Balmer Lawrie & Co. Ltd.

TM 

BLCL is in existence since 1867 when it was started as a 

partnership firm by two scotsmen. Today it is a diversified mini 

ratna under ministry of Petroleum & Natural Gas. Company is 

engaged in both manufacturing and service sectors and has five JVs 

in India & abroad. It has eight Strategic Business Units – Industrial Packaging, 

Greases & Lubricants, Performance Chemicals, Tours & Travel, Logistics 

Infrastructure, Logistics Services, Tea and Refinery & Oilfield Services, with 

offices spread across the country and abroad. It is market leader in Steel 

Barrels, Industrial Greases and Specialty Lubricants, Corporate Travel and 

Logistic services. In other areas also Company has significant presence. 

Company has been a consistent performer and has 32% market cap in the form 

of cash. ROE has been around 25% in the last seven years. Being PSU and cash 

rich, the management also has good dividend payment record. Dividend yield 

works out to 4.6% on the last payment of 280% - 26.7% payout. 

A CONSILIUM INFORES & ADVISORS INITIATIVE FOR BALANCE EQUITY BROKING (INDIA) PVT LTD

Balmer Lawrie & Co. Ltd. 

TM 

BSE SENSEX/S & P NIFTY 18631.1/5652.15 

Sector 

Diversified 

Market Cap./Free Float (` Crs.) 987.6/395 

Market Price as on 10/10/12 ` (FV ` 10/-) 605.9 

52 Week High/Low ` 650.50 / 463 

Equity Shares Outstanding (in Crs.) 1.63 

P/E Ratio (Times) (for FY ‘12) 5.7 

P/B (Times) (for FY ‘12) 1.3 

EV/EBITDA (Times) (for FY '12) 3.1 

ROE % (FY '12) 22.99 

Shareholding Pattern as on 

30/06/12 (%) 

Highlights 

u Company operates in diversified spectrum of industries. 

However, at the moment Logistics services & Infra, which forms 

only 20% of revenues, contributes about 60% of PBIT. 

u Company holds 32% of the market cap in the form of 

cash & cash equivalents and carries small debt in the books. 

u BLCL is available at ~ 5.7 x historical consolidated 

earnings and 5.8 x historical standalone earnings. In the last five 

years share has been moving between 5-8 x historical earnings 

except spikes on the upper and lower side depending on market 

conditions. 

u Consistent performance over past many years as well as 

reasonable valuations - 1.6 x BV (standalone) - for a company 

with ROE of around 25% makes company a safe and good bet for 

steady returns over a period of time. 

Share Price Performance 

Balmer Lawrie & Co. Ltd. is also available on www.balance-equity.co.in


TM 

Promoter 

GOI holds 59.7% in Balmer Lawrie Investments Ltd., which in turn holds 61.8% in BLCL. Company has invested ` 57.64 Crs. in subsidiaries 

and JVs. This is after providing for ` 32. 56 Crs. for diminution in the value of investments. 

World of Balmer Lawrie 



TM 

Industrial Packaging 

The division manufactures range of 165, 200 & 210 litre capacity mild steel drums and barrels and is the largest manufacturer of 

steel barrels. These containers are used for packaging, transport and storage. It has six manufacturing plants across the country. The 

customers include manufacturers of lubricating oil & greases, transformer oil, agrochemicals, fine chemicals, paint, food products, chemicals 

and bitumen. During FY ’12, the division achieved highest volume & value of sales ever, and increased its market share, while maintaining 

its lead position. 

However, the segment suffers from surplus capacity leading to depressed prices. Tender based supplies result in to wafer thin margins. 

The products also face competition from alternate products like plastic drums and intermediate bulk containers. Another factor causing 

concern is the steady escalation in input costs, especially steel and paint, which have cut in to the margins in the past. Sluggish demand from 

lubricant industry, which is single largest customer segment, is also impacting the division. Also, GOI’s proposal to reserve the purchase of 

steel drums and barrels by all government institutions and PSUs from MSME sector will restrict market available to the division. It is trying 

to establish long term contracts with private sector customers as a preferred supplier. Prices of Cold rolled sheet, the main input, although 

higher than previous year were stable during FY ’12. 

