TRF Ltd - Stock Valuation and Financial Performance

BSE: 505854 | NSE: TRF | Engineering - Industrial Equipments | Small Cap

TRF Share Price

438.05 -4.60 -1.04%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on TRF

Overall Rating
M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

TRF stock performance -

mw4me loader
P/E Ratio (SA):
8.64
Market Cap:
482.1 Cr.
52-wk low:
159
52-wk high:
509.4

Is TRF Ltd an attractive stock to invest in?

1. Is TRF Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that TRF Ltd is a average quality company.

2. Is TRF Ltd undervalued or overvalued?

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

3. Is TRF Ltd a good buy now?

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

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.
TRF Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % -2.1%-12.4%6%2%-50.8%-50.6%-85.5%-81%175.2%193.9%-
Value Creation
Index
-1.2NANANANANANANANA12.9-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 696547540506352236186114127177136
Sales YoY Gr.--21.4%-1.3%-6.4%-30.5%-32.9%-21.3%-38.6%11.6%39.3%-
Adj EPS -37-72.6-7.2-22.3-149.3-113.5-119.6-61.8-15.379.750.7
YoY Gr.-NANANANANANANANANA-
BVPS (₹) 66.4-10.7-15.8-39.9-172.4-61-182.7-448.1-468.7-389.455.6
Adj Net
Profit
-40.7-79.9-7.9-24.6-164-125-132-68.1-16.887.756
Cash Flow from Ops. 15.815.3-23.564.322.6-123-58.929369.8-
Debt/CF from Ops. 23.324.4-17.85.916.4-1.7-5.29.299.21.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -14.1%-12.8%-1.5%39.3%
Adj EPS NANANANA
BVPS-221.7%NANANA
Share Price 10.9% 25.3% 69.5% 167%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-47.1-260.754.380.2140.697.298.229.16.1-64.9-30.4
Op. Profit
Mgn %
-1.3-7.21-1.2-41.5-32.3-53.2-28.7-2.333.425.8
Net Profit
Mgn %
-5.8-14.6-1.5-4.9-46.7-52.9-70.9-59.7-13.249.541
Debt to
Equity
5.1-31.7-24.1-8.7-2-3.2-1.5-1-14.4-
Working Cap
Days
4615485375306397397931,098764387222
Cash Conv.
Cycle
179215209194241143173276-18-6440

Recent Performance Summary

No data to display

Return on Equity is Poor

Sales growth has been subdued in last 3 years -1.54%

Net Profit has been subdued in last 3 years 0.00%

Debt to equity has increased versus last 3 years average to 4.39

Sales growth is not so good in last 4 quarters at -27.29%

Latest Financials - TRF Ltd.

Standalone Consolidated
TTM EPS (₹) 50.7 32.4
TTM Sales (₹ Cr.) 136 136
BVPS (₹.) 55.6 52.4
Reserves (₹ Cr.) 50 47
P/BV 7.88 8.36
PE 8.64 13.53
From the Market
52 Week Low / High (₹) 159.00 / 509.35
All Time Low / High (₹) 7.65 / 1175.00
Market Cap (₹ Cr.) 482
Equity (₹ Cr.) 11
Face Value (₹) 10
Industry PE 50.3

Management X-Ray of TRF:

