Force Motors Ltd

Force Motors is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV), Sports Utility Vehicles (SUV) and Agricultural Tractors.

Pros:
Company is virtually debt free.
Stock is trading at 0.86 times its book value
Cons:
The company has delivered a poor growth of 11.70% over past five years.
Company has a low return on equity of 10.67% for last 3 years.
Company might be capitalizing the interest cost
Dividend payout has been low at 7.89% of profits over last 3 years

Peer Comparison Sector: Automobile // Industry: Automobiles - LCVs / HCVs

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
753 849 629 838 744 893 750 1,041 890 881 824 1,061
681 774 600 746 707 813 704 931 810 808 768 988
Operating Profit 72 75 29 92 37 80 45 110 80 74 55 73
OPM % 10% 9% 5% 11% 5% 9% 6% 11% 9% 8% 7% 7%
Other Income 18 20 24 24 28 9 10 16 11 14 23 29
Interest 1 1 1 3 3 1 1 2 1 0 6 8
Depreciation 25 26 27 34 31 32 33 34 34 35 40 42
Profit before tax 63 68 25 79 31 56 22 91 56 52 32 52
Tax % 19% 26% 6% 30% 4% 26% 33% 33% 28% 24% 16% 25%
Net Profit 51 50 23 55 30 42 15 61 41 40 27 39
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
976 906 750 956 1,565 2,085 1,973 2,022 2,364 3,025 3,069 3,430 3,656
1,046 978 850 951 1,420 1,964 1,919 1,925 2,217 2,751 2,801 3,155 3,374
Operating Profit -70 -73 -100 5 144 122 54 97 147 274 268 275 282
OPM % -7% -8% -13% 1% 9% 6% 3% 5% 6% 9% 9% 8% 8%
Other Income 93 65 367 96 6 985 44 60 66 71 86 61 78
Interest 20 35 35 17 23 35 8 9 7 5 6 7 15
Depreciation 41 39 42 42 45 60 70 85 81 92 113 129 151
Profit before tax -39 -81 190 43 82 1,011 19 63 125 248 235 200 194
Tax % 3% -3% 34% -41% 28% 18% 25% -24% 19% 28% 23% 27%
Net Profit -37 -84 125 60 59 824 14 78 101 179 180 147 147
EPS in Rs 0.00 0.00 94.51 45.33 43.66 623.87 10.32 58.44 75.89 135.61 136.51 111.49
Dividend Payout % -0% -0% 0% 7% 11% 2% 28% 5% 6% 7% 7% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.25%
5 Years:11.70%
3 Years:13.22%
TTM:6.66%
Compounded Profit Growth
10 Years:%
5 Years:59.29%
3 Years:12.77%
TTM:0.16%
Return on Equity
10 Years:7.51%
5 Years:9.46%
3 Years:10.67%
Last Year:8.38%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 173 90 214 270 321 1,130 1,140 1,213 1,304 1,474 1,652 1,786 1,922
Borrowings 249 366 161 148 247 60 42 53 21 14 200 0 256
400 432 385 379 484 478 531 527 668 814 855 881 645
Total Liabilities 836 901 773 810 1,066 1,681 1,726 1,806 2,005 2,315 2,721 2,680 2,836
255 286 289 284 393 451 622 643 638 786 911 948 1,455
CWIP 43 35 20 12 14 93 189 206 240 205 220 369 133
Investments 73 73 57 57 57 1 1 1 1 15 10 11 28
466 508 407 457 602 1,136 914 955 1,127 1,310 1,579 1,352 1,220
Total Assets 836 901 773 810 1,066 1,681 1,726 1,806 2,005 2,315 2,721 2,680 2,836

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
26 -33 -34 59 74 -139 83 116 226 256 471 256
-27 -52 277 -20 -158 815 -304 -100 -96 -210 -621 -81
6 84 -243 -30 73 -228 -16 -30 -45 -37 180 -223
Net Cash Flow 4 -1 -1 9 -11 447 -237 -14 85 9 30 -47

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % -14% -10% -19% 14% 21% 10% 2% 6% 10% 18% 14% 11%
Debtor Days 45 50 60 57 38 27 20 24 17 18 14 26
Inventory Turnover 4.67 4.07 3.44 4.91 6.20 6.19 5.30 5.33 6.14 6.44 6.23 7.50