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Past 10 year’s financial track record analysis by Moneyworks4me indicates that Electronics Mart India Ltd is a below average quality company.
The key valuation ratios of Electronics Mart India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Electronics Mart India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.3% | 15.6% | 10.9% | 14.6% | 12.3% | - |
| Value Creation Index ⓘ | -0.4 | 0.2 | -0.2 | 0.1 | -0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||
| Sales ⓘ | 1,646 | 3,172 | 3,202 | 4,349 | 5,446 | 6,119 |
| Sales YoY Gr. | - | 92.7% | 0.9% | 35.8% | 25.2% | - |
| Adj EPS ⓘ | 1.6 | 2.9 | 2 | 3.5 | 3.2 | 4.7 |
| YoY Gr. | - | 81.3% | -32.8% | 77.4% | -8.1% | - |
| BVPS (₹) ⓘ | 11.7 | 14.4 | 16.4 | 19.9 | 30.8 | 34.5 |
| Adj Net Profit ⓘ | 48 | 87.1 | 58.6 | 104 | 122 | 180 |
| Cash Flow from Ops. ⓘ | -25.2 | 36 | 64 | 116 | -2.7 | - |
| Debt/CF from Ops. ⓘ | -15 | 14.5 | 8.6 | 5.1 | -269 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 19.7% | 25.2% | ||||
| Adj EPS ⓘ | NA | NA | 3.1% | -8.1% | ||||
| BVPSⓘ | NA | NA | 28.7% | 54.8% | ||||
| Share Price | - | - | - | 158.6% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 13.6 | 22.2 | 12.7 | 19.1 | 13.7 | 14.3 |
| Op. Profit Mgn % ⓘ | 6.1 | 7.2 | 6.4 | 6.7 | 6.2 | 7.1 |
| Net Profit Mgn % ⓘ | 2.9 | 2.8 | 1.8 | 2.4 | 2.2 | 2.9 |
| Debt to Equity ⓘ | 1.1 | 1.2 | 1.1 | 1 | 0.6 | - |
| Working Cap Days ⓘ | 0 | 69 | 82 | 73 | 75 | 44 |
| Cash Conv. Cycle ⓘ | 0 | 48 | 58 | 52 | 52 | 24 |
Sales growth is growing at healthy rate in last 3 years 19.73%
Debt to equity has declined versus last 3 years average to 0.61
Sales growth is good in last 4 quarters at 13.87%
Return on Equity has declined versus last 3 years average to 14.30%
Net Profit has been subdued in last 3 years 3.12%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 4.7 | 4.7 |
| TTM Sales (₹ Cr.) | 6,119 | 6,119 |
| BVPS (₹.) ⓘ | 34.5 | 34.5 |
| Reserves (₹ Cr.) ⓘ | 943 | 943 |
| P/BV ⓘ | 5.76 | 5.76 |
| PE ⓘ | 42.63 | 42.64 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 70.10 / 244.50 |
| All Time Low / High (₹) | 61.45 / 244.50 |
| Market Cap (₹ Cr.) | 7,655 |
| Equity (₹ Cr.) | 384.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 111.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Sales | 1,646 | 3,172 | 3,202 | 4,349 | 5,446 |
| Operating Expenses ⓘ | 1,546 | 2,945 | 2,998 | 4,057 | 5,110 |
| Manufacturing Costs | 17 | 41 | 40 | 54 | 74 |
| Material Costs | 1,401 | 2,702 | 2,767 | 3,755 | 4,705 |
| Employee Cost | 23 | 59 | 61 | 79 | 94 |
| Other Costs ⓘ | 105 | 143 | 129 | 169 | 237 |
| Operating Profit ⓘ | 100 | 228 | 204 | 292 | 336 |
| Operating Profit Margin (%) | 6.1% | 7.2% | 6.4% | 6.7% | 6.2% |
| Other Income ⓘ | 1 | 7 | 5 | 4 | 11 |
| Interest ⓘ | 17 | 63 | 72 | 85 | 99 |
| Depreciation ⓘ | 8 | 51 | 58 | 71 | 85 |
| Exceptional Items ⓘ | 0 | -8 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 75 | 112 | 80 | 140 | 163 |
| Tax ⓘ | 27 | 31 | 21 | 36 | 40 |
| Profit After Tax | 48 | 82 | 59 | 104 | 123 |
| PAT Margin (%) | 2.9% | 2.6% | 1.8% | 2.4% | 2.3% |
| Adjusted EPS (₹) | 1.6 | 2.7 | 2.0 | 3.5 | 3.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 352 | 433 | 492 | 597 | 1,184 | |||||
| Share Capital ⓘ | 300 | 300 | 300 | 300 | 385 | |||||
| Reserves ⓘ | 52 | 133 | 192 | 297 | 800 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | |||||
| Debt | 368 | 511 | 536 | 587 | 702 | |||||
| Long Term Debt | 55 | 63 | 62 | 55 | 101 | |||||
| Short Term Debt | 313 | 448 | 474 | 532 | 601 | |||||
| Trade Payables | 36 | 7 | 8 | 35 | 25 | |||||
| Others Liabilities ⓘ | 52 | 390 | 476 | 596 | 755 | |||||
| Total Liabilities ⓘ | 808 | 1,341 | 1,512 | 1,814 | 2,667 | |||||
Fixed Assets | ||||||||||
| Gross Block | 187 | 630 | 756 | 850 | 1,293 | |||||
| Accumulated Depreciation | 8 | 59 | 83 | 65 | 151 | |||||
| Net Fixed Assetsⓘ | 179 | 571 | 674 | 785 | 1,142 | |||||
| CWIP ⓘ | 20 | 2 | 2 | 24 | 14 | |||||
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | |||||
| Inventories | 328 | 402 | 481 | 614 | 774 | |||||
| Trade Receivables | 84 | 85 | 95 | 115 | 138 | |||||
| Cash Equivalents | 51 | 87 | 35 | 34 | 201 | |||||
| Others Assetsⓘ | 146 | 193 | 224 | 242 | 398 | |||||
| Total Assets ⓘ | 808 | 1,341 | 1,512 | 1,814 | 2,667 | |||||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -25 | 36 | 64 | 116 | -3 |
| PBT ⓘ | 75 | 112 | 80 | 140 | 163 |
| Adjustment ⓘ | 26 | 120 | 130 | 153 | 172 |
| Changes in Working Capital ⓘ | -79 | -153 | -126 | -139 | -289 |