Indicative trends point to a slower growth in FY ’13, which can be partly due to slower economic growth. The division undertook 

equipment upgradation during FY ’12, which can have positive impact since production capacity has been further augmented. 

Divisionwise contribution ( ` Crs.) - June ‘12 

Division Revenues EBIT 

Industrial Packaging 132.93 10.78 

% to total 19.89 17.38 

Logistics Infra & services 132.61 36.79 

% to total 19.85 59.32 

Travels & Tours 287.59 7.35 

% to total 43.04 11.85 

Greases & Lubricants 94.67 6.77 

% to total 14.17 10.92 

Others 20.38 0.33 

% to total 3.05 0.53 



TM 

Greases & Lubricants 

The business of the division can be broadly divided into Processing Business & Direct Sales. The direct sale segment may be categorized 

into Industrial/ Institutional sales, Retail sales and Export. In the Institutional sales category, the major customers are Railways, 

Defense, Steel, Jute, Coal and Sponge Iron sectors. The processing business during FY ’12 has been down by around 12% compared to the 

previous year, largely because the PSU Oil Companies, who were traditionally using the Company’s grease manufacturing facility, have begun 

switching to their own facility. 

During FY ’12 the division maintained volume of its direct sales business. Sales volume under the ‘Balmerol’ brand was marginally 

higher in FY ’12 over the previous year. Severe price competition from the major players ( cross subsidization by some oil majors) and 

sharp rise in the cost of base oil & additives impacted the all-round performance of the division. However, it reported highest turnover with 

16% growth y-o-y. In Retail sector it posted a volume growth of 4%. Company is laying additional thrust on this sector through promotional 

campaigns etc. 

The Company operates as a specialist Indian lubrication company. The lubricant industry has become extremely competitive due 

to the dominant market position of the PSU Oil Companies and the MNCs especially in the automobile / retail lubricating oil segments, on 

account of their brand value and reach. 

The automotive lubricant market is highly price sensitive and volume growth is slow due to longer drain intervals of lubricants in 

view of upgraded version of engines in 4-wheeler & 2-wheeler segments. High interest rate and slow growth in economy has affected sale of 

vehicles which in turn have affected automotive lubricant industry. The continuous rise in base oil price has also impacted the industry. In 

fact, over the last one year, the base oil price has shot up by 20% and the increasing trend continues. Despite the challenges, the long-term 

outlook for the industry appears to be quite good because of vehicles growth in the economy. In the Industrial lubricating oils & grease 

segment, the Company has emerged as a significant player and this would, therefore, continue to be a focus area for the Company. 

Opportunities also exist in the area of development of ecofriendly biodegradable lubricants as also high-end innovative products 

using Company’s R & D capabilities. Using its own in-house R&D Centre, the Company has launched a number of specialty lubricants like 

rolling oils, expander oils, fire resistant hydraulic fluids, synthetic mould oils, specialty greases, etc. which find application in critical areas of 

the industry. Import substitution is also a strength area for the Company. 



TM 

Logistics 

The total market size of the Logistics industry in India is estimated at US$ 90 – $100 billion. Logistics industry includes transportation, 

warehousing, freight forwarding and value added services. The division operates in the freight forwarding and value added services, 

which account for about 13% of the total industry revenue. 

82% of freight forwarding business is estimated to be conducted through Ocean and only 18% through air. This opens a wide business 

avenue for the division in the Ocean sector. As the strength of the division lies essentially in interfacing with Government departments and 

in providing logistics solutions to PSUs, it is increasingly focusing on catering to the ocean import requirements. Enhanced focus on Ocean 

export has also yielded positive results, doubling the Ocean export business. The Company also sees vast opportunity in entering into the 

private sector. 

