RACL Geartech Ltd

RACL Geartech Limited, formerly Raunaq Automotive Components Limited, is an India-based company, which is engaged in automotive gears and components business.

Pros:
Stock is trading at 1.08 times its book value
Company is expected to give good quarter
Company has good consistent profit growth of 39.19% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Promoters have pledged 28.54% of their holding

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
28.17 30.08 23.85 25.03 31.87 35.69 42.22 38.31 44.57 52.88 54.20 52.82
25.44 26.63 18.37 23.10 29.16 32.55 35.99 33.19 38.06 43.99 44.03 44.13
Operating Profit 2.73 3.45 5.48 1.93 2.71 3.14 6.23 5.12 6.51 8.89 10.17 8.69
OPM % 9.69% 11.47% 22.98% 7.71% 8.50% 8.80% 14.76% 13.36% 14.61% 16.81% 18.76% 16.45%
Other Income 0.46 0.36 0.00 1.09 1.58 2.46 0.17 0.07 0.51 0.00 0.43 0.07
Interest 1.31 1.33 1.19 1.17 1.55 1.71 1.28 1.53 1.65 1.92 1.27 1.70
Depreciation 1.06 1.06 0.82 1.05 1.16 1.50 1.25 1.65 2.07 2.10 2.18 2.33
Profit before tax 0.82 1.42 3.47 0.80 1.58 2.39 3.87 2.01 3.30 4.87 7.15 4.73
Tax % 18.29% 19.01% 22.48% 18.75% 34.81% 30.13% -16.80% 19.90% 19.70% 23.82% 74.97% 32.98%
Net Profit 0.67 1.15 2.69 0.65 1.03 1.67 4.52 1.61 2.65 3.71 1.80 3.18
EPS in Rs 0.67 1.15 2.10 0.65 1.04 1.68 3.90 1.62 2.67 3.61 1.44 3.09
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
51.24 57.42 64.26 82.26 98.35 94.78 104.09 107.38 117.48 115.98 136.15 189.95 204.47
46.28 52.49 56.86 73.29 88.28 84.92 90.43 91.60 102.67 101.05 118.17 159.24 170.21
Operating Profit 4.96 4.93 7.40 8.97 10.07 9.86 13.66 15.78 14.81 14.93 17.98 30.71 34.26
OPM % 9.68% 8.59% 11.52% 10.90% 10.24% 10.40% 13.12% 14.70% 12.61% 12.87% 13.21% 16.17% 16.76%
Other Income 1.03 1.41 0.88 1.24 1.90 1.87 0.07 0.21 0.40 0.71 1.33 1.01 1.01
Interest 1.74 2.02 2.41 3.44 4.86 5.95 6.46 6.75 5.56 5.15 5.71 6.38 6.54
Depreciation 1.75 1.84 2.67 2.83 3.05 3.32 3.86 4.27 3.96 4.00 4.96 8.00 8.68
Profit before tax 2.50 2.48 3.20 3.94 4.06 2.46 3.41 4.97 5.69 6.49 8.64 17.34 20.05
Tax % 39.20% 16.13% 22.19% 34.01% 33.00% 36.18% 44.87% 27.77% 34.97% 20.80% 8.91% 43.66%
Net Profit 1.52 2.08 2.49 2.60 2.72 1.57 1.87 3.59 3.70 5.14 7.87 9.77 11.34
EPS in Rs 1.92 2.62 3.14 3.28 3.05 1.76 2.10 3.61 3.73 5.17 7.92 9.50 10.81
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.71%
5 Years:12.78%
3 Years:17.37%
TTM:38.07%
Compounded Profit Growth
10 Years:16.67%
5 Years:39.19%
3 Years:38.22%
TTM:28.43%
Return on Equity
10 Years:11.87%
5 Years:12.59%
3 Years:14.44%
Last Year:16.13%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7.93 7.93 7.93 7.93 8.93 8.93 8.93 9.93 9.93 9.93 9.93 10.28
Reserves 1.26 3.53 6.21 8.80 12.15 24.75 26.62 31.12 34.82 37.52 44.74 56.19
Borrowings 13.17 17.50 20.73 20.94 35.31 38.52 39.02 36.79 30.07 53.81 66.45 84.80
11.83 12.28 17.52 28.48 24.79 32.81 37.07 34.67 33.52 32.55 40.09 47.69
Total Liabilities 34.19 41.24 52.39 66.15 81.18 105.01 111.64 112.51 108.34 133.81 161.21 198.96
17.22 20.94 28.60 33.89 42.97 52.05 61.56 59.96 61.82 63.50 71.67 94.64
CWIP 0.07 0.49 1.72 0.43 0.65 4.92 1.17 0.04 0.00 0.07 0.27 0.19
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
16.90 19.81 22.07 31.83 37.56 48.04 48.91 52.51 46.52 70.24 89.27 104.13
Total Assets 34.19 41.24 52.39 66.15 81.18 105.01 111.64 112.51 108.34 133.81 161.21 198.96

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
1.47 1.19 8.18 5.52 -0.38 -4.03 6.44 4.14 10.28 9.14 4.57 19.09
-1.80 -6.01 -11.66 -9.62 -11.92 -6.58 -10.23 -2.12 -6.64 -5.40 -12.91 -30.96
0.56 4.71 3.23 4.26 12.31 10.73 4.43 -2.01 -3.33 -3.96 6.92 11.45
Net Cash Flow 0.23 -0.11 -0.25 0.16 0.01 0.12 0.64 0.02 0.31 -0.22 -1.42 -0.41

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 19.98% 17.58% 17.61% 20.35% 18.97% 13.08% 13.45% 15.38% 14.74% 13.22% 12.91% 17.42%
Debtor Days 40.46 43.86 40.67 39.71 45.72 68.36 54.88 57.62 26.56 97.72 108.71 97.79
Inventory Turnover 6.50 6.58 6.26 6.08 5.87 4.99 5.01 4.65 4.54 4.36 4.57 5.50