Menon Pistons Ltd

₹ 48.2 0.94%
02 Feb 2:22 p.m.
menonpistons.com BSE: 531727
About

Menon Pistons Ltd is in the business of manufacturing of auto components such as Pistons, Gudgeon Pins, Rings, Auto shafts for commercial vehicles, tractors, passenger cars and heavy duty stationery engines.[1]

Key Points

Revenue Breakup
The Co. earns ~80% of revenues from sales to OEMs and the rest 20% from aftermarket sales where it fetches better margins. It also has a presence in export markets through group entity Menon exports and has a small exposure to state transport units. [1] [2]

Website BSE
  • Market Cap ₹ 246 Cr.
  • Current Price ₹ 48.2
  • High / Low ₹ 60.0 / 36.2
  • Stock P/E 13.2
  • Book Value ₹ 20.0
  • Dividend Yield 1.56 %
  • ROCE 23.6 %
  • ROE 20.0 %
  • Face Value ₹ 1.00
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Pros

  • Company has delivered good profit growth of 19.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 43.6%

Cons

  • The company has delivered a poor sales growth of 8.65% over past five years.
  • Company has a low return on equity of 12.8% 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 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
29.00 22.95 20.00 35.63 36.38 45.10 48.60 50.66 50.14 51.65 53.06 56.40 52.14
26.37 21.93 17.46 31.32 32.13 39.28 40.86 42.66 42.48 44.49 44.73 47.93 43.98
Operating Profit 2.63 1.02 2.54 4.31 4.25 5.82 7.74 8.00 7.66 7.16 8.33 8.47 8.16
OPM % 9.07% 4.44% 12.70% 12.10% 11.68% 12.90% 15.93% 15.79% 15.28% 13.86% 15.70% 15.02% 15.65%
0.12 0.17 0.04 0.10 0.17 0.28 0.08 0.20 0.26 0.44 0.30 0.60 0.57
Interest 0.07 0.05 0.02 0.00 0.02 0.16 0.23 0.36 0.31 0.51 0.63 0.84 0.73
Depreciation 1.34 1.44 1.30 1.31 1.32 1.34 1.38 1.44 1.49 1.50 1.36 1.56 1.49
Profit before tax 1.34 -0.30 1.26 3.10 3.08 4.60 6.21 6.40 6.12 5.59 6.64 6.67 6.51
Tax % 24.63% 86.67% 18.25% 19.68% 25.32% 30.65% 25.12% 25.16% 25.00% 30.59% 25.15% 25.04% 25.19%
Net Profit 1.02 -0.05 1.04 2.49 2.31 3.19 4.65 4.79 4.57 3.87 4.97 4.99 4.87
EPS in Rs 0.20 -0.01 0.20 0.49 0.45 0.63 0.91 0.94 0.90 0.76 0.97 0.98 0.95
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
149 165 153 142 144 130 133 146 156 118 137 201 213
132 145 139 133 130 119 118 130 137 107 120 170 181
Operating Profit 17 20 14 9 15 11 15 16 19 11 17 31 32
OPM % 11% 12% 9% 6% 10% 9% 11% 11% 12% 9% 12% 15% 15%
1 2 2 2 1 2 2 2 1 0 1 1 2
Interest 3 3 4 4 3 2 2 1 0 0 0 1 3
Depreciation 3 4 5 4 5 4 4 4 5 5 5 6 6
Profit before tax 13 15 7 3 8 7 11 12 14 6 12 24 25
Tax % 33% 34% 31% 42% 30% 36% 32% 41% 28% 21% 26% 26%
Net Profit 9 10 5 2 6 4 7 7 10 4 9 18 19
EPS in Rs 1.72 1.96 0.90 0.36 1.12 0.84 1.45 1.38 1.98 0.86 1.75 3.51 3.66
Dividend Payout % 20% 18% 22% 42% 36% 48% 34% 44% 38% 52% 57% 21%
Compounded Sales Growth
10 Years: 2%
5 Years: 9%
3 Years: 9%
TTM: 10%
Compounded Profit Growth
10 Years: 6%
5 Years: 19%
3 Years: 21%
TTM: 9%
Stock Price CAGR
10 Years: 20%
5 Years: 10%
3 Years: 48%
1 Year: -12%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 13%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
5 5 5 5 5 5 5 5 5 5 5 5 5
Reserves 39 47 50 51 54 56 63 66 73 69 78 91 97
23 28 39 29 25 17 14 8 2 4 11 27 36
36 39 30 30 29 23 21 20 22 14 28 28 27
Total Liabilities 104 119 124 116 113 101 103 100 102 93 122 151 166
27 37 38 40 35 32 29 27 31 32 35 42 52
CWIP 2 0 4 0 0 0 0 0 0 0 0 1 0
Investments 0 0 0 0 0 0 0 0 0 0 0 15 27
74 81 82 75 77 69 73 73 70 61 87 94 87
Total Assets 104 119 124 116 113 101 103 100 102 93 122 151 166

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
13 16 -0 6 3 11 5 1 11 14 13 4
-12 -11 -8 -1 1 1 -5 4 -8 -7 -9 -25
6 -1 3 -15 -6 -13 -1 -4 -4 -6 7 10
Net Cash Flow 7 4 -5 -10 -2 -1 -1 1 -1 1 10 -11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 70 53 57 71 78 78 87 103 102 88 108 100
Inventory Days 114 114 115 116 110 98 112 92 93 168 128 95
Days Payable 120 120 95 105 85 85 79 60 61 60 105 77
Cash Conversion Cycle 64 47 77 81 103 91 120 134 134 196 132 119
Working Capital Days 40 35 69 86 104 112 120 118 102 120 99 103
ROCE % 27% 25% 13% 8% 13% 11% 16% 16% 18% 7% 14% 24%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
74.37 74.37 74.37 74.37 74.37 74.37 74.37 74.37 74.37 74.37 74.37 74.37
0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.06 0.06 0.06 0.05 0.04
0.00 0.00 0.00 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.00 0.00
25.63 25.63 25.63 25.21 25.21 25.21 25.16 25.16 25.16 25.16 25.58 25.59

* 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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