Pix Transmission Ltd

About

PIX Transmissions Ltd. is the leading manufacturer of Belts and related mechanical Power Transmission products in India. The Company features state-of-the-art Belt manufacturing units as well as an ultra-sophisticated, automated Rubber Mixing facility. [1]

Key Points

Product Portfolio
The company's product portfolio includes Industrial belts, agricultural belts, lawn & garden belts, Automotive belts, hi-power rated belts, power-ware products and various accessories as well. [1]
It products are used in various machinery and thus find applications in diverse industries viz. automotive, agriculture, ceramic, cold storage, food processing, domestic appliance, cement, machine tools, oil and gas, packaging, paper, pharmaceutical, steel, textile and many more. [2]

See full details
  • Market Cap 1,021 Cr.
  • Current Price 749
  • High / Low 930 / 137
  • Stock P/E 14.4
  • Book Value 214
  • Dividend Yield 0.67 %
  • ROCE 26.4 %
  • ROE 23.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 76.33% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 11.22% over past five years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72 74 75 70 72 79 77 55 95 103 119 98
61 60 59 56 59 65 63 41 64 75 88 72
Operating Profit 11 13 17 14 13 14 14 14 31 28 32 25
OPM % 16% 18% 22% 21% 18% 17% 19% 25% 32% 27% 27% 26%
Other Income 4 -1 1 1 2 2 3 2 1 2 1 2
Interest 3 3 3 3 3 3 3 2 2 2 2 2
Depreciation 4 4 4 4 4 4 6 5 5 5 5 5
Profit before tax 8 6 11 8 7 9 9 8 24 23 26 21
Tax % 28% 31% 29% 29% -2% 25% 24% 31% 26% 23% 26% 26%
Net Profit 6 4 8 6 8 7 7 6 18 18 20 16
EPS in Rs 4.48 3.05 5.54 4.35 5.57 4.87 4.89 4.22 13.34 12.93 14.38 11.52

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
164 214 211 226 187 196 208 223 239 276 283 354 416
127 175 166 187 155 161 174 178 184 218 227 247 299
Operating Profit 37 38 45 39 33 35 34 45 55 58 57 107 117
OPM % 22% 18% 21% 17% 17% 18% 16% 20% 23% 21% 20% 30% 28%
Other Income 0 10 2 140 4 3 3 6 5 7 7 4 6
Interest 19 22 26 20 17 20 18 16 14 12 12 9 8
Depreciation 15 20 20 13 13 12 12 12 14 15 19 20 20
Profit before tax 4 6 1 145 7 6 7 23 33 38 33 82 95
Tax % 81% 41% 22% 27% -14% 43% 45% 35% 34% 24% 20% 25%
Net Profit 1 4 1 107 8 3 4 15 21 29 27 61 71
EPS in Rs 0.59 2.82 0.48 78.19 5.60 2.53 2.69 10.97 15.76 20.95 19.68 44.87 52.17
Dividend Payout % 0% 27% 0% 6% 27% 39% 56% 18% 16% 13% 10% 11%
Compounded Sales Growth
10 Years: 5%
5 Years: 11%
3 Years: 14%
TTM: 47%
Compounded Profit Growth
10 Years: 33%
5 Years: 76%
3 Years: 42%
TTM: 167%
Stock Price CAGR
10 Years: 34%
5 Years: 68%
3 Years: 59%
1 Year: 421%
Return on Equity
10 Years: 11%
5 Years: 15%
3 Years: 17%
Last Year: 24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
23 24 24 18 14 14 14 14 14 14 14 14
Reserves 24 29 30 132 137 139 140 156 174 199 219 277
Borrowings 202 205 220 81 116 129 124 127 104 113 101 71
63 85 83 110 59 46 47 54 57 53 61 67
Total Liabilities 301 333 346 337 325 328 325 351 349 378 395 429
185 189 172 100 139 164 170 172 186 198 219 224
CWIP 0 4 0 15 7 0 6 5 0 10 0 0
Investments 2 2 2 1 16 14 15 24 12 9 8 5
114 138 172 220 164 150 133 151 151 161 168 199
Total Assets 301 333 346 337 325 328 325 351 349 378 395 429

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
44 44 29 141 31 33 56 28 32 45 50 36
-40 -28 -20 44 -58 -29 -25 -14 -13 -34 -27 -22
-5 -14 -8 -161 12 -7 -24 -14 -24 -10 -19 -17
Net Cash Flow -2 3 -0 24 -14 -3 7 -1 -6 2 4 -3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 79 72 74 96 109 111 106 114 114 103 107 94
Inventory Days 278 201 244 169 198 240 166 173 227 186 192 227
Days Payable 180 157 156 110 126 80 73 90 83 50 72 77
Cash Conversion Cycle 178 115 163 156 181 270 199 197 258 239 227 244
Working Capital Days 149 99 127 112 153 161 133 138 148 146 133 137
ROCE % 9% 11% 10% 13% 9% 9% 9% 13% 16% 16% 14% 26%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
61.12 61.12 61.18 61.21 61.30 61.54 61.56 61.64 61.68 61.73 61.73 61.76
0.00 0.81 1.35 1.35 1.43 1.43 1.43 1.04 0.00 0.00 0.05 0.05
0.02 0.01 0.02 0.02 0.05 0.02 0.02 0.01 0.02 0.02 0.01 0.03
38.86 38.05 37.45 37.42 37.22 37.02 36.99 37.31 38.31 38.26 38.21 38.16

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