WEBSITE BSE:517059 NSE : SALZER ELEC 18 May, 12:50
Market Cap ₹1391 Cr.
Stock P/E 31.4
P/B 3
Current Price ₹800
Book Value ₹ 267.5
Face Value 10
52W High ₹888
Dividend Yield 0.28%
52W Low ₹ 267
Salzer Electronics Ltd is an totally India-based organization, that is engaged in the enterprise of computer-aided production of operated rotary switches, and wires and cables. The Company operates thru 4 segments: Industrial Switchgear, which incorporates transformers, terminal blocks, rotary switches, isolators, general purpose relays, wiring ducts, contactors, control panels, and overload relays; Copper Business, which includes wires and cables, flexible bus bars, enameled wires, bunched conductors and tinned wires; Building Segment, which includes merchandise, such as modular switches, wires and cables, and changeovers, and Energy Savers, which specializes in the producing and installation of energy saving merchandise, inclusive of street light controllers and energy saving panels. The Company operates a plant in Himachal Pradesh and about four plant in Coimbatore. The Company exports its products to over 45 nations, which includes the US, Europe and Gulf international locations.
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| #(Fig in Cr.) | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 200 | 219 | 239 | 238 | 246 | 246 | 303 | 289 | 281 | 270 |
| Other Income | 1 | 1 | 1 | 1 | -0 | 1 | 0 | 1 | 0 | 1 |
| Total Income | 201 | 220 | 239 | 239 | 245 | 246 | 303 | 289 | 281 | 271 |
| Total Expenditure | 181 | 200 | 225 | 217 | 220 | 221 | 278 | 263 | 254 | 239 |
| Operating Profit | 20 | 19 | 14 | 22 | 25 | 26 | 25 | 27 | 27 | 32 |
| Interest | 5 | 5 | 5 | 6 | 6 | 7 | 8 | 8 | 8 | 9 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 11 | 10 | 5 | 12 | 15 | 15 | 13 | 14 | 14 | 18 |
| Provision for Tax | 3 | 3 | 1 | 3 | 5 | 4 | 3 | 4 | 4 | 5 |
| Profit After Tax | 8 | 8 | 5 | 10 | 10 | 11 | 10 | 10 | 10 | 13 |
| Adjustments | -0 | 1 | -1 | -2 | -0 | -0 | -0 | -0 | -0 | -0 |
| Profit After Adjustments | 8 | 8 | 3 | 8 | 9 | 10 | 10 | 10 | 10 | 13 |
| Adjusted Earnings Per Share | 4.9 | 5.2 | 2 | 5.1 | 5.9 | 6.5 | 5.9 | 6.1 | 5.9 | 7.6 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
|---|---|---|---|---|---|
| Net Sales | 584 | 626 | 804 | 1037 | 1143 |
| Other Income | 1 | 2 | 3 | 2 | 2 |
| Total Income | 586 | 628 | 806 | 1039 | 1144 |
| Total Expenditure | 518 | 563 | 738 | 942 | 1034 |
| Operating Profit | 68 | 65 | 69 | 98 | 111 |
| Interest | 21 | 21 | 20 | 26 | 33 |
| Depreciation | 15 | 16 | 16 | 17 | 19 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 32 | 28 | 33 | 55 | 59 |
| Provision for Tax | 4 | 7 | 8 | 15 | 16 |
| Profit After Tax | 27 | 21 | 24 | 40 | 43 |
| Adjustments | -0 | -1 | -2 | -1 | 0 |
| Profit After Adjustments | 27 | 21 | 23 | 39 | 43 |
| Adjusted Earnings Per Share | 17 | 12.8 | 14.1 | 23.9 | 25.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 29% | 21% | 0% | 0% |
| Operating Profit CAGR | 42% | 13% | 0% | 0% |
| PAT CAGR | 67% | 14% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 141% | 83% | 48% | 28% |
| ROE Average | 11% | 8% | 10% | 10% |
