WEBSITE BSE:521200 NSE : SURYLAK.COTT 18 May, 12:50
Market Cap ₹135 Cr.
Stock P/E 40.9
P/B 0.5
Current Price ₹71.9
Book Value ₹ 140.2
Face Value 10
52W High ₹89
Dividend Yield 0%
52W Low ₹ 54
Suryalakshmi Cotton Mills Limited, established in 1962, is a prominent player in the textile industry, specializing in spinning, weaving, and finishing of textiles. It has positioned itself as an Original Denim Manufacturer (ODM), catering to international and domestic brands across 29 countries. With a focus on sustainable practices, Suryalakshmi Cotton Mills is committed to eco-friendly denim and garment production. Leadership includes key figures such as Lakshmi Narayan Agarwal and Paritosh Kumar Agarwal, who have been instrumental in steering the company’s growth and strategic direction. As of the latest quarter ending December 2023, the promoters held 60.93% of the company’s shares, with a significant portion pledged. This shareholding pattern indicates a strong promoter commitment, albeit with a high level of pledged shares.Suryalakshmi Cotton Mills boasts a diverse clientele, including the top 20 global fashion and retail brands, and serves as a preferred outsourced manufacturing partner for these entities.
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| #(Fig in Cr.) | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Jun 2022 | Sep 2022 | Dec 2022 | Jun 2023 | Sep 2023 | Dec 2023 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 189 | 151 | 185 | 197 | 229 | 220 | 187 | 175 | 185 | 184 |
| Other Income | 1 | 1 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
| Total Income | 189 | 152 | 185 | 198 | 231 | 222 | 189 | 176 | 185 | 185 |
| Total Expenditure | 167 | 135 | 167 | 175 | 208 | 206 | 177 | 163 | 172 | 171 |
| Operating Profit | 22 | 17 | 19 | 23 | 23 | 16 | 12 | 13 | 13 | 14 |
| Interest | 10 | 7 | 7 | 6 | 6 | 6 | 6 | 7 | 7 | 7 |
| Depreciation | 5 | 5 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 5 |
| Exceptional Income / Expenses | 11 | 5 | 0 | -0 | -1 | -1 | -1 | 0 | -1 | -0 |
| Profit Before Tax | 19 | 11 | 7 | 12 | 11 | 5 | 1 | 1 | 1 | 1 |
| Provision for Tax | 6 | 3 | 3 | 4 | 4 | 1 | 0 | 0 | 0 | 0 |
| Profit After Tax | 13 | 7 | 4 | 8 | 7 | 4 | 1 | 1 | 1 | 1 |
| Adjustments | -4 | -0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 9 | 7 | 4 | 8 | 7 | 3 | 0 | 1 | 1 | 1 |
| Adjusted Earnings Per Share | 7.6 | 3.9 | 2.3 | 4.6 | 3.6 | 1.8 | 0.4 | 0.6 | 0.4 | 0.5 |
| #(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 | 705 | 702 | 705 | 760 | 777 | 761 | 742 | 597 | 486 | 778 | 851 | 731 |
| Other Income | 8 | 11 | 9 | 13 | 1 | 3 | 6 | 3 | 3 | 5 | 6 | 4 |
| Total Income | 713 | 713 | 714 | 773 | 778 | 764 | 748 | 601 | 488 | 784 | 857 | 735 |
| Total Expenditure | 605 | 632 | 630 | 663 | 681 | 696 | 700 | 586 | 451 | 698 | 789 | 683 |
| Operating Profit | 108 | 81 | 84 | 111 | 97 | 68 | 49 | 14 | 37 | 85 | 68 | 52 |
| Interest | 33 | 37 | 34 | 34 | 38 | 39 | 37 | 36 | 32 | 24 | 24 | 27 |
