Automobile Corporation Of Goa Ltd

Automobile Corporation Of Goa Ltd

₹ 2,147 -0.55%
19 Apr - close price
About

Automobile Corporation of Goa Ltd. was the first major engineering unit to be set up in Goa, it was jointly promoted in 1980 by Tata Motors Ltd, and EDC Ltd. The company manufactures Sheet metal components, assemblies and bus coaches at its factories. The co. is supplier of pressings and assemblies to Tata Motors' Pune factory. The Company is engaged in the business of manufacture and sale of sheet metal fabricated parts having automobile application to Tata Cummins Private Limited.[1][2]

Key Points

Business segments FY22
Bus Body Segment (77%): In FY 2021-22, product sales revenue in the bus segment climbed by 181% to Rs. 217 crores from Rs. 77 crores in FY 2020-21.
Pressings segment (23%): Capacity utilization drives the profitability in this segment.
This segment's product sales revenue improved from Rs. 38 crores in FY 21 to Rs. 64 crores in the current fiscal year.[1] [2]

  • Market Cap 1,307 Cr.
  • Current Price 2,147
  • High / Low 2,300 / 770
  • Stock P/E 37.2
  • Book Value 333
  • Dividend Yield 0.81 %
  • ROCE 14.3 %
  • ROE 14.1 %
  • Face Value 10.0

Pros

  • Debtor days have improved from 75.7 to 58.5 days.
  • Company's working capital requirements have reduced from 228 days to 132 days

Cons

  • Stock is trading at 6.45 times its book value
  • The company has delivered a poor sales growth of 0.68% over past five years.
  • Company has a low return on equity of 4.29% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -6.66%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
35.24 46.24 38.19 52.66 76.05 114.87 141.69 139.47 87.73 137.34 150.99 124.10 139.87
37.47 50.74 43.51 55.79 71.35 104.05 131.51 131.97 83.59 128.18 138.69 115.73 128.63
Operating Profit -2.23 -4.50 -5.32 -3.13 4.70 10.82 10.18 7.50 4.14 9.16 12.30 8.37 11.24
OPM % -6.33% -9.73% -13.93% -5.94% 6.18% 9.42% 7.18% 5.38% 4.72% 6.67% 8.15% 6.74% 8.04%
3.19 2.48 2.11 2.38 1.15 -4.29 2.39 4.06 2.44 2.01 2.37 2.91 3.02
Interest 0.02 0.02 0.03 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.02
Depreciation 1.29 1.26 1.26 1.27 1.25 1.19 1.16 1.17 1.18 1.17 1.19 1.16 1.13
Profit before tax -0.35 -3.30 -4.50 -2.04 4.57 5.32 11.39 10.37 5.38 9.98 13.46 10.09 13.11
Tax % 2.86% 17.27% 24.89% 24.02% 25.38% 6.58% 27.22% 25.36% 23.79% 22.65% 24.96% 24.88% 25.40%
-0.35 -2.72 -3.38 -1.55 3.41 4.97 8.28 7.73 4.10 7.73 10.10 7.58 9.78
EPS in Rs -0.57 -4.47 -5.55 -2.55 5.60 8.16 13.60 12.70 6.73 12.70 16.59 12.45 16.06
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
333 263 303 395 417 467 489 426 333 116 282 506 552
299 243 279 377 392 437 461 395 323 137 275 475 511
Operating Profit 33 20 24 18 25 30 29 31 10 -22 7 31 41
OPM % 10% 8% 8% 5% 6% 7% 6% 7% 3% -19% 3% 6% 7%
8 9 8 7 7 8 10 6 9 10 1 11 10
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 1 5 6 5 5 5 5 5 5 5
Profit before tax 37 23 27 24 26 32 33 32 13 -16 3 37 47
Tax % 32% 33% 34% 35% 35% 35% 39% 34% 25% 23% -3% 25%
25 16 17 15 17 21 20 21 10 -13 3 28 35
EPS in Rs 38.67 24.34 27.22 23.76 26.40 32.67 31.39 32.48 16.36 -20.55 5.65 45.74 57.80
Dividend Payout % 39% 51% 55% 63% 57% 54% 56% 54% 61% 0% 0% 38%
Compounded Sales Growth
10 Years: 7%
5 Years: 1%
3 Years: 15%
TTM: 14%
Compounded Profit Growth
10 Years: 5%
5 Years: 6%
3 Years: 33%
TTM: 24%
Stock Price CAGR
10 Years: 23%
5 Years: 30%
3 Years: 76%
1 Year: 167%
Return on Equity
10 Years: 8%
5 Years: 6%
3 Years: 4%
Last Year: 14%

Balance Sheet

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 152 158 164 168 183 190 197 204 175 161 163 188 196
3 4 2 4 3 2 6 0 1 17 43 72 44
105 58 66 102 85 100 101 90 77 50 74 70 76
Total Liabilities 267 227 240 281 277 299 311 300 260 234 286 336 322
53 59 63 69 67 63 59 56 60 55 50 49 49
CWIP 4 4 4 12 8 8 8 7 0 0 0 0 0
Investments 0 0 0 0 0 0 3 7 6 9 11 0 0
210 164 172 199 202 228 240 230 194 170 225 287 273
Total Assets 267 227 240 281 277 299 311 300 260 234 286 336 322

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
17 23 10 1 31 19 40 -5 21 -20 -29 -4
-30 -7 -5 9 -19 -5 -29 26 25 -3 9 -29
-12 -11 -11 -10 -12 -14 -10 -20 -39 14 25 28
Net Cash Flow -25 6 -6 -0 0 0 0 2 8 -10 6 -5

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 72 63 48 50 40 43 43 58 54 75 93 58
Inventory Days 42 41 46 40 43 63 52 62 66 192 72 52
Days Payable 134 71 72 90 78 90 79 81 91 166 101 52
Cash Conversion Cycle -20 33 22 -0 5 16 17 39 29 102 65 58
Working Capital Days 115 75 124 93 90 104 108 123 119 369 183 132
ROCE % 24% 14% 16% 14% 14% 17% 16% 17% 8% -9% 5% 14%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.43% 56.43% 56.43% 56.43% 49.77% 49.77% 49.77% 49.77% 49.77% 49.77% 49.77% 49.77%
0.09% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
43.47% 43.56% 43.56% 43.56% 50.21% 50.22% 50.21% 50.20% 50.23% 50.22% 50.20% 50.21%
No. of Shareholders 10,2639,68910,34410,34510,28610,29910,23010,0829,94710,09110,12910,649

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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