Rasandik Engineering Industries India Ltd

Rasandik Engineering Industries India Ltd

₹ 87.4 -1.44%
24 May - close price
About

Incorporated in 1986, Rasandik Engineering Industries Ltd is a manufacturer of critical engineering components for autos, household goods (HPD), etc.

Key Points

Business Overview:[1][2]
Company provides engineering solutions, designing and manufacturing delivery of sheet metal components and assemblies
to automobile industry. Company manufactures sheet metal components, press tools and dies for high tensile application in Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle (PV), tractors and 2-wheeler industry, heavy fabrication for railways. At present, company has 5 divisions viz.
a) Laser Tailor-Welded Blanks
b) Home Product
c) Press Tool Engineering Solutions and Components Manufacturing
d) Electric Vehicles
e) Railway and Heavy Fabrication Division

Product Profile:
a) Tailored Welding Blanks:[3] TWB Parts viz., Shot Gun, Door Inner, Longitudinal Member, Front Tunnel, Three Piece Door
b) Engineering Solutions:[4] Hyperform Draw Analysis, Tractor Body Parts, Point Cloud Data, Surface Model, MUV Wire Frame, hood for MUV
c) Tools & Dies:[5] Skin & Inner Body Components viz. Door Outer, Bonnet Outer, Front Fender, NHTL - Panel Assy. Hood, Renault - Tractor Bonnet, Wheel Arch Inner, Body Chain Case, GM - Extension Reinforcement, G M - Sun Roof
d) BIW Parts:[6] Parts and subassemblies for body-in-white, class A surfaces and closure panels
e) Suspension Parts:[7]
Design and manufacture of structural components of suspension systems, suspension parts and sub-assemblies
f) Fuel Tanks:[8]
Company is a major supplier of fuel tanks
to Indian automobile industry
g) Exhaust Line & CNC Bending:[9] Exhaust Systems for HML - Ambassador Contessa, RTV and ITL - Sonalika Tractor
h) Scissor Jack:[10] 0.7 T, 1.0 T, 1.5T, 2.0T
i) White Goods:[11]
Air-conditioner body stampings and assemblies, refrigerator body stampings and washing machine body stampings

  • Market Cap 52.2 Cr.
  • Current Price 87.4
  • High / Low 156 / 62.1
  • Stock P/E
  • Book Value 157
  • Dividend Yield 0.00 %
  • ROCE 1.19 %
  • ROE -7.67 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.56 times its book value
  • Debtor days have improved from 36.2 to 28.5 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -8.86% over past five years.
  • Company has a low return on equity of -5.38% over last 3 years.
  • Earnings include an other income of Rs.10.8 Cr.

* 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
39.39 55.36 43.20 52.42 53.73 57.24 53.35 43.08 26.84 26.75 27.51 21.89 17.88
35.29 48.84 39.61 48.54 50.24 52.97 48.56 39.59 26.52 26.77 27.32 22.56 22.19
Operating Profit 4.10 6.52 3.59 3.88 3.49 4.27 4.79 3.49 0.32 -0.02 0.19 -0.67 -4.31
OPM % 10.41% 11.78% 8.31% 7.40% 6.50% 7.46% 8.98% 8.10% 1.19% -0.07% 0.69% -3.06% -24.11%
0.10 2.04 0.18 0.16 0.00 0.40 0.01 4.75 0.12 -0.41 2.11 9.06 0.00
Interest 2.46 2.52 2.70 2.98 2.89 2.71 2.55 2.79 2.53 2.81 3.07 2.63 2.23
Depreciation 3.38 3.33 3.18 1.13 2.07 2.00 1.82 1.84 1.64 1.78 1.61 1.61 1.74
Profit before tax -1.64 2.71 -2.11 -0.07 -1.47 -0.04 0.43 3.61 -3.73 -5.02 -2.38 4.15 -8.28
Tax % 26.83% 33.21% 24.64% 28.57% 24.49% 175.00% 25.58% 21.88% 25.20% 27.49% 16.81% 34.22% 23.31%
-1.20 1.81 -1.58 -0.05 -1.11 0.03 0.32 2.81 -2.79 -3.64 -1.99 2.73 -6.35
EPS in Rs -2.01 3.03 -2.64 -0.08 -1.86 0.05 0.54 4.70 -4.67 -6.09 -3.33 4.57 -10.63
Raw PDF
Upcoming result date: 29 May 2024