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

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
Sales696547540506352236186114127177
Operating Expenses 713607538515499321286147130118
Manufacturing Costs184163126106996787433022
Material Costs3702872942902309548343117
Employee Cost 56565548534452513661
Other Costs 103100627111711598183319
Operating Profit -17-593-10-148-85-100-33-359
Operating Profit Margin (%) -2.4%-10.8%0.5%-1.9%-42.0%-36.1%-54.0%-28.7%-2.4%33.4%
Other Income 1112361067842149
Interest 44434446476137383125
Depreciation 5654433322
Exceptional Items 30900273601-50
Profit Before Tax -24-87-10-49-166-106-133-68-2081
Tax 100-22-200000-7
Profit After Tax -25-87-10-27-146-106-133-68-2088
PAT Margin (%) -3.6%-16.0%-1.8%-5.3%-41.5%-44.8%-71.5%-59.6%-16.0%49.6%
Adjusted EPS (₹)-22.9-79.4-9.0-24.5-132.0-95.9-120.0-61.8-18.579.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 73-12-17-44-190-67-201-267-29019
Share Capital 11111111111111237237459
Reserves 62-23-28-55-201-78-212-504-527-440
Minority Interest0000000000
Debt33434637432930317726624728484
Long Term Debt15015611562342436488084
Short Term Debt1831902602672691532301992040
Trade Payables23330331331129924621217712763
Others Liabilities 451424363336339216238230183119
Total Liabilities 1,0911,0611,033932752572515387305284

Fixed Assets

Gross Block86853940404141424037
Accumulated Depreciation434759121619222220
Net Fixed Assets43383431282523201817
CWIP 0000000000
Investments 18518518518518292926156117
Inventories88139136128846559412110
Trade Receivables487512539448348279220192139102
Cash Equivalents 148147122520142
Others Assets2741791241339985102726735
Total Assets 1,0911,0611,033932752572515387305284

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 1615-246423-123-5929370
PBT -24-87-10-49-166-106-133-68-2081
Adjustment 3839326088941163534-17
Changes in Working Capital -255-5256102-114-3959-8-9
Tax Paid 596-2-22-33-315
Cash Flow From Investing Activity 371829630135034-3-57
Capex -28-10-10000-1
Net Investments 3208031136033-3-55
Others 610226000200
Cash Flow From Financing Activity -74-391-78-53-464-82-1-12
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -18-5-26-42-11-6816-1320-57
Interest Paid -41-41-40-42-44-61-37-38-25-14
Dividend Paid 0000000000
Others -167676112585-31560
Net Cash Flow -22-66-7095-18-12
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-29.18N/AN/AN/AN/AN/AN/AN/AN/A0
ROCE (%)4.18N/AN/AN/AN/AN/AN/AN/AN/A195.28
Asset Turnover Ratio0.640.520.530.530.420.360.340.250.370.6
PAT to CFO Conversion(x)N/AN/AN/AN/AN/AN/AN/AN/AN/A0.8
Working Capital Days
Receivable Days258326347347411483489660476249
Inventory Days637491931091141211608933
Payable Days2443403823934841,0521,7302,0751,7632,087

TRF Ltd Stock News

TRF Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of TRF on 12-Apr-2024 16:59 is ₹438.1.
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 12-Apr-2024 16:59 the market cap of TRF stood at ₹482.1.
The latest P/E ratio of TRF as of 12-Apr-2024 16:59 is 8.64.
The latest P/B ratio of TRF as of 12-Apr-2024 16:59 is 7.88.
The 52-week high of TRF is ₹509.4 and the 52-week low is ₹159.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of TRF is ₹136.2 ( Cr.) .

About TRF Ltd

TRF Limited was incorporated on November 20, 1962, as Tata Robins Fraser Ltd. It was promoted by Tata Steel and the Associated Cement Companies Ltd (ACC), in financial and technical collaboration with Hewitt-Robins Inc. (HR) of USA and the General Electric Company Ltd (GEC) – Fraser & Chalmers Division of UK.

TRF is part of the Tata Group of companies, comprising over 90 enterprises in seven business sectors having operations in 40 countries. Founded in the last quarter of the 19th century, at a time when India had just embarked on the road to independence, the Group's business opportunities are aligned with nation building. A pioneer in solutions for bulk material handling/processing systems and equipments, port and yard equipments, TRF undertakes turnkey projects for power and steel plants, ports, fertilisers and mining sectors. Over the last five decades, TRF's products and services have developed a market for themselves in the infrastructural sector in India and overseas. The company has several international collaborators and technology associates.

In 2012 TRF Acquired Balance Stake in York Transport Equipment(Asia), Singapore.

