Nifty

:

24213.30

Sensex

:

79476.63

217.95 (0.91%)
694.39 (0.88%)

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Nifty
Sensex

:
:

24213.30
79476.63

217.95 (0.91%)
694.39 (0.88%)

Cenlub Industries Ltd.

Engineering - Industrial Equipments

Rating :

N/A

BSE: 522251 | NSE: Not Listed

Watchlist

NSE BSE

584.7

05-Nov-2024

Open
High
Low
Previous Close

570
594.8
555
562.35

Volume
Traded Value (lacs)
52 Week High
52 Week Low

11448
6569107
652.00
280.10

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

276.98
26.68
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

277.27
N/A
4.55

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

9.14
12.87
10.91

EBITDA CAGR (%)

10 Years
5 Years
3 Years

12.79
25.43
6.80

PAT CAGR (%)

10 Years
5 Years
3 Years

22.38
26.58
8.62

P:E (Median)

8 Years
5 Years
3 Years

9.03
9.32
12.58

P:BV (Average)

8 Years
5 Years
3 Years

1.87
1.87
2.49

EV:EBITDA (Average)

8 Years
5 Years
3 Years

6.79
7.99
10.53

Quarterly Results

Standalone Figures in Rs. Crores /

Consolidated

Description Jun 24 Jun 23 Var% Mar 24 Mar 23 Var% Dec 23 Dec 22 Var% Sep 23 Sep 22 Var%
Net Sales 19.09 12.21 56.35% 19.81 11.13 77.99% 20.14 15.62 28.94% 19.36 14.35 34.91%
Expenses 15.97 10.04 59.06% 16.95 11.14 52.15% 16.79 10.98 52.91% 15.54 12.00 29.50%
EBITDA 3.12 2.17 43.78% 2.86 -0.01 - 3.35 4.63 -27.65% 3.82 2.34 63.25%
EBIDTM 16.35% 17.78% 14.44% -0.07% 16.63% 29.67% 19.73% 16.34%
Other Income 0.38 0.12 216.67% 0.50 0.50 0.00% 0.36 0.29 24.14% 0.27 0.13 107.69%
Interest 0.05 0.11 -54.55% 0.10 0.03 233.33% 0.07 0.03 133.33% 0.13 0.09 44.44%
Depreciation 0.17 0.20 -15.00% 0.22 0.11 100.00% 0.23 0.13 76.92% 0.18 0.37 -51.35%
PBT 3.28 1.98 65.66% 3.04 0.36 744.44% 3.41 4.76 -28.36% 3.78 2.02 87.13%
Tax 0.83 0.50 66.00% 0.93 0.16 481.25% 0.97 1.22 -20.49% 0.84 0.51 64.71%
PAT 2.46 1.48 66.22% 2.11 0.21 904.76% 2.44 3.54 -31.07% 2.94 1.51 94.70%
PATM 12.86% 12.14% 10.65% 1.86% 12.10% 22.69% 15.21% 10.52%
EPS 5.22 3.16 65.19% 4.49 0.44 920.45% 5.19 7.54 -31.17% 6.26 3.21 95.02%

Description Jun 24 Jun 23 Var% Mar 24 Mar 23 Var% Dec 23 Dec 22 Var% Sep 23 Sep 22 Var%
Net Sales 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Expenses 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
EBITDA 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
EBIDTM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Income 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Interest 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Depreciation 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PBT 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
Tax 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PAT 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0
PATM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EPS 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0 0.00 0.00 0

