Hind Rectifiers Ltd - Stock Valuation and Financial Performance

BSE: 504036 | NSE: HIRECT | Electric Equipment | Small Cap

Hind Rectifiers Share Price

603.10 3.35 0.56%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Hind Rectifiers

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Hind Rectifiers stock performance -

mw4me loader
P/E Ratio (SA):
208.19
Market Cap:
1,027.8 Cr.
52-wk low:
192
52-wk high:
815.4

Is Hind Rectifiers Ltd an attractive stock to invest in?

1. Is Hind Rectifiers Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Hind Rectifiers Ltd is a below average quality company.

2. Is Hind Rectifiers Ltd undervalued or overvalued?

The key valuation ratios of Hind Rectifiers Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Hind Rectifiers Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Hind Rectifiers 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 Hind Rectifiers:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

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.
Hind Rectifiers Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -4.2%-2.2%0.9%2.2%5.2%12.9%14.9%6.8%7%3.7%-
Value Creation
Index
-1.3-1.2-0.9-0.8-0.6-0.10.1-0.5-0.5-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 96.79493.9111126255300305372359478
Sales YoY Gr.--2.8%-0%18.7%12.8%103%17.4%1.8%22%-3.5%-
Adj EPS -3.2-2.3-1-10.86.811.23.74.70.82.9
YoY Gr.-NANANANA760.8%65%-67.1%26.6%-82.9%-
BVPS (₹) 42.240.839.834.24047.257.760.264.664.869.6
Adj Net
Profit
-4.9-3.6-1.5-1.61.311.318.66.17.71.45
Cash Flow from Ops. -1.225.2-3.3-3.66.54.421.736.38.2-
Debt/CF from Ops. -18.513.26.1-12.6-149.820.23.92.112.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 15.7%23.4%6.2%-3.5%
Adj EPS NA0.3%-58.5%-82.9%
BVPS4.9%10.1%3.9%0.3%
Share Price 33.7% 39.5% 70% 203.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-7.2-5.6-2.4-2.72.215.621.46.37.51.34.3
Op. Profit
Mgn %
-3.6-2.62.24.27.87.512.76.96.14.48.7
Net Profit
Mgn %
-5.1-3.9-1.6-1.414.46.222.10.41
Debt to
Equity
0.40.40.50.80.80.80.90.80.70.9-
Working Cap
Days
33134033525326417519121116717870
Cash Conv.
Cycle
237226203151155991121299910013

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.94

Sales growth is good in last 4 quarters at 38.47%

Return on Equity has declined versus last 3 years average to 4.30%

Sales growth has been subdued in last 3 years 6.22%

Net Profit has been subdued in last 3 years -58.53%

Latest Financials - Hind Rectifiers Ltd.

Standalone Consolidated
TTM EPS (₹) 2.9 -
TTM Sales (₹ Cr.) 478 -
BVPS (₹.) 69.6 -
Reserves (₹ Cr.) 116 -
P/BV 8.61 -
PE 208.19 -
From the Market
52 Week Low / High (₹) 191.95 / 815.35
All Time Low / High (₹) 0.86 / 815.35
Market Cap (₹ Cr.) 1,028
Equity (₹ Cr.) 3.4
Face Value (₹) 2
Industry PE 83.3

Management X-Ray of Hind Rectifiers:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Hind Rectifiers

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales979494111126255300305372359
Operating Expenses 1009692107116236262285349344
Manufacturing Costs3333355568
Material Costs7570667988186209236288280
Employee Cost 16161719182230333739
Other Costs 776662318121817
Operating Profit -4-225101938202315
Operating Profit Margin (%) -3.6%-2.6%2.2%4.2%7.8%7.5%12.7%6.6%6.1%4.3%
Other Income 0011080000
Interest 2235688978
Depreciation 2122234445
Exceptional Items 000-800000-11
Profit Before Tax -7-6-2-1021726711-9
Tax -2-2-1-315823-2
Profit After Tax -5-4-2-71121858-6
PAT Margin (%) -5.1%-3.8%-1.6%-6.3%1.0%4.6%6.2%1.7%2.1%-1.8%
Adjusted EPS (₹)-3.2-2.3-1.0-4.50.87.111.23.24.7-3.7
Dividend Payout Ratio (%)-6%0%0%0%0%6%7%12%9%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 66636253667896100107111
Share Capital 3333333333
Reserves 6360595063759296104108
Minority Interest0000000000
Debt22263240485984776795
Long Term Debt0066101715112124
Short Term Debt22252533384269664671
Trade Payables18192212283339424853
Others Liabilities 443-30818182229
Total Liabilities 110112119102142178238237244288

