The Scottish Assam Unlisted Shares
About The Scottish Assam Unlisted Shares
Incorporated in 1977, The Scottish Assam (India) Limited owns the 950-hectare Heeleakah Tea Estate. Renowned for its premium-quality “Heeleakah” tea brand in Upper Assam, the company later launched “Dhopatbari”—a brand using bought leaf production—since 2012. Listed on the Calcutta Stock Exchange, the company is managed by a team of tea industry veterans focused on maintaining superior quality standards. Supported by skilled and experienced staff, the company continues to build long-term relationships with tea consumers.
Business Division
- Estate Operations: Direct tea cultivation and production at Heeleakah Tea Estate.
- Bought Leaf Production: Manufacturing teas under the “Dhopatbari” brand from externally sourced leaves.
- Branding & Distribution: Marketing and distribution of two flagship tea brands in domestic and select international markets.
Financial Highlights (FY21 to FY24)
- Revenue peaked at ₹39 Cr in FY23 but declined to ₹33 Cr in FY24 due to possible demand or operational challenges.
- Gross margins remained strong over the years, maintaining above 90%, indicating high production efficiency.
- EBITDA dropped significantly to negative ₹2 Cr in FY24, reflecting operational inefficiencies or rising costs.
- PAT increased to ₹12 Cr in FY24, driven by higher other income despite negative operating margins.
- EPS rebounded to ₹150 in FY24, showcasing improved net profits despite weaker core performance.
- Total assets rose steadily from ₹65.58 Cr in FY21 to ₹94 Cr in FY24, signaling expansion and investment.
- Reserves strengthened from ₹53.09 Cr to ₹79 Cr, boosting shareholder value and financial stability.
Pros
- Strong Brand Equity: “Heeleakah” and “Dhopatbari” are well-recognized in Assam’s tea industry.
- Stable Asset Base: Increasing asset and reserve figures reflect solid long-term positioning.
- High Gross Margins: Consistently strong margins signal efficient production and brand pricing power.
Cons
- Negative EBITDA in FY24: Indicates operational inefficiencies or rising input costs impacting profitability.
- Seasonal Production: Indian tea is seasonal, unlike African competitors with year-round output.
- High Employee Costs: 65%+ of total costs go to wages, reducing global competitiveness.
Key Details
| Share Name | Particulars |
|---|---|
| The Scottish Assam Unlisted | ₹1220 |
| Shares Price | Per Equity Share |
| Lot Size | 50 Shares |
| 52 Week High | ₹775 |
| 52 Week Low | ₹775 |
| Depository | NSDL & CDSL |
| PAN Number | AAACT9788P |
| ISIN Number | INE010G01018 |
| CIN | L01132WB1977PLC031175 |
| RTA | M/s. ABS Consultant |
| Fundamentals | Value |
|---|---|
| Market Cap (in ₹ Cr.) | 97.60 |
| P/E Ratio | 8.13 |
| P/B Ratio | 1.22 |
| Debt to Equity | 0.06 |
| ROE (%) | 15% |
| Book Value (₹) | 1001.19 |
| EPS (₹) | 150 |
| Face Value (₹) | 10 |
| Total Shares | 8,00,000 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 33 | 39 | 35.42 |
| Cost of Material Consumed | 1 | 3 | 1.24 |
| Gross Margins (%) | 96.97% | 92.31% | 96.50% |
| Change in Inventory | -1 | 0.6 | -0.74 |
| Employee Benefit Expenses | 22 | 20 | 18.48 |
| Other Expenses | 13 | 13 | 10.66 |
| EBITDA | -2 | 2.4 | 5.78 |
| Operating Profit Margin (OPM %) | -6.06% | 6.15% | 16.32% |
| Other Income | 17 | 3 | 7.51 |
| Finance Cost | 0.4 | 0.1 | 0.29 |
| Depreciation & Amortization (D&A) | 0.7 | 0.6 | 0.38 |
| EBIT | -2.7 | 1.8 | 5.4 |
| EBIT Margins (%) | -8.18% | 4.62% | 15.25% |
| PBT (Profit Before Tax) | 14 | 5 | 12.61 |
| PBT Margins (%) | 42.42% | 12.82% | 35.60% |
| Tax | 2 | 1 | 1.12 |
| PAT (Pr |
| Financial Ratios | FY24 | FY22 | FY23 |
|---|---|---|---|
| Operating Margin | 28% | 30% | 12% |
| Net Profit Margin | 24% | 27% | 9% |
| Return on Equity (ROE) | 15% | 18% | 6% |
| Debt-Equity Ratio | 0.06 | 0.06 | 0.09 |
| Current Ratio | 0.64 | 0.71 | 0.80 |
| Dividend Payout Ratio | 5% | 4% | 17% |
| Company | The Scottish Assam (India) Ltd | Diana Tea Company Ltd | Terai Tea Co Ltd |
|---|---|---|---|
| Market Cap (₹ Crores) | 62 | 47 | 93 |
| Profitability Margin (%) | 24.00% | 0.00% | 3.00% |
| ROCE (%) | 17.00% | 3.00% | 2.00% |
| ROE (%) | 15.00% | 0.00% | 1.00% |
| Debt-Equity Ratio | 0.06 | 0.59 | 0.20 |
| P/E Ratio | 5.15 | — | 6.31 |
| P/B Ratio | 0.77 | 0.64 | 0.55 |
| Book Value per Share (₹) | 1001.19 | 48.90 | 240.00 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 5.00 | 4.60 | 3.69 |
| CWIP | 0.00 | 0.50 | 0.44 |
| Investments | 81.50 | 66.00 | 63.88 |
| Trade Receivables | 0.60 | 0.30 | 0.27 |
| Inventory | 4.00 | 3.00 | 3.05 |
| Other Assets | 2.90 | 4.60 | 3.74 |
| Total Assets | 94.00 | 79.00 | 75.07 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 0.80 | 0.80 | 0.80 |
| Face Value (FV) | 10 | 10 | 10 |
| Reserves | 79.00 | 68.00 | 64.58 |
| Borrowings | 5.00 | 3.50 | 4.03 |
| Trade Payables | 1.30 | 1.00 | 0.71 |
| Other Liabilities | 7.90 | 5.70 | 4.95 |
| Total Liabilities | 94.00 | 79.00 | 75.07 |
Promoters or Management
| Name | Designation | Experience | LinkedIn Profile |
|---|---|---|---|
| Kartik Narayan Singh | Whole-time Director | 20+ | — |
| Manoj Sureka | CFO | 25+ | — |
| Dhirendra Kumar | Director | 30+ | — |
| Divya Jalan | Director | 20+ | — |
