Garden Silk Mills (Delisted) share price

BSE: 500155

GARDEN SILK MILLS PRIVATE LIMITED · Face value ₹10 · Listed Jan 1988

Last traded ₹7.60 on 25 Jan 2021

Delisted on 8 Feb 2021.

Last announcements

The company's own last announcements before its shares stopped trading, routine notices left out.

  1. Feb 2021

    • 1 Feb · Delisting

      Members of the Exchange are hereby informed that the trading in the equity shares of Garden Silk Mills Limited shall be withdrawn (delisted) w.e.f. February 08, 2021 pursuant to Resolution Plan approved by NCLT under Insolvency and Bankruptcy Code, 2016.

  2. Jan 2021

Share price history

Daily closes since Jan 2007, BSE closes Jan 2007 to Jul 2007, Jul 2007 to Feb 2008, Feb 2008 to May 2008 and May 2008 to Jul 2010, adjusted for splits and bonuses

Daily close, ₹ per share

Results for the quarter to Sep 2020

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

Revenue
₹469 Cr−37.0% on a year ago · +268.8% on the quarter before
Operating profit
−₹2.12 Cr
Net profit
−₹16 Cr
Earnings per share
−₹3.80
Operating margin
−0.5%
Net margin
−3.4%

From revenue to net profit, ₹ crore

  1. Revenue469
  2. Materials and goods−353
  3. Employee costs−25
  4. Other expenses−93
  5. Operating profit−2.1
  6. Depreciation−15
  7. Other income+1.3
  8. Finance costs−0.3
  9. Profit before tax−16
  10. Tax0.0
  11. Net profit−16

Garden Silk Mills results by quarter

Standalone: the listed company alone, without its subsidiaries. Latest quarter to Sep 2020. Results for the quarter to Dec 2020 were due by 14 Feb 2021, 45 days after it ends. Every company's dates are on the results calendar.

Revenue and net profit by quarter, ₹ crore

  • Revenue
  • Net profit
  • Loss
843−2.0Dec 17780−21Mar 18916−12Jun 18921−13Sep 18776−55Dec 18868−9.3Mar 19814−36Jun 19744−40Sep 19732−59Dec 19587−73Mar 20127−87Jun 20469−16Sep 20
Peak revenue ₹921 Cr, quarter to Sep 2018; lowest ₹127 Cr, quarter to Jun 2020A loss in 12 of the 12 quarters shown

Operating and net margin by quarter, per cent

  • Operating margin
  • Net margin
6.9%−68.2%6.9%5.6%5.7%4.1%2.0%6.4%3.7%3.1%1.2%−0.6%−17.2%−0.5%−0.2%−2.7%−1.4%−1.5%−7.0%−1.1%−4.4%−5.4%−8.1%−12.4%−68.2%−3.4%Dec 17Jun 18Dec 18Jun 19Dec 19Jun 20Sep 20
₹ croreDec 2015Mar 2016Jun 2016Sep 2016Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Q1Sep 2018Dec 2018Q3Mar 2019Jun 2019Q1Sep 2019Dec 2019Q3Mar 2020Jun 2020Q1Sep 2020
Revenue from operations543616598627586704772708843780916921776868814744732587127469
539560557594558662737684785737864883761812784721723591149471
Materials and goods bought405421424447418438507533629564693686616652635552573449101353
Employee costs3030283632––3733–31363029303431292225
Other expenses104110106111108––115122–1401611141311191351191132693
Operating profit before depreciation45640332943352458445237165530239−4−22−2
Operating margin0.7%9.0%6.7%5.2%4.9%6.1%4.5%3.4%6.9%5.6%5.7%4.1%2.0%6.4%3.7%3.1%1.2%−0.6%−17.2%−0.5%
Depreciation and amortisation1716161616161616161817171616171617181515
Other income151117212211612110111
Finance costs413950384641494646494950545049485253510
Profit before one-off items and tax−535−25−20−33−8−28−37−2−21−12−13−55−9−36−40−59−73−87−16
One-off items–––––−1000––0000000000
Profit before tax−535−25−20−33−17−28−38−2−21−12−13−55−9−36−40−59−73−87−16
Tax–−1––––––––0000000000
Tax rate–−14.0%––––––––––––––––––
Net profit−535−25−20−33−17−28−38−2−21−12−13−55−9−36−40−59−73−87−16
Other comprehensive income––––––––––0−21−2−1−1−1−33−2
Total comprehensive income––––––––––−12−15−53−11−37−41−60−76−83−18
Net margin−9.7%0.8%−4.1%−3.2%−5.6%−2.5%−3.6%−5.3%−0.2%−2.7%−1.4%−1.5%−7.0%−1.1%−4.4%−5.4%−8.1%−12.4%−68.2%−3.4%
Earnings per share−₹12.51–––−₹7.81−₹4.13−₹6.67−₹8.94−₹0.48−₹5.05−₹2.94−₹3.20−₹12.97−₹2.22−₹8.50−₹9.49−₹14.04−₹17.31−₹20.62−₹3.80
Earnings per share in rupees, restated for later splits and bonuses.

