SAL Automotive Ltd

Swaraj Automotives is engaged in the business of manufacturing seats for tractor & LCV, Seats Mechanisms, Agri Implements namely Rotavators & Tractor Trolleys.

Pros:
Stock is trading at 1.11 times its book value
Company has been maintaining a healthy dividend payout of 34.84%
Cons:
The company has delivered a poor growth of 10.13% over past five years.
Company has a low return on equity of 10.06% for last 3 years.
Earnings include an other income of Rs.3.10 Cr.

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
25.01 23.29 20.31 26.59 27.78 27.98 31.36 36.74 35.24 31.44 27.23 23.64
24.08 22.54 19.62 25.50 26.38 26.58 30.19 34.91 33.49 30.05 26.49 23.18
Operating Profit 0.93 0.75 0.69 1.09 1.40 1.40 1.17 1.83 1.75 1.39 0.74 0.46
OPM % 3.72% 3.22% 3.40% 4.10% 5.04% 5.00% 3.73% 4.98% 4.97% 4.42% 2.72% 1.95%
Other Income 0.17 0.31 0.34 0.20 0.17 0.25 0.31 0.16 0.24 0.22 0.21 2.43
Interest 0.00 0.01 0.00 0.01 0.00 0.01 0.11 0.08 0.08 0.10 0.09 0.10
Depreciation 0.19 0.20 0.20 0.19 0.20 0.22 0.29 0.33 0.34 0.35 0.35 0.36
Profit before tax 0.91 0.85 0.83 1.09 1.37 1.42 1.08 1.58 1.57 1.16 0.51 2.43
Tax % 35.16% 17.65% 43.37% 33.03% 19.71% 21.83% 56.48% 27.22% 26.75% 31.90% 25.49% 2.47%
Net Profit 0.59 0.70 0.47 0.73 1.10 1.11 0.47 1.15 1.15 0.79 0.38 2.37
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
65.80 64.45 68.63 67.29 70.31 74.94 80.64 93.83 95.64 92.99 113.71 130.65 117.55
58.06 57.77 63.37 64.42 67.41 71.21 76.64 90.10 92.61 89.77 108.57 124.92 113.21
Operating Profit 7.74 6.68 5.26 2.87 2.90 3.73 4.00 3.73 3.03 3.22 5.14 5.73 4.34
OPM % 11.76% 10.36% 7.66% 4.27% 4.12% 4.98% 4.96% 3.98% 3.17% 3.46% 4.52% 4.39% 3.69%
Other Income 1.67 1.72 1.20 0.44 0.59 0.55 0.63 0.78 0.85 0.99 0.93 0.83 3.10
Interest 0.31 0.40 0.20 0.35 0.28 0.02 0.02 0.01 0.02 0.07 0.20 0.37 0.37
Depreciation 0.85 0.93 1.02 0.96 0.88 0.89 1.06 0.96 0.80 0.76 0.90 1.37 1.40
Profit before tax 8.25 7.07 5.24 2.00 2.33 3.37 3.55 3.54 3.06 3.38 4.97 4.82 5.67
Tax % 34.67% 35.08% 33.78% 33.00% 33.91% 32.64% 34.08% 31.92% 33.66% 32.25% 31.19% 28.22%
Net Profit 5.39 4.59 3.47 1.34 1.54 2.27 2.35 2.41 2.03 2.30 3.41 3.47 4.69
EPS in Rs 7.77 9.60 14.21 14.49
Dividend Payout % 13.36% 13.07% 27.67% 53.73% 46.75% 31.72% 35.74% 34.85% 41.38% 41.74% 31.67% 31.12%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.32%
5 Years:10.13%
3 Years:10.96%
TTM:-5.09%
Compounded Profit Growth
10 Years:-2.74%
5 Years:8.29%
3 Years:19.57%
TTM:22.45%
Return on Equity
10 Years:9.84%
5 Years:9.60%
3 Years:10.06%
Last Year:10.73%

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
2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40 2.40
Reserves 12.06 15.91 18.22 18.43 19.14 20.57 21.94 22.77 23.79 26.50 28.86 31.03
Borrowings 2.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.83 5.07
22.51 15.12 18.52 20.01 22.26 23.23 26.18 26.46 23.61 24.28 34.45 28.17
Total Liabilities 39.70 33.43 39.14 40.84 43.80 46.20 50.52 51.63 49.80 53.18 69.54 66.67
7.19 7.00 6.52 10.24 9.60 9.65 10.12 9.31 8.99 10.30 13.30 13.57
CWIP 0.03 0.03 0.03 0.02 0.00 1.28 0.35 0.53 0.87 0.03 0.10 0.07
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
32.48 26.40 32.59 30.58 34.20 35.27 40.05 41.79 39.94 42.85 56.14 53.03
Total Assets 39.70 33.43 39.14 40.84 43.80 46.20 50.52 51.63 49.80 53.18 69.54 66.67

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
5.54 2.40 6.75 -2.23 4.96 3.47 0.26 1.07 4.07 -0.39 -0.69 2.67
0.27 -0.31 0.06 -4.27 0.20 -1.86 -0.06 -0.54 -0.23 -0.55 -3.17 -0.89
-0.17 -1.08 -0.73 -1.17 -0.84 -0.84 -0.87 -0.99 -1.01 -1.03 2.55 -0.41
Net Cash Flow 5.64 1.01 6.08 -7.67 4.32 0.77 -0.67 -0.46 2.83 -1.96 -1.32 1.37

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 % 56.75% 42.03% 27.95% 11.29% 12.23% 14.87% 14.92% 14.30% 11.99% 12.38% 15.69% 14.11%
Debtor Days 82.76 79.29 73.87 104.42 95.16 82.80 95.78 78.11 62.25 75.83 98.77 73.03
Inventory Turnover 12.91 14.29 21.82 18.90 19.13 20.12 18.84 18.51 16.58 16.43 19.05 19.71