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Care Ratings

₹1073.9 -1.2 | 0.1%

Market Cap ₹3208 Cr.

Stock P/E 31.8

P/B 4.5

Current Price ₹1073.9

Book Value ₹ 240.1

Face Value 10

52W High ₹1265

Dividend Yield 1.68%

52W Low ₹ 633.2

Overview Inc. Year: 1993Industry: Ratings

CARE Ratings Ltd, a credit rating organization, presents diverse rating and grading services in India, Mauritius, and Nepal. The agency presents rating offerings for debt gadgets, inclusive of bonds, debentures, hybrid instruments, preference shares, fixed deposits, commercial papers and short-term debt applications, and certificate of deposits; and financial institution mortgage; financial region rating offerings, which cover banks, non-banking finance agencies, housing finance corporations, financial establishments, and so on.; structured finance ratings; coverage ratings; infrastructure quarter ratings; and public finance rating offerings that cover ratings of state authorities entities and urban infrastructure initiatives, as well as company governance ratings, project finance, and MLD valuation services. It offers corporate advisory, project evaluation and tracking, credit analytics, industry and company research, and due diligence and grading services, in addition to research and analytics to corporates, economic establishments, banks, and institutional traders. It was formerly known as Credit Analysis and Research Ltd and changed its name to CARE Ratings Ltd in June 2017. CARE Ratings Ltd become included in 1993 and is based in Mumbai, India.

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Care Ratings Share Price

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Peer Comparison

Care Ratings Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 56 66 55 85 62 78 66 96 79 90
Other Income 7 7 8 8 12 10 12 11 14 10
Total Income 63 73 62 93 74 88 78 108 92 100
Total Expenditure 41 43 38 43 48 50 49 55 55 61
Operating Profit 22 30 24 50 25 38 29 53 37 39
Interest 0 0 0 0 0 1 0 0 0 0
Depreciation 2 2 2 3 3 3 3 3 3 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 20 27 21 48 23 34 26 50 34 36
Provision for Tax 5 4 7 13 6 14 8 14 10 12
Profit After Tax 15 23 14 35 16 20 18 36 24 25
Adjustments -0 -0 -0 -1 -0 -1 -1 -1 -0 -0
Profit After Adjustments 15 23 14 34 16 20 18 35 23 24
Adjusted Earnings Per Share 4.9 7.7 4.6 11.6 5.4 6.6 6 11.8 7.9 8.1

Care Ratings Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 203 236 261 279 287 333 319 244 248 248 279 331
Other Income 29 36 44 9 34 25 30 31 31 27 38 47
Total Income 232 271 304 288 321 358 349 275 280 275 317 378
Total Expenditure 68 88 101 105 105 122 144 162 153 168 180 220
Operating Profit 163 183 203 183 216 236 205 113 127 107 137 158
Interest 0 0 1 0 0 0 0 1 1 0 1 0
Depreciation 3 3 5 4 3 3 3 8 8 8 11 12
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 160 181 197 178 212 233 202 104 119 99 126 146
Provision for Tax 47 51 59 59 65 71 64 21 28 22 40 44
Profit After Tax 114 130 138 120 148 162 138 83 91 77 85 103
Adjustments -0 -0 0 0 0 0 -1 -1 -1 -2 -2 -2
Profit After Adjustments 114 129 138 120 148 162 137 82 90 75 84 100
Adjusted Earnings Per Share 39.8 44.6 47.5 40.7 50.1 55.1 46.7 28 30.4 25.3 28.1 33.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 13% 5% -3% 3%
Operating Profit CAGR 28% 7% -10% -2%
PAT CAGR 10% 1% -12% -3%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 61% 25% 2% 2%
ROE Average 13% 14% 17% 24%
ROCE Average 19% 19% 22% 34%

Care Ratings Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 424 485 359 409 520 597 550 533 589 647 672
Minority's Interest 1 1 0 0 0 2 2 3 4 5 7
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 201 252 312 371 15 9 13 22 25 21 33
Total Current Liabilities 75 87 78 86 475 551 611 541 557 584 249
Total Liabilities 701 825 749 866 1010 1159 1177 1099 1175 1257 961
Fixed Assets 58 59 65 64 61 60 83 93 85 96 107
Other Non-Current Assets 348 447 501 593 83 257 252 229 40 65 61
Total Current Assets 295 319 184 209 866 842 842 777 1050 1096 793
Total Assets 701 825 749 866 1010 1159 1177 1099 1175 1257 961

