BSE: 500467 | NSE: HARRMALAYA | Agriculture | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Harrisons Malayalam Ltd is a average quality company.
The key valuation ratios of Harrisons Malayalam Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Harrisons Malayalam 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'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -7.6% | -13.1% | 8.9% | 8.6% | -5.1% | 12.8% | 26.8% | 15.7% | 12.7% | 2.4% | - |
| Value Creation Index ⓘ | -1.5 | -1.9 | -0.4 | -0.4 | -1.4 | -0.1 | 0.9 | 0.1 | -0.1 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 327 | 285 | 367 | 383 | 354 | 387 | 451 | 472 | 487 | 488 | 505 |
| Sales YoY Gr. | - | -12.8% | 28.7% | 4.6% | -7.7% | 9.5% | 16.5% | 4.5% | 3.2% | 0.3% | - |
| Adj EPS ⓘ | -19.2 | -25.9 | 0.5 | 2.2 | -13.2 | 5.2 | 21.9 | 11.4 | 9.5 | -1.1 | -2.4 |
| YoY Gr. | - | NA | NA | 305.6% | -700.5% | NA | 325.6% | -47.8% | -16.8% | -111.8% | - |
| BVPS (₹) ⓘ | 79.7 | 55 | 55.5 | 56.2 | 42.6 | 42.8 | 62.4 | 74.8 | 84.6 | 78 | 74.9 |
| Adj Net Profit ⓘ | -35.3 | -47.8 | 1 | 4.1 | -24.3 | 9.5 | 40.5 | 21.1 | 17.6 | -2.1 | -4 |
| Cash Flow from Ops. ⓘ | 10.4 | 13.5 | 21.1 | 19.9 | -7 | 33.3 | 41.1 | 37.5 | 31.3 | 33 | - |
| Debt/CF from Ops. ⓘ | 10.9 | 8.3 | 4.5 | 4.8 | -17.2 | 3.4 | 2.3 | 2.3 | 3 | 2.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.6% | 6.7% | 2.7% | 0.3% | ||||
| Adj EPS ⓘ | NA | NA | -137.1% | -111.8% | ||||
| BVPSⓘ | -0.2% | 12.9% | 7.7% | -7.9% | ||||
| Share Price | 16.1% | 40.8% | 16.4% | 83.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -11.6 | -18.1 | 0.6 | 3.9 | -26.6 | 12.1 | 41.7 | 16.7 | 11.9 | -1.4 | -3.1 |
| Op. Profit Mgn % ⓘ | -5.2 | -11.4 | 3.6 | 3.3 | -3.4 | 6.1 | 12.3 | 6.6 | 5.6 | 2.1 | 2.5 |
| Net Profit Mgn % ⓘ | -10.8 | -16.8 | 0.3 | 1.1 | -6.9 | 2.5 | 9 | 4.5 | 3.6 | -0.4 | -0.9 |
| Debt to Equity ⓘ | 0.8 | 1.1 | 0.9 | 0.9 | 1.5 | 1.4 | 0.8 | 0.6 | 0.6 | 0.7 | 0.2 |
| Working Cap Days ⓘ | 249 | 269 | 209 | 209 | 231 | 218 | 194 | 184 | 178 | 177 | 30 |
| Cash Conv. Cycle ⓘ | 22 | 13 | -1 | 0 | 5 | 0 | -4 | -3 | -4 | -5 | -45 |
Debt to equity has declined versus last 3 years average to 0.65
Return on Equity is Poor
Sales growth has been subdued in last 3 years 2.66%
Sales growth is not so good in last 4 quarters at 8.09%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -2.4 | -2.4 |
| TTM Sales (₹ Cr.) | 505 | 505 |
| BVPS (₹.) ⓘ | 74.9 | 74.9 |
| Reserves (₹ Cr.) ⓘ | 120 | 120 |
| P/BV ⓘ | 3.66 | 3.66 |
| PE ⓘ | 0.00 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 142.20 / 300.70 |
| All Time Low / High (₹) | 3.80 / 390.00 |
| Market Cap (₹ Cr.) | 507 |
| Equity (₹ Cr.) | 18.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 43.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 327 | 285 | 367 | 383 | 354 | 387 | 451 | 472 | 487 | 488 |
| Operating Expenses ⓘ | 344 | 317 | 353 | 371 | 366 | 364 | 396 | 440 | 460 | 478 |
| Manufacturing Costs | 87 | 68 | 63 | 71 | 66 | 71 | 70 | 82 | 100 | 100 |
