Sar Auto Products Ltd

Sar Auto Products Ltd

₹ 2,240 -0.35%
19 Apr - close price
About

Sar Auto Products Ltd was incorporated in 1987 by Mr. Ramesh D. Virani(current chairman) in Rajkot, Gujarat. It is mainly engaged in the manufacturing and selling of Auto components like gears for transmission, differential & engines. It is also engaged in real estate construction [1]

Key Points

Products
It manufactures Auto Components comprising automobile gears like Spur Gear, Helical Gear, etc along with Transmission Spline Shafts, Couplings, Engine, Differential gearboxes, and Power Take-off clutches which are used for Transmission, and manufactures machined parts up to 480mm dia.[1]

  • Market Cap 1,067 Cr.
  • Current Price 2,240
  • High / Low 2,509 / 833
  • Stock P/E 1,186
  • Book Value 34.6
  • Dividend Yield 0.00 %
  • ROCE 4.73 %
  • ROE 3.95 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Debtor days have improved from 141 to 105 days.
  • Promoter holding has increased by 3.25% over last quarter.
  • Company's working capital requirements have reduced from 158 days to 109 days

Cons

  • Stock is trading at 64.8 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 4.39% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -3.31%

* 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

Figures in Rs. Crores

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
1.59 2.89 2.50 2.34 2.94 2.91 2.08 3.19 2.66 3.68 3.78 5.20 5.67
1.25 2.15 1.92 2.07 2.34 2.37 1.68 2.38 2.15 3.48 3.31 4.66 5.09
Operating Profit 0.34 0.74 0.58 0.27 0.60 0.54 0.40 0.81 0.51 0.20 0.47 0.54 0.58
OPM % 21.38% 25.61% 23.20% 11.54% 20.41% 18.56% 19.23% 25.39% 19.17% 5.43% 12.43% 10.38% 10.23%
0.08 0.12 0.05 0.31 0.03 0.12 0.06 0.07 0.06 0.15 0.11 0.15 0.17
Interest 0.01 0.04 0.03 0.02 0.01 0.03 0.03 0.01 0.01 0.07 0.02 0.02 0.01
Depreciation 0.27 0.29 0.26 0.30 0.34 0.36 0.30 0.31 0.32 0.32 0.25 0.25 0.25
Profit before tax 0.14 0.53 0.34 0.26 0.28 0.27 0.13 0.56 0.24 -0.04 0.31 0.42 0.49
Tax % 0.00% 30.19% 0.00% 0.00% 0.00% 7.41% 0.00% 0.00% 0.00% -700.00% 0.00% 0.00% 0.00%
0.13 0.37 0.34 0.26 0.27 0.25 0.13 0.56 0.24 -0.32 0.31 0.42 0.49
EPS in Rs 0.27 0.78 0.71 0.55 0.57 0.52 0.27 1.18 0.50 -0.67 0.65 0.88 1.03
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
2.23 1.98 2.06 2.20 2.95 5.06 6.81 9.81 6.78 6.28 10.67 11.59 18.33
2.24 2.02 2.09 4.95 2.75 3.88 5.60 8.33 5.50 4.88 8.68 9.64 16.54
Operating Profit -0.01 -0.04 -0.03 -2.75 0.20 1.18 1.21 1.48 1.28 1.40 1.99 1.95 1.79
OPM % -0.45% -2.02% -1.46% -125.00% 6.78% 23.32% 17.77% 15.09% 18.88% 22.29% 18.65% 16.82% 9.77%
0.52 0.37 0.71 0.50 0.67 0.24 0.27 0.32 0.31 0.34 0.50 0.33 0.58
Interest 0.02 0.02 0.02 0.08 0.02 0.04 0.07 0.12 0.07 0.06 0.08 0.13 0.12
Depreciation 0.73 0.62 0.55 1.04 0.76 1.12 1.21 1.41 1.27 1.07 1.26 1.25 1.07
Profit before tax -0.24 -0.31 0.11 -3.37 0.09 0.26 0.20 0.27 0.25 0.61 1.15 0.90 1.18
Tax % 16.67% 9.68% -9.09% 5.34% -88.89% -19.23% 20.00% -22.22% -16.00% 26.23% 1.74% 31.11%
-0.20 -0.28 0.12 -3.19 0.18 0.30 0.16 0.33 0.29 0.45 1.13 0.62 0.90
EPS in Rs -0.42 -0.59 0.25 -6.70 0.38 0.63 0.34 0.69 0.61 0.94 2.37 1.30 1.89
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: 19%
5 Years: 11%
3 Years: 20%
TTM: 69%
Compounded Profit Growth
10 Years: 15%
5 Years: 26%
3 Years: 28%
TTM: -24%
Stock Price CAGR
10 Years: %
5 Years: 51%
3 Years: 104%
1 Year: 156%
Return on Equity
10 Years: 0%
5 Years: 4%
3 Years: 4%
Last Year: 4%

