Gujarat Sidhee Cement Ltd(Merged)

₹ 33.1 -0.45%

20 Apr 2023

gujaratsidheecementlimited.com; www.mehtagroup.com

About

Gujarat Sidhee Cement Ltd is engaged in the business of cement under the brand name 'Sidhee'.
It was incorporated in 1973, as a wholly owned subsidiary of Gujarat Industrial Investment Corporation and was later joined by Mehta Group.^[1]

Key Points

Products
The company manufactures and markets clinker & cement. The range of Sidhee Cement includes:
Portland Pozzolana Cement (PPC),
Ordinary Portland Cement (OPC 43 grade 53 grade). ^[1]

Website

Market Cap ₹ 296 Cr.
Current Price ₹ 33.1
High / Low ₹ /
Stock P/E 9.67
Book Value ₹ 51.6
Dividend Yield 0.00 %
ROCE 11.7 %
ROE 7.37 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.64 times its book value

Cons

The company has delivered a poor sales growth of 3.82% over past five years.
Company has a low return on equity of 6.05% over last 3 years.
Dividend payout has been low at 6.50% of profits over last 3 years

* 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: Cement Industry: Cement - North India

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021
	161	113	133	156	153	115	150	165	90	128	154	194
	154	123	149	148	130	100	138	139	80	117	152	161
Operating Profit	7	-10	-16	8	23	15	12	26	9	11	2	34
OPM %	5%	-9%	-12%	5%	15%	13%	8%	16%	10%	9%	1%	17%
	1	11	2	2	2	1	2	3	2	1	3	3
Interest	2	2	2	1	2	2	2	2	1	1	1	1
Depreciation	2	2	2	2	2	3	3	3	3	3	3	3
Profit before tax	5	-3	-19	6	21	13	10	25	7	9	0	33
Tax %	27%	-51%	-35%	23%	34%	34%	31%	34%	32%	43%	175%	36%
	4	-2	-12	5	14	8	7	16	5	5	-0	21
EPS in Rs	0.41	-0.20	-1.40	0.55	1.56	0.94	0.77	1.86	0.57	0.56	-0.01	2.36
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
	410	484	469	434	536	563	585	566
	407	475	474	463	503	574	506	510
Operating Profit	3	9	-5	-28	33	-11	79	56
OPM %	1%	2%	-1%	-7%	6%	-2%	14%	10%
	8	1	7	6	17	16	6	9
Interest	3	5	6	4	3	6	7	5
Depreciation	8	11	9	9	10	10	11	11
Profit before tax	0	-7	-13	-35	37	-11	67	49
Tax %	763%	-33%	-36%	-5%	-3%	-49%	33%	37%
	-3	6	1	-31	45	-6	45	31
EPS in Rs	-0.75	0.66	0.09	-3.60	5.21	-0.68	5.13	3.46
Dividend Payout %	0%	0%	0%	0%	0%	0%	20%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	4%
3 Years:	2%
TTM:	-3%

Compounded Profit Growth
10 Years:	%
5 Years:	103%
3 Years:	-8%
TTM:	-33%

Stock Price CAGR
10 Years:	4%
5 Years:	12%
3 Years:	-5%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	4%
3 Years:	6%
Last Year:	7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
Equity Capital	36	71	86	86	86	87	87	88
Reserves	108	109	109	277	309	278	288	367
	21	25	27	34	48	54	48	39
	133	139	126	216	200	201	193	196
Total Liabilities	298	344	348	613	642	620	616	691
	121	100	100	358	416	419	420	416
CWIP	3	4	5	22	6	0	1	1
Investments	4	75	98	102	95	65	38	87
	171	166	145	132	126	136	157	187
Total Assets	298	344	348	613	642	620	616	691

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
	9	33	1	20	36	-2	43	42
	-43	-64	-24	-31	-40	-6	-8	-6
	20	36	7	9	10	1	-34	-33
Net Cash Flow	-14	5	-16	-2	6	-7	1	2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021
Debtor Days	15	13	10	7	8	9	13	11
Inventory Days	377	477	233	792	221	256	321	297
Days Payable	478	497	239	1,274	344	381	315	199
Cash Conversion Cycle	-86	-7	3	-475	-115	-116	19	109
Working Capital Days	-7	-13	-15	-74	-62	-55	-33	-27
ROCE %		3%	-3%	-10%	8%	-1%	18%	12%

Shareholding Pattern

Numbers in percentages

	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	70.36%	70.33%	70.26%	70.26%	69.70%	69.70%	69.53%	69.53%	69.49%	69.42%	69.40%	69.38%
	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%
	0.13%	0.13%	0.09%	0.09%	0.09%	0.09%	0.09%	0.37%	0.36%	0.25%	0.02%	0.02%
	29.48%	29.51%	29.65%	29.65%	30.20%	30.20%	30.38%	30.11%	30.14%	30.33%	30.58%	30.58%
No. of Shareholders	56,285	57,317	50,726	52,900	55,095	58,406	56,557	56,015	56,913	56,902	56,447	55,625

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	71.94%	71.94%	71.30%	70.88%	70.26%	69.53%	69.38%
	0.03%	0.03%	0.03%	0.02%	0.00%	0.00%	0.00%
	0.34%	0.29%	0.13%	0.14%	0.09%	0.37%	0.02%
	27.69%	27.74%	28.53%	28.96%	29.65%	30.11%	30.58%
No. of Shareholders	62,814	57,812	56,120	54,407	52,900	56,015	55,625

* 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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Credit ratings

Rating update
30 Mar 2019 from brickwork