Jyoti Structures Ltd - Stock Valuation and Financial Performance

BSE: 513250 | NSE: JYOTISTRUC | Transmission Towers / Equipments | Small Cap

Jyoti Structures Share Price

20.91 0.99 4.97%
as on 28-Mar'24 15:31

DeciZen - make an informed investing decision on Jyoti Structures

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Jyoti Structures stock performance -

mw4me loader
P/E Ratio (SA):
81.72
Market Cap:
1,662 Cr.
52-wk low:
4.9
52-wk high:
34

Is Jyoti Structures Ltd an attractive stock to invest in?

1. Is Jyoti Structures Ltd a good quality company?

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

2. Is Jyoti Structures Ltd undervalued or overvalued?

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

3. Is Jyoti Structures Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Jyoti Structures Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Jyoti Structures:

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.
Jyoti Structures 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 % 11.9%0.1%-2.7%-18.6%-169.9%259%73.3%21.5%4.6%-0.6%-
Value Creation
Index
-0.2-1.0-1.2NANANANANA-0.7-1.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3,3262,7822,49285025598.22.104.4229478
Sales YoY Gr.--16.4%-10.4%-65.9%-70%-61.5%-97.9%-100%NA5,121.6%-
Adj EPS 2.3-25.4-46.6-123.8-360.9-154.5-202.5-151.9-0.7-0.20.2
YoY Gr.--1188%NANANANANANANANA-
BVPS (₹) 86.651.88.8-120.1-481.8-633-833-9852.30.43.2
Adj Net
Profit
20.2-292-536-1,427-4,158-1,780-2,332-1,749-47.3-11.820
Cash Flow from Ops. 59.3-1,098-1,591261889-9.8-1.31,479-99.5-36-
Debt/CF from Ops. 20.8-2.4-3.120.26.4-648.4-5463.35-17-50.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales -25.7%-2.1%380.2%5121.6%
Adj EPS -175.2%NANANA
BVPS-44.5%NANA-81.2%
Share Price -3.7% 58.8% 68.9% 295.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
2.7-41.6-147223.1119.927.727.616.70.9-9.913.4
Op. Profit
Mgn %
9.74.13.3-59.3-1220.9-683.7-41062.30-58869.7-4.83.5
Net Profit
Mgn %
0.6-10.5-21.5-167.9-1632-1811.7-112644.30-1077.8-5.14.2
Debt to
Equity
1.64.247.8-3.8-1-0.9-0.7-0.79.431.9-
Working Cap
Days
3425657632,3445,6289,1463,44,27001,41,7113,409935
Cash Conv.
Cycle
1382234451,6634,1767,5863,08,52101,25,0983,032803

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 13.40%

Sales growth is growing at healthy rate in last 3 years 380.21%

Sales growth is good in last 4 quarters at 2169.42%

Net Profit has been subdued in last 3 years 0.00%

Debt to equity has increased versus last 3 years average to 31.91

Latest Financials - Jyoti Structures Ltd.

Standalone Consolidated
TTM EPS (₹) 0.2 0.2
TTM Sales (₹ Cr.) 478 478
BVPS (₹.) 3.2 2.8
Reserves (₹ Cr.) 97 66
P/BV 6.30 7.15
PE 81.72 81.96
From the Market
52 Week Low / High (₹) 4.92 / 34.04
All Time Low / High (₹) 0.72 / 311.84
Market Cap (₹ Cr.) 1,662
Equity (₹ Cr.) 166.9
Face Value (₹) 2
Industry PE 81.7

Management X-Ray of Jyoti Structures:

