 65.47 114.42 124.95 134.58 156.99 173.05 222.00 299.57 308.15
Borrowings 30.40 68.16 80.57 77.10 98.59 116.65 87.72 87.42 85.03 54.93 78.12 51.92
30.86 37.25 63.92 66.58 85.45 102.16 130.32 99.20 83.86 59.62 77.39 95.61
Total Liabilities 97.29 156.67 200.01 220.10 312.44 357.98 367.34 358.33 356.66 352.04 471.39 472.84
53.66 93.70 122.85 118.90 127.42 155.38 199.95 194.36 194.66 182.08 194.36 194.38
CWIP 0.00 0.00 0.46 4.64 33.11 51.69 0.00 5.07 1.85 8.48 0.00 0.00
Investments 3.01 3.21 4.56 4.56 22.49 30.75 32.07 23.31 23.35 43.24 105.25 65.10
40.62 59.76 72.14 92.00 129.42 120.16 135.32 135.59 136.80 118.24 171.78 213.36
Total Assets 97.29 156.67 200.01 220.10 312.44 357.98 367.34 358.33 356.66 352.04 471.39 472.84

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
8.03 3.12 12.55 18.75 0.00 46.70 19.94 36.00 14.77 46.98 5.12 59.72
-14.12 -45.71 -40.39 -11.19 0.00 -68.00 -9.12 -4.78 -3.13 -19.14 -27.36 -23.52
6.91 44.70 25.79 -5.53 0.00 21.16 -8.59 -32.43 -11.99 -19.45 16.15 -37.40
Net Cash Flow 0.82 2.11 -2.05 2.03 0.00 -0.14 2.23 -1.22 -0.35 8.40 -6.10 -1.20

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 % 18.08% 36.29% 24.06% 22.58% 21.69% 12.64% 11.03% 13.26% 14.31% 9.37% 8.92% 14.37%
Debtor Days 32.76 45.62 26.94 41.43 43.80 35.22 32.59 32.85 53.84 30.27 38.15 45.69
Inventory Turnover 12.56 20.02 16.33 14.76 13.07 14.15 11.87 14.68 15.41 14.39 16.72 19.09