Thangamayil Jewellery Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 837 Cr.
  • Current Price 610
  • High / Low 676 / 222
  • Stock P/E 10.3
  • Book Value 194
  • Dividend Yield 0.98 %
  • ROCE 21.3 %
  • ROE 22.1 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 32.27% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.56%

Cons

  • The company has delivered a poor sales growth of 3.55% over past five years.
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
357 387 364 342 353 492 403 441 359 126 342 614
342 365 346 326 335 466 375 415 338 128 264 570
Operating Profit 15 22 17 16 18 26 27 26 21 -1 78 45
OPM % 4% 6% 5% 5% 5% 5% 7% 6% 6% -1% 23% 7%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Interest 5 5 5 5 5 5 6 5 5 5 5 6
Depreciation 2 2 2 2 2 2 3 3 3 2 2 2
Profit before tax 9 16 11 9 11 20 18 19 13 -9 70 36
Tax % 42% 33% 34% 34% 34% 35% 35% 33% 32% 25% 25% 25%
Net Profit 5 10 7 6 7 13 12 12 9 -6 52 27
EPS in Rs 3.64 7.56 5.10 4.16 5.23 9.37 8.60 9.05 6.26 -4.66 38.15 19.61

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
247 451 658 1,131 1,523 1,191 1,421 1,272 1,299 1,379 1,443 1,692 1,442
228 420 600 1,014 1,440 1,177 1,418 1,228 1,251 1,320 1,373 1,594 1,300
Operating Profit 19 30 58 118 83 15 3 43 48 59 71 98 142
OPM % 8% 7% 9% 10% 5% 1% 0% 3% 4% 4% 5% 6% 10%
Other Income -0 0 0 0 2 5 2 3 1 2 3 3 0
Interest 5 6 10 28 37 35 29 24 21 19 20 21 22
Depreciation 1 1 1 2 5 6 8 8 9 8 8 10 10
Profit before tax 14 24 47 87 43 -21 -33 14 19 34 46 69 110
Tax % 35% 32% 33% 32% 31% 39% 32% 26% 28% 33% 34% 34%
Net Profit 9 16 31 59 30 -13 -22 11 14 23 30 46 81
EPS in Rs 11.73 22.84 43.05 21.60 -9.16 -16.24 7.68 10.18 16.67 22.06 33.28 59.36
Dividend Payout % 10% 34% 22% 16% 23% -11% -6% 13% 20% 21% 23% 15%
Compounded Sales Growth
10 Years:14%
5 Years:4%
3 Years:9%
TTM:-15%
Compounded Profit Growth
10 Years:11%
5 Years:32%
3 Years:48%
TTM:84%
Stock Price CAGR
10 Years:13%
5 Years:27%
3 Years:4%
1 Year:137%
Return on Equity
10 Years:14%
5 Years:15%
3 Years:18%
Last Year:22%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
9 14 14 14 14 14 14 14 14 14 14 14 14
Reserves 24 61 84 132 154 140 115 124 136 155 179 206 252
Borrowings 43 70 131 258 239 236 185 146 119 229 178 260 232
10 11 28 68 189 89 101 118 168 213 282 235 198
Total Liabilities 87 156 257 471 595 479 414 402 437 611 652 715 695
9 14 24 61 74 82 74 78 72 74 71 81 77
CWIP 1 1 2 2 4 7 8 1 1 1 1 2 2
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
77 141 231 408 518 390 332 323 364 536 580 633 616
Total Assets 87 156 257 471 595 479 414 402 437 611 652 715 695

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-16 -34 -36 -54 108 49 82 73 69 -53 85 -56
-5 -6 -12 -40 -18 -17 -3 -5 -6 -27 -17 8
21 47 46 98 -70 -45 -90 -64 -56 74 -62 41
Net Cash Flow 0 7 -2 4 20 -12 -11 4 7 -6 5 -7

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 29% 27% 31% 37% 20% 4% -1% 13% 15% 16% 17% 21%
Debtor Days 1 0 0 0 0 0 0 0 0 0 1 0
Inventory Turnover 4.42 4.47 3.55 3.39 3.26 2.75 4.32 4.14 4.01 3.16 2.64 2.78

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
66.44 66.44 66.46 66.46 66.83 67.36 67.43 67.44 67.47 69.01 69.93 70.07
0.24 0.00 0.00 0.00 0.00 0.03 0.69 2.13 1.00 0.93 1.88 1.88
6.45 6.46 6.43 6.40 6.11 6.19 6.25 6.33 6.39 6.39 6.39 5.74
26.87 27.09 27.11 27.15 27.06 26.42 25.63 24.10 25.14 23.66 21.80 22.31

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