Srikalahasthi Pipes Ltd

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Srikalahasthi Pipes is engaged in the manufacture and supply of Ductile Iron Pipe as its core business and in the process produces and supplies Pig Iron and Cement.

  • Market Cap 883 Cr.
  • Current Price 189
  • High / Low 224 / 109
  • Stock P/E 8.52
  • Book Value 318
  • Dividend Yield 3.70 %
  • ROCE 10.3 %
  • ROE 7.14 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.59 times its book value
  • Company has been maintaining a healthy dividend payout of 22.76%
  • Debtor days have improved from 81.76 to 54.85 days.

Cons

  • The company has delivered a poor sales growth of 5.57% over past five years.
  • Company has a low return on equity of 10.11% for last 3 years.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Figures in Rs. Crores

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
315 438 397 409 361 457 446 398 204 397 427 475
289 382 341 358 304 395 373 331 206 355 351 410
Operating Profit 26 56 56 51 57 63 73 67 -2 42 76 65
OPM % 8% 13% 14% 12% 16% 14% 16% 17% -1% 11% 18% 14%
Other Income 19 16 9 13 12 17 14 21 15 16 14 10
Interest 14 16 11 7 9 13 12 14 13 12 12 9
Depreciation 9 10 9 9 10 10 10 10 11 12 12 12
Profit before tax 21 46 45 47 50 57 65 64 -10 34 67 55
Tax % 18% 28% 31% 24% 34% 37% -4% 21% 24% 28% 30% 27%
Net Profit 17 33 31 36 33 36 68 51 -8 25 47 40
EPS in Rs 3.70 7.12 6.67 7.67 7.15 7.69 14.49 10.86 -1.69 5.35 10.02 8.52

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
691 726 787 864 989 1,084 1,146 1,178 1,587 1,559 1,663 1,503
565 636 722 813 872 897 879 941 1,345 1,372 1,403 1,322
Operating Profit 126 90 65 51 117 187 267 237 242 187 260 181
OPM % 18% 12% 8% 6% 12% 17% 23% 20% 15% 12% 16% 12%
Other Income 4 7 8 10 7 8 20 30 37 51 64 56
Interest 23 23 58 60 55 44 42 39 43 40 46 46
Depreciation 18 19 20 22 28 31 35 37 35 37 41 46
Profit before tax 88 56 -4 -21 41 119 210 191 201 160 237 145
Tax % 34% 25% 5% 39% 7% 31% 26% 27% 27% 27% 21% 29%
Net Profit 58 42 -4 -13 39 82 155 140 147 118 188 104
EPS in Rs 14.57 10.57 -0.99 -3.29 9.73 20.66 39.06 35.27 31.56 25.17 40.19 22.20
Dividend Payout % 10% 14% 0% 0% 15% 15% 13% 17% 19% 24% 17% 27%
Compounded Sales Growth
10 Years:8%
5 Years:6%
3 Years:-2%
TTM:-10%
Compounded Profit Growth
10 Years:9%
5 Years:-8%
3 Years:-9%
TTM:-45%
Stock Price CAGR
10 Years:17%
5 Years:-7%
3 Years:-17%
1 Year:39%
Return on Equity
10 Years:13%
5 Years:12%
3 Years:10%
Last Year:7%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
40 40 40 40 40 40 40 40 47 47 47 47
Reserves 137 172 167 154 186 254 658 774 1,132 1,216 1,369 1,440
Borrowings 326 354 490 467 450 429 445 487 442 385 533 260
114 253 244 245 342 249 239 256 275 537 428 575
Total Liabilities 617 819 941 906 1,018 971 1,381 1,557 1,896 2,185 2,377 2,322
278 302 312 441 435 487 799 909 836 859 927 926
CWIP 34 27 63 17 20 9 19 6 30 24 40 172
Investments 0 0 0 0 0 0 147 153 213 0 0 157
305 490 566 447 563 475 415 489 816 1,302 1,410 1,067
Total Assets 617 819 941 906 1,018 971 1,381 1,557 1,896 2,185 2,377 2,322

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
103 36 -14 185 145 158 200 185 114 239 -125 549
-43 -46 -66 -106 -25 -73 -201 -137 -16 -53 -190 -107
-81 12 71 -83 -72 -82 -33 -15 49 -131 65 -334
Net Cash Flow -20 2 -9 -4 48 3 -34 33 148 55 -249 108

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 22% 15% 8% 6% 14% 23% 27% 19% 16% 12% 16% 10%
Debtor Days 63 69 57 50 55 63 66 44 77 72 119 55
Inventory Turnover 3.03 2.67 2.00 2.43 2.87 3.44 4.47 3.68 4.48 3.36 2.69 2.50

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
43.24 43.64 44.00 47.67 47.83 47.83 48.11 48.15 48.15 48.15 48.15 48.15
5.42 4.95 4.37 0.95 1.77 2.42 2.69 5.00 7.93 8.88 12.60 17.85
14.11 14.53 15.06 14.94 12.60 11.73 11.45 10.82 10.98 8.64 4.56 4.45
0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52 0.52
36.70 36.35 36.05 35.92 37.27 37.49 37.23 35.51 32.42 33.81 34.17 29.04

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