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 Jyoti Structures

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
Sales3,3262,7822,49285025598204229
Operating Expenses 3,0032,6682,4111,4363,3827708522542,588241
Manufacturing Costs617517357326143511321670
Material Costs2,1301,8751,78355310043857128
Employee Cost 88951031048886114426
Other Costs 1681811674523,0515898202422,56018
Operating Profit 32311481-586-3,127-672-850-254-2,584-12
Operating Profit Margin (%) 9.7%4.1%3.3%-69.0%-1,227.4%-683.0%-41,062.3%--58,869.7%-5.3%
Other Income 447280219474702,54814
Interest 2884216098671,0211,1061,4801,49500
Depreciation 273453512720161075
Exceptional Items 0000000000
Profit Before Tax 52-270-500-1,483-4,167-1,751-2,300-1,758-43-4
Tax 20010000000
Profit After Tax 32-270-501-1,483-4,167-1,751-2,300-1,758-43-4
PAT Margin (%) 1.0%-9.7%-20.1%-174.0%-1,635.4%-1,782.5%-1,11,085.1%--971.0%-1.8%
Adjusted EPS (₹)3.7-23.5-43.5-128.0-361.0-152.0-199.0-152.0-0.6-0.1
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 775621101-1,384-5,550-7,293-9,597-11,34718157
Share Capital 4147222222222222155155
Reserves 73457579-1,406-5,572-7,315-9,619-11,36926-98
Minority Interest0000000000
Debt1,0462,1783,6363,2373,4953,9354,4924,8061,6901,803
Long Term Debt1531,3016642900001,6501,729
Short Term Debt8948762,9713,2083,4953,9354,4924,8064074
Trade Payables1,6901,28944842148951052353456124
Others Liabilities 6951,0421,7943,1924,2895,2646,2357,410260301
Total Liabilities 4,2065,1305,9795,4662,7222,4161,6531,4022,1872,285

Fixed Assets

Gross Block339346432432425424425427428420
Accumulated Depreciation150185271320341366383394401389
Net Fixed Assets189160162113845842322731
CWIP 0000000000
Investments 87878724777777
Inventories456289205110504239312573
Trade Receivables2,7103,3024,1973,9812,3592,1061,3591,1291,8911,990
Cash Equivalents 82703732342524238532
Others Assets6821,2211,2921,206188178182180152151
Total Assets 4,2065,1305,9795,4662,7222,4161,6531,4022,1872,285

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 59-1,098-1,591261889-10-11,479-100-36
PBT 52-270-500-1,483-4,167-1,751-2,300-1,758-43-4
Adjustment 2153525699311,0331,6592,2311,7325-6
Changes in Working Capital -189-1170-1653826402282681506-62-26
Tax Paid -19-11-8-13000000
Cash Flow From Investing Activity -51-83-95154-3410000-11
Capex -20-11-14-2-7000-1-12
Net Investments 0000000000
Others -30-72-81157-33400011
Cash Flow From Financing Activity 441,170441-487-91900-1,481170-7
Net Proceeds from Shares 01200000001700
Net Proceeds from Borrowing -551,42010117415700000
Interest Paid -207-351-544-825-99100-1,49400
Dividend Paid -7000000000
Others 314-19884164-8500130-6
Net Cash Flow 53-12-1,246-72-372-9-1-270-53
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)4.41-40.12-143.62N/AN/AN/AN/AN/A0-4.48
ROCE (%)18.25.732.64N/AN/AN/AN/AN/A0-0.19
Asset Turnover Ratio0.960.60.450.150.060.040000.1
PAT to CFO Conversion(x)1.84N/AN/AN/AN/AN/AN/AN/AN/AN/A
Working Capital Days
Receivable Days2443925451,7444,5208,2960003,090
Inventory Days374936671141707,14302,31477
Payable Days2022901782871,6684,271000257

Jyoti Structures Ltd Stock News

Jyoti Structures Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Jyoti Structures on 28-Mar-2024 15:31 is ₹20.91.
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 15:31 the market cap of Jyoti Structures stood at ₹1,662.
The latest P/E ratio of Jyoti Structures as of 28-Mar-2024 15:31 is 81.72.
The latest P/B ratio of Jyoti Structures as of 28-Mar-2024 15:31 is 6.30.
The 52-week high of Jyoti Structures is ₹34.04 and the 52-week low is ₹4.92.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Jyoti Structures is ₹478.2 ( Cr.) .

About Jyoti Structures Ltd

Jyoti Structures Limited (JSL) was incorporated as a private limited company on May 27, 1974. The company began commercial operations in 1979 with the opening of the first manufacturing facility at Nashik, not long after that Tata Exports decided to invest into the ownership of the company as they were looking for a reliable supplier of towers for their transmission line business. This gave JSL an opportunity to work on international projects right from the beginning of their operations.Jyoti Structures is solution provider in area of high voltage power transmission lines and Substations. The company is incorporated in 1976, presently operates in 40 countries. The company provides wide range of services from design, engineering consulting, tower testing, manufacturing, construction and project management.

