Balmer Lawrie & Co Ltd - 523319

Name of Company	Balmer Lawrie & Co Ltd
BSE Code	523319
NSE Code	BALMLAWRIE
ICICI Code
Established	1867
My Take	So-So
Headquarters	Kokata
Promoters	Govt of India
Story	Founder by Scots Balmer and Lawrie. Took over by Govt when IBP was nationalized. This subsidiary then became a standalone public company. This is now a mini ratna I and managed under ministry of petroleum and Natural Gas.
Sector	Diversified
Sub-sector	Packaging, Tea, Shipping, Grease and lubricants, Engineering, travel
Website	http://www.balmerlawrie.com/
Positives	Regularly profitable company. Zero debt. The joint ventures of the company are good value unlocks and these don’t show up on the balance sheet. Regular dividend payer- 1.5% yield or more can be expected at current price. LIC, GIC, UTI etc hold this company.
Negatives	5-6% NPMs except FY06. Topline has not grown much 1200 Cr to 1600 Cr from FY06 to FY10. Shows no reserves for FY10. Its diversified nature coupled with Government management calls for no focused long term direction.
Peers
News
Price @ blogged	582(25-Dec-10)
Cost of company	949 Cr for a FY10 NP of 108 Cr which is less than 9 times. For a Zero Debt company, this seems good. Esp because of the subsidiaries and partnerships