Thangamayil Jewellery Ltd

₹ 1,149 1.36%
19 Aug - close price
About

Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that have the largest share (40%) of India's total gold consumption.

The company primarily deals with four product lines, i.e., Gold, Silver, Diamonds and Platinum; the sale of gold being a predominant source of its income.

TMJL has also established four manufacturing units that employ in-house goldsmiths to craft designer jewellery, which are in vogue with the current trends in the marketplace. [1]

Key Points

High Efficiency and Utilization Rates
Utilization of own manufacturing facilities including on job work basis is around 95% as against 90-92% of the earlier years. Overall cost of production has come down due to attainment of scale of economics in the manufacturing facilities. [1]

  • Market Cap 1,592 Cr.
  • Current Price 1,149
  • High / Low 1,520 / 793
  • Stock P/E 24.5
  • Book Value 236
  • Dividend Yield 0.87 %
  • ROCE 11.5 %
  • ROE 12.4 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 22.2%

Cons

  • The company has delivered a poor sales growth of 11.0% over past five years.
  • Company might be capitalizing the interest cost

* 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.

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
492 403 441 359 126 342 612 741 250 705 631 609 826
466 375 415 338 128 264 567 712 252 661 605 588 790
Operating Profit 26 27 26 21 -1 78 45 28 -3 44 26 21 36
OPM % 5% 7% 6% 6% -1% 23% 7% 4% -1% 6% 4% 3% 4%
0 0 0 0 0 0 0 0 0 0 0 0 0
Interest 5 6 5 5 5 5 6 6 5 6 7 8 8
Depreciation 2 3 3 3 2 2 2 2 2 2 3 3 2
Profit before tax 20 18 19 13 -9 70 36 19 -10 36 16 10 26
Tax % 35% 35% 33% 32% 25% 25% 25% 29% 24% 25% 28% 24% 26%
Net Profit 13 12 12 9 -6 52 27 14 -7 27 11 8 19
EPS in Rs 9.37 8.60 9.05 6.26 -4.66 38.15 19.61 10.02 -5.44 19.47 8.24 5.82 13.83

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
658 1,131 1,523 1,191 1,421 1,272 1,299 1,379 1,443 1,692 1,819 2,193 2,771
600 1,014 1,440 1,177 1,418 1,228 1,251 1,320 1,373 1,594 1,672 2,107 2,645
Operating Profit 58 118 83 15 3 43 48 59 71 98 147 86 127
OPM % 9% 10% 5% 1% 0% 3% 4% 4% 5% 6% 8% 4% 5%
0 0 2 5 2 3 1 2 3 3 2 2 0
Interest 10 28 37 35 29 24 21 19 20 21 23 26 29
Depreciation 1 2 5 6 8 8 9 8 8 10 9 10 10
Profit before tax 47 87 43 -21 -33 14 19 34 46 69 117 52 88
Tax % 33% 32% 31% 39% 32% 26% 28% 33% 34% 34% 26% 26%
Net Profit 31 59 30 -13 -22 11 14 23 30 46 87 39 65
EPS in Rs 22.84 43.05 21.60 -9.16 -16.24 7.68 10.18 16.67 22.06 33.28 63.11 28.09 47.36
Dividend Payout % 22% 16% 23% -11% -6% 13% 20% 21% 23% 15% 16% 36%
Compounded Sales Growth
10 Years: 7%
5 Years: 11%
3 Years: 15%
TTM: 43%
Compounded Profit Growth
10 Years: -4%
5 Years: 23%
3 Years: 8%
TTM: -24%
Stock Price CAGR
10 Years: 19%
5 Years: 25%
3 Years: 58%
1 Year: 38%
Return on Equity
10 Years: 13%
5 Years: 20%
3 Years: 22%
Last Year: 12%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
14 14 14 14 14 14 14 14 14 14 14 14
Reserves 84 132 154 140 115 124 136 155 179 206 284 311
131 258 239 236 185 146 119 229 178 260 323 417
28 68 189 89 101 118 168 213 282 235 154 163
Total Liabilities 257 471 595 479 414 402 437 611 652 715 775 905
24 61 74 82 74 78 72 74 71 81 79 84
CWIP 2 2 4 7 8 1 1 1 1 2 2 7
Investments 0 0 0 0 0 0 0 0 0 0 0 0
231 408 518 390 332 323 364 536 580 633 694 814
Total Assets 257 471 595 479 414 402 437 611 652 715 775 905

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-36 -54 108 49 82 73 69 -53 85 -39 55 -79
-12 -40 -18 -17 -3 -5 -6 -27 -17 8 18 -21
46 98 -70 -45 -90 -64 -56 74 -62 24 -64 94
Net Cash Flow -2 4 20 -12 -11 4 7 -6 5 -7 8 -7

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 0 0 0 0 0 0 0 0 1 0 1 0
Inventory Days 132 138 125 113 77 87 96 140 143 139 149 139
Days Payable 4 7 34 2 9 14 27 17 21 9 3 1
Cash Conversion Cycle 128 132 92 111 68 73 69 123 122 130 146 138
Working Capital Days 107 105 73 85 47 44 38 64 54 74 94 96
ROCE % 31% 37% 20% 4% -1% 13% 15% 16% 17% 21% 25% 11%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
67.36 67.43 67.44 67.47 69.01 69.93 70.07 70.29 70.31 66.66 66.66 66.66
0.03 0.69 2.13 1.00 0.93 1.88 1.88 1.90 1.85 1.81 1.19 0.16
6.19 6.25 6.33 6.39 6.39 6.39 5.74 7.09 7.18 10.51 11.51 11.49
26.42 25.63 24.10 25.14 23.66 21.80 22.31 20.72 20.66 21.02 20.64 21.69

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