Tata Sponge Iron Ltd

Tata Sponge Iron is engaged in the manufacture of sponge iron and generation of power from waste heat.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 22.05%
Cons:
Company has a low return on equity of 11.55% for last 3 years.
Earnings include an other income of Rs.57.73 Cr.

Peer Comparison Sector: Steel // Industry: Steel - Sponge Iron

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
108 139 144 167 175 167 214 244 261 216 261 254
100 122 133 141 136 133 166 182 201 186 230 230
Operating Profit 8 17 11 26 39 34 48 62 60 30 30 24
OPM % 8% 12% 8% 15% 22% 21% 22% 25% 23% 14% 12% 10%
Other Income 10 9 9 10 10 9 12 12 12 15 16 15
Interest 1 1 1 0 0 0 2 0 0 0 2 0
Depreciation 3 3 3 3 3 3 3 3 3 3 3 3
Profit before tax 14 22 15 32 45 41 54 70 69 41 41 36
Tax % 25% 28% 28% 33% 32% 32% 34% 33% 34% 33% 35% 32%
Net Profit 11 16 11 21 31 28 36 47 46 28 27 24
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
796 777 790 574 557 800 992
676 632 690 549 496 617 847
Operating Profit 120 145 99 24 62 183 145
OPM % 15% 19% 13% 4% 11% 23% 15%
Other Income 32 35 56 37 37 43 58
Interest 8 13 5 5 2 3 3
Depreciation 18 18 13 13 13 12 12
Profit before tax 126 150 137 43 84 210 188
Tax % 32% 32% 33% 26% 30% 33% 34%
Net Profit 85 101 92 32 59 141 124
EPS in Rs 46.16 54.64 49.22 15.96 32.57 78.09 68.95
Dividend Payout % 14% 15% 17% 48% 29% 22% 15%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:5.00%
3 Years:20.04%
TTM:23.98%
Compounded Profit Growth
10 Years:%
5 Years:4.21%
3 Years:56.89%
TTM:-11.75%
Return on Equity
10 Years:%
5 Years:10.24%
3 Years:11.55%
Last Year:12.01%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
15 15 15 15 15 15 15
Reserves 624 707 780 811 850 971 1,068
Borrowings 0 0 0 0 0 0 0
186 222 189 174 194 241 255
Total Liabilities 826 944 984 1,000 1,059 1,227 1,338
162 150 148 164 155 149 220
CWIP 16 16 20 9 6 6 7
Investments 128 204 208 285 263 200 244
521 573 609 541 636 873 867
Total Assets 826 944 984 1,000 1,059 1,227 1,338

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
112 101 -16 77 22 41 100
-90 -89 16 -58 51 -213 -12
-13 -12 -18 -18 -18 -20 -37
Net Cash Flow 9 -1 -18 0 55 -192 51

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 24% 19% 6% 10% 23% 18%
Debtor Days 9 12 4 19 23 27 29
Inventory Turnover 12.90 9.27 8.15 13.69 12.02 9.95