About Company: Jaysynth
Dyestuff (India) Limited manufactures
and markets reactive dyes, pigments and digital ink products. Jaysynth primarily serves textiles, plastics,
printing ink and paint industries. Company has today become one of the largest
dyes and pigments businesses in India. Company products are now exported to
over 50 countries and more than 65% of revenue comes from export.
Major Products:
1. Dyestuff: Dyes
2. Pigments: Application in ink, paint and plastic industry
3. Digital inks: Textile printing .
Plant-1 : Patalganga
Plant 2 : Taloja
Financials: Company
has shown almost flat revenue performance in last 3 years. Major reason could
be high input cost, lower growth of textile industry.
Sep-15
|
Jun-15
|
2015
|
2014
|
2013
|
2012
|
2011
|
|
Revenue
|
30.1
|
29.13
|
120.04
|
129.22
|
122.47
|
91.73
|
94.24
|
Other Income
|
1.14
|
0.48
|
1.35
|
2.44
|
0.9
|
0.25
|
1.1
|
Total Income
|
31.24
|
29.61
|
121.39
|
131.66
|
123.37
|
91.98
|
95.34
|
Expenditure
|
-27.58
|
-26.91
|
-112.1
|
-117.8
|
-112.3
|
-85.1
|
-88.5
|
Interest
|
--
|
-0.01
|
-0.02
|
-0.12
|
--
|
--
|
--
|
PBDT
|
3.66
|
2.69
|
9.3
|
13.79
|
11.05
|
6.89
|
6.82
|
Depreciation
|
-0.4
|
-0.42
|
-1.5
|
-0.94
|
-0.8
|
-0.65
|
-0.49
|
PBT
|
3.26
|
2.27
|
7.8
|
12.85
|
10.25
|
6.24
|
6.33
|
Tax
|
-0.79
|
-0.74
|
-2.65
|
-3.79
|
-3.23
|
-1.68
|
-1.86
|
Net Profit
|
2.47
|
1.53
|
5.15
|
9.06
|
7.02
|
4.56
|
4.47
|
Equity
|
0.87
|
0.87
|
0.87
|
0.87
|
0.87
|
0.87
|
0.87
|
EPS
|
2.84
|
1.76
|
5.92
|
10.43
|
8.08
|
5.25
|
5.14
|
CEPS
|
3.3
|
2.24
|
7.64
|
11.49
|
8.99
|
5.99
|
5.7
|
OPM %
|
12.16
|
9.27
|
7.76
|
10.76
|
9.02
|
7.51
|
7.24
|
NPM %
|
8.21
|
5.25
|
4.29
|
7.01
|
5.73
|
4.97
|
4.74
|
Valuation:
Company has shown excellent growth in net profit in spite of flat growth in last
2 quarters major reason could be low raw material cost due to lowering crude
prices. The NP margin % in q-2-2015 has gone up almost by 100% resulting in
half year EPS of 4.6 for H1-2015-16 in comparison
to last year Full year EPS of Rs 5.14. This year company can easily achieve net
profit of 10 crores that would result in EPS of 11.5 .Stock is available at
forward PE multiple of 5 at CMP of Rs 53 which is cheap.
Company is almost debt free with huge cash reserves. Company
has given 20% dividend in last 2 year and it could declare higher dividend for
year 15-16 due to improvement in performance.
Company has small equity of only 87 lakhs subdivided into
shares of face value of Rs1.00. Promoters hold about 70% and balance shares are
with approx. 1600 shareholders.
Target Price: Considering
expected EPS of 11.5 and PE multiple of 9 Long term investor could safely buy
at CMP of Rs 52-56 for one year Target of Rs 100.
Happy investing.
jay instrument is also a part of this group however it is not mentioned in the main site
ReplyDeleteCould this be part of the non listed company also both the companies are in textiles so in that sense competing
http://www.jayinst.com/introduction.aspx