Swan Energy Ltd

₹ 255 1.94%
02 Dec - close price
swan.co.in BSE: 503310 NSE : SWANENERGY
About

Swan Energy Limited (SEL) was originally incorporated in 1909 as Swan Mills Ltd. (SML), a manufacturer and marketer of cotton and polyester textile products in India. Over the years, it diversified into Real estate and is developing a Floating Storage and Regasification Units -based liquid natural gas (LNG) import terminal at Jafrabad in Gujarat.[1][2]

Key Points

Business Segments FY 20
1. Textiles (80%.): Co. has a Fabric Processing Unit of 1 lakh meters per day at Ahmedabad. The products manufactured by the Company are polyester blended shirting, sarees, cotton and blended Cambrics, etc. yarn Counts 10 to 100s, Polyester blended 45 to 80s. [1] [2]
2. Energy: SEL through its subsidiaries, Swan LNG Pvt. Ltd. and Triumph Offshore Pvt. Ltd. is setting up a Floating Storage and Regasification Unit (FSRU) project in Jafrabad, Gujarat with a regasification capacity of 5MMTPA of LNG. The Project is based on a business model of ‘Tolling terminal’ and 4.5 MMTPA (out of 5 MMTPA) throughput capacity has been booked on ‘Use or Pay’ basis for a period of 20 years by state / central PSU companies viz. GSPCL (1.5 MMTPA), IOCL (1 MMTPA), BPCL (1 MMTPA) and ONGC (1 MMTPA). The said project was expected to be commissioned by April 2020 at a cost of Rs. 6,027 crore.[3]
3. Real estate (Rental income: 10% of revenue in FY20): SEL over the last few years has been focusing on development of its mill land parcels and others into commercial and residential properties .
In FY19, due to the sale of Tower the contribution of this segment spiked to 63% of revenue.[3][4]
SEL completed a residential complex (Ashoka Garden) in Sewri and a commercial IT Park in Kurla by successfully monetizing its mill land bank.
It entered into an agreement with Peninsula Land Limited (PLL) to develop and sell the Mumbai-based properties.[5]
4. Others(10% of revenue in FY20)[6]

Website BSE NSE
  • Market Cap ₹ 6,729 Cr.
  • Current Price ₹ 255
  • High / Low ₹ 337 / 113
  • Stock P/E
  • Book Value ₹ 44.9
  • Dividend Yield 0.04 %
  • ROCE 0.11 %
  • ROE -16.0 %
  • Face Value ₹ 1.00
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Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.68 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 6.80% over past five years.
  • Company has a low return on equity of -8.33% over last 3 years.
  • Company might be capitalizing the interest cost
  • Company has high debtors of 160 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
71 95 105 29 87 98 106 46 59 69 312 260 143
58 82 93 23 76 84 70 38 35 57 288 255 142
Operating Profit 13 13 12 6 12 14 36 8 24 12 24 6 1
OPM % 18% 14% 12% 20% 13% 14% 34% 17% 41% 18% 8% 2% 1%
1 5 2 1 1 1 2 2 4 1 -0 2 3
Interest 9 16 16 5 18 10 76 39 51 43 55 49 56
Depreciation 4 4 3 4 4 4 31 18 18 18 17 18 18
Profit before tax 1 -2 -5 -2 -9 1 -69 -47 -41 -48 -49 -59 -70
Tax % 0% 0% -12% 0% 0% 0% 14% 16% 8% 17% 15% 17% 17%
Net Profit 1 -2 -6 -2 -9 1 -59 -40 -37 -40 -41 -50 -58
EPS in Rs 0.04 -0.12 -0.21 -0.07 -0.37 0.04 -1.16 -0.91 -1.05 -0.84 -0.72 -1.00 -1.21
Raw PDF

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 Mar 2020 Mar 2021 Mar 2022 TTM
139 279 333 314 332 351 347 892 341 320 487 785
98 235 295 284 304 317 312 814 289 252 419 742
Operating Profit 40 43 38 31 28 33 35 78 52 68 68 43
OPM % 29% 16% 11% 10% 8% 10% 10% 9% 15% 21% 14% 6%
11 12 14 14 7 13 110 19 9 4 7 6
Interest 9 20 38 30 24 32 58 54 50 108 189 204
Depreciation 4 6 12 10 11 12 14 14 15 42 70 71
Profit before tax 38 29 3 5 0 3 73 29 -4 -78 -184 -226
Tax % 30% 36% 117% 43% 229% 78% 25% 121% -14% 12% 14%
Net Profit 26 19 -0 3 -0 1 55 -6 -5 -69 -158 -188
EPS in Rs 1.39 0.98 -0.02 0.14 -0.01 0.03 2.24 -0.22 -0.20 -2.81 -5.98 -3.77
Dividend Payout % 11% 26% -772% 110% -582% 272% 4% -46% -51% -4% -2%
Compounded Sales Growth
10 Years: 13%
5 Years: 7%
3 Years: -18%
TTM: 154%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -30%
Stock Price CAGR
10 Years: 14%
5 Years: 7%
3 Years: 36%
1 Year: 105%
Return on Equity
10 Years: -4%
5 Years: -6%
3 Years: -8%
Last Year: -16%

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 Mar 2020 Mar 2021 Mar 2022 Sep 2022
19 19 22 22 22 22 24 24 24 24 26 26
Reserves 169 182 409 408 408 409 907 899 890 850 1,077 1,158
298 426 565 705 817 821 912 1,077 1,206 3,077 4,117 4,230
597 803 570 554 538 596 793 1,169 1,368 985 1,178 953
Total Liabilities 1,083 1,430 1,565 1,690 1,785 1,848 2,636 3,170 3,489 4,936 6,397 6,367
103 298 379 373 384 604 577 564 556 2,282 2,238 2,206
CWIP 282 417 450 509 551 313 617 1,224 1,685 1,927 2,389 2,425
Investments 42 9 1 1 2 8 324 149 8 1 3 62
656 706 735 807 848 923 1,118 1,233 1,239 726 1,768 1,674
Total Assets 1,083 1,430 1,565 1,690 1,785 1,848 2,636 3,170 3,489 4,936 6,397 6,367

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 Mar 2020 Mar 2021 Mar 2022
186 38 -159 -110 123 69 62 42 -95 302 29
-187 -297 -105 -61 -63 -29 -533 -763 -324 -2,001 -494
95 98 256 173 -45 -29 481 707 427 1,760 1,309
Net Cash Flow 94 -162 -9 2 15 12 10 -14 8 62 843

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 87 61 72 67 64 96 60 17 58 33 160
Inventory Days 2,095 808 710 812 793 790 861 74 206 293 192
Days Payable 141 82 108 85 69 110 384 19 92 67 232
Cash Conversion Cycle 2,041 787 674 793 788 777 536 71 172 259 120
Working Capital Days 729 616 423 690 599 228 213 -268 -461 -42 50
ROCE % 8% 4% 3% 2% 3% 3% 4% 2% 1% 0%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
64.89 64.89 64.89 64.89 64.89 64.89 64.89 64.89 64.89 64.09 64.09 64.09
8.43 8.41 8.28 8.22 8.16 8.11 8.09 8.07 9.01 8.50 8.59 8.46
3.95 3.95 3.94 3.66 3.57 3.52 3.51 3.50 3.36 2.88 2.89 2.89
22.73 22.75 22.89 23.23 23.38 23.48 23.51 23.54 22.74 24.53 24.43 24.55

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

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