Elpro International Ltd Stock Analysis

BSE: 504000 | NSE: ELPROINTL | Construction - Real Estate | Small Cap

BSE Share Price Jan 24, 18:01
64.50 -3.45 (-5.08%)

DeciZen - Make an Informed Decision on Elpro International

Overall Rating

1. Quality

2. Valuation

Somewhat overvalued
P/E P/S EV/EBITDA

3. Price Trend

Semi Strong

FAQ's

1. Is Elpro International Ltd a good quality company?

Data is not available for this company.

2. Is Elpro International Ltd undervalued or overvalued?

The key valuation ratios of Elpro International Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Elpro International Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Elpro International Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Elpro International:

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.

Value Creation

Value Creation Index Colour Code Guide
Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
ROCE % 3.7%6.3%2.2%4%3.4%4.8%7.5%3.6%5.9%5.4%-
Value Creation Index -0.7-0.6-0.8-0.7-0.8-0.7-0.5-0.7-0.6-0.6-

Growth Parameters

Growth Parameters Colour Code Guide
Sales 31.53428.536.744.852.961.141.211063.267
YoY Gr. Rt. %-8.1%-16.2%28.8%22.3%18%15.5%-32.6%166.7%-42.5%-
Adj EPS -0.20.3-0.3-0.1-0.2-0.40.3-0.20.30.40.7
YoY Gr. Rt. %-NA-189.7%NANANANA-180%NA46.4%-
BVPS (₹) 4.710.29.99.89.59.110.313.412.613.514.4
Adj Net Profit -2.64.4-3.9-2-3.6-5.64.2-44.7712
Cash Flow from Ops. 136-82.411.98.726.834.157.5-76.32515.7-
Debt/CF from Ops. 0.5-1.18.913.95.55.84.5-2.29.214-

CAGR

CAGR Colour Code Guide
9 Years 5 Years 3 Years 1 Years
Sales 8.1%7.1%1.1%-42.5%
Adj EPS NANA11%46.4%
BVPS 12.47.39.77.7
Share Price 20.6% 22.4% 7.1% 55.4%

Key Financial Parameters

Performance Ratio Colour Code Guide
Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity % -1.93.9-2.5-1.3-2.4-3.93-2.22.23.15.1
Op. Profit Mgn % 38.844.337.543.734.146.562.315.53148.152.8
Net Profit Mgn % -8.213.1-13.8-5.5-8-10.66.8-9.74.311.117.9
Debt to Equity 0.90.60.70.811.41.80.71.110.8
Working Cap Days 640502665554562540473730239348240
Cash Conv. Cycle 32221730624416445-707-6-1550

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 5.10%

Net Profit is growing at healthy rate in last 3 years 10.97%

Debt to equity has declined versus last 3 years average to 0.96

Sales growth is good in last 4 quarters at 15.09%

Sales growth has been subdued in last 3 years 1.10%

Latest Financials - Elpro International Ltd.

Standalone Consolidated
TTM EPS (₹) 0.7 0.5
TTM Sales (₹ Cr.) 67.1 67.1
BVPS (₹.) 14.4 10
Reserves (₹ Cr.) 228 153
P/BV 4.71 6.79
PE 95.19 125.21
From the Market
52 Week Low / High (₹) 35.25 / 81.90
All Time Low / High (₹) 0.49 / 81.90
Market Cap (₹ Cr.) 1,152
Equity (₹ Cr.) 17
Face Value (₹) 1
Industry PE 59

Management X-Ray of Elpro International :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *18.0018.0018.0026.0025.5825.5725.5725.5725.5725.57
* Pledged shares as % of Promoter's holding (%)

Event Update

Analyst's Notes

News

About Elpro International Ltd

Elpro International Limited was incorporated in July 1962 as a public limited company, in technical and financial collaboration with General Electric, USA. The company is the only one outside the United States to manufacture surge arresters and zinc oxide discs with GE technology, acknowledged to be the best in the world.