The division offers a comprehensive array of services including import consolidation by Air and Ocean, customs clearance at various 

air and sea ports, handling of projects cargo through multi-modal transportation, chartering of aircrafts and vessels besides providing express 

services. Air cargo handling and allied support services such as customs clearance and chartering continue to be the core revenue generator 

for the division. The overall growth in turnover/profit of the division from air freight and support services in FY ’12 was around 15%. 

The business has become extremely competitive largely because of low entry barriers in this industry. The Logistics industry 

continues to be highly fragmented despite frequent mergers and acquisitions taking place. Similarly, backward integration by the shipping 

lines have now brought them into direct competition for handling of Ocean cargo. 

Logistics Infrastructure (LI) 

The Logistics container market consists of three segments viz., Container Freight Station [CFS], Inland Container Depot [ICD] and 

Warehousing & Distribution [W&D]. The division currently operates three state-of-the-art CFSs located at Nava Sheva-Navi Mumbai, 

Chennai and Kolkata. These ports account for nearly 82% of the total containerized traffic at the major Indian ports. The SBU operates its 

W&D facility at Kolkata and Coimbatore. 

Ports in India handle approximately 70% of the EXIM trade by value and 82% by volume. Considering the low level of containerized 

traffic at major ports, there is ample scope for increase in volumes. India is witnessing major infrastructural development including 

development of new ports. However, rapid increase in CFSs and ICDs have led to creation of overcapacity in the industry. Uncertainty in 

global economic environment and weak local currency can impact EXIM trade in the current year. 



TM 

This division alongwith logistics division is the main profit earner for the Company. It operates at nearly 100% capacity against 

average capacity utilization of 60% for CFSs in India. During the year the SBU has embarked on major capacity expansion at all the existing 

three locations. LI recorded significant volume growth in FY ’12 over previous year, 94% of which was related to import trade. The competition 

in the industry has been aggravated by the increased entry of shipping lines in setting up their CFSs. Over-capacity in the industry, rising 

fuel cost and pricing pressure have lead to volatility in the flow of revenue. W & D activity has started focusing on retail & consumer durable 

sectors apart from bulk metal which has enabled it to report nominal profit. 

Tours & Travel (T & T) 

The business of the division comprises three segments viz., Domestic travel, International travel and Tours. T&T is one of the largest 

travel agencies in the country affiliated to the International Air Transport Association [IATA]. T&T is primarily dependent on the 

Aviation sector. The Indian aviation market is growing at a much faster pace than the global average – about 12% domestically and 8-9% 

internationally. However, of late, Aviation sector is facing major crises. The sector as a whole is not generating sustainable revenues, which 

one would associate with a large high-growth market. Nearly all domestic airlines on an annualized basis, have reported huge losses. 

The major clients of the Company are Government Departments and PSUs. Austerity measures introduced by government have 

depressed the overall sales to a large extent. Inspite of problems faced by airlines, silverline for the division is the fact that despite a 

slowdown in economic growth, International and Domestic Tourism has continued to show growth. It also expects to have excellent volume 

of business from Online Travel Portal which is being set up. The presence of an extensive network of offices providing comprehensive services 

and PSU status of the Company, are contributing to the strengthening of the volumes and the top-line. 

Despite abysmally low commissions and in case of some airlines, zero commission, competition in the travel & tours market is 

becoming progressively more intense with small operators offering deep discounts to customers. Another major concern area for the division 

is the deep financial problems faced by airlines. Large outstandings from various government departments increase the working capital 

requirements. Reduced seat capacity following problems faced by some airlines might slow down the growth in domestic travel. 



TM 

Performance Chemicals 

India’s export of Leather & Leather articles stood at US$ 4.5 billion in the FY ’12. India ranks as the fourth largest exporter of leather 

goods / garments. Focusing on footwear - accounts for 60% leather goods export in the world - India is the second largest manufacturer 

of footwear in the world albeit much lower than China which produces about 16% of the global output. 

