TTL Financials:
Income (Revenue):
For year 2016, 2015, 2014, 2013, 2012, 2011 – 234 (estimated), 187, 156, 139, 114, 81 crore respectively.
Not much growth in income. Almost 40% in 2012 and 18% in 2014, 19% in 2015.
Expenses:
For year 2016, 2015, 2014, 2013, 2012, 2011 – 142 (estimated), 117, 87, 74, 62, 43 crore respectively.
Percentage of expenses increases compared to income growth.
In year, 2015 expenses increases 33% while income increases only 19%.
Employee Benefits:
For year 2016, 2015, 2014, 2013, 2012, 2011 – 18 (estimated), 17, 12, 9, 7, 5 crore respectively.
In year 2015 employee expenses increases 33%. This looks like company increases salary before going to be listed company. I didn’t find directors salary for year 2014, 2013 in draft document. This may be good governance problem.
Net Profit:
For year 2016, 2015, 2014, 2013, 2012, 2011 – 60 (estimated), 48, 46, 56, 34, 24 crore respectively.
Net profit is not increases as per the par. In 2014 and 2015, net profit is almost same.
Conclusion:
TTL comes with good price band. P/E is not bad. However, if we compare with Dr. Lal then this company is very small in all aspects (financial, size etc.). Dr. Lal has tremendous growth compared to TTL.
Investors will get listing gain for sure but in mid to long term it is not a second Dr. Lal.
Zerodha (Trading & Demat Account)
RHP
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