Rajesh Exports Ltd

₹ 233 -1.88%

21 Nov - close price

rajeshindia.com BSE: 531500 NSE: RAJESHEXPO

About

Incorporated in 1989, Rajesh Exports Ltd is a manufacturer of Gold and Gold Products^[1]

Key Points

Business Overview
The company is a gold refiner, manufacturer,, and exporter of gold products. It is the only company in the world with a presence across the entire gold value chain from refining to retailing, **processing 35% of gold produced worldwidedia.com/xml-data/corpfiling/AttachHis/4ede53b6-cf59-4f98-b184-bc3807d26740.pdf#page=77 #} ^[1]

Website BSE NSE

Market Cap ₹ 6,869 Cr.
Current Price ₹ 233
High / Low ₹ 403 / 231
Stock P/E
Book Value ₹ 172
Dividend Yield 0.00 %
ROCE 2.91 %
ROE 0.34 %
Face Value ₹ 1.00

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Pros

Debtor days have improved from 236 to 169 days.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company has a low return on equity of 0.47% over last 3 years.
Earnings include an other income of Rs.195 Cr.
Company has high debtors of 169 days.
Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Diamond, Gems and Jewellery Industry: Diamond Cutting / Jewellery

Part of BSE 250 SmallCap Index BSE Consumer Durables Nifty Smallcap 250 Nifty Consumer Durables BSE Allcap BSE Consumer Discretionary BSE 400 MidSmallCap Index Nifty 500 Multicap 50:25:25 Nifty 500 BSE SmallCap BSE 500 Nifty Total Market Nifty MidSmallcap 400

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	1,527	1,576	1,661	1,298	1,331	1,634	1,498	1,466	1,602	1,006	1,327	731	1,762
	1,476	1,521	1,787	1,267	1,291	1,574	1,595	1,407	1,587	954	1,513	692	1,717
Operating Profit	51	55	-126	31	41	60	-97	58	15	52	-186	39	46
OPM %	3%	3%	-8%	2%	3%	4%	-6%	4%	1%	5%	-14%	5%	3%
	1	0	11	1	0	0	8	0	1	0	174	11	10
Interest	0	0	0	0	0	0	10	0	0	45	42	30	32
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	52	55	-116	31	41	60	-100	58	16	8	-55	20	23
Tax %	0%	0%	7%	0%	0%	0%	2%	1%	10%	10%	13%	30%	15%
	52	55	-124	31	41	60	-102	58	14	7	-62	14	20
EPS in Rs	1.76	1.85	-4.21	1.06	1.38	2.04	-3.45	1.96	0.49	0.24	-2.10	0.46	0.67
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	31,226	23,537	37,919	38,586	44,948	33,660	42,671	46,899	2,060	6,236	5,762	5,401	4,826
	30,437	22,920	37,170	37,803	44,153	32,778	41,934	46,252	1,820	6,133	5,658	5,410	4,876
Operating Profit	789	618	749	783	795	883	737	648	240	104	104	-9	-49
OPM %	3%	3%	2%	2%	2%	3%	2%	1%	12%	2%	2%	-0%	-1%
	3	1	4	37	44	38	50	3	1	11	9	175	195
Interest	300	343	419	308	351	431	320	213	137	84	80	138	149
Depreciation	2	2	2	2	2	1	1	1	1	1	1	1	1
Profit before tax	490	273	333	510	486	489	466	436	104	30	32	27	-4
Tax %	8%	17%	21%	7%	5%	10%	5%	7%	5%	25%	6%	38%
	453	227	264	475	461	441	442	403	99	23	30	17	-22
EPS in Rs	15.33	7.69	8.94	16.10	15.62	14.94	14.97	13.66	3.35	0.77	1.03	0.58	-0.73
Dividend Payout %	7%	13%	11%	6%	7%	7%	7%	7%	30%	130%	0%	0%

Compounded Sales Growth
10 Years:	-14%
5 Years:	-34%
3 Years:	38%
TTM:	-22%

Compounded Profit Growth
10 Years:	-23%
5 Years:	-48%
3 Years:	-44%
TTM:	-171%

Stock Price CAGR
10 Years:	3%
5 Years:	-20%
3 Years:	-31%
1 Year:	-33%

Return on Equity
10 Years:	6%
5 Years:	2%
3 Years:	0%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	30	30	30	30	30	30	30	30	30	30	30	30	30
Reserves	2,385	2,583	2,811	3,251	3,712	4,121	4,533	4,907	4,976	4,970	4,987	5,005	5,039
	2,729	3,089	3,826	4,462	5,435	8,595	6,072	961	702	626	624	654	735
	8,697	5,359	8,860	11,339	12,023	7,185	10,535	12,444	3,576	3,934	2,920	1,419	1,459
Total Liabilities	13,840	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	7,108	7,263
	69	70	69	67	66	65	64	63	62	60	59	59	58
CWIP	0	0	0	1	1	2	0	0	0	0	0	0	0
Investments	3	117	168	636	732	720	2,602	2,592	2,510	2,554	2,554	2,590	2,590
	13,767	10,873	15,290	18,377	20,400	19,143	18,503	15,686	6,711	6,946	5,947	4,459	4,614
Total Assets	13,840	11,060	15,527	19,081	21,199	19,929	21,170	18,342	9,283	9,560	8,560	7,108	7,263

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,849	-2,629	3,788	722	1,596	-2,855	3,728	3,924	-10,147	100	42	133
	-1	-116	-51	-469	-97	11	-12	-1,858	83	-41	1	-35
	-857	-12	283	292	622	2,696	-2,872	-5,354	-426	-189	-64	66
Net Cash Flow	1,991	-2,758	4,020	544	2,122	-148	844	-3,288	-10,490	-130	-21	165

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	27	38	28	35	27	17	20	22	808	286	253	169
Inventory Days	9	8	5	4	4	12	5	5	68	24	24	26
Days Payable	97	83	86	109	99	79	91	98	715	235	187	94
Cash Conversion Cycle	-60	-37	-53	-70	-68	-50	-66	-71	162	75	90	101
Working Capital Days	-56	-25	-45	-62	-59	-39	-56	-62	426	141	155	155
ROCE %	15%	11%	12%	11%	10%	8%	7%	8%	4%	2%	2%	3%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.05%	54.55%	54.55%	54.55%	54.55%
	17.84%	17.72%	17.70%	17.62%	17.67%	17.60%	16.50%	15.38%	15.78%	15.08%	14.72%	14.81%
	11.45%	11.43%	11.39%	11.35%	11.27%	11.26%	11.16%	11.08%	11.07%	11.08%	11.12%	11.09%
	16.66%	16.80%	16.87%	16.97%	17.00%	17.08%	18.29%	19.49%	18.60%	19.28%	19.61%	19.54%
No. of Shareholders	36,406	42,341	45,107	46,725	40,131	40,742	73,775	1,52,938	2,09,623	2,13,557	2,11,547	2,11,937

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	53.94%	53.94%	54.03%	54.04%	54.05%	54.05%	54.05%	54.55%	54.55%
	17.89%	17.84%	17.69%	17.75%	16.89%	17.72%	17.60%	15.08%	14.81%
	2.59%	5.67%	6.70%	7.49%	9.14%	11.43%	11.26%	11.08%	11.09%
	25.58%	22.55%	21.58%	20.72%	19.93%	16.80%	17.08%	19.28%	19.54%
No. of Shareholders	30,779	26,637	24,814	22,472	46,038	42,341	40,742	2,13,557	2,11,937

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Feb 2019

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Nov 2017

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Jun 2016

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Nov 2015

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