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 1.10 times its book value
Company is expected to give good quarter
Company has good consistent profit growth of 38.04% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 7.62% over past five years.
Company has a low return on equity of 11.93% for last 3 years.
Promoters have pledged 28.54% of their holding

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

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
27.02 28.17 30.08 23.85 25.03 31.87 35.69 42.22 38.31 44.57 52.88 54.20
24.88 25.44 26.63 18.37 23.10 29.16 32.55 35.99 33.19 38.06 43.99 44.03
Operating Profit 2.14 2.73 3.45 5.48 1.93 2.71 3.14 6.23 5.12 6.51 8.89 10.17
OPM % 7.92% 9.69% 11.47% 22.98% 7.71% 8.50% 8.80% 14.76% 13.36% 14.61% 16.81% 18.76%
Other Income 1.02 0.46 0.36 0.00 1.09 1.58 2.46 0.17 0.07 0.51 0.00 0.43
Interest 1.32 1.31 1.33 1.19 1.17 1.55 1.71 1.28 1.53 1.65 1.92 1.27
Depreciation 1.06 1.06 1.06 0.82 1.05 1.16 1.50 1.25 1.65 2.07 2.10 2.18
Profit before tax 0.78 0.82 1.42 3.47 0.80 1.58 2.39 3.87 2.01 3.30 4.87 7.15
Tax % 19.23% 18.29% 19.01% 22.48% 18.75% 34.81% 30.13% -16.80% 19.90% 19.70% 23.82% 74.97%
Net Profit 0.63 0.67 1.15 2.69 0.65 1.03 1.67 4.52 1.61 2.65 3.71 1.80
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
53.62 51.24 57.42 64.26 82.26 98.35 94.78 104.09 107.38 117.48 115.98 136.85 189.96
46.95 46.28 52.49 56.86 73.29 88.28 84.92 90.43 91.60 102.67 101.05 118.17 159.27
Operating Profit 6.67 4.96 4.93 7.40 8.97 10.07 9.86 13.66 15.78 14.81 14.93 18.68 30.69
OPM % 12.44% 9.68% 8.59% 11.52% 10.90% 10.24% 10.40% 13.12% 14.70% 12.61% 12.87% 13.65% 16.16%
Other Income 0.89 1.03 1.41 0.88 1.24 1.90 1.87 0.07 0.21 0.40 0.71 0.63 1.01
Interest 1.63 1.74 2.02 2.41 3.44 4.86 5.95 6.46 6.75 5.56 5.15 5.71 6.37
Depreciation 1.58 1.75 1.84 2.67 2.83 3.05 3.32 3.86 4.27 3.96 4.00 4.96 8.00
Profit before tax 4.35 2.50 2.48 3.20 3.94 4.06 2.46 3.41 4.97 5.69 6.49 8.64 17.33
Tax % 23.45% 39.20% 16.13% 22.19% 34.01% 33.00% 36.18% 44.87% 27.77% 34.97% 20.80% 8.91%
Net Profit 3.33 1.52 2.08 2.49 2.60 2.72 1.57 1.87 3.59 3.70 5.14 7.87 9.77
EPS in Rs 4.20 1.92 2.62 3.14 3.28 3.05 1.76 2.10 3.61 3.73 5.17 7.92
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:10.32%
5 Years:7.62%
3 Years:8.42%
TTM:40.91%
Compounded Profit Growth
10 Years:17.72%
5 Years:38.04%
3 Years:29.91%
TTM:24.14%
Return on Equity
10 Years:11.30%
5 Years:10.41%
3 Years:11.93%
Last Year:15.41%

Balance Sheet Figures in Rs. Crores

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
7.93 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 -0.26 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 12.61 13.17 17.50 20.73 20.94 35.31 38.52 39.02 36.79 30.07 53.81 66.45 75.25
15.02 11.83 12.28 17.52 28.48 24.79 32.81 37.07 34.67 33.52 32.55 40.09 54.24
Total Liabilities 35.30 34.19 41.24 52.39 66.15 81.18 105.01 111.64 112.51 108.34 133.81 161.21 195.96
16.90 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 0.36 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 0.00
18.04 16.90 19.81 22.07 31.83 37.56 48.04 48.91 52.51 46.52 70.24 89.27 101.13
Total Assets 35.30 34.19 41.24 52.39 66.15 81.18 105.01 111.64 112.51 108.34 133.81 161.21 195.96

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
6.27 1.47 1.19 8.18 5.52 -0.38 -4.03 6.44 4.14 10.28 9.14 4.57
-7.76 -1.80 -6.01 -11.66 -9.62 -11.92 -6.58 -10.23 -2.12 -6.64 -5.40 -12.91
1.07 0.56 4.71 3.23 4.26 12.31 10.73 4.43 -2.01 -3.33 -3.96 6.92
Net Cash Flow -0.42 0.23 -0.11 -0.25 0.16 0.01 0.12 0.64 0.02 0.31 -0.22 -1.42

Ratios Figures in Rs. Crores

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 % 33.25% 19.98% 17.58% 17.61% 20.35% 18.97% 13.08% 13.45% 15.38% 14.74% 13.22% 12.91%
Debtor Days 45.68 40.46 43.86 40.67 39.71 45.72 68.36 54.88 57.62 26.56 97.72 108.15
Inventory Turnover 7.54 6.50 6.58 6.26 6.08 5.87 4.99 5.01 4.65 4.54 4.36 4.59

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