Market Price: ₹199 Recommendation: BUY Target: ₹249 Time Horizon: 1 Year
Rajoo Engineers Limited reported net revenue of ₹61.11 crores for the quarter ended December 31, 2023, compared to ₹37.21 crores for December 31, 2022. Profit After Tax was₹6.09 crores for the quarter ended December 31, 2023, against the profit of ₹2.50 crores during the corresponding quarter of the previous year, respectively.
STOCK DATA
52 Week H/L |
234/23.75 |
Market Cap (crores) |
1,225 |
Face Value (₹) |
1.00 |
Book Value |
17.70 |
EPS TTM |
1.87 |
BSE Code |
522257 |
SHAREHOLDING PATTERN (%)
|
Jun-23 |
Sep-23 |
Dec-23 |
Promoter |
66.33 |
66.33 |
66.49 |
Public |
33.67 |
33.67 |
32.99 |
DIIs |
0.00 |
0.00 |
0.00 |
FIIs |
0.00 |
0.00 |
0.51 |
Beta: 0.38 |
Alpha: 586 |
Risk Reward Ratio: 1.41 |
Margin of Safety: 20% |
SWOT ANALYSIS
STRENGTH
PLASTICS PROCESSING INDUSTRY ANALYSIS
QUARTERLY SUMMARY
Quarterly (INR in lakhs) |
Dec-23 |
Sep-23 |
Jun-23 |
Mar-22 |
Dec-22 |
Revenue from Operations |
5,999.86 |
5,353.15 |
3,121.01 |
7,143.20 |
3,657.85 |
Other income |
111.52 |
91.61 |
122.96 |
56.62 |
63.78 |
Total Income |
6,111.38 |
5,444.76 |
3,243.97 |
7,199.82 |
3,721.63 |
|
|
|
|
|
|
Total Expenditure |
5,326.48 |
4,721.63 |
2,916.35 |
6,584.07 |
3,427.86 |
EBIT |
784.90 |
723.13 |
327.62 |
615.75 |
293.77 |
|
|
|
|
|
|
Finance cost |
17.14 |
14.79 |
8.55 |
14.04 |
7.45 |
PBT before Share of Net Profit of Associate |
767.76 |
708.34 |
319.07 |
601.71 |
286.32 |
|
|
|
|
|
|
Share of Net Profit of Associate |
38.30 |
7.99 |
0.30 |
91.27 |
19.46 |
PBT before Exceptional Item |
806.06 |
716.33 |
319.37 |
692.98 |
305.78 |
|
|
|
|
|
|
Exceptional Item |
- |
- |
- |
- |
- |
PBT |
806.06 |
716.33 |
319.37 |
692.98 |
305.78 |
|
|
|
|
|
|
Tax Expenses |
197.04 |
179.12 |
73.24 |
138.06 |
55.74 |
PAT |
609.02 |
537.21 |
246.13 |
554.92 |
250.04 |
|
Mar-21 |
Mar-22 |
Mar-23 |
Revenue from Operations |
16,956.84 |
19,032.55 |
17,871.08 |
Other Income |
70.99 |
195.46 |
293.32 |
Total Income |
17,027.83 |
19,228.01 |
18,164.40 |
|
|
|
|
Cost of Goods Sold |
10,508.74 |
11,942.38 |
11,184.14 |
Employee Benefits Expense |
1,492.87 |
1,766.31 |
1,949.06 |
Other Expenses |
2,868.06 |
3,069.84 |
3,148.82 |
EBITDA |
2,158.16 |
2,449.48 |
1,882.38 |
|
|
|
|
Depreciation and Amortisation Expense |
351.08 |
350.41 |
353.62 |
EBIT |
1,807.08 |
2,099.07 |
1,528.76 |
|
|
|
|
Finance Costs |
99.54 |
33.09 |
36.33 |
EBT before Share of Profit/(Loss) of Joint Venture and Associates |
1,707.54 |
2,065.98 |
1,492.43 |
|
|
|
|
Share of Profit/(Loss) of Joint Venture and Associates |
- |
- |
- |
EBT before Exceptional Items |
1,707.54 |
2,065.98 |
1,492.43 |
|
|
|
|
Exceptional Items |
- |
- |
- |
