Craftsman Automation Ltd

About

Craftsman Automation started the journey in the year 1986 as a small scale industry in the southern Indian city of Coimbatore, has grown to become a leader in precision manufacturing in diverse fields.
The co. manufactures several components and sub-assemblies on a supply and job-work basis according to client specifications in the automotive, industrial, and engineering segments. Headquartered in Coimbatore with 12 plants including 10 satellite units across India. [1]
[2]

Key Points

IPO Details
The Company had come up with an IPO of 55.28 Lakh equity shares at a price of Rs 1490, aggregating to 824 cr. The IPO proceeds and cash accruals, were used to reduce debt of over Rs. 300 crore in FY21.[1][2]

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  • Market Cap 5,041 Cr.
  • Current Price 2,386
  • High / Low 2,540 / 1,115
  • Stock P/E 52.3
  • Book Value 463
  • Dividend Yield 0.00 %
  • ROCE 14.7 %
  • ROE 11.3 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 19.95% CAGR over last 5 years

Cons

  • Stock is trading at 5.15 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 11.80% over past five years.
  • Company has a low return on equity of 10.36% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2020 Jun 2020 Dec 2020 Mar 2021 Jun 2021
333 159 485 535 432
248 116 345 385 326
Operating Profit 86 44 140 150 106
OPM % 26% 27% 29% 28% 25%
Other Income 3 1 4 3 1
Interest 35 30 26 30 22
Depreciation 48 39 55 50 49
Profit before tax 6 -25 63 73 35
Tax % 56% 33% 34% 36% 35%
Net Profit 3 -17 42 47 23
EPS in Rs 22.16 10.81

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
885 1,093 1,471 1,810 1,483 1,546
661 870 1,196 1,395 1,088 1,112
Operating Profit 225 223 275 414 395 434
OPM % 25% 20% 19% 23% 27% 28%
Other Income 6 11 15 13 3 13
Interest 76 90 109 131 149 107
Depreciation 102 112 136 158 196 192
Profit before tax 52 32 45 138 54 148
Tax % 25% -133% 29% 32% 32% 34%
Net Profit 39 75 32 94 37 97
EPS in Rs 45.80
Dividend Payout % 2% 1% 16% 5% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:12%
3 Years:2%
TTM:4%
Compounded Profit Growth
10 Years:%
5 Years:20%
3 Years:44%
TTM:137%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:%
Return on Equity
10 Years:%
5 Years:10%
3 Years:10%
Last Year:11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6 6 10 10 10 11
Reserves 512 584 607 691 722 968
Borrowings 521 777 847 985 1,041 704
455 465 499 563 548 680
Total Liabilities 1,494 1,832 1,963 2,249 2,320 2,362
990 1,228 1,259 1,491 1,546 1,511
CWIP 40 11 24 91 89 32
Investments 12 11 11 9 26 28
453 583 668 659 660 791
Total Assets 1,494 1,832 1,963 2,249 2,320 2,362

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
306 356
-138 -92
-128 -296
Net Cash Flow 40 -32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 57 59 51 43 48 56
Inventory Days 226 209 186 162 197 220
Days Payable 266 289 232 172 177 195
Cash Conversion Cycle 17 -21 5 33 67 81
Working Capital Days 11 20 20 10 35 46
ROCE % 10% 11% 17% 12% 15%

Shareholding Pattern

Numbers in percentages

Mar 2021 Jun 2021 Sep 2021
59.76 59.76 59.76
3.83 3.71 3.73
12.52 14.10 14.35
23.89 22.43 22.16

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