TRL Krosaki Refractories Limited

DRHP Status : Not Filed

1720

Current Price 1720

Market Cap 3605.25 Cr

ISIN INE012L01014

Face Value 10

P/E Ratio 14.82

EPS 116.42

P/B Ratio 3.91

Book Value 441.73

Debt to Equity Ratio 0.4

P&L Statement	2021	2022	2023	2024
Revenue	1423.92	1923.55	2295.01	2503
Cost of Material Consumed	617.69	803.18	1002.25	1426
Gross Margins	56.62	58.24	56.33	43.03
Change in Inventory	12.98	-22.66	-23.78	-13
Employee Benefit Expenses	130.62	141.23	161.83	183
Other Expenses	577.81	819.11	890.08	589
EBITDA	84.82	182.69	264.63	318
OPM	5.96	9.5	11.53	12.7
Other Income	3.73	0.42	7.48	59
Finance Cost	12.41	15.92	22.74	21
D&A	28.93	34.3	38.69	44
EBIT	55.89	148.39	225.94	274
EBIT Margins	3.93	7.71	9.84	10.95
PBT	46.54	137.12	210.67	311
PBT Margins	3.27	7.13	9.18	12.43
Tax	10.82	33.38	52.4	68
PAT	35.72	103.74	158.27	243
NPM	2.51	5.39	6.9	9.71
EPS	17.09	49.64	75.73	116.27

Financial Ratios	2021	2022	2023	2024
Operating Profit Margin	5.96	9.5	11.53	12.7
Net Profit Margin	2.51	5.39	6.9	9.71
Earning Per Share (Diluted)	17.09	49.64	75.73	116.27

Assets	2021	2022	2023	2024
Fixed Assets	300.7	392.65	457.23	531
CWIP	107.16	65.38	46.83	46
Investments	31.86	32.45	35.94	38
Trade Receivables	237.15	299.01	337.26	370
Inventory	356.6	449.94	470.26	461
Other Assets	92.38	89.38	80.21	123
Total Assets	1125.85	1328.81	1427.73	1569

Liabilities	2021	2022	2023	2024
Share Capital	20.9	20.9	20.9	20.9
FV	10	10	10	10
Reserves	494.15	583.43	708.34	902
Borrowings	175.43	307.52	263.09	153
Trade Payables	288.16	301.84	311.55	299
Other Liabilities	147.21	115.12	123.85	194.1
Total Liabilities	1125.85	1328.81	1427.73	1569

Annual Report 2023-2024

Annual Report 2022-2023

Annual Report 2021-2022

Annual Report 2020-2021

Annual Report 2019-2020

Annual Report 2018-2019

Name	Holding
Foreign Holdings	77.62%
Government Companies	10.54%
FIs, Insurance Companies & Banks	4.61%
Other Corporate Bodies	2.13%
Individual And Others	5.10%

TRL Krosaki Refractories Limited, a leading Indian manufacturer of refractories, was established in 1958 as Belpahar Refractories Limited and later became a subsidiary of Krosaki Harima Corporation (KHC) from Japan.

Strengths:

Diverse Product Portfolio: The company offers a comprehensive range of refractory products, including basic, dolomite, high alumina, monolithics, silica, taphole clay, and RH snorkel refractories, catering to various industrial applications.
Technological Collaboration: As a subsidiary of Krosaki Harima Corporation, Japan, TRL Krosaki benefits from advanced technologies and expertise, enhancing its product quality and innovation capabilities.
Strong Market Presence: With a market share exceeding 25% in the Indian refractories sector, the company has established itself as a key player, supported by a robust client base that includes major integrated steel plants and other industries.
Financial Performance: In FY 2024, TRL Krosaki reported a revenue of ₹2,516 crores, marking a 9% increase from the previous year. Profit before tax rose by 47.62% to ₹310 crores, indicating effective cost management and operational efficiency.

Weaknesses:

Raw Material Dependency: The company relies on imports for certain high-quality raw materials, particularly from China. This dependency exposes it to risks associated with supply chain disruptions and price volatility.
Foreign Competition: TRL Krosaki faces challenges from international competitors, especially Chinese suppliers who offer refractories at lower prices, leading to intense price competition in the Indian market.
Input Cost Fluctuations: The company's profitability is susceptible to fluctuations in input costs, including raw materials, fuel, and energy, which can impact production expenses and margins.