Z F Steering Gear (India) Ltd

Z F Steering Gear (India) Ltd

₹ 995 0.50%
19 Apr - close price
About

ZF Steering Gear (India) Ltd. was incorporated in 1981 as a joint venture ZF Friedrichshafen AG. The Company is primarily engaged in the business of production & assembling of steering systems for vehicles, buses and tractors.
[1]

Key Points

Product Portfolio
Auto component (92%):
The product range includes: Steering systems, vane pump, pump pulleys, oil reservoirs, steering columns, Universal joints, bevel gear boxes, etc. [1] [2]
~57% of revenue came from three major customers of the Company. [3]

  • Market Cap 903 Cr.
  • Current Price 995
  • High / Low 1,027 / 525
  • Stock P/E 19.0
  • Book Value 485
  • Dividend Yield 0.50 %
  • ROCE 8.66 %
  • ROE 6.32 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Debtor days have improved from 111 to 86.8 days.

Cons

  • Company has a low return on equity of 4.53% over last 3 years.
  • Earnings include an other income of Rs.35.1 Cr.

* 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

Standalone Figures in Rs. Crores / View Consolidated

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
64 85 52 70 85 105 110 106 109 125 121 119 114
57 73 47 62 74 89 92 95 98 109 102 106 103
Operating Profit 8 12 5 7 11 17 18 11 11 16 18 13 10
OPM % 12% 14% 10% 10% 13% 16% 17% 10% 10% 13% 15% 11% 9%
10 4 6 8 4 3 -3 4 4 8 7 6 13
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 10 10 8 8 8 8 7 8 8 9 8 8 8
Profit before tax 8 7 4 7 8 11 9 7 6 15 18 11 15
Tax % 18% 19% -3% 23% 27% 72% 42% 26% 29% 30% 32% -14% 18%
6 5 4 6 6 3 5 5 4 10 12 13 12
EPS in Rs 6.95 5.94 4.20 6.28 6.34 3.32 5.51 6.04 4.93 11.56 13.19 14.35 13.26
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
352 313 291 330 381 399 436 439 287 201 313 450 479
294 248 232 272 302 317 347 364 254 183 272 394 421
Operating Profit 58 65 59 58 79 82 88 76 33 18 41 57 58
OPM % 16% 21% 20% 18% 21% 21% 20% 17% 12% 9% 13% 13% 12%
28 11 7 9 6 12 10 -56 4 26 21 13 35
Interest 1 4 1 1 2 2 3 2 1 0 0 1 1
Depreciation 17 23 21 23 25 28 33 31 32 38 31 32 33
Profit before tax 68 49 45 43 58 63 61 -14 3 7 30 37 59
Tax % 32% 48% 69% 17% 23% 21% 23% 90% 109% -31% 39% 32%
46 26 14 36 45 50 47 -1 -0 9 18 25 48
EPS in Rs 51.21 28.24 15.54 39.19 49.66 54.80 51.88 -1.44 -0.31 9.75 20.14 28.04 52.36
Dividend Payout % 20% 28% 45% 26% 25% 15% 15% -0% -0% -0% -0% 18%
Compounded Sales Growth
10 Years: 4%
5 Years: 1%
3 Years: 16%
TTM: 11%
Compounded Profit Growth
10 Years: 3%
5 Years: -11%
3 Years: 355%
TTM: 165%
Stock Price CAGR
10 Years: 13%
5 Years: 6%
3 Years: 40%
1 Year: 86%
Return on Equity
10 Years: 9%
5 Years: 6%
3 Years: 5%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 193 210 217 239 270 329 370 359 358 368 386 411 431
66 19 15 23 35 62 64 46 3 32 34 41 39
62 70 69 65 61 61 68 73 66 57 44 50 62
Total Liabilities 330 308 310 336 375 462 510 487 436 466 473 510 541
121 99 96 101 106 121 106 111 199 175 159 145 136
CWIP 0 6 4 1 1 0 1 26 7 2 2 2 10
Investments 108 91 99 137 165 190 231 152 107 120 119 155 165
101 112 110 98 104 151 173 198 124 168 192 208 230
Total Assets 330 308 310 336 375 462 510 487 436 466 473 510 541

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
58 48 26 48 67 63 68 73 75 -26 15 51
-72 17 -28 -57 -54 -47 -55 -43 -29 1 -16 -62
23 -57 -13 -2 -14 -16 -10 -28 -44 26 -3 10
Net Cash Flow 10 8 -16 -11 -1 -0 2 2 2 1 -4 -2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 37 44 59 58 53 70 77 64 62 142 105 87
Inventory Days 44 50 53 44 37 60 58 54 49 116 111 73
Days Payable 41 70 82 70 64 69 74 51 71 94 53 44
Cash Conversion Cycle 40 25 31 32 26 61 61 67 41 164 163 115
Working Capital Days 18 12 22 27 29 62 63 40 31 134 137 100
ROCE % 25% 17% 17% 15% 20% 18% 15% 13% 1% 2% 7% 9%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
67.43% 67.43% 67.43% 67.43% 67.43% 67.41% 67.41% 67.31% 67.18% 67.18% 67.18% 67.17%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02%
32.56% 32.56% 32.56% 32.56% 32.56% 32.59% 32.59% 32.68% 32.83% 32.82% 32.80% 32.83%
No. of Shareholders 10,27410,1399,8719,6899,5509,7529,8699,7899,5669,5549,5119,816

* 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.

Click on the line-items to see the names of individual entities.

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