EBT |
1,707.54 |
2,065.98 |
1,492.43 |
|
|
|
|
Tax Expense |
502.11 |
555.60 |
343.56 |
PAT Non-Controlling Interests |
1,205.43 |
1,510.38 |
1,148.87 |
|
|
|
|
Non-Controlling Interests |
- |
- |
- |
|
|
|
|
PAT |
1,205.43 |
1,510.38 |
1,148.87 |
|
|
|
|
EPS |
|
|
|
Basic |
1.96 |
2.45 |
1.87 |
Diluted |
1.96 |
2.45 |
1.87 |
|
|
|
|
Number of Shares |
|
|
|
Basic |
615.31 |
615.31 |
615.31 |
Diluted |
615.31 |
615.31 |
615.31 |
Balance Sheet (₹ in lakhs)
Mar-21 |
Mar-22 |
Mar-23 |
|
ASSETS: |
|
|
|
Non-Current Assets: |
|
|
|
Property, Plant and Equipment |
3,960.37 |
3,751.27 |
3,554.06 |
Capital Work in Progress |
174.55 |
255.15 |
255.93 |
Intangible Assets |
165.33 |
136.81 |
110.87 |
Intangible Assets Under Development |
- |
- |
- |
Financial Assets: |
|
|
|
Investments |
3.02 |
8.63 |
14.27 |
Loans |
- |
- |
- |
Other Non Financial Assets |
52.95 |
35.66 |
36.21 |
Other Non-Current Assets |
2.41 |
- |
46.29 |
Total Non-Current Assets |
4,358.63 |
4,187.52 |
4,017.63 |
|
|
|
|
Current Assets: |
|
|
|
Inventories |
5,909.73 |
5,694.16 |
6,267.59 |
Financial Assets: |
|
|
|
Investments |
318.66 |
1,659.59 |
898.85 |
Trade Receivables |
1,430.65 |
727.08 |
1,892.85 |
Loans |
45.46 |
23.84 |
14.52 |
Cash and Cash Equivalents |
450.71 |
1,125.68 |
1,586.50 |
Other Bank Balances |
1,537.08 |
1,457.92 |
2,965.62 |
Other Financial Assets |
17.03 |
706.21 |
207.65 |
Other Current Assets |
1,727.31 |
425.30 |
531.39 |
Total Current Assets |
11,436.63 |
11,819.78 |
14,364.97 |
|
|
|
|
Total Assets |
15,795.26 |
16,007.30 |
18,382.60 |
|
|
|
|
EQUITY AND LIABILITIES: |
|
|
|
Equity: |
|
|
|
Equity Share Capital |
615.31 |
615.31 |
615.31 |
Other Equity |
7,717.17 |
9,267.44 |
10,275.24 |
Equity Attributable to the Owners |
8,332.48 |
9,882.75 |
10,890.55 |
|
|
|
|
Non-Controlling Interest |
- |
- |
- |
Total Equity |
8,332.48 |
9,882.75 |
10,890.55 |
|
|
|
|
Liabilities: |
|
|
|
Non-Current Liabilities: |
|
|
|
Financial Liabilities |
|
|
|
Borrowings |
71.96 |
- |
- |
Deposits |
- |
- |
- |
Other Financial Liabilities |
- |
13.11 |
55.31 |
Provisions |
- |
- |
- |
Deferred Tax Liabilities |
420.99 |
377.58 |
383.31 |
Other Non-Current Liabilities |
- |
- |
- |
Total Non-Current Liabilities |
492.95 |
390.69 |
438.62 |
|
|
|
|
Current Liabilities: |
|
|
|
Financial Liabilities: |
|
|
|
Borrowings |
237.25 |
27.96 |
152.21 |
Trade Payables: |
|
|
|
Total outstanding dues of micro enterprises and small enterprises |
524.83 |
447.17 |
359.09 |
Other Creditors |
1,991.84 |
1,781.70 |
1,714.80 |
Other Financial Liabilities |
34.83 |
148.67 |
156.59 |
Provisions |
303.81 |
349.42 |
363.84 |
Current Tax Liabilities |
471.11 |
232.48 |
43.00 |
Other Current Liabilities |
