X

Jyoti Structures Ltd. Stock Analysis

Small Cap
Evaluated by 2215 users | BSE: 513250 | NSE: JYOTISTRUC |
Transmission Towers / Equipments
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...

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
 Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17
Return on Capital Employed 21.91%23.41%20.16%21.16%18.13%14%11.86%0.09%-2.68%-18.56%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,3721,7172,0132,3802,5922,8023,3262,7822,492850
Y-o-Y Gr. Rt.-25.2%17.2%18.2%8.9%8.1%18.7%-16.4%-10.4%-65.9%
Adjusted EPS (Rs.) 8.5110.639.9913.3911.538.062.45-26.66-48.96-130.25
Y-o-Y Gr. Rt.-24.9%-6%34%-13.9%-30.1%-69.6%-1188.2%NANA
Book Value per Share (Rs.) 41.1950.260.7872.6780.2687.2391.1354.439.25-126.34
Adjusted Net Profit 69.186.881.911094.866.320.2-292-536-1,427
Net Op. Cash Flow (Rs. Cr.) 6.38411970.7-50.951.359.3-1,098-1,591261
Debt to Cash Flow from Ops 35.663.623.036.79-15.3719.0320.81-2.4-3.0520.18
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.
Jyoti Structures Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales -5.2%-20%-36.6%-65.9%
Adjusted EPS -235.4%-262.4%-476%NA
Book Value per Share -213.3-209.5-211.5-1,465.8
Share Price -24.9% -22.8% -28.8% 5.5%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17
Return on Equity (%) 22.422.9117.8119.914.989.42.65-41.62-147.01223.06
Operating Profit Margin (%) 13.513.3312.6113.2213.2811.949.734.113.26-59.31
Net Profit Margin (%) 5.045.064.074.623.662.370.61-10.5-21.52-167.9
Debt to Equity 0.670.740.720.81.191.311.594.2447.82-3.81
Working Capital Days 1891972092112552993425657632,344
Cash Conversion Cycle 621011371211321531382234451,663
Entity Percentage Holding
Promoters 18.11%
Institutions 3.22%
Non-Institutions 78.67%
Pledged *84.5284.5384.5884.5884.5884.5884.5884.5884.5884.82
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Jyoti Structures Ltd.'s performance infers:

Jyoti Structures Ltd. earnings have declined by -262.4%, whereas share price has depreciated -22.8% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

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

Jyoti Structures Ltd. share price has depreciated -30.1% annually over the past ten years.

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

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 .

 

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback