Sundaram Clayton Ltd

Sundaram Clayton is engaged in manufactures non-ferrous gravity and pressure die castings.

Pros:
Company has been maintaining a healthy dividend payout of 58.85%
Cons:
Stock is trading at 5.94 times its book value
The company has delivered a poor growth of 8.90% over past five years.
Tax rate seems low
Earnings include an other income of Rs.112.53 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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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
352 338 359 373 412 405 454 469 488 469 407 374
321 300 324 355 430 430 415 432 432 430 372 334
Operating Profit 31 37 35 18 -18 -26 39 36 56 39 35 40
OPM % 9% 11% 10% 5% -4% -6% 9% 8% 12% 8% 9% 11%
Other Income 0 39 30 2 1 55 37 5 -1 58 49 7
Interest 7 8 5 8 8 9 9 13 16 14 13 15
Depreciation 15 16 15 16 17 19 20 20 22 24 26 27
Profit before tax 8 52 45 -4 -43 1 46 9 17 59 45 5
Tax % 5% 8% 16% -0% 5% 0% -112% 18% 29% 15% -11% 10%
Net Profit 8 48 38 -4 -41 1 98 7 12 50 50 5
EPS in Rs 3.89 23.69 18.96 -1.88 -20.02 0.48 48.57 3.47 5.97 24.85 24.85 2.41
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
427 492 492 806 1,017 1,019 1,197 1,346 1,418 1,395 1,643 1,833 1,738
387 469 467 720 910 929 1,089 1,223 1,279 1,262 1,630 1,654 1,567
Operating Profit 39 24 25 86 107 90 108 123 139 132 13 179 171
OPM % 9% 5% 5% 11% 11% 9% 9% 9% 10% 9% 1% 10% 10%
Other Income 37 41 48 22 60 38 42 58 111 77 94 99 113
Interest 13 26 22 22 38 44 36 37 32 29 34 55 57
Depreciation 28 31 38 41 47 51 53 60 55 61 73 92 99
Profit before tax 35 7 14 45 81 32 61 84 163 120 1 130 127
Tax % 32% 9% 10% 18% 11% -10% 12% 16% 11% 12% -6,438% 8%
Net Profit 24 6 12 37 72 35 54 71 144 106 55 120 118
EPS in Rs 2.12 2.16 4.68 13.94 52.05 18.68 26.41 35.16 71.33 51.97 27.13 59.12 58.08
Dividend Payout % 30% 60% 54% 59% 15% 75% 73% 54% 57% 60% 55% 61%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.05%
5 Years:8.90%
3 Years:8.94%
TTM:-0.01%
Compounded Profit Growth
10 Years:34.77%
5 Years:19.85%
3 Years:-4.66%
TTM:78.72%
Return on Equity
10 Years:16.53%
5 Years:18.25%
3 Years:14.92%
Last Year:17.82%

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
9 9 19 19 9 9 10 10 10 10 10 10
Reserves 230 230 226 241 273 283 334 364 493 602 654 679
Borrowings 267 339 289 360 390 414 362 378 369 354 666 724
111 93 107 196 263 224 257 238 272 307 521 388
Total Liabilities 618 672 641 815 935 930 962 991 1,145 1,273 1,851 1,801
224 265 296 333 310 397 397 409 435 495 617 747
CWIP 16 39 11 33 85 12 9 9 22 37 82 13
Investments 69 67 73 68 58 56 56 61 137 215 281 295
308 301 260 381 482 465 501 512 550 527 869 745
Total Assets 618 672 641 815 935 930 962 991 1,145 1,273 1,851 1,801

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
16 43 105 44 33 75 91 85 129 169 -59 172
91 -76 -41 -85 -8 -21 -7 -41 -2 -62 -188 -98
-108 59 -83 -29 -25 -130 4 -62 -53 -107 124 -11
Net Cash Flow -1 25 -20 -70 1 -76 88 -18 75 -0 -123 64

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 % 8% 6% 6% 11% 15% 11% 13% 16% 23% 16% 3% 14%
Debtor Days 73 64 54 54 57 58 56 49 48 45 64 43
Inventory Turnover 3.88 4.06 4.04 5.65 5.69 5.19 6.14 6.92 6.50 5.92 5.51 5.29