| Depreciation | 29 | 32 | 32 | 31 | 31 | 29 | 26 | 24 | 16 | 16 | 18 | 17 |
| Exceptional Income / Expenses | -3 | 5 | -0 | -0 | 2 | 2 | 0 | 0 | 11 | 5 | -7 | -2 |
| Profit Before Tax | 42 | 17 | 18 | 44 | 31 | 3 | -14 | -46 | -0 | 50 | 19 | 4 |
| Provision for Tax | 12 | 5 | 6 | 14 | 11 | -2 | -6 | -14 | -0 | 16 | 6 | 0 |
| Profit After Tax | 30 | 12 | 12 | 30 | 20 | 5 | -8 | -32 | -0 | 34 | 13 | 4 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -34 | -2 | 0 |
| Profit After Adjustments | 30 | 12 | 12 | 30 | 20 | 5 | -8 | -32 | -3 | 0 | 10 | 3 |
| Adjusted Earnings Per Share | 20.9 | 8 | 7.1 | 17.7 | 11.7 | 3.1 | -5.1 | -19.1 | -0.2 | 18.3 | 6.8 | 1.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 13% | 2% | 2% |
| Operating Profit CAGR | -20% | 69% | 0% | -5% |
| PAT CAGR | -62% | 0% | 21% | -8% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 15% | 16% | 18% | 5% |
| ROE Average | 5% | 6% | 1% | 5% |
| ROCE Average | 9% | 10% | 6% | 9% |
| #(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 | 207 | 308 | 322 | 336 | 278 | 281 | 270 | 237 | 234 | 252 | 263 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 179 | 150 | 124 | 168 | 128 | 144 | 123 | 114 | 96 | 101 | 57 |
| Other Non-Current Liabilities | 31 | 34 | 37 | 42 | 55 | 52 | 46 | 33 | 32 | 32 | 36 |
| Total Current Liabilities | 240 | 262 | 261 | 330 | 348 | 372 | 340 | 343 | 325 | 312 | 298 |
| Total Liabilities | 657 | 755 | 744 | 876 | 809 | 850 | 779 | 726 | 688 | 697 | 654 |
| Fixed Assets | 361 | 452 | 419 | 492 | 408 | 403 | 380 | 337 | 322 | 240 | 245 |
| Other Non-Current Assets | 10 | 4 | 14 | 8 | 32 | 14 | 14 | 8 | 8 | 11 | 12 |
| Total Current Assets | 287 | 297 | 310 | 374 | 369 | 433 | 385 | 382 | 357 | 417 | 396 |
| Total Assets | 657 | 755 | 744 | 876 | 809 | 850 | 779 | 726 | 688 | 697 | 654 |
| #(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 | 6 | 14 | 9 | 10 | 5 | 2 | 1 | 2 | 4 | 10 | 7 |
| Cash Flow from Operating Activities | 92 | 77 | 78 | 69 | 87 | 29 | 78 | 65 | 33 | 54 | 99 |
| Cash Flow from Investing Activities | -42 | -12 | -25 | -109 | -27 | -8 | -2 | 8 | 18 | -8 | -3 |
| Cash Flow from Financing Activities | -44 | -70 | -52 | 39 | -62 | -22 | -75 | -70 | -45 | -49 | -98 |
| Net Cash Inflow / Outflow | 7 | -5 | 1 | -1 | -3 | -1 | 1 | 2 | 6 | -3 | -1 |
| Closing Cash & Cash Equivalent | 13 | 9 | 10 | 9 | 2 | 1 | 2 | 4 | 10 | 7 | 6 |
| # | 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) | 20.91 | 8 | 7.05 | 17.66 | 11.7 | 3.09 | -5.06 | -19.06 | -0.2 | 18.28 | 6.76 |
| CEPS(Rs) | 40.95 | 30.16 | 26.37 | 36.81 | 30.31 | 20.41 | 10.39 | -4.59 | 9.68 | 26.81 | 16.1 |
| DPS(Rs) | 2 | 1.2 | 1.2 | 1.8 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 141.53 | 147.07 | 141.28 | 156.06 | 165.67 | 167.39 | 160.72 | 140.87 | 139.12 | 133.18 | 138.93 |
| Core EBITDA Margin(%) | 13.76 | 9.5 | 10.1 | 12.12 | 10.32 | 7.34 | 4.98 | 1.63 | 6.78 | 9.19 | 6.47 |
