Vardhman Holdings Ltd

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Vardhman Holdings Ltd

₹ 3,131 2.94%
25 Apr 11:44 a.m.
vardhman.in BSE: 500439 NSE : VHL
About

Vardhman Holdings Ltd, incorporated in 1962, is part of the Vardhman group. The company is a registered NBFC. The company has assets other than that related to the textile business, which mainly comprises investments. The earnings at present are in the nature of dividends on investments. The company’s current portfolio consists of investments into debt, equity and real estate. [1][2]

Key Points

Revenue Mix
Interest Income: 12% in FY22 vs 39% in FY21
Net Gain on FV changes: 80% in FY22 vs 60% in FY21
Dividend income: 8% in FY22 vs .3% in FY21 [1]

Website BSE NSE
  • Market Cap ₹ 999 Cr.
  • Current Price ₹ 3,131
  • High / Low ₹ 3,788 / 2,425
  • Stock P/E 4.99
  • Book Value ₹ 10,060
  • Dividend Yield 0.16 %
  • ROCE 7.66 %
  • ROE 7.77 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Stock is trading at 0.30 times its book value
  • Market value of investments Rs.2,770 Cr. is more than the Market Cap Rs.980 Cr.

Cons

  • The company has delivered a poor sales growth of -26.7% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.2% over last 3 years.
  • Earnings include an other income of Rs.172 Cr.
  • Dividend payout has been low at 0.77% of profits over last 3 years
  • Working capital days have increased from 346 days to 569 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: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
-3 8 3 14 10 6 5 2 4 -5 6 30 8
0 1 0 0 1 1 1 1 1 2 0 1 0
Operating Profit -3 7 2 14 9 5 3 1 4 -7 5 30 7
OPM % 85% 84% 97% 87% 86% 74% 68% 83% 92% 98% 95%
47 69 87 133 118 91 91 57 30 46 40 39 47
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 44 76 89 147 127 96 94 59 33 39 45 69 54
Tax % -0% 2% 0% 7% 14% 2% 1% -3% 0% -6% 3% 10% 2%
44 75 89 137 109 94 94 61 33 41 44 62 54
EPS in Rs 137.90 235.09 279.87 430.24 340.72 293.72 294.60 189.60 103.71 127.87 137.21 194.05 167.95
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
13 70 28 9 12 20 33 6 38
4 2 3 3 6 2 3 4 3
Operating Profit 9 68 25 6 7 18 30 2 35
OPM % 72% 97% 89% 68% 53% 89% 91% 26% 92%
151 242 157 196 155 116 429 223 172
Interest 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0
Profit before tax 160 310 181 202 161 133 459 225 207
Tax % 1% 2% 1% 0% 1% 3% 7% -2%
159 303 179 202 160 130 429 228 200
EPS in Rs 496.88 950.05 559.83 632.40 500.42 405.80 1,344.45 715.74 627.08
Dividend Payout % 1% 1% 1% 1% 0% 1% 0% 1%
Compounded Sales Growth
10 Years: %
5 Years: -27%
3 Years: -22%
TTM: 122%
Compounded Profit Growth
10 Years: %
5 Years: 5%
3 Years: 13%
TTM: -29%
Stock Price CAGR
10 Years: 18%
5 Years: 6%
3 Years: 23%
1 Year: 14%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 10%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 3 3 3 3 3 3 3 3 3
Reserves 1,244 1,545 1,819 1,994 2,122 2,303 2,774 3,096 3,207
0 0 0 0 0 0 0 0 0
2 5 3 5 4 2 1 1 3
Total Liabilities 1,249 1,553 1,825 2,003 2,130 2,307 2,778 3,101 3,214
1 1 3 3 3 3 3 3 3
CWIP 0 0 0 0 0 0 0 0 0
Investments 1,240 1,506 1,776 1,952 1,979 2,167 2,738 3,065 3,159
9 46 46 48 147 137 36 32 52
Total Assets 1,249 1,553 1,825 2,003 2,130 2,307 2,778 3,101 3,214

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-34 2 6 -95 82 -5 1
36 0 -3 99 -10 -69 2
-1 -2 -2 -2 -0 -2 -2
Net Cash Flow 1 0 1 2 72 -75 2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 0 0 0 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0
Working Capital Days 82 194 41 19 2,908 372 98 569
ROCE % 22% 11% 11% 8% 6% 18% 8%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90% 74.90%
2.99% 3.00% 1.51% 0.06% 0.05% 0.04% 0.04% 0.04% 0.03% 0.03% 0.03% 0.03%
0.99% 0.99% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.97% 0.56%
21.12% 21.11% 22.63% 24.08% 24.09% 24.11% 24.10% 24.09% 24.10% 24.10% 24.10% 24.51%
No. of Shareholders 8,3078,4848,4159,6739,6939,8989,7289,5929,4269,2769,0979,185

* 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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Documents

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