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Net Sales 78.40 71.52 53.93 52.42 40.96 39.05 48.10 37.11 35.66 31.34 29.82 Net Sales Growth 47.06% 32.62% 2.88% 27.98% 4.89% -18.81% 29.61% 4.07% 13.78% 5.10% Cost Of Goods Sold 43.35 39.14 27.79 27.14 22.21 20.32 27.31 20.10 19.40 17.85 16.92 Gross Profit 35.05 32.38 26.14 25.28 18.75 18.72 20.79 17.01 16.26 13.49 12.89 GP Margin 44.71% 45.27% 48.47% 48.23% 45.78% 47.94% 43.22% 45.84% 45.60% 43.04% 43.23% Total Expenditure 65.25 59.32 45.10 43.64 34.54 35.12 40.14 31.38 30.66 28.09 26.16 Power & Fuel Cost - 0.44 0.36 0.36 0.36 0.37 0.44 0.36 0.41 0.32 0.33 % Of Sales - 0.62% 0.67% 0.69% 0.88% 0.95% 0.91% 0.97% 1.15% 1.02% 1.11% Employee Cost - 11.46 9.65 8.80 7.34 9.04 7.95 7.00 6.08 5.32 5.30 % Of Sales - 16.02% 17.89% 16.79% 17.92% 23.15% 16.53% 18.86% 17.05% 16.98% 17.77% Manufacturing Exp. - 3.15 2.59 2.55 1.99 2.09 1.95 1.19 1.78 1.36 1.41 % Of Sales - 4.40% 4.80% 4.86% 4.86% 5.35% 4.05% 3.21% 4.99% 4.34% 4.73% General & Admin Exp. - 3.47 3.42 3.32 1.57 1.88 1.51 1.56 1.48 1.62 0.99 % Of Sales - 4.85% 6.34% 6.33% 3.83% 4.81% 3.14% 4.20% 4.15% 5.17% 3.32% Selling & Distn. Exp. - 0.52 0.46 0.93 0.56 0.75 0.50 0.54 0.78 0.76 0.63 % Of Sales - 0.73% 0.85% 1.77% 1.37% 1.92% 1.04% 1.46% 2.19% 2.43% 2.11% Miscellaneous Exp. - 1.15 0.82 0.54 0.52 0.65 0.49 0.63 0.74 0.86 0.63 % Of Sales - 1.61% 1.52% 1.03% 1.27% 1.66% 1.02% 1.70% 2.08% 2.74% 1.88% EBITDA 13.15 12.20 8.83 8.78 6.42 3.93 7.96 5.73 5.00 3.25 3.66 EBITDA Margin 16.77% 17.06% 16.37% 16.75% 15.67% 10.06% 16.55% 15.44% 14.02% 10.37% 12.27% Other Income 1.51 1.25 1.27 1.40 1.37 2.21 1.45 1.01 0.93 0.73 0.52 Interest 0.35 0.41 0.26 0.59 1.07 1.10 1.22 1.21 1.81 1.90 2.01 Depreciation 0.80 0.83 0.80 0.92 0.96 0.97 1.01 0.78 0.75 0.55 0.40 PBT 13.51 12.21 9.03 8.67 5.76 4.07 7.19 4.75 3.37 1.53 1.76 Tax 3.57 3.24 2.37 1.66 1.75 1.31 2.25 1.27 1.18 0.53 0.57 Tax Rate 26.42% 26.54% 26.25% 19.15% 30.38% 32.19% 31.29% 26.74% 35.01% 34.64% 32.39% PAT 9.95 8.97 6.67 7.00 4.01 2.76 4.94 3.48 2.19 1.00 1.19 PAT before Minority Interest 9.95 8.97 6.67 7.00 4.01 2.76 4.94 3.48 2.19 1.00 1.19 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 12.69% 12.54% 12.37% 13.35% 9.79% 7.07% 10.27% 9.38% 6.14% 3.19% 3.99% PAT Growth 47.63% 34.48% -4.71% 74.56% 45.29% -44.13% 41.95% 58.90% 119.00% -15.97% EPS 21.17 19.09 14.19 14.89 8.53 5.87 10.51 7.40 4.66 2.13 2.53

