Fiem Industries Ltd

About

FIEM Industries Ltd is a manufacturer of automotive lighting & signaling equipments and rear view mirrors.

  • Market Cap 660 Cr.
  • Current Price 501
  • High / Low 683 / 203
  • Stock P/E 18.2
  • Book Value 399
  • Dividend Yield 2.59 %
  • ROCE 16.2 %
  • ROE 15.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 24.62%
  • Debtor days have improved from 33.28 to 20.37 days.

Cons

  • The company has delivered a poor growth of 10.85% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 12.99% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
361 395 334 358 360 372 325 322 67
325 355 297 315 321 330 288 284 83
Operating Profit 36 40 38 44 40 42 37 39 -15
OPM % 10% 10% 11% 12% 11% 11% 11% 12% -23%
Other Income 0 0 0 0 0 0 1 -0 0
Interest 5 6 6 6 5 5 4 3 3
Depreciation 12 12 13 12 13 13 13 14 14
Profit before tax 19 22 20 26 22 24 20 21 -32
Tax % 34% 34% 33% 38% 34% 34% -25% -10% 25%
Net Profit 13 15 13 15 13 14 24 22 -26
EPS in Rs 9.56 11.20 9.78 11.75 10.21 10.88 18.59 16.98 -19.50
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
295 427 535 605 719 824 987 1,015 1,240 1,449 1,379 1,086
268 390 467 535 631 721 859 897 1,101 1,292 1,223 985
Operating Profit 27 38 68 70 88 103 127 118 139 157 157 102
OPM % 9% 9% 13% 12% 12% 12% 13% 12% 11% 11% 11% 9%
Other Income 1 0 0 0 1 1 1 -9 10 1 1 1
Interest 3 10 21 13 14 12 16 23 23 22 18 15
Depreciation 9 13 17 18 22 31 33 39 44 49 53 54
Profit before tax 16 15 30 39 53 61 79 46 82 87 87 33
Tax % 32% 28% 30% 30% 29% 30% 28% 28% 36% 35% 9%
Net Profit 11 11 21 28 37 42 57 33 53 56 75 35
EPS in Rs 8.84 9.25 17.67 23.17 31.16 35.51 47.93 25.11 39.94 42.29 56.66 26.95
Dividend Payout % 28% 27% 17% 17% 19% 20% 17% 32% 23% 28% 23%
Compounded Sales Growth
10 Years:17%
5 Years:11%
3 Years:11%
TTM:-25%
Compounded Profit Growth
10 Years:22%
5 Years:12%
3 Years:22%
TTM:-36%
Stock Price CAGR
10 Years:9%
5 Years:-3%
3 Years:-19%
1 Year:31%
Return on Equity
10 Years:15%
5 Years:14%
3 Years:13%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
12 12 12 12 12 12 12 13 13 13 13
Reserves 98 113 132 156 185 215 261 397 436 464 512
Borrowings 54 81 163 134 119 117 140 225 159 171 127
89 151 112 131 139 157 246 234 327 314 269
Total Liabilities 253 357 418 433 455 501 659 870 935 963 920
154 231 282 293 313 334 416 479 554 564 591
CWIP 25 13 1 1 0 5 12 6 7 11 0
Investments 0 0 0 0 0 0 0 86 19 25 21
74 113 136 139 142 162 231 298 355 362 308
Total Assets 253 357 418 433 455 501 659 870 935 963 920

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
39 19 49 71 77 82 122 46 125 121 207
-35 -78 -54 -28 -41 -59 -108 -198 -44 -80 -46
-4 63 6 -47 -36 -22 -13 173 -102 -38 -118
Net Cash Flow 0 3 1 -4 0 1 1 21 -21 2 43

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 20% 17% 22% 22% 25% 16% 16% 17% 16%
Debtor Days 38 39 46 42 39 38 44 43 42 37 20
Inventory Turnover 8.05 7.74 8.36 10.34 11.33 10.38 7.46 6.49 6.63 6.44

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
63.59 63.59 63.59 63.59 63.59 64.32 66.54 66.56 66.56 66.56 66.56 66.56
14.28 14.30 14.19 14.39 13.22 11.41 11.15 9.69 9.46 9.35 9.23 9.76
8.26 8.02 8.05 7.76 7.61 7.47 4.67 2.44 2.44 2.43 0.04 0.18
13.87 14.09 14.17 14.26 15.59 16.80 17.64 21.31 21.54 21.66 24.17 23.50

Documents