The company’s corporate office is located in Mumbai and manufacturing units in Nashik and Raipur. It has a combined capacity of 76,000 MT of transmission line towers. It company owns domestic towers testing station at Ghoti, Igatpuri.

The company has subsidiaries namely JSL Structures, JSL Corporate Services, Shree Chhatrapati Shahu Power Company and Jyoti Structures Africa (Pty). The company has entered into joint venture with Gulf Investment Corporation (GIC) to form Gulf Jyoti International LLC. This unit will have manufacturing capacity of 33,000 MT.

The company’s manufacturing units has been accredited with various certifications such as ISO 9001, ISO 140001 and OHSAS 18001:1999.

Milestones

May 1974 -  Incorporated as Jyoti Structurers Private Limited April

1979 - Commenced commercial production at our Nashik factory September

1988  - Entered into our first turnkey contract with the Maharashtra State Electricity Board February

1989  - Made an initial public offering of 9,20,000 Equity Shares of Rs. 10/- each at a premium of Rs. 5/- per Equity Share aggregating Rs. 13.8 million.

April 1989  -  Listed on the BSE

July 1995  - Listed on the NSE

March 1993  - Commissioned a manufacturing unit at Urla Industrial Area, Raipur.

December 1996  - Set up an in-house tower testing facility at Ghoti, Igatpuri.

June 2005  - Established a joint venture company in Dubai viz. Gulf Jyoti International LLC (GJI) where we have a 30% equity stake.

September 2006  - Incorporated a subsidiary in South Africa viz. Jyoti Structures Africa Pty. Limited where we have a 70% equity stake.

March 2010 - Became the first company in India to test a 1200kV tower

December 2010  - Board of Directors approved the investment in Jyoti Holdings Inc., a corporation established under the laws of Delaware, the U.S.A. Consequently, Jyoti Americas LLC, a subsidiary of Jyoti Holdings Inc. will become our indirect subsidiary.

2010 - Became the first company in India to test a 1200kV tower
2011 - Started Manufacturing Operation in Texas,USA
Jyoti Structures has collaborated with Lauren Engineers and Construction Ltd. by acquiring 50% equity stake in the company.

Awards

1996-1997 - Certificate of Merit from Government of India, Ministry of Commerce for outstanding export performance in Capital goods exports.

1998-1999 - Certificate of Merit by India Trade Promotion Organisation for the second highest exports to Latin American Countries during

1998-99 in the category of ‘Engineering, Metallurgical and Electronic Products’ 1999 - National Export Awards for the year 1996-97 and 1997-98

2000 - Certificate of Export Excellence

 2002 - Awards for Export Excellence by Engineering Export Promotion Council

2010 - Received an award from ESKOM for 500,000 incident free man hours worked on 765kV project

 2010 - Received ‘Excellent Health and Safety Award’ from ESKOM, a power utility of South Africa for achieving 3.5 million man-hours worked without having a lost time injury

1996-1997 - Certificate of Merit from Government of India, Ministry of Commerce for outstanding export performance in Capital goods exports.

1998-1999 - Certificate of Merit by India Trade Promotion Organisation for the second highest exports to Latin American Countries during

1998-99 in the category of ‘Engineering, Metallurgical and Electronic Products’ 1999 - National Export Awards for the year

1996-97 and 1997-98 2000 - Certificate of Export Excellence The company received Award for Export Excellence from Engineering Export Promotion Council, India for achieving highest exports performance during 2000-01 amongst Non-SSI exporters in the panel Fabricated Steel Structures.

2002 - Awards for Export Excellence by Engineering Export Promotion Council

The company received Capital Goods Export Award from Government of India.

2010- Received an award from ESKOM for 500,000 incident free man hours worked on 765kV project.
Received ‘Excellent Health and Safety Award’ from ESKOM, a power utility of South Africa for achieving 3.5 million man-hours worked without having a lost time injury .

 

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