Description TTM Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Net Sales - 35.53 31.34 29.82 25.49 33.24 35.58 Net Sales Growth - 13.37% 5.10% 16.99% -23.32% -6.58% Cost Of Goods Sold - 20.41 17.85 16.92 14.80 19.15 21.97 Gross Profit - 15.12 13.49 12.89 10.69 14.09 13.62 GP Margin - 42.56% 43.04% 43.23% 41.94% 42.39% 38.28% Total Expenditure - 30.71 27.50 26.16 23.27 28.68 31.04 Power & Fuel Cost - 0.32 0.32 0.33 0.26 0.36 0.28 % Of Sales - 0.90% 1.02% 1.11% 1.02% 1.08% 0.79% Employee Cost - 5.55 5.32 5.30 4.35 4.55 4.34 % Of Sales - 15.62% 16.98% 17.77% 17.07% 13.69% 12.20% Manufacturing Exp. - 1.69 1.43 1.41 1.58 1.55 1.71 % Of Sales - 4.76% 4.56% 4.73% 6.20% 4.66% 4.81% General & Admin Exp. - 0.95 0.97 1.00 0.99 1.32 1.33 % Of Sales - 2.67% 3.10% 3.35% 3.88% 3.97% 3.74% Selling & Distn. Exp. - 0.74 0.76 0.63 0.71 0.96 0.68 % Of Sales - 2.08% 2.43% 2.11% 2.79% 2.89% 1.91% Miscellaneous Exp. - 1.04 0.86 0.56 0.59 0.79 0.73 % Of Sales - 2.93% 2.74% 1.88% 2.31% 2.38% 2.05% EBITDA - 4.82 3.84 3.66 2.22 4.56 4.54 EBITDA Margin - 13.57% 12.25% 12.27% 8.71% 13.72% 12.76% Other Income - 0.55 0.41 0.52 0.58 0.43 0.64 Interest - 1.81 2.16 2.01 1.98 1.40 1.17 Depreciation - 0.72 0.55 0.40 0.40 0.36 0.31 PBT - 2.84 1.54 1.76 0.41 3.23 3.71 Tax - 1.09 0.53 0.57 0.13 1.01 1.16 Tax Rate - 38.38% 34.42% 32.39% 31.71% 31.27% 31.27% PAT - 1.75 1.00 1.19 0.28 2.22 2.54 PAT before Minority Interest - 1.75 1.00 1.19 0.28 2.22 2.54 Minority Interest - 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin - 4.93% 3.19% 3.99% 1.10% 6.68% 7.14% PAT Growth - 75.00% -15.97% 325.00% -87.39% -12.60% EPS - 3.72 2.13 2.53 0.60 4.72 5.40

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Shareholder's Funds 55.92 47.23 40.55 33.55 29.43 28.21 23.32 19.82 16.11 15.05 Share Capital 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.66 4.12 4.12 Total Reserves 51.25 42.57 35.88 28.89 24.77 23.55 18.65 15.16 11.99 10.93 Non-Current Liabilities 1.66 1.38 2.17 4.60 3.89 4.80 5.43 8.09 3.05 5.10 Secured Loans 0.02 0.11 0.83 2.68 2.22 3.40 4.33 6.90 1.84 3.92 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.23 0.00 0.10 Long Term Provisions 0.97 0.77 0.94 0.92 1.03 0.96 0.89 0.76 0.93 0.81 Current Liabilities 20.07 14.11 16.83 17.76 20.67 19.30 16.81 18.45 17.81 18.11 Trade Payables 7.59 6.93 7.98 7.07 7.20 7.54 6.89 5.99 6.54 4.78 Other Current Liabilities 7.21 1.39 2.81 5.59 4.16 4.86 3.38 1.76 1.06 2.86 Short Term Borrowings 4.14 4.68 5.07 3.62 8.07 5.18 5.26 9.21 9.21 9.99 Short Term Provisions 1.13 1.11 0.97 1.49 1.24 1.72 1.28 1.49 1.00 0.48 Total Liabilities 77.65 62.72 59.55 55.91 53.99 52.31 45.56 46.36 36.97 38.26 Net Block 15.65 18.00 17.62 18.31 18.88 19.10 17.28 18.88 9.86 6.88 Gross Block 24.94 26.81 25.53 25.77 25.41 24.83 22.45 23.67 13.59 10.15 Accumulated Depreciation 9.29 8.81 7.92 7.46 6.53 5.73 5.17 4.78 3.73 3.27 Non Current Assets 54.16 39.29 30.10 27.46 25.91 26.20 21.18 22.43 14.23 20.09 Capital Work in Progress 0.00 0.00 0.00 0.00 0.00 0.00 0.32 0.27 0.00 0.00 Non Current Investment 0.00 0.00 0.00 0.06 1.80 1.82 1.77 1.69 1.60 4.56 Long Term Loans & Adv. 10.09 9.31 1.76 0.86 1.12 1.34 0.73 0.74 2.78 8.65 Other Non Current Assets 26.64 10.22 8.95 6.46 4.12 3.93 1.09 0.85 0.00 0.00 Current Assets 23.48 23.43 29.45 28.46 28.08 26.12 24.37 23.92 22.74 18.17 Current Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 9.16 5.58 3.31 1.61 4.84 3.62 5.19 5.19 6.14 5.70 Sundry Debtors 9.54 12.45 16.97 17.14 12.53 12.91 10.65 10.54 8.23 6.69 Cash & Bank 3.95 4.25 8.11 8.96 9.66 8.67 7.73 7.36 7.27 4.82 Other Current Assets 0.82 0.43 0.20 0.23 1.06 0.92 0.81 0.84 1.10 0.95 Short Term Loans & Adv. 0.45 0.73 0.86 0.52 0.83 0.63 0.70 0.71 0.41 0.40 Net Current Assets 3.41 9.32 12.62 10.69 7.41 6.82 7.56 5.48 4.93 0.06 Total Assets 77.64 62.72 59.55 55.92 53.99 52.32 45.55 46.35 36.97 38.26

