very good results but few points worth thinking. Again no dividend declared . tgv investing in own company where promotor have majority stake and reason they have given is they want to enter in pharma and for forward integration.
for this they could have easily maintain arms length like they do in rayalseema hypo managed by his son. why to aquire own company and not pay dividend ?
disc : only tracking position
those tracking this shares and other caustic shares. price of caustic has come down to 51 ex factory and quoting 48-49 ex factory in north
Thanks much for the info. How much was the price last quarter and last year during same period?
Please go thru my posts in this forum. U will get past prices.
@Kumar_manas . even if it makes 70 cr or 100 cr whats benifit to shareholders ?. in bad times of tgv even when profit was low shareholder stood with them we have seen price of even 11 rs of tgv. that time also company was writing off various book loss like their power plant etc etc. and didnt paid any dividend.
when causitc price is on top and company mad super profit then also promotor didnt paid any dividend wich they had promised in their agm . they are useing profit for buying their own company . they could have easily pay 15% div wich will be around 15 cr. so in commodity company which dont pay dividend and commodity cycle may be on top , to invest or not is decision one has to take on their own.
in gujarati one saying is if i buy gold at price of platinum then i may not make any money , and even if i buy kachara at rate cheaper then kachara i may make money.
disc . exited and now only tracking
Excellent results
Figures in Rs. Crores
PRODUCT SEGMENTS
| Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 702 | 782 | 817 | 769 | 777 | 816 | 908 | 1,046 | 1,205 | 1,040 | 1,009 | 1,525 |
| Expenses + | 604 | 681 | 695 | 670 | 669 | 710 | 776 | 866 | 974 | 884 | 860 | 1,209 |
| Operating Profit | 99 | 101 | 121 | 99 | 108 | 107 | 132 | 180 | 231 | 157 | 149 | 317 |
| OPM % | 14% | 13% | 15% | 13% | 14% | 13% | 15% | 17% | 19% | 15% | 15% | 21% |
| Other Income + | 5 | 5 | 4 | -19 | 0 | 5 | 9 | 7 | -6 | 8 | 10 | 7 |
| Interest | 42 | 42 | 45 | 40 | 40 | 44 | 60 | 58 | 71 | 44 | 48 | 46 |
| Depreciation | 34 | 37 | 41 | 36 | 36 | 35 | 47 | 77 | 58 | 56 | 63 | 69 |
| Profit before tax | 27 | 28 | 40 | 4 | 32 | 33 | 34 | 53 | 95 | 64 | 48 | 209 |
| Tax % | 50% | 50% | 6% | -11% | 30% | 26% | 52% | 44% | 28% | 26% | 40% | 36% |
| Net Profit | 14 | 14 | 38 | 5 | 22 | 24 | 17 | 30 | 68 | 47 | 29 | 134 |
| EPS in Rs | 5.31 | 0.64 | 2.81 | 2.95 | 1.90 | 3.22 | 7.08 | 4.65 | 2.70 | 12.53 | ||
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
Instead of paying dividend they decided to pay 1% of sales as commision to promotors. It’s commodity company, Previously we have seen turnover of 900 cr but profit in region of 10 cr to 30 cr , if caustic price goes down and profit lower then also they will pay ? They have not disclosed that. In commodity we have seen turnover high and profit minuscule in downturn.
Highest top line with very good bottom line though less than previous quarter. Management responds swiftly to any query too. Expecting it to rise swifly, it is already 3x from year lows and should go much higher in coming quarters.
How does one assess the fall in caustic soda prices over the last month affecting the likes of TGV which is mainly a caustic soda manufacturer?
caustic soda price is going down last heard 52 rs mumbai
disc not invested in tgv
Caustic soda price crashed to 35/37 on Friday in China. Recent dcw concall also they have predicted price to go down 25% from 41 range. So just cautious approach should be taken in any caustic company.
Disc no position
Great point, made exit and in future wont invest in any commodity however attractive, compounding never works there.
Not only caustic price but management approach for shareholder also not that good. After so many years of profit and also abnormal good profit post Covid they just paid 10% dividend that’s 10 cr rs. Out of that they will get min 6 cr for their shares. Also they will get 1% remuneration , approx 23 cr on 2300 cr turnover. Investor were taken for ride in spite of standing with them even in bad times.
So best approach is to play on value. Better to buy only when it’s available at dirt cheap price .
I fully agree with your views. TGV has never given any dividend. All along they have managed it as a private business. Their track record shows that they have no business to be a listed company. All communications from the company is one-sided. No investor presentation or Con call. After so many years, out of 300 cr NP, they are paying 4 % as dividend, out of which 60% goes to them. At the same time they are taking good remuneration as a percentage of turnover and not on NP. That is why this company is available at such pathetic valuation, less than its turnover.
It is high time learned people in this group should take up the matter from shareholders point of view so that promoters take notice or go for delisting.
As expected bad results , back to square one where it was started… https://www.bseindia.com/xml-data/corpfiling/AttachLive/e371bf41-086b-4dee-82b8-3f66bbc03e23.pdf
The expected solar power plant of 70MW will be a value addition, any increase in the soda price will boost the sentiments.
We are hearing such promise since years.
1 they put power generation plant in Bellary and t
Later written off
2 some sugar co and bio gas plant they had purchased shares , written off
3) tamilnadu electric board shares they invested for cheaper power now written off
. I don’t say it’s intentional. But I am here to make money so in commodity company I will rather track commodity price and then take action
Net loss in this quarter after removing one time reversal of previous expenses .
