Western Carriers (India) Ltd
Incorporated in March 2011, Western Carriers (India) Limited is a Multi-modal, rail-focused, 4PL asset-light logistics company.[1]
- Market Cap ₹ 839 Cr.
- Current Price ₹ 82.3
- High / Low ₹ 177 / 65.1
- Stock P/E 11.1
- Book Value ₹ 82.0
- Dividend Yield 0.00 %
- ROCE 21.9 %
- ROE 22.4 %
- Face Value ₹ 5.00
Pros
- Stock is trading at 1.02 times its book value
- Company has delivered good profit growth of 30.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.4%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of 10.3% over past five years.
- Debtor days have increased from 92.7 to 114 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|
| 1,034 | 1,067 | 1,110 | 1,471 | 1,633 | 1,686 | 1,699 | |
| 982 | 996 | 1,029 | 1,367 | 1,511 | 1,540 | 1,560 | |
| Operating Profit | 52 | 72 | 81 | 104 | 122 | 146 | 139 |
| OPM % | 5% | 7% | 7% | 7% | 7% | 9% | 8% |
| 5 | 6 | 4 | 5 | 5 | 6 | 10 | |
| Interest | 13 | 12 | 13 | 14 | 16 | 22 | 24 |
| Depreciation | 10 | 12 | 12 | 12 | 15 | 21 | 23 |
| Profit before tax | 33 | 53 | 60 | 83 | 96 | 108 | 102 |
| Tax % | 34% | 30% | 26% | 27% | 26% | 26% | |
| 22 | 37 | 45 | 61 | 72 | 80 | 75 | |
| EPS in Rs | 5.50 | 9.51 | 11.31 | 15.53 | 9.09 | 10.21 | 8.62 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 10% |
| 3 Years: | 15% |
| TTM: | 3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 22% |
| TTM: | 12% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 25% |
| 3 Years: | 24% |
| Last Year: | 22% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 39 | 39 | 39 | 39 | 39 | 39 | 51 |
| Reserves | 73 | 110 | 157 | 218 | 279 | 359 | 785 |
| 141 | 100 | 141 | 145 | 207 | 269 | 290 | |
| 107 | 105 | 87 | 82 | 70 | 86 | 80 | |
| Total Liabilities | 360 | 355 | 425 | 485 | 596 | 754 | 1,206 |
| 71 | 67 | 73 | 76 | 91 | 105 | 125 | |
| CWIP | 0 | 0 | 1 | 2 | 7 | 0 | 0 |
| Investments | 3 | 4 | 4 | 1 | 5 | 3 | 3 |
| 286 | 283 | 348 | 406 | 493 | 646 | 1,078 | |
| Total Assets | 360 | 355 | 425 | 485 | 596 | 754 | 1,206 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| 34 | 64 | -26 | 5 | 2 | 1 | |
| -21 | -6 | -2 | 2 | -33 | -40 | |
| -8 | -51 | 26 | -8 | 30 | 40 | |
| Net Cash Flow | 5 | 8 | -3 | -1 | -1 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| Debtor Days | 71 | 65 | 83 | 77 | 87 | 114 |
| Inventory Days | 0 | |||||
| Days Payable | ||||||
| Cash Conversion Cycle | 71 | 65 | 83 | 77 | 87 | 114 |
| Working Capital Days | 49 | 45 | 72 | 70 | 84 | 111 |
| ROCE % | 26% | 25% | 26% | 24% | 22% |
Documents
Announcements
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Board Meeting Intimation for Inter-Alia To Consider, Approve And Take On Record The Audited Financial Results (Standalone And Consolidated) Along With The Reports Of The Statutory Auditors, For The Quarter And Financial Year Ended March 31, 2025.
15h - Board meeting on May 16 to approve FY25 audited financial results; trading window closed since April 1.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
7 May - Received Rs. 23 Cr order for rake transport from Shriram Alkali for 1 year.
-
Format of the Annual Disclosure to be made by an entity identified as a LC - Annexure B2
2 May - Western Carriers confirms non-Large Corporate status; no incremental borrowings or penalties for FY 2024-25.
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
28 Apr - Western Carriers confirms it is not a SEBI Large Corporate as of March 31, 2025.
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General Updates- Western Carriers (India) Limited
25 Apr - Western Carriers updated CIN and status to 'Listed Public Company' on MCA website post equity listing.
Concalls
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Feb 2025TranscriptPPT
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Nov 2024TranscriptPPT
Business Service[1]
- 3PL/4PL Services
- Courier Services
- Air Freight
- Water Freight
- Warehousing
- Project Logistics
- Road/Rail Transport
Their value-added services span the entire supply chain, from production and packaging to export, arrival, customs clearance, and multimodal transport, ensuring efficient and customized logistics solutions for clients.