Visaka Industries Ltd

Visaka Industries is into the business of manufacture of cement fibre sheets, fibre cement boards & panels and synthetic yarn.

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Pros:

Stock is trading at 0.97 times its book value

Company has good consistent profit growth of 41.22% over 5 years

Company has been maintaining a healthy dividend payout of 18.53%

Cons:

The company has delivered a poor growth of 4.96% over past five years.

Company has a low return on equity of 13.99% for last 3 years.

Promoters have pledged 36.41% of their holding

Peer Comparison Sector: Cement - Products // Industry: Cement Products

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	216	219	254	309	201	242	260	346	251	240	300	353
	189	197	223	263	168	207	224	292	219	216	266	304
Operating Profit	28	22	31	47	33	34	36	53	32	24	34	49
OPM %	13%	10%	12%	15%	17%	14%	14%	15%	13%	10%	11%	14%
Other Income	1	1	1	2	1	1	1	7	2	1	2	1
Interest	4	5	5	4	4	5	5	5	4	5	5	4
Depreciation	8	9	9	9	9	9	8	9	8	9	9	11
Profit before tax	17	9	17	35	22	22	23	46	21	12	21	35
Tax %	42%	37%	40%	35%	35%	35%	33%	35%	33%	22%	34%	34%
Net Profit	10	6	10	23	14	14	15	30	14	9	14	23
EPS in Rs	6.17	3.71	6.56	14.46	8.91	8.98	9.57	19.10	8.78	5.72	8.84	14.53
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	429	577	604	650	750	916	892	1,021	1,005	961	1,012	1,136	1,144
	386	495	494	566	672	809	835	925	910	843	862	993	1,004
Operating Profit	43	83	111	84	78	107	57	96	95	117	150	144	139
OPM %	10%	14%	18%	13%	10%	12%	6%	9%	9%	12%	15%	13%	12%
Other Income	3	7	6	11	5	2	5	2	3	6	5	12	7
Interest	17	18	12	10	14	15	21	22	21	20	18	20	19
Depreciation	16	17	18	16	18	20	22	43	36	34	35	35	38
Profit before tax	13	55	86	68	51	75	19	33	40	69	102	100	89
Tax %	42%	35%	34%	34%	33%	32%	36%	36%	39%	38%	35%	33%
Net Profit	8	36	57	45	34	51	12	21	24	43	67	67	60
EPS in Rs	4.31	21.90	35.09	27.48	20.77	30.84	7.09	12.32	14.33	26.87	41.81	42.34	37.87
Dividend Payout %	62%	18%	14%	18%	23%	19%	33%	37%	33%	22%	17%	17%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	16	16	16	16	16	16	16	16	16	16	16	16
Reserves	143	172	220	245	271	310	317	316	331	377	430	484
Borrowings	198	169	162	173	159	277	265	304	321	213	241	246
	95	110	129	105	129	137	131	154	152	157	200	183
Total Liabilities	452	466	526	539	574	740	729	791	821	762	887	929
	172	198	208	202	244	250	334	312	294	327	322	419
CWIP	37	11	9	8	4	16	21	0	4	12	69	1
Investments	0	2	2	15	15	15	15	15	10	0	0	0
	243	256	307	314	311	459	358	464	512	424	497	509
Total Assets	452	466	526	539	574	740	729	791	821	762	887	929

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	33	87	75	27	71	-54	121	8	89	153	88	71
	-38	-20	-30	-42	-41	-59	-91	-21	-28	-62	-105	-49
	-9	-52	-30	8	-30	93	-38	16	-14	-128	1	-26
Net Cash Flow	-13	15	15	-7	0	-20	-7	2	47	-37	-16	-3

	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 %	10%	22%	27%	19%	15%	17%	7%	9%	9%	14%	18%	17%
Debtor Days	46	34	31	39	36	34	40	46	53	57	54	50
Inventory Turnover	4.93	6.28	5.85	4.91	4.94	4.27	3.87	4.67	4.17	4.49	4.62	4.42