Atul Auto Ltd

About

Atul Auto manufactures and sales Auto Rickshaws in domestic and overseas market.

Key Points

3 Wheeler portfolio
4 Brands: Shakti –cargo (diesel), Elite – e-rikshaw (passenger + cargo), Gemini – passenger (petrol + CNG + LPG) + cargo (petrol), Gem – passenger (diesel + CNG + petrol + LPG) + cargo (diesel + petrol + CNG) [1]

Atul's diesel engines are supplied by Greaves cotton whereas they makes their own engine for petrol and alternative fuel vehicles.

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  • Market Cap 465 Cr.
  • Current Price 212
  • High / Low 270 / 163
  • Stock P/E
  • Book Value 132
  • Dividend Yield 0.00 %
  • ROCE -4.03 %
  • ROE -2.69 %
  • Face Value 5.00

Pros

  • Debtor days have improved from 43.25 to 29.27 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -11.04% over past five years.
  • Company has a low return on equity of 12.11% for last 3 years.
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
186.13 166.84 147.74 172.18 192.83 112.59 26.55 76.47 101.71 91.17 32.18 85.56
161.31 147.94 129.54 152.08 165.61 106.94 33.77 74.26 98.91 96.62 38.53 89.00
Operating Profit 24.82 18.90 18.20 20.10 27.22 5.65 -7.22 2.21 2.80 -5.45 -6.35 -3.44
OPM % 13.33% 11.33% 12.32% 11.67% 14.12% 5.02% -27.19% 2.89% 2.75% -5.98% -19.73% -4.02%
Other Income 1.82 0.47 0.96 0.98 0.82 0.38 0.32 0.54 0.41 0.39 0.25 0.50
Interest 0.15 0.15 0.18 0.46 0.21 0.18 0.31 0.16 0.24 0.17 0.44 1.55
Depreciation 1.39 1.43 1.57 1.60 1.62 1.61 1.62 1.67 1.66 1.61 1.62 1.72
Profit before tax 25.10 17.79 17.41 19.02 26.21 4.24 -8.83 0.92 1.31 -6.84 -8.16 -6.21
Tax % 35.82% 33.78% 35.38% 7.05% 25.45% 11.08% 23.22% 32.61% 23.66% 22.81% 21.20% 27.38%
Net Profit 16.66 12.43 11.61 17.97 20.03 3.97 -6.35 2.07 1.25 -5.15 -6.21 -4.19
EPS in Rs 7.59 5.66 5.29 8.19 9.13 1.81 -2.89 0.94 0.57 -2.35 -2.83 -1.91

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
129 122 80 531 475 556 667 625 296 311
125 119 82 455 416 483 585 554 304 323
Operating Profit 4 3 -1 76 60 73 81 71 -8 -12
OPM % 3% 2% -2% 14% 13% 13% 12% 11% -3% -4%
Other Income 12 17 16 1 2 3 7 3 2 2
Interest 3 6 9 1 1 0 1 1 1 2
Depreciation 2 3 3 5 5 5 6 6 7 7
Profit before tax 11 11 3 72 56 69 82 67 -13 -20
Tax % 36% 37% 53% 34% 34% 33% 35% 22% 22%
Net Profit 6 5 1 47 37 48 55 54 -8 -14
EPS in Rs 21.60 16.73 21.82 25.09 24.43 -3.73 -6.52
Dividend Payout % 10% 12% 45% 25% 25% 24% 16% 6% 0%
Compounded Sales Growth
10 Years: %
5 Years: -11%
3 Years: -19%
TTM: -24%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -173%
Stock Price CAGR
10 Years: 18%
5 Years: -13%
3 Years: -13%
1 Year: 22%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 12%
Last Year: -3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
6 6 6 11 11 11 11 11 11 11
Reserves 23 27 28 142 173 210 251 297 289 278
Borrowings 54 83 87 0 0 0 0 1 16 168
32 32 27 67 61 80 95 72 72 102
Total Liabilities 114 148 147 221 245 301 357 380 388 558
29 36 34 85 87 87 94 93 90 204
CWIP 2 1 10 3 3 5 37 117 150 56
Investments 0 0 0 0 23 60 26 18 31 0
82 111 103 133 131 149 200 152 117 298
Total Assets 114 148 147 221 245 301 357 380 388 558

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3 -4 1 11 71 26 35 57 52
-12 -7 -10 -10 -29 -39 -28 -58 -60
9 12 9 -14 -14 -11 -15 -7 14
Net Cash Flow 1 1 0 -13 28 -24 -7 -8 6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 26 25 18 52 36 51 55 46 29
Inventory Days 34 76 113 33 38 42 42 39 78
Days Payable 45 39 42 34 38 45 43 32 74
Cash Conversion Cycle 15 62 89 51 37 48 54 53 34
Working Capital Days 173 270 396 37 24 35 40 38 13
ROCE % 17% 10% 32% 34% 34% 24% -4%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
52.70 52.70 52.70 52.70 52.70 52.70 52.70 52.70 52.70 52.70 52.70 52.70
0.15 0.14 0.00 0.00 0.00 0.00 0.00 1.36 1.36 1.36 0.00 0.03
18.44 18.54 18.23 18.62 18.78 18.40 15.18 8.21 6.39 5.91 2.40 0.59
28.71 28.62 29.07 28.69 28.52 28.90 32.12 37.74 39.55 40.03 44.90 46.68

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