TRF Ltd

₹ 468 -4.45%

12 Dec 4:00 p.m.

About

Incorporated in 1962, TRF Ltd undertakes turnkey projects of material handling for tinfrastructure sector and is engaged in production of such material handling equipments along with provding services relating to design and engineering, super vision, etc.^[1]

Key Points

Business Overview:^[1]^[2]
TRFL is promoted by TATA group, with TATA Steel Limited holding 34.11% stake. It has executed various electromechanical jobs for bulk material handling equipment. Company has manufacturing facility along with design and engineering team in Jamshedpur to work in areas of:
a) Electromechanical jobs
b) Industrial structure and fabrication
c) Life Cycle Services and allied services

Website BSE NSE

Market Cap ₹ 514 Cr.
Current Price ₹ 468
High / Low ₹ 670 / 237
Stock P/E 19.7
Book Value ₹ 63.6
Dividend Yield 0.00 %
ROCE 37.6 %
ROE %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 19.2% CAGR over last 5 years

Cons

Stock is trading at 7.53 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -8.90% over past five years.
Promoter holding is low: 34.1%
Tax rate seems low
Company has high debtors of 258 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: Capital Goods-Non Electrical Equipment Industry: Engineering

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	20.02	42.12	49.48	41.39	53.60	43.21	38.89	33.91	39.27	28.77	38.00	37.62	32.70
	24.37	48.72	34.80	26.88	24.03	32.74	34.96	23.91	30.62	17.06	32.69	32.47	25.94
Operating Profit	-4.35	-6.60	14.68	14.51	29.57	10.47	3.93	10.00	8.65	11.71	5.31	5.15	6.76
OPM %	-21.73%	-15.67%	29.67%	35.06%	55.17%	24.23%	10.11%	29.49%	22.03%	40.70%	13.97%	13.69%	20.67%
	-1.98	0.67	18.69	12.99	30.21	4.30	2.68	2.54	13.23	-4.76	6.11	3.87	3.64
Interest	8.01	8.32	6.20	8.01	5.90	5.34	5.50	3.29	2.97	3.10	4.50	3.47	3.75
Depreciation	0.62	0.60	0.54	0.52	0.53	0.48	0.48	0.50	0.57	0.55	0.62	0.57	0.63
Profit before tax	-14.96	-14.85	26.63	18.97	53.35	8.95	0.63	8.75	18.34	3.30	6.30	4.98	6.02
Tax %	0.00%	0.00%	-0.04%	0.00%	0.00%	0.00%	-1,065.08%	0.00%	0.00%	63.03%	0.00%	0.00%	0.00%
	-14.96	-14.85	26.64	18.97	53.35	8.95	7.34	8.76	18.33	1.21	6.30	4.99	6.02
EPS in Rs	-13.59	-13.49	24.21	17.24	48.48	8.13	6.67	7.96	16.66	1.10	5.72	4.53	5.47
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,100	1,163	1,113	962	550	432	223	185	114	127	177	140	137
	1,129	1,162	1,197	946	585	575	314	339	151	131	119	104	108
Operating Profit	-29	0	-84	16	-35	-143	-91	-154	-37	-4	58	36	29
OPM %	-3%	0%	-8%	2%	-6%	-33%	-41%	-83%	-33%	-3%	33%	25%	21%
	8	44	101	12	43	45	120	10	-15	14	50	17	9
Interest	55	59	58	57	48	49	61	37	38	31	25	14	15
Depreciation	12	12	14	10	6	5	3	3	3	2	2	2	2
Profit before tax	-88	-27	-54	-39	-45	-152	-35	-185	-93	-23	82	37	21
Tax %	4%	6%	16%	5%	-47%	-12%	0%	0%	0%	-0%	-8%	6%
	-91	-28	-63	-41	-24	-134	-35	-185	-93	-23	89	35	19
EPS in Rs	-83.32	-26.23	-59.05	-37.15	-21.90	-121.87	-31.41	-168.14	-84.61	-20.94	80.50	31.44	16.82
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-19%
5 Years:	-9%
3 Years:	7%
TTM:	-12%

Compounded Profit Growth
10 Years:	10%
5 Years:	19%
3 Years:	32%
TTM:	-43%

Stock Price CAGR
10 Years:	2%
5 Years:	37%
3 Years:	47%
1 Year:	91%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	66	45	-27	-60	-92	-212	-238	-417	-508	-531	-412	-395	59
	588	625	602	621	561	399	457	531	494	523	507	542	109
	711	625	782	730	718	893	450	445	427	365	207	151	136
Total Liabilities	1,376	1,306	1,368	1,302	1,198	1,091	680	570	424	368	314	310	315
	268	282	245	226	209	194	113	23	20	18	17	19	20
CWIP	3	0	0	0	1	1	1	0	0	0	0	0	0
Investments	3	0	0	18	18	19	28	0	1	1	62	66	135
	1,102	1,024	1,122	1,058	970	877	539	547	404	349	235	225	160
Total Assets	1,376	1,306	1,368	1,302	1,198	1,091	680	570	424	368	314	310	315

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	11	37	58	2	111	55	-107	-56	21	-38	83	34
	-9	39	47	4	2	25	134	1	61	6	-50	15
	-9	-85	-88	-34	-109	-70	-11	64	-79	9	-30	0
Net Cash Flow	-7	-9	17	-28	3	10	16	10	2	-22	3	49

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	206	190	209	242	366	321	490	433	616	400	130	258
Inventory Days	154	104	143	148	243	130	355	434	554	245	229	130
Days Payable	204	162	220	243	459	401	1,051	1,569	2,396	1,473	1,378	1,193
Cash Conversion Cycle	156	132	132	146	150	50	-207	-701	-1,227	-828	-1,020	-806
Working Capital Days	91	100	77	90	65	146	-83	-81	-247	-207	-88	4
ROCE %	-5%	0%	-6%	3%	-0%	-30%	-5%	-83%	-58%		188%	38%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.00%	0.00%	0.00%	0.22%	2.04%	3.27%	0.00%	0.00%	0.78%	0.72%	0.41%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
	65.85%	65.85%	65.85%	65.86%	65.64%	63.80%	62.57%	65.85%	65.85%	65.07%	65.13%	65.44%
No. of Shareholders	20,331	20,190	20,076	23,662	23,726	22,452	22,297	27,476	28,260	28,111	25,413	25,751

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%	34.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.04%	0.78%	0.41%
	2.38%	0.37%	2.32%	2.37%	2.00%	0.02%	0.02%	0.02%	0.02%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%
	63.49%	65.50%	63.55%	63.50%	63.88%	65.85%	63.80%	65.07%	65.44%
No. of Shareholders	21,506	20,853	20,973	21,182	21,055	20,190	22,452	28,111	25,751

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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TRF Ltd

TRF Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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