| Material Costs | 95 | 79 | 117 | 115 | 115 | 94 | 136 | 159 | 142 | 152 |
| Employee Cost | 132 | 140 | 145 | 152 | 152 | 165 | 161 | 166 | 178 | 188 |
| Other Costs ⓘ | 29 | 31 | 29 | 32 | 32 | 33 | 29 | 33 | 40 | 38 |
| Operating Profit ⓘ | -17 | -32 | 13 | 13 | -12 | 23 | 55 | 31 | 27 | 10 |
| Operating Profit Margin (%) | -5.2% | -11.4% | 3.6% | 3.3% | -3.4% | 6.0% | 12.3% | 6.6% | 5.6% | 2.1% |
| Other Income ⓘ | 3 | 3 | 5 | 9 | 6 | 6 | 3 | 7 | 7 | 9 |
| Interest ⓘ | 14 | 14 | 14 | 13 | 14 | 16 | 14 | 11 | 12 | 13 |
| Depreciation ⓘ | 7 | 6 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 6 |
| Exceptional Items ⓘ | 0 | 4 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | -8 |
| Profit Before Tax ⓘ | -35 | -45 | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -35 | -45 | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 |
| PAT Margin (%) | -10.8% | -15.9% | 1.2% | 1.2% | -6.8% | 2.4% | 9.0% | 4.9% | 3.7% | -1.5% |
| Adjusted EPS (₹) | -19.1 | -24.5 | 2.4 | 2.4 | -13.1 | 5.0 | 21.9 | 12.4 | 9.6 | -4.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 287 | 241 | 102 | 104 | 79 | 79 | 115 | 138 | 156 | 144 |
| Share Capital ⓘ | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves ⓘ | 268 | 223 | 84 | 85 | 60 | 61 | 97 | 120 | 138 | 125 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 103 | 96 | 87 | 86 | 105 | 105 | 80 | 72 | 72 | 75 |
| Long Term Debt | 59 | 44 | 36 | 34 | 67 | 58 | 45 | 46 | 47 | 39 |
| Short Term Debt | 43 | 52 | 51 | 52 | 39 | 47 | 35 | 26 | 26 | 37 |
| Trade Payables | 19 | 28 | 32 | 38 | 34 | 48 | 43 | 51 | 46 | 66 |
| Others Liabilities ⓘ | 244 | 276 | 280 | 293 | 296 | 312 | 310 | 301 | 315 | 322 |
| Total Liabilities ⓘ | 653 | 641 | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 608 |
Fixed Assets | ||||||||||
| Gross Block | 513 | 513 | 282 | 286 | 293 | 301 | 305 | 310 | 319 | 331 |
| Accumulated Depreciation | 86 | 89 | 5 | 9 | 13 | 16 | 20 | 24 | 28 | 34 |
| Net Fixed Assetsⓘ | 428 | 424 | 277 | 277 | 280 | 285 | 285 | 286 | 291 | 298 |
| CWIP ⓘ | 2 | 1 | 8 | 11 | 10 | 13 | 22 | 36 | 58 | 72 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 23 | 22 | 25 | 28 | 29 | 41 | 35 | 35 | 38 | 37 |
| Trade Receivables | 13 | 7 | 8 | 14 | 10 | 8 | 16 | 14 | 11 | 18 |
| Cash Equivalents | 9 | 9 | 3 | 4 | 2 | 4 | 2 | 4 | 2 | 2 |
| Others Assetsⓘ | 178 | 178 | 181 | 186 | 183 | 194 | 189 | 189 | 189 | 181 |
| Total Assets ⓘ | 653 | 641 | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 608 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 10 | 14 | 21 | 20 | -7 | 33 | 41 | 38 | 31 | 33 |
| PBT ⓘ | -35 | -46 | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 |
| Adjustment ⓘ | 21 | 17 | 19 | 16 | 17 | 21 | 16 | 11 | 12 | 22 |
| Changes in Working Capital ⓘ | 25 | 43 | -1 | -1 | -0 | 3 | -14 | 5 | 2 | 19 |
| Tax Paid ⓘ | 0 | 0 | -1 | 0 | 0 | 0 | -1 | -1 | -1 | -1 |
| Cash Flow From Investing Activity ⓘ | -4 | 4 | 4 | -7 | -6 | -9 | -11 | -14 | -27 | -22 |