The company's operations are segregated into four divisions:

  • Bulk Material Handling Equipment Division specializes in the design and manufacture of a wide range of equipment, especially material handling, which is used in the infrastructure industries.
  • Bulk Material Handling Systems Division offers a complete package of material handling and allied systems and services on a turnkey basis, such as stamp-charging pushing systems for coke oven projects and coal dust injection systems for blast furnaces.
  • Port and Yard Equipment Division focuses on the design, supply, erection and the commissioning of bulk and unit material handling equipment for ports and stockyards including level luffing cranes, ship loaders and unloaders, container cranes, stacker-reclaimers and special purpose cranes for power and metallurgical plants. It also implements projects and provides engineering, procurement and construction management (EPC/M) services towards the setting up small and medium size plants, such as blast furnaces, sinter plants and coal washeries.
  • Design and Engineering- TRF with the help of application engineering, customises its products to specific application, ensuring customer satisfaction. Stressing on the constant need to improve performance and create a sense of reliability, TRF's specialists work towards integrating their expertise and tender specification with customer demand. Adding further value to the system, are regular feedback and suggestions from the company's overseas associates. Moreover, the extensive CAD networks, interfaced with business information systems, further facilitate the operation of key processes. The company also has an advanced design and analysis software, which ensure flexibility and speed in customising the designs of products and systems.

Product range of the company includes:

TRF Ltd products have established their own brand and a demand for themselves in the Indian infrastructure sector, such as power, steel, mining, cement and port, to mention a few.

Among its other activities are, implementation of projects on an EPC (engineering, procurement and construction) basis or providing EPCM (engineering, procurement, construction management) services towards the setting up of small and medium size plants, such as blast furnaces, sinter plants and coal washeries. 

  • Wagon Tippler & Side Arm Charger
  • Rotary Breakers
  • Ring Granulators
  • Imapctors, Jaw Crushers, Roll Crushers, Cone Crushers & Hammer Mills
  • Screens Vibro Pulse, Truflo Ultra Flo, Unbalanced Motor, Washery Screens
  • Rotary Plough Feeders, Belt Feeders
  • Vibrating Feeders
  • Shuttle Conveyor
  • Ship/ Barge Unloaders
  • Apron Feeders
  • Wagon Loaders
  • Travelling Tippers
  • Stacker & Barrel Reclaimers
  • Side Discharge Loaders
  • Load Haul Dumpers
  • Ladle Cranes
  • Level Luffling Cranes
  • Idlers & Pulley 
  • Ship Loaders

Subsidiary

TRF also owns a subsidiary, York TEA, Singapore, which produces and distributes trailer undergears, and has a market presence in 27 countries.

Achievements/ recognition

  • In 1976, The Government of India, Department of Science and Technology, recognized the Research and Development Department of TRF Ltd for a period of three years, valid till March 31, 1979.
  • 1987-88, The Company also introduced the ‘Stamp Charging Technology’, in association with SAARBERG Inter-plan, West Germany, for improving the quality of the coke oven batteries used in the steel plants.
  • In the years 1999 and 2000, the process of Tata Material Handling Systems Limited (TMHS) and Tata Technodyne Limited (TTDL) with TRF started2001-02: The JRD Tata Learning Centre was inaugurated on the TRF premises, thus addressing the long- standing need of an essential facility required for imparting knowledge to the TRF employees.
  • 2003-04: the Port & Yard Equipment Division- its Quality Management System was certified under ISO 9001:2000 standards.
  • TRF was awarded the SERIOUS ADOPTION OF TBEM AWARD 2005, based on their performance in the TBEM External Assessment in 2005
  • 2006-07: The Company secured a conveyor system and equipment for raw material handling system from Tata Steel.
  • The awards and recognitions at TRF Ltd are tuned towards encouraging the individual to attain higher flights of performance, which lead to the growth and prosperity the company as well. The Tata Business Excellence Model (TBEM) provides training to the officers to improve their professional skills and thus enhance their functioning and the company’s productivity.
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