Skipper Ltd   FOLLOW

ABOUT
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Skipper is engaged in the manufacturing and selling of Transmission & Distribution Structures (Towers & Poles) being its Engineering
Products segment and CPVC, UPVC, PVC, SWR Pipes & Fittings, being its Polymer segment.
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Website 
BSE 
NSE

Market Cap ₹
778
Cr.
Current Price ₹
76.0
High / Low ₹ 80.0 / 30.0
Stock P/E 36.9
Book Value ₹
68.9
Dividend Yield 0.13
%
ROCE 9.13
%
ROE 3.02
%
Face Value ₹
1.00

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1m 3m 6m 1Yr 3Yr 5Yr Max Price PE Ratio Sales & Margin

✓ Price: NSE   50 DMA   200 DMA ✓ Volume

PROS
Stock is trading at 1.10 times its book value

CONS
 Company has low interest coverage ratio.
The company has delivered a poor sales growth of 1.05% over past five years.
Company has a low return on equity of 4.66% for last 3 years.
Dividend payout has been low at 5.19% of profits over last 3 years
Company's cost of borrowing seems high

Peer comparison
COLUMNS
Sector:
Engineering
Industry:
Engineering 

S.No. Name CMP

Rs. P/E
Mar Cap Div Yld NP Qtr Qtr Profit Var Sales Qtr Qtr Sales Var ROCE
%
Rs.Cr. % Rs.Cr. % Rs.Cr. %
1. MTAR Technologie 987.05 65.86 3034.63 0.00 18.01 103.04 69.16 12.27 19.34
2. Forbes & Co 2026.25 2613.86 0.00 -12.22 77.41 699.47 -0.07 -2.54
3. HMT 31.25 10.22 1116.53 0.00 -26.97 -14.47 54.89 -25.86
4. The Anup Enginee 882.85 16.29 872.05 0.79 27.55 226.04 132.76 89.25 18.73
5. Skipper 76.05 36.93 778.49 0.13 9.08 -66.86 497.35 13.33 9.13
6. Thejo Engg. 2172.00 30.04 764.80 0.00 35.44
7. Singer India 51.60 34.60 277.18 0.97 0.93 -63.39 101.59 -23.15 18.17
Detailed Comparison with: eg. Infosys

Quarterly Results PRODUCT SEGMENTS

Standalone Figures in Rs. Crores
/
View Consolidated
Jun Sep Dec Mar Jun Sep Dec Jun Sep Dec Mar
2018 2018 2018 2019 2019 2019 2019 Mar 2020 2020 2020 2020 2021
Sales + 478.70 523.96 434.82 433.39 338.56 313.25 299.84 438.85 220.71 403.60 459.85 497.35
Expenses + 433.72 485.16 392.63 378.28 295.91 278.68 265.12 411.65 211.67 355.83 415.74 454.56
Operating 44.98 38.80 42.19 55.11 42.65 34.57 34.72 27.20 9.04 47.77 44.11 42.79
Profit
OPM % 9.40% 7.41% 9.70% 12.72% 12.60% 11.04% 11.58% 6.20% 4.10% 11.84% 9.59% 8.60%
Other Income 0.32 0.34 0.35 0.36 0.27 0.16 1.23 0.30 0.30 0.38 0.97 2.38
Interest 27.40 25.65 23.50 25.04 21.56 23.21 20.13 19.86 17.31 17.19 16.91 20.95
Depreciation 11.52 9.66 8.53 8.17 9.36 9.49 9.58 9.68 10.63 11.96 11.04 11.64
Profit before 6.38 3.83 10.51 22.26 12.00 2.03 6.24 -2.04 -18.60 19.00 17.13 12.58
tax
Tax % 29.47% 34.99% 38.73% 20.17% 31.50% 30.05% 28.53% 1,442.65% 36.02% 34.47% 33.22% 27.82%
Net Profit 4.50 2.49 6.46 17.77 8.22 1.42 4.46 27.40 -11.89 12.45 11.44 9.08
EPS in Rs 0.44 0.24 0.63 1.73 0.80 0.14 0.43 2.67 -1.16 1.21 1.11 0.88
Raw PDF            