Balance Sheet

Figures in Rs. Crores

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 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76 4.76
Reserves 10.85 10.53 10.65 7.43 7.60 7.91 8.07 8.40 8.71 9.24 10.35 10.98 11.71
0.25 0.16 0.34 0.14 0.94 0.62 1.11 0.83 0.88 1.81 5.29 6.95 8.59
0.53 0.44 0.54 0.57 0.81 0.66 2.13 1.41 0.91 1.28 1.14 1.82 2.45
Total Liabilities 16.39 15.89 16.29 12.90 14.11 13.95 16.07 15.40 15.26 17.09 21.54 24.51 27.51
4.16 3.70 3.63 3.13 3.20 5.21 6.96 6.16 5.14 4.92 5.86 8.22 7.72
CWIP 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
Investments 0.75 0.47 0.07 0.05 0.04 0.19 0.18 0.01 0.02 0.26 0.02 0.02 0.21
11.48 11.72 12.59 9.72 10.87 8.55 8.93 9.23 10.10 11.91 15.66 16.27 19.58
Total Assets 16.39 15.89 16.29 12.90 14.11 13.95 16.07 15.40 15.26 17.09 21.54 24.51 27.51

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-0.22 -0.24 0.63 1.02 -0.72 3.83 4.77 1.35 0.68 1.13 0.11 0.65
0.38 0.24 -1.52 -0.40 -1.38 -3.29 -4.35 0.05 -0.81 -0.92 -2.57 -3.69
0.00 0.05 0.34 0.20 1.37 -0.13 0.63 -0.12 0.27 1.13 3.64 1.85
Net Cash Flow 0.16 0.05 -0.55 0.82 -0.74 0.41 1.05 1.28 0.15 1.33 1.17 -1.18

Ratios

Figures in Rs. Crores

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 541.77 687.60 636.09 232.27 164.56 125.51 98.62 95.25 143.74 166.23 152.57 104.87
Inventory Days 470.80 375.14 525.85 550.49 1,951.63 188.67 56.22 53.38
Days Payable 100.51 60.83 136.10 65.82 253.27 231.82 92.88 80.70
Cash Conversion Cycle 912.06 1,001.91 1,025.84 716.94 164.56 1,823.88 55.46 58.59 116.43 166.23 152.57 104.87
Working Capital Days 684.17 840.61 786.70 1,322.30 1,043.03 413.33 121.13 88.55 161.50 188.31 177.54 109.28
ROCE % -1.37% -1.92% 0.96% -23.43% 0.70% 2.26% 2.35% 2.72% 2.26% 4.24% 5.41% 4.73%

Shareholding Pattern

Numbers in percentages

5 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.48% 74.01% 74.01% 74.01% 74.01% 72.27% 71.79% 69.08% 68.67% 68.37% 67.91% 71.16%
4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63% 4.63%
20.89% 21.37% 21.37% 21.37% 21.37% 23.11% 23.58% 26.31% 26.71% 27.00% 27.47% 24.22%
No. of Shareholders 635616616614622615621638633654666708

* 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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