Fixed Assets

Gross Block353135364647576880116
Accumulated Depreciation19131516182124283236
Net Fixed Assets16182120272633414880
CWIP 012541418202821
Investments 0000006000
Inventories30223327345469697792
Trade Receivables53574536556381886868
Cash Equivalents 1151223211
Others Assets10121413181827192126
Total Assets 110112119102142178238237244288

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -125-3-46422368
PBT -7-6-2-1021726711-9
Adjustment 445771011121124
Changes in Working Capital 243-1-13-18-29416-6
Tax Paid -10010-2-4-2-2-1
Cash Flow From Investing Activity -1-3-5-4-10-10-22-8-20-29
Capex -1-3-5-4-11-11-15-13-20-29
Net Investments 000000-6600
Others 000000-1-100
Cash Flow From Financing Activity -103415319-15-1721
Net Proceeds from Shares 00001200000
Net Proceeds from Borrowing 0060000000
Interest Paid -2-2-3-5-5-7-7-9-7-8
Dividend Paid -20000000-1-1
Others 330981126-6-930
Net Cash Flow -304-31-11-100
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-7.24-5.54-2.41-12.112.216.3321.275.467.54-5.84
ROCE (%)-6.01-4.021.19-4.677.5418.9121.028.9710.12-0.09
Asset Turnover Ratio0.910.890.861.091.041.61.441.281.551.35
PAT to CFO Conversion(x)N/AN/AN/AN/A-40.50.224.44.5N/A
Working Capital Days
Receivable Days19720318712213185881017669
Inventory Days1019710190886375827186
Payable Days809611380836063635766

Hind Rectifiers Ltd Stock News

Hind Rectifiers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Hind Rectifiers on 28-Mar-2024 16:01 is ₹603.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Hind Rectifiers stood at ₹1,027.8.
The latest P/E ratio of Hind Rectifiers as of 28-Mar-2024 16:01 is 208.2.
The latest P/B ratio of Hind Rectifiers as of 28-Mar-2024 16:01 is 8.61.
The 52-week high of Hind Rectifiers is ₹815.4 and the 52-week low is ₹191.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hind Rectifiers is ₹477.8 ( Cr.) .

About Hind Rectifiers Ltd

Hind Rectifiers Ltd.(Hirect) was founded in 1958, in collaboration with Westinghouse, Brake & Signal, U.K. Hind Rectifiers Ltd., has long standing tradition and experience in developing, designing, manufacturing and marketing Power Semiconductors, Power Electronic Equipments and Railway Transportation Equipments.

During this period Hirect has established considerable expertise in its area of activity and caters to wide range of application such as Electronics, Railway Transportation, Power, Telecommunication and core sector industries like steel, non-ferrous metals, cement, chemicals, metal finishing and a host of other industries. Customers have recognized the high quality of Hirect products.

In the Year 1959-60, Hirect shifted the activities to the present location of 20,000sq. Meters campus at Bhandup, Mumbai.

The plant for manufacturing power silicon diodes was imported from Westinghouse Brake & signal Co. Ltd. UK in the year 1966. Starting early 70's Hirect started manufacture of  equipments like battery chargers, High Voltage and High Current Rectifiers for Railway Applications were also started about the same time.

Supreme Powertronics Pvt. Ltd., Nashik which began operations as a sister concern around mid 80's  was amalgamated with HIRECT in 1995.

In the year 2001, new manufacturing facilities were created in Bhandup, Mumbai for manufacturing 25 KVA invertor to 180 KVA convertor for Indian Railways.

HIRECT has entered its Golden Jubilee year from April 2007 and to commemorate the occasion Hirect Inaugurated two more plants at Dehradun New Delhi on 13th April 2007 to manufacturing power equipments for Railways.

Product range of the company includes:

Semiconductor

  • Power Diodes
  • Thyristors
  • Power Module
  • Power Stacks
  • Special Products

Equipment

  • High Voltage
  • High Current
  • Power Electronics
  • Special Products

Transportation Rectifiers Transformers Converters & Inverters

Trading

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