Care Ratings Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 70 27 25 13 12 13 24 20 7 12 18
Cash Flow from Operating Activities 83 107 107 106 119 134 109 67 86 68 82
Cash Flow from Investing Activities -87 -46 157 -41 -22 -25 83 27 -38 -27 13
Cash Flow from Financing Activities -40 -62 -276 -66 -96 -99 -195 -107 -43 -35 -63
Net Cash Inflow / Outflow -44 -1 -12 -1 1 11 -4 -13 5 6 32
Closing Cash & Cash Equivalent 27 25 13 12 13 24 20 7 12 18 49

Care Ratings Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 39.78 44.62 47.53 40.68 50.13 55.13 46.66 27.96 30.38 25.33 28.12
CEPS(Rs) 40.95 45.72 49.28 42.1 51.27 56.17 47.99 30.97 33.52 28.51 32.32
DPS(Rs) 20 28 79 28 28 55 30 19.5 17 17 25
Book NAV/Share(Rs) 148.57 166.88 121.46 138.53 176.5 199.65 179.42 173.02 191.49 215.75 224.16
Core EBITDA Margin(%) 66.3 62.7 61.24 62.24 63.39 63.35 54.76 33.38 38.55 32.15 35.61
EBIT Margin(%) 78.91 76.65 76.06 63.86 73.93 70.06 63.24 43.1 48 40.02 45.43
Pre Tax Margin(%) 78.91 76.65 75.56 63.86 73.93 70.06 63.24 42.72 47.76 39.83 45.07
PAT Margin (%) 55.98 55.03 52.9 42.81 51.36 48.8 43.29 34.26 36.61 31.03 30.63
Cash Profit Margin (%) 57.58 56.27 54.85 44.31 52.54 49.74 44.33 37.45 39.75 34.14 34.4
ROA(%) 20.1 16.99 17.52 14.82 15.74 14.97 11.82 7.34 8 6.32 7.71
ROE(%) 28.37 28.55 32.96 31.49 31.85 29.3 24.73 16.08 16.94 12.76 13.09
ROCE(%) 39.98 39.7 46.94 46.48 45.76 41.74 35.18 19.39 21.26 16.03 19.21
Receivable days 34.35 28.7 21.39 25.71 31.06 35.4 49.49 66.03 45.73 28 24.96
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 20.13 17.37 31.07 22.92 33.06 21.96 21.18 11.79 13.53 20.21 22.86
Price/Book(x) 5.39 4.65 12.16 6.73 9.39 6.06 5.51 1.9 2.15 2.37 2.87
Dividend Yield(%) 2.5 3.61 5.35 3 1.69 4.54 3.04 5.92 4.13 3.32 3.89
EV/Net Sales(x) 11.12 9.42 16.38 9.77 16.93 10.63 9.03 3.51 3.71 5.8 6.64
EV/Core EBITDA(x) 13.81 12.09 21 14.94 22.54 14.98 14.05 7.59 7.25 13.45 13.5
Net Sales Growth(%) 13.06 16.04 10.6 7.22 2.89 15.74 -4.12 -23.62 1.97 -0.33 12.66
EBIT Growth(%) 7.1 12.7 9.74 -9.98 19.11 9.69 -13.45 -47.94 13.56 -16.91 27.91
PAT Growth(%) 5.6 14.06 6.3 -13.22 23.42 9.97 -14.95 -39.54 8.97 -15.54 11.23
EPS Growth(%) 0 12.18 6.5 -14.41 23.24 9.97 -15.36 -40.08 8.67 -16.62 11.01
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 3.93 3.67 2.34 2.43 1.82 1.53 1.38 1.44 1.88 1.88 3.19
Quick Ratio(x) 3.93 3.67 2.34 2.43 1.82 1.53 1.38 1.44 1.88 1.88 3.19
Interest Cover(x) 0 0 152.53 0 0 0 0 113.23 193.14 213.66 126.55
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Care Ratings Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 0 0 0 0 0 0 0 0 0 0
FII 23.18 25.74 17.47 18.13 17.99 20.04 20.26 20.9 21.67 22.91
DII 16.1 14.52 21.53 24.88 25.06 23.8 23.17 23.73 26.32 26.89
Public 60.72 59.74 61 56.99 56.94 56.17 56.57 55.38 52.01 50.2
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 0%.
  • Company has a low return on equity of 14% over the last 3 years.
  • Stock is trading at 4.5 times its book value.
  • The company has delivered a poor profit growth of -12% over past five 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.

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