Description Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Shareholder's Funds 17.84 16.09 15.02 13.83 13.55 11.33 Share Capital 4.12 4.12 4.12 4.12 4.12 4.12 Total Reserves 13.72 11.97 10.90 9.71 9.43 7.21 Non-Current Liabilities 7.96 9.20 5.10 5.03 4.42 3.50 Secured Loans 6.90 7.99 3.92 3.42 3.50 2.17 Unsecured Loans 0.00 0.00 0.10 0.65 0.03 0.49 Long Term Provisions 0.81 0.93 0.81 0.78 0.74 0.66 Current Liabilities 18.54 17.63 18.15 16.84 14.03 15.76 Trade Payables 6.58 6.63 4.82 4.75 3.66 5.90 Other Current Liabilities 1.43 1.07 2.86 2.34 1.62 1.82 Short Term Borrowings 9.21 9.21 9.99 9.28 8.22 6.46 Short Term Provisions 1.32 0.71 0.48 0.47 0.53 1.59 Total Liabilities 44.34 42.92 38.27 35.70 32.00 30.59 Net Block 17.68 18.15 15.17 13.93 13.41 6.77 Gross Block 22.22 22.00 18.56 17.03 16.13 9.16 Accumulated Depreciation 4.54 3.85 3.40 3.10 2.72 2.38 Non Current Assets 19.78 20.10 20.06 15.28 14.33 10.29 Capital Work in Progress 0.00 0.00 0.00 0.00 0.00 2.61 Non Current Investment 1.68 1.59 4.55 1.03 0.65 0.50 Long Term Loans & Adv. 0.42 0.36 0.34 0.31 0.27 0.41 Other Non Current Assets 0.00 0.00 0.00 0.00 0.00 0.00 Current Assets 24.56 22.82 18.21 20.43 17.67 20.30 Current Investments 0.00 0.00 0.00 0.00 0.00 0.17 Inventories 5.05 6.14 5.70 4.95 2.91 4.67 Sundry Debtors 10.45 8.23 6.69 7.32 8.10 9.08 Cash & Bank 8.31 7.28 4.84 7.19 5.72 5.25 Other Current Assets 0.76 0.69 0.57 0.53 0.94 1.13 Short Term Loans & Adv. 0.34 0.48 0.40 0.43 0.41 0.29 Net Current Assets 6.02 5.19 0.06 3.59 3.65 4.54 Total Assets 44.34 42.92 38.27 35.71 32.00 30.59

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Cash From Operating Activity 14.93 6.35 2.77 5.90 0.62 7.50 6.73 3.51 1.35 3.78 PBT 12.21 9.03 8.67 5.76 4.07 7.19 4.75 3.37 1.53 1.76 Adjustment -0.27 -0.10 0.58 1.10 0.11 0.60 0.89 1.56 1.73 1.91 Changes in Working Capital 6.07 -0.35 -4.22 0.16 -2.57 1.42 2.22 -0.55 -1.40 0.60 Cash after chg. in Working capital 18.00 8.59 5.03 7.02 1.61 9.20 7.86 4.39 1.86 4.27 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -3.07 -2.23 -2.27 -1.12 -0.99 -1.70 -1.12 -0.88 -0.51 -0.48 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -16.22 -2.61 -1.50 -1.30 0.33 -5.20 0.72 -0.33 5.96 -4.78 Net Fixed Assets 1.87 -1.28 0.24 -0.36 -0.58 -2.06 1.17 -10.35 -3.44 -1.48 Net Investments 0.00 0.00 0.06 1.74 0.02 -0.05 -0.08 -0.09 2.96 -3.52 Others -18.09 -1.33 -1.80 -2.68 0.89 -3.09 -0.37 10.11 6.44 0.22 Cash from Financing Activity -0.71 -1.24 -0.94 -5.03 -0.84 -2.05 -7.86 -2.57 -4.86 -1.36 Net Cash Inflow / Outflow -2.00 2.50 0.33 -0.42 0.11 0.25 -0.40 0.61 2.45 -2.36 Opening Cash & Equivalents 3.65 1.15 0.82 1.25 1.13 0.89 1.29 0.67 4.82 7.18 Closing Cash & Equivalent 1.65 3.65 1.15 0.82 1.25 1.13 0.89 1.29 7.27 4.82

