Automotive Axles Ltd

Automotive Axles Ltd

₹ 2,117 0.30%
19 Jun 9:08 a.m.
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
Co. is the largest independent axle manufacturer and 2nd-largest brake manufacturer in India. [1]
They have a strong customer base which includes companies like Ashok Leyland, Daimler India, Mahindra & Mahindra, Tata Motors, Volvo Eicher, and many more. [2]
Ashok Leyland accounted for ~57% of co.’s revenues in FY21, up from ~52% in FY20. [3]

  • Market Cap 3,199 Cr.
  • Current Price 2,117
  • High / Low 2,466 / 1,742
  • Stock P/E 19.3
  • Book Value 580
  • Dividend Yield 1.51 %
  • ROCE 26.8 %
  • ROE 20.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.8%
  • Debtor days have improved from 77.8 to 59.7 days.

Cons

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
426 255 309 374 552 500 475 656 693 532 584 541 572
381 239 287 339 490 449 424 578 615 473 518 483 508
Operating Profit 45 16 22 35 62 52 50 78 78 59 66 58 64
OPM % 11% 6% 7% 9% 11% 10% 11% 12% 11% 11% 11% 11% 11%
1 1 1 2 0 1 1 1 1 2 4 4 5
Interest 1 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 9 8 9 9 10 10 10 10 10 9 9 9 9
Profit before tax 36 8 14 27 52 42 41 68 68 51 60 53 59
Tax % 27% 28% 27% 26% 25% 27% 26% 25% 25% 26% 25% 26% 25%
27 6 10 20 39 30 30 51 51 38 45 39 44
EPS in Rs 17.58 3.69 6.71 13.10 25.70 20.12 19.94 33.54 33.62 25.03 29.84 25.91 29.18
Raw PDF

Profit & Loss

Figures in Rs. Crores

Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
643 677 459 1,086 1,172 1,520 1,939 952 906 1,491 2,324 2,229
589 620 424 990 1,059 1,353 1,710 859 840 1,356 2,066 1,983
Operating Profit 54 57 35 96 114 167 229 93 66 135 257 246
OPM % 8% 8% 8% 9% 10% 11% 12% 10% 7% 9% 11% 11%
2 6 3 1 2 5 3 6 3 4 5 16
Interest 9 7 4 6 1 1 1 2 3 2 3 3
Depreciation 29 29 17 39 39 43 46 37 36 36 41 36
Profit before tax 19 26 16 52 75 128 185 60 30 100 218 223
Tax % 32% 30% 36% 33% 34% 34% 34% 31% 25% 26% 26% 25%
13 18 11 35 49 84 122 41 23 74 162 166
EPS in Rs 8.40 12.03 6.97 23.01 32.70 55.54 80.43 27.22 15.04 49.21 107.22 109.95
Dividend Payout % 24% 21% 14% 24% 24% 24% 24% 25% 30% 30% 30% 29%
Compounded Sales Growth
10 Years: 13%
5 Years: 3%
3 Years: 35%
TTM: -4%
Compounded Profit Growth
10 Years: 29%
5 Years: 6%
3 Years: 88%
TTM: 3%
Stock Price CAGR
10 Years: 15%
5 Years: 16%
3 Years: 17%
1 Year: -7%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 19%
Last Year: 20%

Balance Sheet

Figures in Rs. Crores

Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 265 279 287 312 361 429 523 517 539 606 744 861
51 92 62 30 0 0 73 35 29 23 28 22
94 139 156 169 189 290 322 161 364 401 369 332
Total Liabilities 425 525 521 526 566 734 933 728 947 1,045 1,157 1,230
183 166 177 168 146 118 109 255 245 259 245 227
CWIP 7 23 17 9 7 17 116 24 32 3 6 6
Investments 0 0 0 0 0 0 0 0 12 17 0 21
235 336 327 349 413 600 709 449 658 766 905 976
Total Assets 425 525 521 526 566 734 933 728 947 1,045 1,157 1,230

Cash Flows

Figures in Rs. Crores

Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
54 -6 92 57 97 51 106 198 49 43 52 260
-24 -25 -18 -25 -23 -27 -157 -59 -40 -27 -84 -182
-30 30 -70 -35 -40 -15 47 -105 -10 -15 -31 -56
Net Cash Flow -0 -0 3 -3 35 9 -4 34 -1 2 -63 22

Ratios

Figures in Rs. Crores

Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 65 93 140 67 72 80 65 47 114 95 78 60
Inventory Days 71 89 129 52 45 47 50 88 116 68 50 58
Days Payable 52 71 149 64 75 88 70 65 168 114 69 65
Cash Conversion Cycle 84 110 119 55 42 39 45 70 62 49 60 52
Working Capital Days 79 102 132 61 56 59 53 69 78 65 74 92
ROCE % 8% 9% 6% 16% 21% 31% 35% 11% 6% 17% 31%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04% 71.04%
0.66% 0.83% 1.43% 1.08% 1.35% 0.74% 0.71% 0.73% 0.70% 0.67% 0.63% 0.51%
14.34% 13.64% 13.50% 14.45% 13.31% 13.21% 13.88% 13.53% 12.47% 12.00% 11.96% 11.97%
13.96% 14.49% 14.03% 13.43% 14.30% 15.02% 14.37% 14.71% 15.81% 16.31% 16.38% 16.49%
No. of Shareholders 16,74319,94418,93517,80618,27319,99319,66126,82031,76937,15234,52730,108

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls