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Linde India Ltd Stock Analysis

Mid Cap
Evaluated by 928 users | BSE: 523457 | NSE: LINDEINDIA |
Industrial Gases & Fuels
Linde India formerly BOC India (BOCI) is engaged in manufacturing of industrial gases and undertaking engineering projects. Incorporated in 1935 as the Indian Oxygen and Acetylene Company, it is subsidiary of the Linde Group.The company supplies more than 20,000 gases and mixtures - that makes...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Linde India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation
 Dec'10Dec'11Dec'12Dec'13Dec'14Dec'15Dec'16Dec'17Dec'18Dec'19
Return on Capital Employed 6.9%6.44%3.04%3.5%2.46%2.86%2.97%3.83%4.15%8.23%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 9861,1531,3241,4281,4911,5671,8252,0332,1921,762
Y-o-Y Gr. Rt.-17%14.9%7.9%4.4%5.1%16.5%11.4%7.8%-19.6%
Adjusted EPS (Rs.) 11.1313.874.774.950.072.240.32.854.516.43
Y-o-Y Gr. Rt.-24.6%-65.6%3.8%-98.6%3100%-86.6%850%57.9%265.1%
Book Value per Share (Rs.) 130.55147.78156.22167.2162.76163.15163.61165.06167.3250.56
Adjusted Net Profit 94.911840.742.20.619.12.624.338.4140
Net Op. Cash Flow (Rs. Cr.) 14019396.3229271242293252376327
Debt to Cash Flow from Ops 3.354.3411.426.685.765.734.945.093.190.33
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Linde India Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 6.7%3.4%-1.2%-19.6%
Adjusted EPS 4.4%197.9%279.8%265.1%
Book Value per Share 7.5915.349.8
Share Price 13.5% 27.1% 20.4% 31.9%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Dec'10Dec'11Dec'12Dec'13Dec'14Dec'15Dec'16Dec'17Dec'18Dec'19
Return on Equity (%) 8.739.953.133.060.041.370.181.732.717.86
Operating Profit Margin (%) 17.0820.3915.3218.6917.7414.6615.7216.2215.2123.78
Net Profit Margin (%) 9.6310.263.072.960.041.220.141.191.757.95
Debt to Equity 0.420.660.821.071.1311.040.910.840.05
Working Capital Days 204312333316321237155136153201
Cash Conversion Cycle -39-91934221716160
Entity Percentage Holding
Promoters 75.00%
Institutions 13.95%
Non-Institutions 11.05%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of Linde India Ltd and arrived at the following conclusion:

Past 10 year's financial track record indicates that Linde India Ltd is a average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of Linde India Ltd's performance infers:

Linde India Ltd earnings have grown by 197.9%, whereas share price has appreciated 27.1% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Linde India Ltd share prices over the last 10 years. Here is what we found out:

Linde India Ltd share price has appreciated 11.8% annually over the past ten years.

Linde India formerly BOC India (BOCI) is engaged in manufacturing of industrial gases and undertaking engineering projects. Incorporated in 1935 as the Indian Oxygen and Acetylene Company, it is subsidiary of the Linde Group.

The company supplies more than 20,000 gases and mixtures - that makes steel plants more efficient, helps conserving environment, preservation of food, helping hospitals sustain lives and in general makes customers more productive.

The company owns one of

Linde India formerly BOC India (BOCI) is engaged in manufacturing of industrial gases and undertaking engineering projects. Incorporated in 1935 as the Indian Oxygen and Acetylene Company, it is subsidiary of the Linde Group.

The company supplies more than 20,000 gases and mixtures - that makes steel plants more efficient, helps conserving environment, preservation of food, helping hospitals sustain lives and in general makes customers more productive.

The company owns one of the Asia’s largest air separation units. The company owns more than 20 manufacturing units, 40 warehouses and depots, 100 dealers and more than 100 dedicated tankers in the distribution fleet.

Products

Industrial Gases- BOCI is the largest industrial gases company in India. It produces range of industrial gases that includes atmospheric gases and process gases. Under atmospheric gases, it produces Argon, Nitrogen, Oxygen, Krypton, Xenon and Neon.

Under process Gases it produces Hydrogen, Helium, Carbon dioxide, Acetylene, and Speciality gases. The company has capability to produces gases in pure form or in mixtures for a very wide variety of industrial purposes.

Medical Gases- The company is largest supplier of medical gases in India. Under this the company produces medical oxygen, nitrous oxide, home care products, oxygen concentrators and entonox.

Speciality Gases- The company manufactures and markets 20,000 special gases and mixtures. These gases cater to various industries such as Petrochemicals, Pharmaceuticals, Electronics, Semi-conductor, Paper, Cement, Power, Refineries, Hospitals and Universities.

Projects- This division is engineering and technology centre that is engaged in design, project engineering and execution. The company has an engineering and execution experience in the field of  steel manufacturing, food processing, electronics, waste water treatment, chemical processes, coating high performance glass, metal cutting and fabrication, high pressure water de-scaling, surface treatment of raw materials, sophisticated clean room engineering processes, fertilizers, petrochemicals, defence, space research and many others.

Important events

2010
Enters North India market with its stand alone ASU of 221 tpd capacity

2011

Brings on stream its 420 tpd ASU in Kalinganagar, Odisha for Jindal Stainless
Acquisition of Cryogenic Food Gases
Commencement of commercial Production at the Company's 418 tpd Air Separation Unit at Kalinganagar, Orissa.

2012

Starts construction of two large ASUs in Kalinganagar in Odisha, each with a capacity 1,200 tpd of gases to supply Tata Steel's greenfield steelworks from 2014
Company has changed its name from BOC India Ltd. to Linde India Ltd.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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