Frontier Springs Ltd

Frontier Springs Ltd

₹ 1,255 5.00%
19 Apr - close price
About

Frontier Springs was incorporated in 1981. It initially manufactured Leaf Springs and Laminated Bearing Springs for Automobiles and Railways. It is mainly engaged in the production of L.B.Springs and Hot Coiled Compression Spring and forging items for Wagon, Locomotives and Carriage and is regularly supplying to Railways, Bogie Manufacturers, Chittaranjan Locomotive Works, etc. Since 1990 it is registered with RDSO (Ministry of Railways) for supply of springs to Indian Railways [1] [2]

Key Points

Products[1]
1. Air Springs for LHB coaches.
2. Suspension Coil Springs for freight stock , coaching stock, diesel & electical locomotives.
3. TMCLH & VLH Coil Springs for the power sector.
4. Forging components (Hangers, Draft Gear Forgings, Screw coupling, Side Bearer
Assembly LHB Components such as Anti Roll
Bar, Fork and Vande Bharat Components.)

  • Market Cap 494 Cr.
  • Current Price 1,255
  • High / Low 1,435 / 386
  • Stock P/E 48.9
  • Book Value 204
  • Dividend Yield 0.08 %
  • ROCE 13.5 %
  • ROE 10.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Debtor days have improved from 70.6 to 55.1 days.

Cons

  • Company has a low return on equity of 11.9% over last 3 years.

* 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
17.33 21.05 22.52 18.86 20.12 22.16 23.67 26.77 27.76 29.15 25.49 32.75 33.02
14.96 17.34 18.45 16.65 17.43 18.89 20.27 23.92 25.07 25.46 22.01 28.03 27.86
Operating Profit 2.37 3.71 4.07 2.21 2.69 3.27 3.40 2.85 2.69 3.69 3.48 4.72 5.16
OPM % 13.68% 17.62% 18.07% 11.72% 13.37% 14.76% 14.36% 10.65% 9.69% 12.66% 13.65% 14.41% 15.63%
0.28 0.29 0.47 0.16 0.17 0.17 0.14 0.14 0.14 0.21 0.05 0.05 0.05
Interest 0.09 0.15 0.10 0.08 0.05 0.06 0.07 0.10 0.08 0.06 0.06 0.04 0.04
Depreciation 0.64 0.81 0.64 0.66 0.67 0.88 0.73 0.73 0.74 0.97 0.88 0.90 0.86
Profit before tax 1.92 3.04 3.80 1.63 2.14 2.50 2.74 2.16 2.01 2.87 2.59 3.83 4.31
Tax % 32.81% 12.17% 28.16% 24.54% 22.43% 24.00% 28.47% 25.46% 25.37% 24.39% 28.19% 25.59% 25.06%
1.28 2.67 2.73 1.23 1.66 1.90 1.96 1.60 1.51 2.17 1.86 2.85 3.22
EPS in Rs 3.25 6.78 6.93 3.12 4.21 4.82 4.98 4.06 3.83 5.51 4.72 7.24 8.18
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
35 38 37 35 39 47 59 83 100 77 84 107 120
29 33 32 32 35 41 50 70 79 64 71 95 103
Operating Profit 5 5 4 3 4 6 8 13 20 13 12 13 17
OPM % 15% 13% 12% 8% 10% 12% 14% 16% 20% 17% 15% 12% 14%
0 0 0 0 0 0 0 1 1 1 1 1 0
Interest 1 1 1 1 2 2 1 1 1 0 0 0 0
Depreciation 1 1 1 1 1 2 2 2 2 3 3 3 4
Profit before tax 4 3 2 1 1 2 5 10 18 11 10 10 14
Tax % 24% 26% 25% 29% 49% 8% 35% 18% 20% 26% 25% 26%
3 2 2 0 1 2 4 8 14 8 8 7 10
EPS in Rs 7.21 5.08 4.29 1.04 1.29 5.43 9.04 21.33 35.60 19.80 19.07 18.38 25.65
Dividend Payout % 14% 0% 0% 0% 0% 0% 0% 5% 3% 0% 5% 5%
Compounded Sales Growth
10 Years: 11%
5 Years: 13%
3 Years: 2%
TTM: 20%
Compounded Profit Growth
10 Years: 13%
5 Years: 15%
3 Years: -20%
TTM: 45%
Stock Price CAGR
10 Years: 56%
5 Years: 41%
3 Years: 73%
1 Year: 198%
Return on Equity
10 Years: 14%
5 Years: 17%
3 Years: 12%
Last Year: 10%

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 4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 16 17 19 20 20 22 26 34 47 56 63 71 77
6 6 11 10 13 14 12 9 9 4 3 5 2
8 9 11 12 16 15 17 21 18 20 22 31 30
Total Liabilities 34 37 44 46 52 55 59 68 78 83 92 110 113
14 16 16 16 23 27 29 30 33 34 37 42 43
CWIP 1 0 4 6 1 1 0 0 1 0 1 1 1
Investments 0 0 0 0 0 0 2 3 5 8 13 15 17
19 20 24 24 29 28 29 35 39 41 42 52 52
Total Assets 34 37 44 46 52 55 59 68 78 83 92 110 113

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
3 3 1 5 1 6 7 9 10 11 10 10
-4 -2 -5 -3 -3 -6 -4 -4 -8 -5 -10 -10
1 -1 4 -2 2 -0 -3 -5 -1 -6 -1 1
Net Cash Flow -0 -0 0 0 0 0 -1 0 1 0 -1 0

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 88 70 102 81 96 58 63 50 58 83 74 55
Inventory Days 170 183 223 265 281 265 206 186 147 214 215 211
Days Payable 126 121 146 190 220 199 179 165 117 175 150 170
Cash Conversion Cycle 132 132 180 156 156 124 90 71 87 121 139 97
Working Capital Days 101 95 131 109 115 82 70 59 73 87 85 71
ROCE % 20% 15% 11% 5% 8% 11% 17% 26% 35% 18% 15% 13%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76% 51.76%
48.24% 48.24% 48.24% 48.24% 48.24% 48.24% 48.24% 48.24% 48.23% 48.24% 48.22% 48.25%
No. of Shareholders 7,2676,7606,3286,0495,9015,8475,8625,7365,8175,8795,9006,514

Documents

Concalls