Automotive Axles Ltd

Automotive Axles Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Automotive Axles Ltd

₹ 2,347 -0.77%
24 Mar - close price
autoaxle.com BSE: 505010 NSE : AUTOAXLES
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
The co. is the largest independent axle manufacturer and the 2nd-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]
Ashok Leyland accounted for ~57% of co.’s revenues in FY21, up from ~52% in FY20. [3]

Website BSE NSE
  • Market Cap ₹ 3,546 Cr.
  • Current Price ₹ 2,347
  • High / Low ₹ 2,686 / 1,380
  • Stock P/E 23.6
  • Book Value ₹ 436
  • Dividend Yield 0.64 %
  • ROCE 16.6 %
  • ROE 12.6 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 28.5%

Cons

  • Stock is trading at 5.39 times its book value
  • The company has delivered a poor sales growth of 4.92% over past five years.
  • Company has a low return on equity of 8.48% over last 3 years.

* 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 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
165 169 39 169 272 426 255 309 374 552 500 475 656
150 156 53 160 247 381 239 287 339 490 449 424 578
Operating Profit 15 13 -14 9 25 45 16 22 35 62 52 50 78
OPM % 9% 8% -35% 6% 9% 11% 6% 7% 9% 11% 10% 11% 12%
2 2 -2 2 2 1 1 1 2 0 1 1 1
Interest 1 0 1 1 1 1 1 1 1 1 1 1 1
Depreciation 9 10 9 9 9 9 8 9 9 10 10 10 10
Profit before tax 7 5 -25 1 17 36 8 14 27 52 42 41 68
Tax % 33% -11% 7% -310% 24% 27% 28% 27% 26% 25% 27% 26% 25%
Net Profit 5 6 -23 6 13 27 6 10 20 39 30 30 51
EPS in Rs 3.00 3.80 -15.25 3.98 8.73 17.58 3.69 6.71 13.10 25.70 20.12 19.94 33.54
Raw PDF

Profit & Loss

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,012 941 643 677 459 1,086 1,172 1,520 1,939 952 906 1,491 2,183
896 838 589 620 424 990 1,059 1,353 1,710 859 840 1,356 1,941
Operating Profit 117 102 54 57 35 96 114 167 229 93 66 135 242
OPM % 12% 11% 8% 8% 8% 9% 10% 11% 12% 10% 7% 9% 11%
0 1 2 6 3 1 2 5 3 6 3 4 4
Interest 7 10 9 7 4 6 1 1 1 2 3 2 3
Depreciation 23 27 29 29 17 39 39 43 46 37 36 36 41
Profit before tax 87 67 19 26 16 52 75 128 185 60 30 100 202
Tax % 34% 32% 32% 30% 36% 33% 34% 34% 34% 31% 25% 26%
Net Profit 58 45 13 18 11 35 49 84 122 41 23 74 150
EPS in Rs 38.08 29.79 8.40 12.03 6.97 23.01 32.70 55.54 80.43 27.22 15.04 49.21 99.30
Dividend Payout % 26% 34% 24% 21% 14% 24% 24% 24% 24% 25% 30% 30%
Compounded Sales Growth
10 Years: 4%
5 Years: 5%
3 Years: -8%
TTM: 60%
Compounded Profit Growth
10 Years: 3%
5 Years: 9%
3 Years: -15%
TTM: 142%
Stock Price CAGR
10 Years: 23%
5 Years: 10%
3 Years: 84%
1 Year: 51%
Return on Equity
10 Years: 12%
5 Years: 13%
3 Years: 8%
Last Year: 13%

Balance Sheet

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
15 15 15 15 15 15 15 15 15 15 15 15 15
Reserves 229 256 265 279 287 312 361 429 523 517 539 606 643
62 56 51 92 62 30 0 0 73 35 29 23 31
185 167 94 139 156 169 189 290 322 161 364 401 310
Total Liabilities 491 494 425 525 521 526 566 734 933 728 947 1,045 1,000
146 176 183 166 177 168 146 118 109 255 245 259 253
CWIP 4 19 7 23 17 9 7 17 116 24 32 3 6
Investments 0 0 0 0 0 0 0 0 0 0 12 17 0
341 300 235 336 327 349 413 600 709 449 658 766 741
Total Assets 491 494 425 525 521 526 566 734 933 728 947 1,045 1,000

Cash Flows

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
72 94 54 -6 92 57 97 51 106 198 49 43
-40 -70 -24 -25 -18 -25 -23 -27 -157 -59 -40 -27
-31 -33 -30 30 -70 -35 -40 -15 47 -105 -10 -15
Net Cash Flow 2 -9 -0 -0 3 -3 35 9 -4 34 -1 2

Ratios

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Sep 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 69 62 65 93 140 67 72 80 65 47 114 95
Inventory Days 55 51 71 89 129 52 45 47 50 88 116 68
Days Payable 70 62 52 71 149 64 75 88 70 65 168 119
Cash Conversion Cycle 54 51 84 110 119 55 42 39 45 70 62 45
Working Capital Days 48 48 79 102 132 61 56 59 53 69 78 65
ROCE % 32% 24% 8% 9% 6% 16% 21% 31% 35% 11% 6% 17%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04 71.04
0.84 0.78 0.74 0.79 0.74 0.66 0.83 1.43 1.08 1.35 0.74 0.71
13.87 13.84 13.58 11.75 12.38 14.34 13.64 13.50 14.45 13.31 13.21 13.88
14.26 14.34 14.65 16.42 15.84 13.96 14.49 14.03 13.43 14.30 15.02 14.37

* 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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