The quarters either side of a change of basis do not compare. From the quarter to Mar 2017, the company's revenue for the year to Mar 2017, ₹2,646 Cr, differs from its quarters added, ₹2,515 Cr. From the quarter to Sep 2017, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
3,40088Mar 113,506−79Mar 123,697−101Mar 133,067−144Mar 142,641−143Mar 152,375−141Mar 162,646−95Mar 173,103−89Mar 183,481−90778Mar 192,877−2081,927Mar 20
A loss in 9 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin
8.3%−7.2%8.3%2.9%1.7%4.1%3.9%5.5%5.2%4.7%2.0%2.6%−2.2%−2.7%−4.7%−5.4%−5.9%−3.6%−2.9%−2.6%−7.2%Mar 11Mar 13Mar 15Mar 17Mar 19Mar 20

The years either side of a change of basis do not compare. From the year to Mar 2017, the company's revenue for that year, ₹2,646 Cr, differs from its quarters added, ₹2,515 Cr. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2020

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue2,877
  2. Materials and goods−2,210
  3. Employee costs−124
  4. Other expenses−486
  5. Operating profit58
  6. Depreciation−67
  7. Other income+3.6
  8. One-off items0.0
  9. Finance costs−202
  10. Profit before tax−208
  11. Tax0.0
  12. Net profit−208

What the company owns

  • Plant, investments and other assets₹1,085 Cr
  • Inventory₹281 Cr
  • Cash and bank₹201 Cr
  • Receivables₹74 Cr

What pays for it: net worth and liabilities

  • Borrowings₹1,927 Cr
  • Owed to suppliers₹147 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Sep 2020, the latest four quarters added.

₹ croreMar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Sep 2020Twelve months
Revenue from operations3,4003,5063,6973,0672,6412,3752,6463,1033,4812,8771,915
3,1203,406–3,0152,5322,2832,5012,9433,3172,8191,934
Materials and goods bought2,5662,7912,9732,4341,9381,7161,7262,2332,6472,2101,476
Employee costs7384–86111117––126124107
Other expenses481530–494483450––543486352
Operating profit before depreciation281101–521099314416116458−19
Operating margin8.3%2.9%–1.7%4.1%3.9%5.5%5.2%4.7%2.0%−1.0%
Materials, % of revenue75.4%79.6%–79.4%73.4%72.2%––76.0%76.8%77.1%
Employee costs, % of revenue2.1%2.4%–2.8%4.2%4.9%––3.6%4.3%5.6%
Other expenses, % of revenue14.2%15.1%–16.1%18.3%18.9%––15.6%16.9%18.4%
Depreciation and amortisation7786–9276676466666764
Operating profit after depreciation20415–−403326809498−9−83
Other income6217158101052044
Finance costs89154149158183177175189204202156
Profit before one-off items and tax121−118−151−184−143−141−85−89−86−208−235
One-off items––––––−10–−300
Profit before tax121−118−151−184−143−141−95−89−90−208−235
33−39−50−39–−1––000
Net profit88−79−101−144−143−141−95−89−90−208−235
Other comprehensive income––––––––−2−6−2
Total comprehensive income––––––––−92−213−237
Net margin2.6%−2.2%−2.7%−4.7%−5.4%−5.9%−3.6%−2.9%−2.6%−7.2%−12.3%
Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2013: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.
Earlier years, Jun 2008 to Mar 2010
₹ croreJun 2008Mar 20099 monthsMar 2010
Revenue from operations1,6771,3322,515
1,5071,1772,282
Materials and goods bought1,2319331,882
Employee costs464457
Other expenses230200343
Operating profit before depreciation170155232
Operating margin10.2%11.6%9.2%
Materials, % of revenue73.4%70.1%74.8%
Employee costs, % of revenue2.7%3.3%2.3%
Other expenses, % of revenue13.7%15.0%13.6%
Depreciation and amortisation574573
Operating profit after depreciation113110160
Other income1376
Finance costs574773
Profit before tax697093
292030
Net profit405063
Net margin2.4%3.7%2.5%
Standalone, ₹ crore, years to June, then March.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2020, after the latest full year: the balance sheet at its end.

₹ croreMar 2019Mar 2020Sep 2020Half year
−303−516−617
Share capital424242
Reserves−345−558−660
7781,9271,980
1,328223317
6951,9351,989
Total assets1,7201,6411,689
1,011954927
709687762
Net debt7141,7261,711
Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2011, Mar 2012, Mar 2013, Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2020, after the latest full year: the cash flow over its six months.

