Steel City Securities Ltd

Pros:
Company is virtually debt free.
Stock is trading at 0.78 times its book value
Stock is providing a good dividend yield of 6.65%.
Company has good consistent profit growth of 21.46% over 5 years
Company has been maintaining a healthy dividend payout of 47.55%
Cons:
Company has a low return on equity of 12.78% for last 3 years.
Contingent liabilities of Rs.39.69 Cr.

Peer Comparison Sector: Stock/ Commodity Brokers // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Jun 2019
14.70 15.44 12.12
11.83 11.64 9.55
Operating Profit 2.87 3.80 2.57
OPM % 19.52% 24.61% 21.20%
Other Income 0.48 0.35 0.44
Interest 0.01 1.00 0.20
Depreciation 0.23 0.23 0.22
Profit before tax 3.11 2.92 2.59
Tax % 28.94% 28.08% 28.96%
Net Profit 2.21 2.11 1.83
EPS in Rs 1.46 1.39 1.21
Notes Notes Notes

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

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
22.79 23.25 21.67 31.64 26.58 35.43 63.62 61.48
17.42 16.80 15.30 19.39 19.02 27.01 44.92 46.43
Operating Profit 5.37 6.45 6.37 12.25 7.56 8.42 18.70 15.05
OPM % 23.56% 27.74% 29.40% 38.72% 28.44% 23.77% 29.39% 24.48%
Other Income 0.00 0.00 0.00 0.00 0.08 0.02 0.00 0.00
Interest 0.99 0.96 0.88 1.37 1.33 0.92 2.12 1.17
Depreciation 0.90 0.81 0.81 0.86 0.60 0.60 0.86 0.93
Profit before tax 3.48 4.68 4.68 10.02 5.71 6.92 15.72 12.95
Tax % 35.06% 32.91% 29.91% 34.53% 31.35% 32.80% 29.52% 33.05%
Net Profit 2.26 3.13 3.28 6.56 3.93 4.65 11.08 8.67
EPS in Rs 2.69 7.33 5.74
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 37.80% 64.99% 34.09% 43.57%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:23.19%
3 Years:32.25%
TTM:-3.36%
Compounded Profit Growth
10 Years:%
5 Years:21.46%
3 Years:30.18%
TTM:-21.75%
Return on Equity
10 Years:%
5 Years:12.27%
3 Years:12.78%
Last Year:12.30%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12.38 12.38 12.38 12.38 12.38 15.11 15.11 15.11
Reserves 27.79 30.92 32.82 34.15 36.33 46.77 53.33 57.45
Borrowings 5.83 13.20 3.42 17.64 4.80 0.04 0.03 0.12
23.92 20.02 23.56 21.56 22.29 38.35 56.04 54.99
Total Liabilities 69.92 76.52 72.18 85.73 75.80 100.27 124.51 127.67
5.62 5.31 4.74 3.27 3.15 4.05 4.50 4.14
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.66 1.03 1.37 2.42 2.85 4.55 4.55 7.08
63.64 70.18 66.07 80.04 69.80 91.67 115.46 116.45
Total Assets 69.92 76.52 72.18 85.73 75.80 100.27 124.51 127.67

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-12.82 -8.53 7.90 -8.83 8.20 8.81 19.90 13.38
1.53 1.14 1.67 0.48 0.76 10.20 0.50 -0.92
4.79 6.42 -12.04 8.72 -15.96 -9.04 -4.88 -4.78
Net Cash Flow -6.50 -0.97 -2.47 0.37 -7.00 9.96 15.51 7.68

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 11.00% 10.58% 20.20% 11.96% 13.58% 27.36% 20.01%
Debtor Days 518.59 608.33 624.56 545.31 606.55 542.19 298.39 281.71
Inventory Turnover

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