Leather chemicals industry in India is dominated by MNCs, which hold 40% market share in ` 1500 Crs. market, which is growing 

consistently in tandem with increase in volumes of leather processing. However, market is fragmented and there is overcapacity resulting 

in to fierce competition. BLCL, has been able to retain its market share and increase its reach in to overseas market with product development 

skills. Prices of Paraffin Wax and other petroleum products – key raw materials - saw consistent increase in FY ’12, resulting in pressure 

on margins, as increased cost could not be passed on due to competition. The division plans to enter construction chemicals market having 

market size of ` 3000 Crs. 

Tea 

Division is engaged in blending and packaging of tea. India’s tea production during 2011 was about 988 million Kg up by about 23 

million Kg from the previous year mainly due to favourable weather conditions & rejuvenation of acreage by planting young tea plants. 

The volume of exports also improved from 185 million Kg in 2010 to about 193 million Kg in 2011. Domestic consumption stood at around 

856 million Kg and continued to grow at a rate of around 2% annually. Import of tea aggregated 19 million Kg. Strategically, the division is 

concentrating more on establishing its own brands through presence in various domestic markets, particularly in tier II & III cities, smaller 

towns and rural markets in WB and Jharkhand & has appointed distributors in these states and Maharashtra. It has also entered into a 

contract with major tea producer for meeting their blending and packing requirements. 

Refinery & Oil Field Services (ROFS) 

The Refinery & Oilfield Services portfolio consists of Mechanized Tank Sludge Cleaning & Hydrocarbon Recovery Services and also offers 

systems for prevention of vapour loss of petroleum products from storage tanks and other technology driven services. This is a nascent 

industry with a very limited number of players. ROFS enjoys market leadership in processing of oily sludge. Further growth opportunity 

exists in lagoon sludge cleaning business and this is expected to further intensify with the applicability of stringent pollution norms in the 

Oil industry. The market for composite repair is now in its nascent stage, but is expected to pick up with the increased awareness of users. 



TM 

Subsidiary/JV Companies 

Balmer Lawrie (UK) Ltd. (BLUK) – 100% 

BLUK has exited from its existing businesses and the proceeds are now being utilized in investment in new ventures. Accordingly, it has 

invested US $ 1.52 million in a JV called PT. Balmer Lawrie Indonesia (PTBLI) for 50% stake. PTBLI has commissioned its plant in 

Dec. ’11, to manufacture and market greases and other lubricants in Indonesia. Certain areas in the operations need improvement for better 

performance. 

AVI-OIL India Private Ltd. (AVI-OIL) – 25% 

The Company is engaged in blending lubricating oils, and reprocessing of greases and manufacture of synthetic ester base stocks. It 

reported gross revenues of ` 41 Crs. in FY ’12 as compared to ` 37 Crs. in previous year. In FY ’12 company also entered in to several 

long term rate contracts with major customers like Min. of Defense and Hindustan Aeronautics Ltd. etc. for supply of aviation lubricants. 

Balmer Lawrie-Van Leer Ltd. (BLVL) – 40% 

BLVL’s revenues went up by 8% in FY ’12 to ` 188.93 Crs. With the commencement of new facility at Dehradun, sales volume of Plastic 

Containers increased by 9% over the previous year. However, in quantitative terms, sale of steel drum closures was marginally impacted 

on account of lower export performance. During FY ’12, profit was significantly lower as against that of previous year. Profitability of plastic 

container too faced a set-back due to foreign exchange loss on imports of polymer and reduced production arising from acute power shortage 

in the Plastic Division at Chennai. The JV has taken several initiatives to step up efficiency at its manufacturing facilities to bolster performance 

in FY ’13. 



