RACL Geartech Ltd

About

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

Key Points

Marquee Clients [1]
Company manufactures high-precision products (various types of transmission gears and shafts) for the premium segment and has reputed global majors such as BMW, Kubota, Piaggio, Yamaha, KTM, BRP Rotax etc. as its key customers.

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  • Market Cap 598 Cr.
  • Current Price 555
  • High / Low 610 / 115
  • Stock P/E 21.4
  • Book Value 111
  • Dividend Yield 0.18 %
  • ROCE 20.2 %
  • ROE 24.7 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 45.16% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 11.63% over past five years.
  • Company might be capitalizing the interest cost
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
52.88 54.20 52.82 55.96 55.81 47.74 22.66 48.45 65.24 67.26 57.17 69.01
43.99 44.03 44.13 45.41 43.66 38.03 18.51 36.31 47.85 50.04 44.22 53.67
Operating Profit 8.89 10.17 8.69 10.55 12.15 9.71 4.15 12.14 17.39 17.22 12.95 15.34
OPM % 16.81% 18.76% 16.45% 18.85% 21.77% 20.34% 18.31% 25.06% 26.66% 25.60% 22.65% 22.23%
Other Income 0.00 0.43 0.07 0.40 0.07 -0.02 0.75 1.40 0.23 1.73 0.35 0.51
Interest 1.92 1.27 1.70 1.72 1.86 3.16 1.45 2.59 2.49 1.93 2.27 2.36
Depreciation 2.10 2.18 2.33 2.33 2.44 4.18 2.73 2.81 3.36 7.51 4.08 3.66
Profit before tax 4.87 7.15 4.73 6.90 7.92 2.35 0.72 8.14 11.77 9.51 6.95 9.83
Tax % 23.82% 74.97% 32.98% 25.65% 29.42% -31.49% -111.11% 31.57% 22.85% 23.87% 27.34% 33.47%
Net Profit 3.71 1.80 3.18 5.13 5.59 3.09 1.51 5.56 9.08 7.24 5.05 6.54
EPS in Rs 3.61 1.75 3.09 4.76 5.18 2.87 1.40 5.16 8.42 6.72 4.68 6.07

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
64 82 98 95 104 107 117 116 136 190 212 204 259
57 73 88 85 90 92 103 101 118 158 169 152 196
Operating Profit 7 9 10 10 14 16 15 15 18 32 43 52 63
OPM % 12% 11% 10% 10% 13% 15% 13% 13% 13% 17% 20% 25% 24%
Other Income 1 1 2 2 0 0 0 1 1 0 -1 3 3
Interest 2 3 5 6 6 7 6 5 6 6 8 8 9
Depreciation 3 3 3 3 4 4 4 4 5 8 11 16 19
Profit before tax 3 4 4 2 3 5 6 6 9 17 22 30 38
Tax % 22% 34% 33% 36% 45% 28% 35% 21% 9% 44% 22% 22%
Net Profit 2 3 3 2 2 4 4 5 8 10 17 23 28
EPS in Rs 1.76 2.09 3.61 3.73 5.18 7.92 9.50 15.75 21.69 25.89
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 6% 5%
Compounded Sales Growth
10 Years: 9%
5 Years: 12%
3 Years: 14%
TTM: 48%
Compounded Profit Growth
10 Years: 25%
5 Years: 45%
3 Years: 45%
TTM: 77%
Stock Price CAGR
10 Years: 44%
5 Years: 80%
3 Years: 109%
1 Year: 371%
Return on Equity
10 Years: 16%
5 Years: 20%
3 Years: 23%
Last Year: 25%

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 Sep 2021
8 8 9 9 9 10 10 10 10 10 11 11 11
Reserves 6 9 12 25 27 31 35 38 45 56 74 97 109
Borrowings 21 21 35 39 39 37 30 54 66 85 88 107 149
17 28 24 32 36 34 32 30 36 45 49 56 51
Total Liabilities 51 65 80 104 111 111 107 131 157 196 222 271 320
29 34 43 52 62 60 62 64 72 95 108 140 164
CWIP 2 0 1 5 1 0 0 0 0 0 0 1 3
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
21 31 37 47 48 51 45 67 85 101 114 130 153
Total Assets 51 65 80 104 111 111 107 131 157 196 222 271 320

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
8 6 -0 -4 6 4 10 9 5 19 33 46
-12 -10 -12 -7 -10 -2 -7 -5 -13 -31 -26 -49
3 4 12 11 4 -2 -3 -4 7 11 -7 3
Net Cash Flow -0 0 0 0 1 0 0 -0 -1 -0 -0 0

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 41 40 46 68 55 58 27 98 109 98 92 99
Inventory Days 129 144 131 173 184 230 219 230 251 206 222 254
Days Payable 124 123 95 160 200 160 116 136 158 123 102 169
Cash Conversion Cycle 46 61 83 82 39 128 130 193 202 181 212 184
Working Capital Days 33 27 60 69 58 79 57 136 148 132 136 140
ROCE % 18% 20% 19% 13% 13% 15% 15% 13% 13% 18% 20% 20%

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
51.33 51.08 51.12 53.32 53.11 53.19 53.22 53.31 53.32 53.35 53.35 53.37
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.06 0.08
0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.01 0.01 0.00
48.66 48.92 48.87 46.68 46.85 46.81 46.78 46.68 46.68 46.61 46.58 46.54

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