Profit & Loss PRODUCT SEGMENTS

Standalone Figures in Rs. Crores
/
View Consolidated
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Sales + 409 502 762 898 1,039 1,310 1,501 1,665 2,074 1,871 1,391 1,582
Expenses + 374 452 699 808 920 1,082 1,273 1,392 1,769 1,689 1,251 1,438
 Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Operating Profit 35 49 62 90 118 228 227 273 305 182 140 144
OPM % 9% 10% 8% 10% 11% 17% 15% 16% 15% 10% 10% 9%
Other Income 0 5 1 1 2 1 5 3 1 1 2 4
Interest 12 22 37 51 69 70 65 68 79 102 85 72
Depreciation 3 7 12 13 15 22 24 32 46 38 38 45
Profit before tax 21 25 15 28 37 137 143 177 180 43 18 30
Tax % 34% 30% 32% 33% 27% 35% 34% 30% 35% 27% -128% 30%
Net Profit 14 18 10 19 27 89 95 124 118 31 41 21
EPS in Rs 19.25 25.06 14.04 1.92 2.63 8.72 9.30 12.14 11.48 3.04 4.04 2.05
Dividend Payout 8% 6% 7% 5% 6% 15% 15% 13% 14% 8% 2% 5%
%
Compounded
Growth Sales Compounded
Growth Profit Stock Price CAGR Return on Equity
10 Years: % 10 Years: 14%
10 Years: 12% 10 Years: 3% 5 Years: -12% 5 Years: 11%
5 Years: 1% 5 Years: -26% 3 Years: -24% 3 Years: 5%
3 Years: -9% 3 Years: -44% 1 Year: 130% Last Year: 3%
TTM: 14% TTM: -48%

Balance Sheet CORPORATE ACTIONS

Standalone Figures in Rs. Crores
/
View Consolidated
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Share Capital + 7 36 36 10 10 10 10 10 10 10 10 10
Reserves 104 121 127 196 221 294 371 522 627 638 677 698
Borrowings 199 347 299 424 440 383 468 436 496 523 461 390
Other Liabilities + 45 71 235 156 211 377 341 423 610 481 565 822
Total Liabilities 355 546 669 787 882 1,064 1,190 1,391 1,744 1,653 1,713 1,919
Fixed Assets + 133 208 283 326 339 351 385 497 521 514 579 657
CWIP 47 33 2 4 8 3 40 14 2 8 11 12
Investments 0 0 0 0 0 0 0 0 0 9 10 10
Other Assets + 175 304 385 457 535 709 765 880 1,221 1,121 1,114 1,241
Total Assets 355 546 669 787 882 1,064 1,190 1,391 1,744 1,653 1,713 1,919

Cash Flows
Standalone Figures in Rs. Crores
/
View Consolidated
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Cash from Operating Activity + 1 -112 79 -62 101 174 65 176 80 134 214 209
Cash from Investing Activity + -100 -64 -55 -56 -32 -32 -92 -79 -42 -41 -51 -128
Cash from Financing Activity + 105 176 -22 122 -79 -116 13 -110 -39 -93 -163 -81
Net Cash Flow 5 -1 2 4 -10 26 -14 -13 -1 -0 0 0

Ratios
Standalone Figures in Rs. Crores
/
View Consolidated
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ROCE % 11% 11% 14% 16% 31% 27% 27% 25% 13% 9% 9%
Debtor Days 54 67 69 63 81 105 91 82 91 96 115 109
Inventory 3.16 3.41 3.53 3.48 4.08 4.16 3.72 2.98 2.42 1.82 1.88
Turnover

Shareholding Pattern
Numbers in percentages
Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021
Promoters + 70.17 71.43 71.88 71.89 71.89 71.89 71.89 71.89 71.89 71.89 71.89 71.89
FIIs + 6.34 6.63 6.16 6.16 5.84 5.58 5.57 5.56 5.62 8.72 8.97 8.97
DIIs + 11.13 9.46 9.85 9.34 7.31 7.36 7.13 4.73 3.86 1.86 1.85 1.85
Public + 12.36 12.48 12.11 12.61 14.96 15.17 15.41 17.82 18.63 17.53 17.29 17.29

Documents
Recent announcements Annual reports Credit ratings Concalls
Disclosures under Reg. 29(2) of Financial Year 2020 Rating update Transcript - Dec 17
SEBI (SAST) Regulations, 2011
1d from bse 4 Dec 2020 from smera
Transcript - Sep 17
Disclosures under Reg. 29(2) of Financial Year 2019 Rating update
SEBI (SAST) Regulations, 2011
1d from bse 4 Dec 2020 from care
Intimation Under Regulation Financial Year 2018 Rating update
23(9) Of SEBI (Listing Obligations from bse 26 May 2020 from smera
And Disclosure Requirements), Financial Year 2017 Rating update
Regulations, 2015: Disclosure Of from bse 31 Dec 2019 from care
Related Party Transactions
2 Jun
Financial Year 2016 Rating update
Temporary Closure Of Plants In from bse 27 Dec 2019 from care
The Wake Of COVID-19 Outbreak
17 May Financial Year 2015 Rating update
from bse 4 Apr 2019 from care
Disclosure Under Regulation 30 Financial Year 2014
Of SEBI (Listing Obligations And from bse
Disclosure Requirements),
Regulations, 2015: Impact Of
Second Wave Of Covid-19
Pandemic On The Operations Of
The Company.
11 May

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