| EBIT Margin(%) | 10.44 | 7.33 | 7.04 | 9.82 | 7.33 | 4.71 | 2.73 | -1.47 | 6.27 | 8.56 | 4.53 |
| Pre Tax Margin(%) | 5.84 | 2.3 | 2.48 | 5.54 | 3.3 | 0.31 | -1.68 | -6.86 | -0.09 | 5.76 | 1.96 |
| PAT Margin (%) | 4.18 | 1.59 | 1.65 | 3.75 | 2.1 | 0.58 | -1 | -4.77 | -0.07 | 3.97 | 1.33 |
| Cash Profit Margin (%) | 8.18 | 5.96 | 5.96 | 7.65 | 5.43 | 3.84 | 2.04 | -1.15 | 3.17 | 5.82 | 3.18 |
| ROA(%) | 4.74 | 1.66 | 1.62 | 3.71 | 2.32 | 0.62 | -1.04 | -4.22 | -0.05 | 4.96 | 1.88 |
| ROE(%) | 15.81 | 5.59 | 5.42 | 12.12 | 7.27 | 1.86 | -3.09 | -12.64 | -0.15 | 14.25 | 4.97 |
| ROCE(%) | 13.93 | 9.75 | 9.55 | 13.35 | 10.6 | 6.33 | 3.58 | -1.67 | 5.83 | 13.97 | 8.82 |
| Receivable days | 55.98 | 56.69 | 52.66 | 54.66 | 52.5 | 63.51 | 74.45 | 79.74 | 90.17 | 58.65 | 55.33 |
| Inventory Days | 52.22 | 53.48 | 61.48 | 66.95 | 65.46 | 72.25 | 65.38 | 78.6 | 100.92 | 59.5 | 58.79 |
| Payable days | 35.11 | 41.66 | 50.45 | 62.57 | 67.93 | 73.38 | 75.65 | 95.17 | 114.77 | 81.8 | 85.59 |
| PER(x) | 2.87 | 5.33 | 10.89 | 5.85 | 9.14 | 20.54 | 0 | 0 | 0 | 4.3 | 6.83 |
| Price/Book(x) | 0.42 | 0.29 | 0.54 | 0.66 | 0.65 | 0.38 | 0.19 | 0.1 | 0.21 | 0.59 | 0.33 |
| Dividend Yield(%) | 3.33 | 2.82 | 1.56 | 1.74 | 0.94 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.6 | 0.55 | 0.6 | 0.71 | 0.7 | 0.64 | 0.53 | 0.55 | 0.7 | 0.51 | 0.31 |
| EV/Core EBITDA(x) | 3.91 | 4.78 | 5.02 | 4.9 | 5.59 | 7.08 | 8.07 | 22.91 | 9.13 | 4.7 | 3.86 |
| Net Sales Growth(%) | 5.49 | -0.51 | 0.45 | 7.77 | 2.28 | -2.12 | -2.47 | -19.5 | -18.63 | 60.15 | 9.38 |
| EBIT Growth(%) | 11.78 | -29.08 | -3.45 | 51.5 | -13.34 | -38.91 | -44.62 | -142.49 | 425.89 | 132.08 | -41.79 |
| PAT Growth(%) | 7.28 | -61.43 | 3.89 | 146.97 | -35.08 | -73.6 | -263.83 | -276.55 | 98.93 | 0 | -62.99 |
| EPS Growth(%) | 7.3 | -61.76 | -11.8 | 150.47 | -33.76 | -73.6 | -263.83 | -276.55 | 98.93 | 9072.41 | -62.99 |
| Debt/Equity(x) | 1.68 | 1.52 | 1.21 | 1.38 | 1.33 | 1.38 | 1.3 | 1.34 | 1.33 | 1.06 | 0.75 |
| Current Ratio(x) | 1.19 | 1.13 | 1.19 | 1.14 | 1.06 | 1.16 | 1.13 | 1.11 | 1.1 | 1.34 | 1.33 |
| Quick Ratio(x) | 0.76 | 0.71 | 0.66 | 0.66 | 0.55 | 0.7 | 0.75 | 0.66 | 0.71 | 0.83 | 0.83 |
| Interest Cover(x) | 2.27 | 1.46 | 1.54 | 2.3 | 1.82 | 1.07 | 0.62 | -0.27 | 0.99 | 3.06 | 1.76 |
| Total Debt/Mcap(x) | 3.99 | 5.36 | 2.31 | 2.15 | 2.07 | 3.67 | 6.95 | 13.23 | 6.27 | 1.81 | 2.28 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.94 | 60.94 | 60.94 | 60.94 | 60.94 | 60.94 | 60.94 | 60.93 | 60.93 | 60.93 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.4 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 |
| Public | 43.65 | 38.7 | 38.7 | 38.7 | 38.7 | 38.7 | 38.7 | 38.7 | 38.71 | 38.71 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 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 | 0.93 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.67 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
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