TM 

Transafe Services Limited (TSL) – 50% 

During FY ’12, TSL achieved marginally lower turnover of ` 75.53 Crs. and incurred a loss of ` 10.1 Crs. (loss of ` 16.2 Crs. in previous 

year). The JV suffered because of lower business in creative container division from oil & gas exploration companies and private rail 

operators. For FY ’13, TSL has shifted its focus to the logistics activities in order to step up its profitability. In line with the Corporate Debt 

Restructuring (CDR) mechanism approved by the bankers of TSL in Oct. ’10, TSL has repaid to the banks about 2.5% of the total long-term loan 

outstanding during FY ‘12.The CDR scheme envisages a ballooning repayment schedule under which ` 10 Crs. representing 6.5% of the loan, 

would become repayable by TSL in FY ’13. 

As per Auditor’s report, BLCL allowed its JV partner in TSL – ICICI Venture - to exit at a premium and it also arranged for funding 

for its exit and identified new JV partner. Investments totaling ` 37 Crs. in TSL by BLCL, is prejudicial to the interests of BLCL as per Auditor’s 

report. An accounting fraud was detected in TSL subsequent to BLCL increasing stake to 50% and exit of ICICI Venture. Apart from filing 

criminal cases against ex employees of TSL, BLCL has also filed a petition against ICICI venture for appropriate remedies. 

Balmer Lawrie (UAE) LLC (BLUAE) – 49% 

JV with HH Sheikh Hasher Maktoum of Dubai, BLUAE is engaged in manufacture of wide range of packaging media including steel 

A drums & kegs, plastic containers, tin cans etc. with plant located at Dubai. BLUAE achieved satisfactory performance in calendar 2011, 

but continued to face the effects of the recessionary conditions all around the world, difficult local market conditions, intense competition in 

certain product segments and customer expectations of lower prices during the year 2011. 

Balmer Lawrie Hind Terminals Pvt. Ltd. (BLHT) – 50% 

D 

uring the year under report BLCL entered into a 50:50 joint venture with Hind Terminals Pvt. Ltd., an Indian logistics solutions 

company, for the purpose of operating and maintaining a Container Freight Station (CFS), at Manali, Chennai (adjacent to its existing 

CFS). BLHT plans to commence operations in FY ’13. 



TM 

Financials 

Company has only one wholly owned subsidiary – BLUK. Rest of the businesses outside Company are held in JVs. Company’s share 

of revenues in subsidiary and JVs amounted to ` 387 Crs. in FY ’12, about 17% of standalone revenues. Net profit contribution from 

subsidiary and JVs is still lower at ` 3.57 Crs. – 2.1% of standalone net profit. 

Although Logistics Infra and services form only 20% of standalone revenues, they contribute ~ 60% of EBIT. The next biggest 

contributor to profits is Industrial packaging with 20% revenue share & 17% share in EBIT. Operating margins are better for June ’12 quarter 

(7.77%) as compared to FY ’12 (6.88%) , however, net margin was impacted by high tax provision inspite of higher other income. 

Performance of most of the divisions of the Company has high correlation with growth in economy and should improve with higher 

economy growth. 

Segment results 

Period Ended (`Crs.) FY '10 FY '11 FY '12 June '12 

Industrial Packaging 

Revenue 353.73 399.68 463.57 132.93 

EBIT 25.82 35.98 33.34 10.78 

EBIT Margin (%) 7.30 9.00 7.19 8.11 

Logistics Infra & Services 

Revenue 334.95 354.68 458.7 132.61 

EBIT 89.92 92.07 127.29 36.79 

EBIT Margin (%) 26.85 25.96 27.75 27.74 

Travel & Tours 

Revenue 608.54 870.72 923.7 287.59 

EBIT 24.03 36.06 29.8 7.35 

EBIT Margin (%) 3.95 4.14 3.23 2.56 

Greases & Lubricants 

Revenue 286.34 332.38 390.15 94.67 

EBIT 30.59 31.57 30.65 6.77 

EBIT Margin (%) 10.68 9.50 7.86 7.15 

Others 

Revenue 63.29 64.86 69.43 20.38 

EBIT -1.32 1.03 0.67 0.33 

EBIT Margin (%) -2.09 1.59 0.97 1.62 

Total Revenue 1646.85 2022.32 2305.55 668.18 

Total EBIT 169.04 196.71 221.75 62.02 

EBIT Margin (%) 10.26 9.73 9.62 9.28 



TM 

Comments 

u 

u 

u 

u 

Despite problems faced by lubricant division, Company sees good scope for business growth. The focus areas will be bio degradable 

and other value added specialty products for niche markets especially for steel and auto sectors. 