3,406.16 |
2,746.46 |
4,263.90 |
Total Current Liabilities |
6,969.83 |
5,733.86 |
7,053.43 |
|
|
|
|
Total Equity & Liabilities |
15,795.26 |
16,007.30 |
18,382.60 |
|
Mar-21 |
Mar-22 |
Mar-23 |
Net Profit Before Tax |
1,987.37 |
2,974.98 |
6,703.28 |
Net Cash from Operating Activities |
-1,949.19 |
1,509.70 |
2,902.36 |
Net Cash Used for Investing Activities |
-1,235.31 |
-732.41 |
-1,016.91 |
Net Cash From (Used For) Financing Activities |
3,792.36 |
-1,380.88 |
-1,886.50 |
Net Increase in Cash and Cash Equivalents |
607.86 |
-603.59 |
-1.05 |
Cash And Cash Equivalents at The Beginning of The Year |
5.47 |
613.33 |
9.74 |
Cash And Cash Equivalents at The End of the Year |
613.33 |
9.74 |
8.69 |
Ratio Analysis
Mar-21 |
Mar-22 |
Mar-23 |
|
Profitability Ratio |
|
|
|
EBITDA Margin |
12.73% |
12.87% |
10.53% |
EBIT Margin |
10.66% |
11.03% |
8.55% |
Pre-Tax Margin |
10.07% |
10.85% |
8.35% |
Net Profit Margin |
7.11% |
7.94% |
6.43% |
|
|
|
|
Return on Investment |
|
|
|
Return on Asset – ROA |
8% |
9% |
7% |
Return on Capital Employed – ROCE |
19% |
22% |
14% |
Return on Equity – ROE |
16% |
17% |
11% |
|
|
|
|
Liquidity Ratio (x) |
|
|
|
Current ratio |
1.64 |
2.06 |
2.04 |
Quick Ratio |
0.79 |
1.07 |
1.15 |
|
|
|
|
Solvency Ratio |
|
|
|
Debt to Equity |
0.00 |
0.00 |
0.01 |
Interest Coverage Ratio |
18 |
63 |
42 |
Estimated Income Statement (₹ in lakhs)
|
Mar-24 |
Mar-25 |
Mar-26 |
Mar-27 |
Mar-28 |
|
2024-E |
2025-E |
2026-E |
2027-E |
2028-E |
Revenue |
22,090.81 |
26,869.97 |
32,687.49 |
39,769.43 |
48,391.08 |
Operating Expenses |
13,640.96 |
16,604.66 |
20,225.58 |
24,636.09 |
30,008.38 |
Employee Expenses |
2,197.14 |
2,676.26 |
3,259.86 |
3,970.72 |
4,836.60 |
Other Expenses |
3,673.27 |
4,474.29 |
5,449.98 |
6,638.44 |
8,086.05 |
EBITDA |
2,579.44 |
3,114.76 |
3,752.08 |
4,524.18 |
5,460.05 |
Depreciation |
333.42 |
319.91 |
311.34 |
308.09 |
310.65 |
EBIT |
2,246.02 |
2,794.85 |
3,440.73 |
4,216.09 |
5,149.40 |
Financial Cost |
53.38 |
66.42 |
81.77 |
100.19 |
122.37 |
EBT before Share of Profit/(Loss) of Joint Venture and Associates |
2,192.64 |
2,728.43 |
3,358.97 |
4,115.90 |
5,027.03 |
Share of Profit/(Loss) of Joint Venture and Associates |
- |
- |
- |
- |
- |
PBT |
2,192.64 |
2,728.43 |
3,358.97 |
4,115.90 |
5,027.03 |
Tax expenses |
504.75 |
628.09 |
773.24 |
947.49 |
1,157.23 |
PAT |
1,687.89 |
2,100.34 |
2,585.73 |
3,168.41 |
3,869.80 |
DISCLAIMER |
This report is only for the information of our customers. Recommendations, opinions, or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. ATS and/or its group companies do not as assume any responsibility or liability resulting from the use of such information.