RACL Geartech Ltd

About [ edit ]

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

Key Points [ edit ]

Marquee Clients #
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.

Good growth in export sales #
The export sales of the company are continuously increasing and have increased from 59 Cr in FY16 to 142 Cr in FY20 and it formed around 70% of total sales during FY20.

Future Expansion #
Company is undertaking an expansion of 50 Cr. The expansion is on account of the new orders received by the company from new customers in export market

Revenue Breakup FY20 #
Motorbike & Scooters – 47%
Tractors & Agriculture Equipment – 16%
3 Wheeler – 14%
Recreational Vehicles (ATV & RTV) – 16%

  • Market Cap 212 Cr.
  • Current Price 197
  • High / Low 220 / 49.1
  • Stock P/E 13.5
  • Book Value 85.3
  • Dividend Yield 0.51 %
  • ROCE 19.6 %
  • ROE 23.8 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 38.10% CAGR over last 5 years

Cons

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
35.69 42.22 38.31 44.57 52.88 54.20 52.82 55.96 55.81 47.74 22.66 48.45
32.55 35.99 33.19 38.06 43.99 44.03 44.13 45.41 43.66 38.03 18.51 36.31
Operating Profit 3.14 6.23 5.12 6.51 8.89 10.17 8.69 10.55 12.15 9.71 4.15 12.14
OPM % 8.80% 14.76% 13.36% 14.61% 16.81% 18.76% 16.45% 18.85% 21.77% 20.34% 18.31% 25.06%
Other Income 2.46 0.17 0.07 0.51 0.00 0.43 0.07 0.40 0.07 -0.02 0.75 1.40
Interest 1.71 1.28 1.53 1.65 1.92 1.27 1.70 1.72 1.86 3.16 1.45 2.59
Depreciation 1.50 1.25 1.65 2.07 2.10 2.18 2.33 2.33 2.44 4.18 2.73 2.81
Profit before tax 2.39 3.87 2.01 3.30 4.87 7.15 4.73 6.90 7.92 2.35 0.72 8.14
Tax % 30.13% -16.80% 19.90% 19.70% 23.82% 74.97% 32.98% 25.65% 29.42% -31.49% -111.11% 31.57%
Net Profit 1.67 4.52 1.61 2.65 3.71 1.80 3.18 5.13 5.59 3.09 1.51 5.56
EPS in Rs 1.68 4.55 1.62 2.67 3.61 1.75 3.09 4.76 5.18 2.87 1.40 5.16
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
57 64 82 98 95 104 107 117 116 136 190 212 175
52 57 73 88 85 90 92 103 101 118 158 170 137
Operating Profit 5 7 9 10 10 14 16 15 15 18 32 43 38
OPM % 9% 12% 11% 10% 10% 13% 15% 13% 13% 13% 17% 20% 22%
Other Income 1 1 1 2 2 0 0 0 1 1 0 -1 2
Interest 2 2 3 5 6 6 7 6 5 6 6 8 9
Depreciation 2 3 3 3 3 4 4 4 4 5 8 11 12
Profit before tax 2 3 4 4 2 3 5 6 6 9 17 22 19
Tax % 16% 22% 34% 33% 36% 45% 28% 35% 21% 9% 44% 22%
Net Profit 2 2 3 3 2 2 4 4 5 8 10 17 16
EPS in Rs 1.76 2.09 3.61 3.73 5.18 7.92 9.50 15.75 14.61
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 6%
Compounded Sales Growth
10 Years:13%
5 Years:15%
3 Years:22%
TTM:-19%
Compounded Profit Growth
10 Years:22%
5 Years:38%
3 Years:52%
TTM:14%
Stock Price CAGR
10 Years:28%
5 Years:40%
3 Years:40%
1 Year:80%
Return on Equity
10 Years:14%
5 Years:16%
3 Years:19%
Last Year:24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
8 8 8 9 9 9 10 10 10 10 10 11 11
Reserves 4 6 9 12 25 27 31 35 38 45 56 74 81
Borrowings 18 21 21 35 39 39 37 30 54 66 85 88 77
11 17 28 24 32 36 34 32 30 36 45 49 56
Total Liabilities 40 51 65 80 104 111 111 107 131 157 196 222 225
21 29 34 43 52 62 60 62 64 72 95 108 105
CWIP 0 2 0 1 5 1 0 0 0 0 0 0 3
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
19 21 31 37 47 48 51 45 67 85 101 114 118
Total Assets 40 51 65 80 104 111 111 107 131 157 196 222 225

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1 8 6 -0 -4 6 4 10 9 5 19 33
-6 -12 -10 -12 -7 -10 -2 -7 -5 -13 -31 -26
5 3 4 12 11 4 -2 -3 -4 7 11 -7
Net Cash Flow -0 -0 0 0 0 1 0 0 -0 -1 -0 -0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 18% 18% 20% 19% 13% 13% 15% 15% 13% 13% 18% 20%
Debtor Days 44 41 40 46 68 55 58 27 98 109 98 92
Inventory Turnover 3.94 3.50 3.51 3.43 2.79 2.59 2.25 2.16 1.99 2.00 2.26 2.11

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
51.32 48.47 49.63 51.33 51.08 51.12 53.32 53.11 53.19 53.22 53.31 53.32
0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00
48.68 51.53 50.37 48.66 48.92 48.87 46.68 46.85 46.81 46.78 46.68 46.68

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