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
220.99 241.40 189.28 205.87 194.06 213.75 237.81 265.60 206.57 136.51 206.00 149.55 94.03
204.00 208.10 167.39 188.01 173.76 189.60 211.30 240.25 202.49 123.09 190.59 140.89 98.84
Operating Profit 16.99 33.30 21.89 17.86 20.30 24.15 26.51 25.35 4.08 13.42 15.41 8.66 -4.81
OPM % 7.69% 13.79% 11.56% 8.68% 10.46% 11.30% 11.15% 9.54% 1.98% 9.83% 7.48% 5.79% -5.12%
0.68 0.52 0.65 16.17 8.71 13.46 5.38 7.80 1.55 2.44 0.74 4.47 10.76
Interest 17.46 16.23 15.66 14.70 17.76 20.10 16.52 12.57 11.22 9.95 11.46 10.76 10.74
Depreciation 12.73 13.38 14.42 14.23 13.06 13.95 13.85 14.06 13.11 13.34 8.38 7.09 6.74
Profit before tax -12.52 4.21 -7.54 5.10 -1.81 3.56 1.52 6.52 -18.70 -7.43 -3.69 -4.72 -11.53
Tax % -10.70% 23.75% 27.19% -17.25% 162.43% -38.48% 17.11% 55.37% 82.30% 22.21% 26.29% 30.08%
-13.86 3.21 -5.49 5.97 1.14 4.93 1.27 2.90 -3.32 -5.77 -2.71 -3.30 -9.25
EPS in Rs -29.33 6.79 -11.62 12.63 2.41 10.43 2.69 4.85 -5.56 -9.66 -4.54 -5.52 -15.48
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%
Compounded Sales Growth
10 Years: -5%
5 Years: -9%
3 Years: -10%
TTM: -48%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -2014%
Stock Price CAGR
10 Years: 13%
5 Years: -2%
3 Years: 8%
1 Year: 11%
Return on Equity
10 Years: -1%
5 Years: -3%
3 Years: -5%
Last Year: -8%

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 4.73 4.73 4.73 4.73 4.73 4.73 4.73 5.98 5.98 5.98 5.98 5.98 5.98
Reserves 17.06 20.27 14.78 20.44 21.58 72.85 76.21 101.24 98.05 92.36 89.80 87.14 87.94
98.19 96.47 102.25 130.55 137.88 130.05 115.26 94.35 81.26 89.51 87.57 76.35 60.36
163.47 162.68 151.12 108.67 80.29 110.35 99.91 101.13 70.17 68.89 67.51 59.50 55.96
Total Liabilities 283.45 284.15 272.88 264.39 244.48 317.98 296.11 302.70 255.46 256.74 250.86 228.97 210.24
169.62 162.37 158.68 143.65 132.50 207.99 208.63 198.81 186.50 174.37 167.30 145.88 141.71
CWIP 35.67 38.65 38.71 37.38 29.28 15.65 6.30 5.78 4.62 3.75 3.34 0.10 0.01
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
78.16 83.13 75.49 83.36 82.70 94.34 81.18 98.11 64.34 78.62 80.22 82.99 68.52
Total Assets 283.45 284.15 272.88 264.39 244.48 317.98 296.11 302.70 255.46 256.74 250.86 228.97 210.24

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
38.22 21.77 11.02 -10.64 7.25 24.94 36.72 9.95 24.45 2.57 12.05 13.31
-25.59 -5.46 -3.58 -3.85 -1.42 -2.91 -4.86 -2.56 -0.65 -0.11 0.59 8.10
-17.60 -16.80 -4.03 14.32 -11.76 -22.13 -29.77 -9.62 -23.76 -2.39 -12.93 -21.41
Net Cash Flow -4.97 -0.49 3.41 -0.17 -5.93 -0.10 2.10 -2.23 0.04 0.06 -0.30 0.00

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 40.58 38.69 40.75 34.13 36.04 38.88 41.90 47.37 26.33 50.70 29.38 28.46
Inventory Days 84.07 91.49 105.36 115.45 130.44 130.49 91.88 106.75 105.61 203.07 128.40 156.65
Days Payable 110.18 92.98 78.11 58.98 63.56 89.80 76.57 78.78 65.99 103.96 57.80 56.14
Cash Conversion Cycle 14.46 37.20 68.00 90.60 102.91 79.58 57.21 75.34 65.95 149.80 99.98 128.97
Working Capital Days -114.94 -95.12 -120.50 -19.64 2.33 10.28 9.13 38.58 21.80 102.09 73.51 69.44
ROCE % 3.88% 16.94% 6.68% 14.25% 9.93% 12.76% 8.93% 9.54% -3.87% 1.35% 4.18% 1.19%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
49.92% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10% 53.10%
1.26% 1.26% 1.26% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10%
0.05% 0.05% 0.05% 0.06% 0.06% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%
48.77% 45.59% 45.59% 45.74% 45.74% 45.75% 45.74% 45.74% 45.76% 45.74% 45.75% 45.75%
No. of Shareholders 3,6773,6493,6665,6595,4585,4745,3395,2285,1355,0885,1355,183

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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