IP Rings Ltd

IP Rings is engaged in the manufacture of engine and transmission components.(Source : 201903 Annual Report Page No: 71)

Pros:
Stock is trading at 0.82 times its book value
Company has good consistent profit growth of 37.93% over 5 years
Cons:
Company has a low return on equity of 5.53% for last 3 years.

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
42.27 47.78 46.34 49.19 54.83 48.53 50.34 50.83 53.37 52.69 55.20 54.55
39.26 46.14 42.49 44.27 47.52 41.60 45.23 43.75 46.60 45.89 48.82 47.39
Operating Profit 3.01 1.64 3.85 4.92 7.31 6.93 5.11 7.08 6.77 6.80 6.38 7.16
OPM % 7.12% 3.43% 8.31% 10.00% 13.33% 14.28% 10.15% 13.93% 12.69% 12.91% 11.56% 13.13%
Other Income 0.32 0.18 0.62 0.04 0.82 0.01 0.19 0.05 0.19 0.25 0.69 0.19
Interest 2.63 2.77 2.26 1.91 1.71 1.77 1.76 1.82 1.89 1.82 1.88 2.00
Depreciation 2.05 2.04 1.95 1.96 1.96 1.98 2.14 2.28 2.40 2.48 2.61 2.64
Profit before tax -1.35 -2.99 0.26 1.09 4.46 3.19 1.40 3.03 2.67 2.75 2.58 2.71
Tax % -4.44% 8.03% -557.69% 24.77% 37.44% 29.78% -5.00% 26.40% 31.46% 21.09% 33.33% 26.57%
Net Profit -1.40 -2.75 1.72 0.82 2.80 2.24 1.47 2.23 1.83 2.16 1.73 1.99
EPS in Rs -1.40 -2.19 1.95 0.65 2.21 1.77 1.16 1.76 1.44 1.71 1.36 1.57
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
54.01 48.49 67.86 79.68 82.83 84.84 84.73 101.29 118.17 174.88 202.90 212.09 215.81
44.79 41.36 54.29 67.20 73.70 79.42 74.93 88.44 102.96 160.30 178.52 185.03 188.70
Operating Profit 9.22 7.13 13.57 12.48 9.13 5.42 9.80 12.85 15.21 14.58 24.38 27.06 27.11
OPM % 17.07% 14.70% 20.00% 15.66% 11.02% 6.39% 11.57% 12.69% 12.87% 8.34% 12.02% 12.76% 12.56%
Other Income 0.04 0.10 0.10 0.21 0.23 0.13 -0.04 0.46 0.51 0.83 0.95 1.15 1.32
Interest 0.72 0.76 0.99 1.20 3.61 5.51 6.47 7.75 8.52 9.96 7.15 7.41 7.59
Depreciation 4.53 4.86 4.52 4.74 5.46 6.46 6.91 6.71 6.95 8.01 8.05 9.77 10.13
Profit before tax 4.01 1.61 8.16 6.75 0.29 -6.42 -3.62 -1.15 0.25 -2.56 10.13 11.03 10.71
Tax % 37.66% 32.30% 31.86% 30.52% -100.00% 34.89% 23.76% 58.26% 12.00% 43.75% 27.74% 28.01%
Net Profit 2.50 1.09 5.56 4.69 0.58 -4.18 -2.76 -0.49 0.21 -1.45 7.33 7.95 7.71
EPS in Rs 2.20 0.97 5.20 4.34 0.58 0.00 0.00 0.00 0.21 0.00 5.79 6.27 6.08
Dividend Payout % 70.40% 64.59% 37.99% 45.03% 121.38% -0.00% -0.00% -0.00% 0.00% -0.00% 0.00% 15.95%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.90%
5 Years:20.14%
3 Years:21.53%
TTM:5.52%
Compounded Profit Growth
10 Years:22.00%
5 Years:37.93%
3 Years:230.75%
TTM:-11.78%
Stock Price CAGR
10 Years:5.02%
5 Years:6.50%
3 Years:-22.01%
1 Year:-42.00%
Return on Equity
10 Years:3.16%
5 Years:4.11%
3 Years:5.53%
Last Year:8.15%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
7.04 7.04 7.04 7.04 7.04 7.04 7.04 7.04 7.04 12.68 12.68 12.68
Reserves 35.82 36.09 39.19 41.43 41.19 37.02 34.26 33.46 33.17 73.86 81.08 88.95
Borrowings 9.77 5.96 21.03 19.47 38.95 46.56 58.02 66.49 85.84 59.61 72.80 82.35
15.10 12.79 17.56 26.97 20.99 25.61 11.98 29.37 37.88 52.78 48.77 53.85
Total Liabilities 67.73 61.88 84.82 94.91 108.17 116.23 111.30 136.36 163.93 198.93 215.33 237.83
36.08 33.26 38.49 35.67 60.41 65.40 68.09 68.46 80.42 84.62 94.72 117.77
CWIP 1.19 3.97 15.57 18.39 2.96 1.23 2.86 0.26 1.48 4.25 4.14 1.76
Investments 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.04 0.11 0.04 0.02 0.02
30.45 24.64 30.75 40.84 44.79 49.59 40.31 67.60 81.92 110.02 116.45 118.28
Total Assets 67.73 61.88 84.82 94.91 108.17 116.23 111.30 136.36 163.93 198.93 215.33 237.83

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3.76 9.96 7.31 7.22 2.45 -0.30 0.96 -2.43 7.39 10.31 21.82 20.64
-3.68 -4.76 -21.33 -10.80 -11.57 -7.78 -12.01 -5.53 -20.44 -18.13 -24.15 -22.51
0.11 -5.86 14.25 4.01 9.00 6.79 11.43 8.45 10.97 11.76 6.11 2.18
Net Cash Flow 0.19 -0.66 0.23 0.43 -0.12 -1.29 0.38 0.50 -2.09 3.95 3.77 0.31

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9.27% 4.66% 15.73% 11.83% 5.03% -0.94% 3.11% 6.43% 7.54% 5.44% 11.13% 10.54%
Debtor Days 98.13 72.04 68.15 62.39 74.91 80.32 80.47 87.75 106.25 101.54 84.64 85.07
Inventory Turnover 4.58 4.27 5.60 5.49 5.29 5.12 4.46 4.48 4.59 5.80 5.89 5.61