| Tax Paid ⓘ | -47 | -43 | -20 | -38 | -49 |
| Cash Flow From Investing Activity ⓘ | -40 | -70 | -60 | -68 | -301 |
| Capex | -40 | -59 | -54 | -61 | -237 |
| Net Investments | 0 | -6 | -1 | 0 | 0 |
| Others ⓘ | 0 | -5 | -4 | -7 | -63 |
| Cash Flow From Financing Activityⓘ | 60 | 71 | -56 | -49 | 470 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 465 |
| Net Proceeds from Borrowing ⓘ | 13 | 9 | 2 | -12 | 64 |
| Interest Paid ⓘ | -17 | -61 | -70 | -81 | -102 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 64 | 123 | 12 | 44 | 44 |
| Net Cash Flow ⓘ | -5 | 36 | -52 | -1 | 166 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.64 | 20.8 | 12.68 | 19.09 | 13.79 | |||||
| ROCE (%) | 12.7 | 20.69 | 15.06 | 20.12 | 16.88 | |||||
| Asset Turnover Ratio | 2.04 | 2.95 | 2.32 | 2.67 | 2.48 | |||||
| PAT to CFO Conversion(x) | -0.52 | 0.44 | 1.08 | 1.12 | -0.02 | Working Capital Days | ||||
| Receivable Days | 19 | 10 | 10 | 9 | 8 | |||||
| Inventory Days | 73 | 42 | 49 | 45 | 46 | |||||
| Payable Days | 9 | 3 | 1 | 2 | 2 | |||||
The Company was originally formed as a sole proprietorship under the name of ‘Bajaj Electronics’ at Hyderabad in 1980 and it was converted into a partnership firm under the name of ‘Bajaj Electronics’ (“Bajaj Electronics”) pursuant to partnership deed dated March 25, 2011, and was registered under the Indian Partnership Act, 1932 with the Registrar of Firms, Hyderabad (South) on April 13, 2011. Pursuant to the deed of partnership dated July 31, 2017, constitution of ‘Bajaj Electronics’ was modified to admit new partners and a memorandum acknowledging receipt of documents for change in constitution of partnership was issued by Registrar of Firms, Hyderabad (South), on August 2, 2017. ‘Bajaj Electronics’ was thereafter converted into a public limited company under the Companies Act, 2013 with the name ‘Electronics Mart India Limited’ pursuant to certificate of incorporation issued by Central Registration Centre, Registrar of Companies dated September 10, 2018.
Electronics Mart India is the 4th largest and one of the fastest growing consumer durables and electronics retailers in India and as of Financial Year 2021, it is the largest regional organised player in the southern region in revenue terms with dominance in the states of Telangana and Andhra Pradesh. It commenced its business operations in 1980 and since then there has been a steady rise in its revenue from operations. It has been one of the fastest growing consumer durable & electronics retailers in India with a revenue CAGR of 17.90% from Financial Year 2016 to Financial Year 2021. It has consistently demonstrated profitability with a robust operating performance. It had the second highest operating margin amongst its peers in Fiscal Year 2021. The company has built a longstanding market presence with more than three decades of experience having commenced its business operations as a proprietary concern by setting up its first consumer durable and electronic retail store at Hyderabad. It converted the erstwhile sole proprietorship into a partnership firm under the name of ‘Bajaj Electronics’ pursuant to a partnership deed dated March 25, 2011 and subsequently converted the partnership firm into a public limited company under the Companies Act, 2013 with the name ‘Electronics Mart India Limited’.
Business area of the company
The company offers a diversified range of products with focus on large appliances (air conditioners, televisions, washing machines and refrigerators), mobiles and small appliances, IT and others. Its offering includes more than 6,000 SKUs across product categories from more than 70 consumer durable and electronic brands. Its business model is a mix of ownership and lease rental model, as it focuses to secure retail spaces which ensures high visibility and easy accessibility to customers. Under the ownership model, it owns the underlying property including the land and building and in lease rental model, it enters into a long-term lease arrangement with the property owner(s). As of August 31, 2022, out of the total 112 stores it operate, 11 stores are owned, 93 stores are under long-term lease rental model and eight stores are partly owned and partly leased. It focus on deepening its presence in the regions it operate in before venturing into new markets which has led it to establish brand presence in Telangana and Andhra Pradesh markets.
Awards and Accreditations
Major events and milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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