Swelect Energy Systems Ltd

About [ edit ]

Swelect Energy Systems is engaged in the business of manufacturing and trading of Solar power projects, off-grid solar photovoltaic modules, based on crystalline silicon technology (c-Si), solar and wind power generation, contract manufacturing services, (Source : 201903 Annual Report Page No: 65)

  • Market Cap 345 Cr.
  • Current Price 228
  • High / Low 264 / 95.0
  • Stock P/E 11.0
  • Book Value 449
  • Dividend Yield 1.32 %
  • ROCE 5.07 %
  • ROE 4.66 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.51 times its book value
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 2.57% over past five years.
  • Company has a low return on equity of 1.28% for last 3 years.
  • Earnings include an other income of Rs.25.88 Cr.
  • Dividend payout has been low at 7.82% of profits over last 3 years
  • Debtor days have increased from 94.31 to 148.55 days.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
51.03 25.78 21.41 21.63 29.23 40.26 38.83 33.72 48.54 18.95 30.34 86.70
48.63 30.16 20.31 18.99 33.02 35.12 37.49 32.00 41.05 12.31 26.55 78.21
Operating Profit 2.40 -4.38 1.10 2.64 -3.79 5.14 1.34 1.72 7.49 6.64 3.79 8.49
OPM % 4.70% -16.99% 5.14% 12.21% -12.97% 12.77% 3.45% 5.10% 15.43% 35.04% 12.49% 9.79%
Other Income 7.11 9.45 10.31 8.38 6.92 8.72 9.25 -17.05 10.83 7.73 8.91 -1.60
Interest 1.89 1.80 1.88 1.88 2.22 2.73 2.58 2.29 2.65 2.96 3.24 3.63
Depreciation 2.74 3.32 4.29 3.80 3.91 4.44 4.43 3.81 3.75 3.69 3.96 4.08
Profit before tax 4.88 -0.05 5.24 5.34 -3.00 6.69 3.58 -21.43 11.92 7.72 5.50 -0.82
Tax % 25.20% -580.00% 26.53% 26.97% 0.00% 16.14% 21.51% -3.36% 0.00% 0.00% 0.00% 0.00%
Net Profit 3.65 -0.34 3.85 3.89 -3.00 5.61 2.81 -22.15 11.92 7.72 5.50 -0.82
EPS in Rs 2.40 -0.22 2.53 2.56 -1.97 3.70 1.85 -14.61 7.86 5.09 3.63 -0.54

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
438 486 535 106 51 48 163 170 174 120 142 185
388 430 487 111 50 51 153 161 162 118 143 158
Operating Profit 50 56 48 -5 1 -2 9 9 12 2 -1 26
OPM % 11% 12% 9% -5% 3% -5% 6% 5% 7% 1% -1% 14%
Other Income 8 3 5 662 29 25 34 46 38 35 14 26
Interest 3 4 4 2 1 11 10 5 6 7 10 12
Depreciation 5 5 6 5 4 9 13 11 13 14 17 15
Profit before tax 49 51 44 650 25 3 21 38 31 15 -14 24
Tax % 25% 21% 20% 21% 0% 55% 43% 24% 24% 28% -18% 0%
Net Profit 37 40 35 511 25 1 12 29 23 11 -17 24
EPS in Rs 24.20 26.46 22.78 336.05 16.41 0.88 7.90 19.33 15.44 7.27 -11.04 16.04
Dividend Payout % 8% 8% 9% 25% 36% 190% 34% 14% 17% 23% -18% 19%
Compounded Sales Growth
10 Years:-9%
5 Years:3%
3 Years:2%
TTM:30%
Compounded Profit Growth
10 Years:-3%
5 Years:21%
3 Years:11%
TTM:2791%
Stock Price CAGR
10 Years:5%
5 Years:-2%
3 Years:3%
1 Year:118%
Return on Equity
10 Years:3%
5 Years:2%
3 Years:1%
Last Year:5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 10 10 10 10 10 10 15 15
Reserves 194 231 262 622 636 635 617 645 663 669 643 666
Borrowings 3 39 26 27 92 112 60 65 84 93 122 263
90 78 76 50 45 29 67 85 89 95 124 112
Total Liabilities 297 357 374 709 784 786 754 805 847 868 904 1,056
67 69 74 78 145 153 131 146 153 206 236 273
CWIP 2 2 20 1 11 15 0 0 1 1 0 3
Investments 5 15 22 375 393 367 407 386 401 410 370 416
223 272 258 255 235 251 216 273 291 250 299 364
Total Assets 297 357 374 709 784 786 754 805 847 868 904 1,056

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 17 36 -40 -64 -21 25 -30 2 25 7 -21
-20 -20 -22 184 -0 71 9 42 -20 -43 -21 -107
14 10 -17 -145 55 -2 -67 -25 -10 -23 4 112
Net Cash Flow -1 6 -3 -1 -9 48 -33 -13 -29 -41 -9 -16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 % 27% 22% 15% 6% 2% 1% 3% 6% 5% 0% 2% 5%
Debtor Days 85 89 72 45 245 169 101 126 67 54 80 149
Inventory Turnover 3.34 3.16 3.41 1.22 2.18 1.88 5.22 3.08 2.44 1.40 1.65 2.23

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
55.85 56.03 56.15 56.19 56.19 56.22 56.33 56.36 56.37 56.37 56.37 56.37
0.11 0.30 0.06 0.31 0.02 0.02 0.04 0.02 0.02 0.02 0.02 0.00
44.03 43.68 43.79 43.50 43.79 43.77 43.63 43.62 43.62 43.62 43.62 43.63

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