The product portfolio of the company includes, surge arresters, distribution class arresters, station class arrestors, secondary surge arresters, under oil surge arrestors, accessories, zinc oxide discs and varistors.

The company’s corporate headquarters are located in Pune, 170 km from India’s financial capital Mumbai, and its multi-manufacturing facilities are based out of Pune and Hyderabad.

Elpro International Ltd. is India's largest and among the leading companies in South Asia in the design, manufacture and supply of distribution, intermediate and station class Metal Oxide Surge Arresters with technology from GE, USA. In tune with changing times and technology, Elpro's products were first upgraded from 2H type Intermediate Arresters to Active- Gap technology and, a few years later, again upgraded to Metal Oxide Arresters, alternatively known as Gapless. Besides technical advantages, Gapless Arresters provide significant cost savings in insulation compared to similar traditional Gap-type Arresters.

An ISO 9001-2000 company, Elpro International is the number one manufacturer of surge arresters in Asia manufactured with technical know how from GE USA. It is the only manufacturer outside the United States manufacturing Surge Arresters and Zinc Oxide Discs with GE technology  acknowledged to be the best in the world.

Elpro’s constant adherence to excellence in quality and expertise in marketing has ensured a reliable brand image and a dominant market share in each of its product lines in India. It is the first company to introduce & produce Surge Arresters as well as Metal Oxide Gapless Surge Arresters in India. Elpro won the ELCINA award in the Research & Development category in 1987and its products have been successfully type tested in renowned laboratories like CESI - Italy, KEMA - Netherlands and CPRI  India. Elpro International is the only manufacturer outside the US that meets IEC as well as ANSI standards.

Elpro International set up a metal oxide varistor manufacturing plant in its Pune facility in 1986 with technical expertise from GE. To enhance its capabilities further, Elpro acquired a Disconnecting Switch (Isolators) manufacturing company in 1994, Switchgear Manufacturing Company, which was set up in Hyderabad via a technical collaboration with ALPHA Switzerland.

Today, Elpro has a presence in international markets including USA, Mexico, Brazil, Columbia, Peru, Italy, France, Turkey, Russia, Ghana, Nigeria, Kenya, Iran, Iraq, Saudi Arabia, Bangladesh, Bhutan, Thailand, Philippines, Vietnam, Taiwan, Korea.

As part of its corporate vision to emerge as the leader in surge arresters, Elpro International acquired the Zinc Oxide Disc (active elements of surge arresters) manufacturing line from Harris, Ireland in 2001 and the same was installed in the company’s Pune facilities in the year 2002.

Harris and Elpro, both use GE’s technical expertise. As a result, the two companies share great synergy, which has translated in speedy absorption of technology and processes. At full operation the plant has an annual capacity to process 300 tonnes of Zinc Oxide Powder. With this new facility, Elpro has a combined annual capacity to produce 450 tonnes of Zinc Oxide Discs, making the Company the leading manufacturer and supplier of Zinc Oxide Discs in Asia.

Elpro continues to be on the fast track to growth with a strong focus on developing niche products and strategic acquisitions in existing, or new-product areas, with potential for global marketing. Some of Elpro’s national clients include ABB India; Bharat Heavy Electricals Limited (BHEL); National Thermal Power Corporation of India (NTPC); Reliance Industries; Siemens India; Tata Power Company and international clients include GE USA; KWPA Iran; Saudi Electric Company and Taiwan Power Company.

Awards/ Achievements

The company received the ‘ELCINA’ award for excellence in the development of high quality electronic components.

One of the few manufacturers, globally, whose Surge Arresters comply to both IEC and ANSI standards.

Recent developments

Elpro International's board at its meeting held on April 20, 2009, has converted the 35000 Convertible warrants of Mavi Investment Fund into 35000 numbers of Equity Shares of Rs 10 each at a premium of Rs 601 and shall rank pari passu to the existing shares of the company.

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