Vardhman Holdings Ltd

Vardhman Holdings is principally engaged in lending and investing activities.

Pros:
Company is virtually debt free.
Stock is trading at 0.82 times its book value
Market value of investments Rs.2093.62 Cr. is more than the Market Cap Rs.490.62 Cr.
Cons:
The company has delivered a poor growth of 11.36% over past five years.
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
4 2 173 8 33 7 1 3 25 1 3 5
1 1 1 1 0 0 2 1 1 0 1 1
Operating Profit 4 1 172 7 32 7 -0 2 24 1 2 4
OPM % 88% 50% 99% 88% 99% 93% -10% 76% 97% 75% 62% 77%
Other Income 1 0 1 0 0 0 0 0 0 0 0 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 5 2 173 7 33 7 0 2 24 1 2 4
Tax % 29% 6% 2% 9% 6% -25% 570% 35% 6% 38% -98% 13%
Net Profit 4 1 170 7 31 9 -1 1 23 1 5 4
EPS in Rs 11.26 4.56 532.00 20.88 96.17 27.09 -3.97 4.51 72.19 2.59 15.31 11.89
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1 9 9 8 13 12 19 30 52 189 49 32 35
0 0 0 1 1 1 2 1 4 2 3 3 4
Operating Profit 1 8 8 7 12 11 17 29 48 187 46 29 31
OPM % 80% 95% 97% 87% 93% 89% 91% 96% 93% 99% 94% 91% 90%
Other Income 1 0 0 1 55 1 1 2 1 2 1 1 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 2 9 9 8 67 12 18 31 49 188 47 30 33
Tax % 34% 6% 14% 14% 18% 8% 4% 3% 3% 3% 5% 1%
Net Profit 1 8 7 7 55 11 17 30 48 182 45 30 33
EPS in Rs 3.98 24.98 22.60 21.72 172.38 35.84 54.66 94.91 150.28 567.97 140.12 94.75 101.98
Dividend Payout % 46% 8% 9% 11% 1% 8% 5% 3% 2% 1% 4% 5%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.04%
5 Years:11.36%
3 Years:-14.84%
TTM:-21.01%
Compounded Profit Growth
10 Years:13.76%
5 Years:11.63%
3 Years:-14.37%
TTM:-17.44%
Stock Price CAGR
10 Years:21.01%
5 Years:15.91%
3 Years:-8.69%
1 Year:-29.52%
Return on Equity
10 Years:14.33%
5 Years:17.03%
3 Years:17.16%
Last Year:5.04%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3 3 3 3 3 3 3 3 3 3 3 3
Reserves 98 106 112 118 172 183 199 228 275 455 594 598
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
1 1 1 1 2 1 1 2 2 5 6 6
Total Liabilities 102 109 116 123 177 187 204 233 280 463 603 608
0 0 1 1 1 1 1 1 1 1 3 3
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 94 104 100 120 174 181 198 228 271 416 552 556
8 6 15 2 3 6 5 5 9 46 48 48
Total Assets 102 109 116 123 177 187 204 233 280 463 603 608

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1 3 1 13 10 9 13 22 38 -34 24 29
-16 -8 5 -18 -9 -6 -14 -21 -36 36 -21 -26
-0 -1 -1 -1 -1 -1 -1 -1 -1 -1 -2 -2
Net Cash Flow -16 -6 6 -6 -0 2 -2 0 0 1 0 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 2% 8% 8% 7% 9% 7% 9% 14% 19% 51% 9% 5%
Debtor Days 0 0 0 0 0 0 0 0 0 0 0 0
Inventory Turnover