Automotive Axles Ltd

About

Automotive Axles was established in 1981 as a JV of Kalyani Group (35.5% ownership) and Meritor Inc, USA (35.5% ownership). [1]
The Company is engaged in the business of manufacturing and supplying Automotive Parts to the major domestic and global manufacturers of Trucks & Buses (LCV, MCV, HCV, Military & Off-highway Vehicle Segment). [2]

Key Points

Brand & Customer
It is the largest independent axle manufacturers and the second-largest brake manufacturer in India [1]
The Company has a strong customer base which includes companies like Ashok Leyland, Daimler India, Mahindra & Mahindra, Tata Motors, Volvo Eicher, and many more [2]
In FY20, Ashok Leyland accounts for ~52% of its revenue which in FY19 it was ~61% [3]

See full details
  • Market Cap 2,040 Cr.
  • Current Price 1,350
  • High / Low 1,565 / 646
  • Stock P/E 39.7
  • Book Value 367
  • Dividend Yield 0.33 %
  • ROCE 6.36 %
  • ROE 4.63 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 26.38%

Cons

  • The company has delivered a poor sales growth of -3.57% over past five years.
  • Company has a low return on equity of 12.01% for last 3 years.
  • Debtor days have increased from 75.30 to 113.66 days.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
498.38 485.78 481.09 418.45 200.05 164.71 168.76 38.85 169.20 271.97 425.56 255.01
439.53 430.00 422.57 369.66 183.13 149.93 155.96 52.62 159.82 246.51 380.79 239.43
Operating Profit 58.85 55.78 58.52 48.79 16.92 14.78 12.80 -13.77 9.38 25.46 44.77 15.58
OPM % 11.81% 11.48% 12.16% 11.66% 8.46% 8.97% 7.58% -35.44% 5.54% 9.36% 10.52% 6.11%
Other Income 0.87 0.72 0.47 -0.66 2.09 1.81 2.46 -1.53 1.99 1.71 1.13 1.09
Interest 0.20 0.15 0.01 0.32 0.33 0.71 0.45 0.80 0.76 0.72 0.69 0.68
Depreciation 12.25 11.45 10.00 9.37 9.14 9.09 9.63 8.66 9.14 9.18 9.02 8.22
Profit before tax 47.27 44.90 48.98 38.44 9.54 6.79 5.18 -24.76 1.47 17.27 36.19 7.77
Tax % 32.18% 31.96% 38.85% 35.98% 34.59% 33.43% -11.00% 6.95% -309.52% 23.62% 26.61% 28.19%
Net Profit 32.05 30.55 29.95 24.62 6.24 4.53 5.75 -23.04 6.02 13.19 26.56 5.57
EPS in Rs 21.21 20.22 19.82 16.29 4.13 3.00 3.80 -15.25 3.98 8.73 17.58 3.69

Profit & Loss

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
668 1,012 941 643 677 459 1,086 1,172 1,520 1,939 952 906 1,122
582 896 838 589 620 424 990 1,059 1,353 1,710 859 840 1,027
Operating Profit 86 117 102 54 57 35 96 114 167 229 93 66 95
OPM % 13% 12% 11% 8% 8% 8% 9% 10% 11% 12% 10% 7% 8%
Other Income 4 0 1 2 6 3 1 2 5 3 6 3 6
Interest 4 7 10 9 7 4 6 1 1 1 2 3 3
Depreciation 21 23 27 29 29 17 39 39 43 46 37 36 36
Profit before tax 66 87 67 19 26 16 52 75 128 185 60 30 63
Tax % 33% 34% 32% 32% 30% 36% 33% 34% 34% 34% 31% 25%
Net Profit 44 58 45 13 18 11 35 49 84 122 41 23 51
EPS in Rs 29.16 38.08 29.79 8.40 12.03 6.97 23.01 32.70 55.54 80.43 27.22 15.04 33.98
Dividend Payout % 29% 26% 34% 24% 21% 14% 24% 24% 24% 24% 25% 30%
Compounded Sales Growth
10 Years:3%
5 Years:-4%
3 Years:-16%
TTM:96%
Compounded Profit Growth
10 Years:-5%
5 Years:-7%
3 Years:-33%
TTM:1967%
Stock Price CAGR
10 Years:13%
5 Years:13%
3 Years:4%
1 Year:99%
Return on Equity
10 Years:13%
5 Years:14%
3 Years:12%
Last Year:5%

Balance Sheet

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
15 15 15 15 15 15 15 15 15 15 15 15
Reserves 189 229 256 265 279 287 312 361 429 523 517 539
Borrowings 71 62 56 51 92 62 30 0 0 73 35 29
101 185 167 94 139 156 169 189 290 322 161 361
Total Liabilities 375 491 494 425 525 521 526 566 734 933 728 944
133 146 176 183 166 177 168 146 118 109 255 245
CWIP 8 4 19 7 23 17 9 7 17 116 24 32
Investments 0 0 0 0 0 0 0 0 0 0 0 12
234 341 300 235 336 327 349 413 600 709 449 655
Total Assets 375 491 494 425 525 521 526 566 734 933 728 944

Cash Flows

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-8 72 94 54 -6 92 57 97 51 106 198 49
-9 -40 -70 -24 -25 -18 -25 -23 -27 -157 -59 -40
17 -31 -33 -30 30 -70 -35 -40 -15 47 -105 -10
Net Cash Flow 0 2 -9 -0 -0 3 -3 35 9 -4 34 -1

Ratios

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 68 69 62 65 93 140 67 72 80 65 47 114
Inventory Days 70 55 51 71 89 129 52 45 47 50 88 116
Days Payable 46 70 59 50 66 137 58 75 88 70 65 168
Cash Conversion Cycle 92 54 54 86 116 132 61 42 39 45 70 62
Working Capital Days 76 52 52 84 107 137 61 56 59 54 70 78
ROCE % 28% 32% 24% 8% 9% 6% 16% 21% 31% 35% 11% 6%

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
71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04
1.39 1.28 1.07 0.79 0.79 0.84 0.78 0.74 0.79 0.74 0.66 0.83
8.90 9.44 9.87 14.16 13.89 13.87 13.84 13.58 11.75 12.38 14.34 13.64
18.67 18.24 18.02 14.02 14.29 14.26 14.34 14.65 16.42 15.84 13.96 14.49

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