Akar Auto Industries Ltd

Akar Auto Industries is engaged in the business of manufacturing hand tools, auto leaf spring, parabolic springs & commercial automotive forging.

Pros:
Stock is trading at 0.71 times its book value
Company has been maintaining a healthy dividend payout of 18.00%
Cons:
Company has low interest coverage ratio.
Tax rate seems low
Contingent liabilities of Rs.18.47 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Castings, Forgings & Fastners // Industry: Castings & Forgings

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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
46.65 45.10 48.05 45.76 61.99 63.67 70.03 68.09 82.48 67.25 59.97 64.00
43.43 41.73 43.48 42.17 57.70 59.28 64.49 63.76 76.52 62.62 56.39 60.22
Operating Profit 3.22 3.37 4.57 3.59 4.29 4.39 5.54 4.33 5.96 4.63 3.58 3.78
OPM % 6.90% 7.47% 9.51% 7.85% 6.92% 6.89% 7.91% 6.36% 7.23% 6.88% 5.97% 5.91%
Other Income 0.21 0.06 0.32 0.09 0.05 0.07 -0.89 0.06 -0.97 0.00 0.50 0.17
Interest 1.52 1.60 2.51 1.86 1.86 1.86 2.87 1.96 2.11 2.12 1.92 1.85
Depreciation 0.88 0.85 1.08 0.90 0.91 0.94 0.96 0.95 0.95 1.00 1.18 1.04
Profit before tax 1.03 0.98 1.30 0.92 1.57 1.66 0.82 1.48 1.93 1.51 0.98 1.06
Tax % 31.07% 6.12% 48.46% 33.70% 36.94% 28.92% 47.56% 29.05% 26.94% 27.81% -69.39% 28.30%
Net Profit 0.71 0.93 0.68 0.60 0.98 1.19 0.43 1.06 1.41 1.08 1.66 0.77
EPS in Rs 0.66 0.86 0.63 0.56 0.91 1.10 0.40 0.98 1.30 1.01 1.54 0.71
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
78.43 89.44 109.60 116.84 141.83 140.92 142.03 158.78 183.59 188.67 241.00 276.58 273.70
71.63 81.49 102.87 104.11 130.73 131.68 133.44 149.46 171.31 174.80 222.56 258.08 255.75
Operating Profit 6.80 7.95 6.73 12.73 11.10 9.24 8.59 9.32 12.28 13.87 18.44 18.50 17.95
OPM % 8.67% 8.89% 6.14% 10.90% 7.83% 6.56% 6.05% 5.87% 6.69% 7.35% 7.65% 6.69% 6.56%
Other Income 0.44 0.25 3.93 0.26 0.11 0.09 0.09 0.96 0.16 0.28 -1.32 -0.41 -0.30
Interest 2.44 4.41 4.63 4.89 6.22 5.38 4.91 5.81 6.71 7.15 8.45 8.11 8.00
Depreciation 1.41 2.14 2.63 2.41 2.29 2.36 2.41 2.66 2.90 3.14 3.70 4.07 4.17
Profit before tax 3.39 1.65 3.40 5.69 2.70 1.59 1.36 1.81 2.83 3.86 4.97 5.91 5.48
Tax % 32.45% 75.76% 39.71% 29.35% 17.41% 41.51% 49.26% 32.04% 35.69% 36.53% 35.61% 11.84%
Net Profit 2.29 0.40 2.05 4.02 2.23 0.93 0.69 1.23 1.84 2.46 3.20 5.21 4.92
EPS in Rs 2.00 0.29 1.80 3.63 2.02 0.83 0.59 1.08 1.59 2.27 2.97 4.83 4.56
Dividend Payout % 35.31% 134.75% 31.55% 16.09% 12.09% 28.98% 46.87% 30.67% 29.29% 24.10% 18.53% 11.38%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.95%
5 Years:14.26%
3 Years:14.64%
TTM:3.76%
Compounded Profit Growth
10 Years:30.34%
5 Years:52.33%
3 Years:45.43%
TTM:34.43%
Return on Equity
10 Years:10.06%
5 Years:10.96%
3 Years:14.79%
Last Year:18.76%

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
5.39 5.39 5.39 5.39 5.39 5.39 5.39 5.39 5.39 5.39 5.39 5.39
Reserves 12.28 12.05 13.34 16.60 18.52 19.13 19.45 18.42 19.58 20.12 22.60 26.97
Borrowings 36.78 41.31 42.04 40.86 46.35 39.27 35.38 35.20 44.80 51.06 57.01 66.35
15.70 21.77 25.52 34.60 40.77 45.10 49.93 57.15 56.19 48.55 55.50 54.02
Total Liabilities 70.15 80.52 86.29 97.45 111.03 108.89 110.15 116.16 125.96 125.12 140.50 152.73
28.68 36.68 35.39 35.50 36.14 35.23 33.93 29.48 29.52 34.98 37.23 38.77
CWIP 3.73 0.04 0.00 0.00 0.01 0.01 0.39 0.00 0.84 2.52 1.16 4.11
Investments 2.16 2.16 1.16 1.16 1.16 1.16 1.16 0.11 0.11 0.08 0.08 0.06
35.58 41.64 49.74 60.79 73.72 72.49 74.67 86.57 95.49 87.54 102.03 109.79
Total Assets 70.15 80.52 86.29 97.45 111.03 108.89 110.15 116.16 125.96 125.12 140.50 152.73

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
5.14 2.29 1.26 3.61 -2.01 7.82 10.99 6.04 0.82 12.30 8.67 7.43
-15.60 -6.45 -0.26 -2.47 -2.93 -1.45 -1.41 1.16 -3.63 -9.97 -4.47 -8.34
11.19 3.90 -0.03 -1.93 5.17 -7.40 -9.16 -7.05 2.85 -2.14 -3.51 0.55
Net Cash Flow 0.73 -0.26 0.97 -0.79 0.23 -1.03 0.42 0.14 0.05 0.19 0.70 -0.36

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 % 12.22% 10.71% 13.44% 17.12% 13.40% 10.40% 10.11% 11.31% 14.82% 14.84% 18.41% 15.95%
Debtor Days 63.48 67.38 69.57 62.01 78.39 58.87 60.44 64.62 70.54 60.30 55.81 50.44
Inventory Turnover 4.87 4.95 5.17 4.49 4.68 3.99 3.54 3.62 3.82 3.88 4.72 4.80