| Capex | -5 | 3 | 9 | -2 | -4 | -2 | -2 | -2 | -14 | -7 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | -5 | -5 | -2 | -8 | -9 | -12 | -14 | -15 |
| Cash Flow From Financing Activityⓘ | -14 | -15 | -31 | -12 | 11 | -23 | -32 | -21 | -6 | -11 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -2 | -9 | -16 | -1 | 39 | -16 | -6 | -2 | 7 | -9 |
| Interest Paid ⓘ | -14 | -14 | -14 | -13 | -14 | -16 | -14 | -11 | -12 | -13 |
| Dividend Paid ⓘ | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 5 | 9 | -1 | 1 | -14 | 8 | -12 | -9 | -1 | 11 |
| Net Cash Flow ⓘ | -8 | 3 | -6 | 1 | -1 | 1 | -1 | 2 | -2 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -21.37 | -36.41 | 4.36 | 4.32 | -26.41 | 11.78 | 41.66 | 18.13 | 12.09 | -4.86 |
| ROCE (%) | -7.58 | -13.12 | 8.91 | 8.63 | -5.06 | 12.84 | 26.76 | 15.7 | 12.71 | 2.4 |
| Asset Turnover Ratio | 0.49 | 0.44 | 0.64 | 0.75 | 0.68 | 0.73 | 0.83 | 0.85 | 0.85 | 0.82 |
| PAT to CFO Conversion(x) | N/A | N/A | 5.25 | 5 | N/A | 3.67 | 1.03 | 1.65 | 1.72 | N/A | Working Capital Days |
| Receivable Days | 15 | 13 | 7 | 10 | 12 | 9 | 10 | 11 | 9 | 11 |
| Inventory Days | 27 | 29 | 23 | 25 | 30 | 33 | 31 | 27 | 27 | 28 |
| Payable Days | 70 | 109 | 94 | 112 | 114 | 158 | 123 | 109 | 125 | 135 |
Harrisons Malayalam Limited (HML) is the most successful integrated agricultural operation in South India. One of the oldest - with a history that goes back over hundred and fifty years - it has been a pioneer in corporate farming and has, over this period, established and run plantations for Tea, Rubber, Cocoa, Coffee and a wide variety of Spices. Today the company cultivates thousands of hectare and processes produce from other farmlands in its neighborhood.
The company also produces smaller quantities of a variety of other exotic horticultural crops like Areca nut, Banana, Cardamom, Cocoa, Coffee, Coconut, Pepper and Vanilla as well as limited quantities of Organic tea and spices. The product range includes both CTC and Orthodox Tea, Rubber in concentrated rubber latex, crepe, block and sheet rubber forms. Fresh Pineapple is the other large produce.
As a dominant player in tea exports from South India over its entire history, a position that it maintains even today, the company is a source for quality teas for all the big names in the Tea industry in Europe. Being the industry leader in natural rubber production, HML is known for its high quality natural rubber in the local and export markets.
The company is part of RP-SG and RPG Enterprises one of the largest and well-respected industrial groups in India. The Group has interests in tyres, cables, power transmission, telecommunications, pharmaceuticals, specialty chemicals, retail and consumer marketing, hotel and tourism, entertainment and agri-business.
Business area of the company
The company is principally engaged in plantations having tea and rubber estates in Kerala and Tamil Nadu.
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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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