| ROCE Average | 13% | 10% | 13% | 13% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|
| Shareholder's Funds | 310 | 332 | 354 | 408 |
| Minority's Interest | 4 | 4 | 4 | 6 |
| Borrowings | 18 | 16 | 12 | 8 |
| Other Non-Current Liabilities | 19 | 19 | 20 | 27 |
| Total Current Liabilities | 266 | 313 | 362 | 447 |
| Total Liabilities | 617 | 685 | 752 | 895 |
| Fixed Assets | 217 | 220 | 224 | 245 |
| Other Non-Current Assets | 32 | 33 | 30 | 22 |
| Total Current Assets | 369 | 431 | 498 | 628 |
| Total Assets | 617 | 685 | 752 | 895 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 17 | 12 | 14 | 12 |
| Cash Flow from Operating Activities | 32 | 14 | -12 | 23 |
| Cash Flow from Investing Activities | -49 | -16 | -16 | -35 |
| Cash Flow from Financing Activities | 12 | 4 | 26 | 18 |
| Net Cash Inflow / Outflow | -5 | 2 | -2 | 6 |
| Closing Cash & Cash Equivalent | 12 | 14 | 12 | 17 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 16.96 | 12.84 | 14.14 | 23.92 |
| CEPS(Rs) | 26.38 | 23.39 | 25.36 | 34.74 |
| DPS(Rs) | 0 | 1.6 | 1.8 | 2.2 |
| Book NAV/Share(Rs) | 193.98 | 207.99 | 221.42 | 244.04 |
| Core EBITDA Margin(%) | 11.4 | 10.06 | 8.21 | 9.22 |
| EBIT Margin(%) | 9.09 | 7.89 | 6.52 | 7.81 |
| Pre Tax Margin(%) | 5.46 | 4.48 | 4.05 | 5.29 |
| PAT Margin (%) | 4.69 | 3.42 | 3.01 | 3.82 |
| Cash Profit Margin (%) | 7.22 | 5.98 | 5.05 | 5.42 |
| ROA(%) | 8.22 | 3.29 | 3.37 | 4.81 |
| ROE(%) | 16.3 | 6.66 | 7.05 | 10.58 |
| ROCE(%) | 19.93 | 9.63 | 9.17 | 12.55 |
| Receivable days | 50.16 | 99.32 | 92.4 | 88.97 |
| Inventory Days | 52.51 | 99.63 | 92.66 | 88.12 |
| Payable days | 24.77 | 45.32 | 41.22 | 43.57 |
| PER(x) | 3.59 | 9.51 | 13.01 | 10.59 |
| Price/Book(x) | 0.31 | 0.59 | 0.83 | 1.04 |
| Dividend Yield(%) | 0 | 1.31 | 0.98 | 0.87 |
| EV/Net Sales(x) | 0.45 | 0.62 | 0.67 | 0.65 |
| EV/Core EBITDA(x) | 3.88 | 5.91 | 7.78 | 6.86 |
| Net Sales Growth(%) | 1326.11 | 7.08 | 28.42 | 29.08 |
| EBIT Growth(%) | 1067.31 | -7.09 | 6.14 | 54.65 |
| PAT Growth(%) | 1080.57 | -22.01 | 13.22 | 63.68 |
| EPS Growth(%) | 265.43 | -24.33 | 10.12 | 69.2 |
| Debt/Equity(x) | 0.58 | 0.61 | 0.71 | 0.7 |
| Current Ratio(x) | 1.39 | 1.38 | 1.38 | 1.4 |
| Quick Ratio(x) | 0.78 | 0.8 | 0.75 | 0.79 |
| Interest Cover(x) | 2.5 | 2.31 | 2.64 | 3.1 |
| Total Debt/Mcap(x) | 1.83 | 1.05 | 0.86 | 0.68 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 32.34 | 32.34 | 32.34 | 32.34 | 32.34 | 33.18 | 33.94 | 35.13 | 37.21 | 37.32 |
| FII | 7.36 | 6.56 | 6.42 | 6.03 | 5.77 | 5.37 | 5.78 | 6.06 | 3.7 | 3.2 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.18 | 0.14 | 0.14 | 0.12 |
| Public | 60.3 | 61.1 | 61.24 | 61.64 | 61.89 | 61.45 | 60.11 | 58.68 | 58.95 | 59.36 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.54 | 0.56 | 0.59 | 0.65 | 0.65 |
| FII | 0.12 | 0.1 | 0.1 | 0.1 | 0.09 | 0.09 | 0.09 | 0.1 | 0.06 | 0.06 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.96 | 0.98 | 0.98 | 0.99 | 0.99 | 0.99 | 0.98 | 0.98 | 1.02 | 1.03 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.62 | 1.64 | 1.67 | 1.74 | 1.74 |
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