Steel City Securities Ltd

Pros:
Company is virtually debt free.
Stock is trading at 0.51 times its book value
Stock is providing a good dividend yield of 8.62%.
Company has good consistent profit growth of 20.45% over 5 years
Company has been maintaining a healthy dividend payout of 45.13%
Cons:
Company has a low return on equity of 11.35% for last 3 years.
Contingent liabilities of Rs.39.69 Cr.
Company has high debtors of 275.48 days.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Jun 2019
15.10 15.86 12.50
12.43 12.19 9.92
Operating Profit 2.67 3.67 2.58
OPM % 17.68% 23.14% 20.64%
Other Income 0.72 0.58 0.50
Interest 0.02 1.01 0.21
Depreciation 0.23 0.24 0.23
Profit before tax 3.14 3.00 2.64
Tax % 29.62% 28.33% 29.17%
Net Profit 2.22 2.42 1.90
EPS in Rs 1.46 1.60 1.24
Notes Notes Notes

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

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
33.18 31.35 26.94 34.80 30.25 38.34 66.14 63.89
22.69 21.58 19.37 21.67 21.80 29.23 47.03 48.52
Operating Profit 10.49 9.77 7.57 13.13 8.45 9.11 19.11 15.37
OPM % 31.62% 31.16% 28.10% 37.73% 27.93% 23.76% 28.89% 24.06%
Other Income 0.00 0.00 0.00 0.00 0.08 0.02 0.00 0.00
Interest 1.11 1.08 0.97 1.43 1.37 0.95 2.16 1.21
Depreciation 0.93 0.87 0.88 0.99 0.68 0.64 0.90 0.96
Profit before tax 8.45 7.82 5.72 10.71 6.48 7.54 16.05 13.20
Tax % 34.08% 33.12% 32.87% 34.73% 33.95% 33.16% 29.66% 33.64%
Net Profit 4.44 4.54 3.55 6.83 4.17 5.02 11.37 9.00
EPS in Rs 2.91 7.52 5.96
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 35.63% 60.20% 33.22% 41.97%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:18.85%
3 Years:28.30%
TTM:-3.40%
Compounded Profit Growth
10 Years:%
5 Years:20.45%
3 Years:29.23%
TTM:-20.84%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-59.72%
Return on Equity
10 Years:%
5 Years:10.88%
3 Years:11.35%
Last Year:10.89%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 34.10 38.69 40.84 42.86 45.42 57.40 64.23 70.81
Borrowings 5.83 13.20 3.47 17.67 4.81 0.04 0.03 0.12
39.90 35.03 32.19 29.36 30.93 44.39 62.02 59.18
Total Liabilities 92.21 99.30 88.88 102.27 93.54 116.94 141.39 145.22
5.76 5.70 5.50 4.26 4.50 6.70 7.12 8.86
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.00 0.60 0.60 1.60 2.68 3.75 4.98 6.51
86.45 93.00 82.78 96.41 86.36 106.49 129.29 129.85
Total Assets 92.21 99.30 88.88 102.27 93.54 116.94 141.39 145.22

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-6.72 -11.89 4.66 -8.15 9.33 6.66 16.44 12.78
2.15 1.55 2.00 0.98 0.29 10.22 0.06 -1.16
4.66 6.29 -12.36 8.54 -16.31 -9.17 -5.00 -4.81
Net Cash Flow 0.09 -4.04 -5.70 1.37 -6.69 7.71 11.50 6.81

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 15.27% 11.06% 18.73% 11.59% 12.56% 23.97% 17.42%
Debtor Days 366.10 498.31 533.41 509.53 549.97 511.61 292.60 275.48
Inventory Turnover

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