₹ croreSep 2020Half year
67.0
67.3
90.4
Receivables2.0
Inventories13.6
Payables99.6
Other working capital−24.8
Tax paid−0.3
Capital spending0.3
Free cash flow66.7
1.2
−78.5
Dividends paid0.0
Shares bought back0.0
Shares issued0.0
Net change in cash−10.3
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Per share

Standalone, ₹ per share, years to March.

₹ per shareMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020
Earnings per share−₹35.50–−₹22.54−₹21.14−₹21.33−₹49.33
Diluted earnings per share−₹35.50–−₹22.54−₹21.14−₹21.33−₹49.33
Book value per share––––−₹72.00−₹122.71
Market cap at the year end (₹ crore)10991––8522

Ratios

Standalone, years to March.

RatioMar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020
Revenue growth35.2%3.1%5.4%−17.1%−13.9%−10.0%–––−17.3%
Operating profit growth20.8%−64.1%––109.3%−14.6%–11.2%2.2%−64.5%
Net profit growth39.0%–––––––––
––––––––29.6%50.7%
–––––––––21.0 pts
From the net margin–––––––––53.3 pts
From asset turnover–––––––––−12.8 pts
From borrowing–––––––––−19.5 pts
Return on capital employed––––––––20.6%−0.6%
Interest cover2.30.1––0.20.10.50.50.5–
Receivable days––––––––119
Inventory days––––––––5746
Payable days––––––––3324
Cash conversion cycle, days––––––––3532
Working capital days––––––––−6233
Asset turnover––––––––2.021.71
Assets per rupee of net worth––––––––−5.68−4.10
Sales per rupee of plant––––––––3.603.16
Plant being built, % of plant in use––––––––0.7%0.8%
Interest cover is left blank for the years to Mar 2014 and Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Debt to equity is left blank for the years to Mar 2019 and Mar 2020: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2011, Mar 2012, Mar 2013, Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2020.

Return on assets, latest year
−12.4%
Measure10 years5 years3 years
Return on equity, average––40.1%
Return on capital employed, average––10.0%
Operating margin, average4.2%4.3%4.0%
Net margin, average−3.5%−4.4%−4.2%
Asset turnover, average––1.87
Cash conversion cycle, days, average––33
Interest cover, average–0.40.5

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2011Mar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020
Altman Z-scorePublished threshold 1.1––––––––−2.730.47
Receivables growth less revenue growthOur threshold 0 percentage points–––––––––−11.65
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––––––––−15.79
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––––––––0.20
Assets under construction, years of additionsOur threshold 2 years of additions–––––––––0.79
Effective tax ratePublished threshold 17.16 per cent27.41–––––––––
A threshold marked as ours has no published figure; it is the line we read the check against.

Business segments

In the year to Mar 2020 the company reports one business segment which carries all its revenue.

Where the return came from

Yearly rates to Mar 2020, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year−74.2%––0.0%
3 years−45.6%––0.0%
5 years−27.5%––0.0%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.

Garden Silk Mills share price by year

Each calendar year to 2021.

YearClose at year endChangeHighest closeLowest close
20217.60−41.5%12.857.25
202013.00+10.6%16.205.10
201911.75−50.3%25.458.60
201823.65−44.8%51.8018.40
201742.85+47.5%47.7028.60
201629.05−4.6%39.4520.90
201530.45−1.3%37.2522.35
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. The 2021 close is its last trade, on 25 Jan 2021.

Recent sessions

The 10 trading days to 25 Jan 2021, as traded on BSE.

DateOpenHighLowCloseAverage priceVolume
25 Jan 20217.607.607.607.607.601,89,200
22 Jan 20217.907.957.807.957.941,26,796
21 Jan 20217.457.607.257.607.521,61,531
20 Jan 20217.457.607.107.257.293,38,230
19 Jan 20217.758.107.457.457.7210,94,262
18 Jan 20217.808.307.807.807.869,77,303
15 Jan 20218.208.508.208.208.225,94,670
14 Jan 20218.259.058.258.608.3919,51,463
13 Jan 20218.658.658.658.658.6589,270
12 Jan 20219.109.109.109.109.1039,436
Prices in ₹ per share as traded, not adjusted.

Company details

BSE code
500155
ISIN
INE526A01016
Former symbols
GARDENSILK
Website
www.gardenvareli.com
CIN
L17111GJ1979PLC003463
Corporate identity number, the registrar of companies' code for it
Incorporated
1979
Registered office
Tulsi Krupa Arcade, Puna-Kumbharia Road, Dumbhal, Surat 395010, Gujarat
Share registrar
KFin Technologies Ltd
Keeps the register of shareholders and handles transfers and dividend payments