Description Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Cash From Operating Activity 3.40 1.71 3.77 2.78 3.35 4.46 PBT 2.84 1.54 1.76 0.41 3.23 3.73 Adjustment 2.10 2.31 1.91 1.88 1.38 0.76 Changes in Working Capital -0.42 -1.62 0.59 0.58 -0.22 1.14 Cash after chg. in Working capital 4.52 2.23 4.25 2.87 4.39 5.64 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -1.12 -0.52 -0.48 -0.09 -1.04 -1.17 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity 0.53 -0.30 -4.75 -0.93 -3.76 -5.14 Net Fixed Assets -10.35 -3.44 -1.48 -1.13 -1.17 Net Investments -0.09 2.96 -3.52 -0.38 0.02 Others 10.97 0.18 0.25 0.58 -2.61 Cash from Financing Activity -2.90 1.03 -1.36 -0.38 0.88 1.71 Net Cash Inflow / Outflow 1.03 2.43 -2.35 1.47 0.47 1.04 Opening Cash & Equivalents 7.28 4.84 7.19 5.72 5.25 4.21 Closing Cash & Equivalent 8.31 7.28 4.84 7.19 5.72 5.25

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Book Value (Rs.) 119.92 101.30 86.96 71.95 63.12 60.51 50.00 42.51 39.11 36.53 ROA 12.78% 10.90% 12.13% 7.30% 5.20% 10.10% 7.58% 5.25% 2.66% 3.21% ROE 17.40% 15.19% 18.90% 12.74% 9.59% 19.18% 16.14% 12.18% 6.42% 8.22% ROCE 22.47% 18.83% 21.00% 16.37% 12.88% 23.22% 16.86% 16.16% 11.84% 12.90% Fixed Asset Turnover 2.76 2.06 2.04 1.60 1.55 2.04 1.64 2.10 2.64 3.17 Receivable days 56.11 99.56 118.75 132.15 118.89 89.39 102.48 87.37 86.91 85.77 Inventory Days 37.61 30.08 17.15 28.76 39.56 33.42 50.17 52.72 68.97 65.24 Payable days 67.72 97.88 101.15 117.27 132.34 66.88 78.56 78.19 78.88 69.15 Cash Conversion Cycle 26.00 31.76 34.75 43.64 26.11 55.93 74.10 61.89 77.00 81.85 Total Debt/Equity 0.08 0.10 0.15 0.24 0.42 0.36 0.46 0.85 0.71 1.02 Interest Cover 31.07 35.44 15.74 6.39 4.69 6.90 4.94 2.86 1.81 1.87

Description Mar 17 Mar 16 Mar 15 Mar 14 Mar 13 Mar 12
Book Value (Rs.) 43.29 39.05 36.46 33.58 32.89 27.51 ROA 4.01% 2.48% 3.20% 0.84% 7.09% 8.32% ROE 10.31% 6.46% 8.22% 2.07% 17.83% 22.45% ROCE 13.71% 11.55% 12.90% 8.81% 19.37% 22.54% Fixed Asset Turnover 1.61 1.55 1.68 1.54 2.63 3.88 Receivable days 95.93 86.93 85.78 110.41 94.34 93.18 Inventory Days 57.47 68.97 65.24 56.30 41.60 47.90 Payable days 81.78 79.61 69.78 69.39 64.74 73.67 Cash Conversion Cycle 71.62 76.29 81.24 97.33 71.20 67.41 Total Debt/Equity 0.92 1.09 1.02 1.03 0.93 0.91 Interest Cover 2.57 1.71 1.87 1.21 3.30 4.16

Top Investors:

investor education and protection fund (iepf)

shyam sunder gupta

varsha sharad shah

Annual Reports:

News Update:

Cenlub Inds - Quarterly Results
12th Aug 2024, 18:03 PM

Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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