Low equity base, high cash position and long term relationships especially with government departments and other PSUs help 

Company in securing business. 

We are little skeptical about diversity of business interests. However, Company has been carrying on diverse businesses since long time. 

We see very little downside from the present levels given the earnings and return ratios. 

Consolidated Financial Results 

Year Ended (` Crs.) FY '10 FY '11 FY '12 

Income from Operations 2019.41 2387.08 2671.44 

Inc./Dec in stock & WIP -4.62 -12.67 -0.03 

Raw Materials 1483.89 1813.78 2036.69 

Purchase of goods 0.4 3.43 0.66 

Employee Cost 154.04 171.08 180.57 

Other Expenses 212.1 211.37 240.57 

Total Expenses 1845.81 2186.99 2458.46 

EBITDA 173.6 200.09 212.98 

EBITDA Margin (%) 8.60 8.38 7.97 

Depreciation 31.48 31.48 34.97 

Interest 23.75 24.24 23.01 

Tax 33.49 59.46 54.16 

Other Income 25.22 43.42 47.22 

Exceptional Items -3.96 15.33 26.30 

Net Profit 106.14 143.66 174.36 

Net Profit Margin (%) 5.26 6.02 6.53 

Equity Capital (FV ` 10/-) 16.29 16.29 16.29 

Equity Shares (in Crs.) 1.629 1.629 1.629 

Reserves 550.95 634.34 742.19 

EPS (`) 65.16 88.19 107.03 

Book Value (`) 348.2 399.4 465.6 

ROE (%) 18.71 22.08 22.99 

Standalone Financial Results 

Period Ended (` Crs.) FY '10 FY '11 FY '12 June '12 

Income from Operations 1638.02 2009.08 2284.07 664.31 

Inc./Dec in stock & WIP -5.3 -10.16 -0.13 1.16 

Raw Materials 1254.88 1589.75 1795.28 529.94 

Purchase of goods 1.5 3.19 0.33 0 

Employee Cost 118 131.14 140.82 36.92 

Other Expenses 136.37 138.28 190.73 44.66 

Total Expenses 1505.45 1852.2 2127.03 612.68 

EBITDA 132.57 156.88 157.04 51.63 

EBITDA Margin (%) 8.09 7.81 6.88 7.77 

Depreciation 11.61 12.13 15.18 3.8 

Interest 2.55 4.51 4.69 0.95 

Tax 35.69 59.95 52.2 20.03 

Other Income 34.57 40.8 53.1 18.78 

Exceptional Items 8.82 5.36 32.72 0 

Net Profit 126.11 126.45 170.79 45.63 

Net Profit Margin (%) 7.70 6.29 7.48 6.87 

Equity Capital (FV ` 10/-) 16.29 16.29 16.29 16.29 

Equity Shares (in Crs.) 1.629 1.629 1.629 1.629 

Reserves 445.67 517.55 602.62 

EPS (`) 77.42 77.62 104.84 28.01 

Book Value (`) 283.6 327.7 379.9 

ROE (%) 27.30 23.69 27.60 


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Tel: 91-22-28568600, Telefax: 91-22-28590918 

TM 

Balance Equity Broking (India) Pvt. Ltd 

209/10 Mittal Commercia, ‘C’ Wing off Andheri Kurla Road (M.V.Road) Marol 

Andheri (E) - Mumbai-59. www.balance-equity.co.in

Balmer Lawrie & Co. Ltd.

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