Force Motors Ltd

Force Motors Ltd

₹ 7,244 0.79%
28 Mar - close price
About

Force Motors Ltd was established in 1958, is the flagship company of the Abhay Firodia group. The company is in the business of manufacturing fully vertically integrated small and light CVs, multi-utility vehicles, and agricultural tractors, which it supplies to various countries in the Middle East, Asia, Latin America, and Africa. It was known as Bajaj Tempo till 2005 [1]

Key Points

Products
Company is into development and manufacturing of automotive components and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV), Special Vehicles (SV) and Agricultural Tractors. Through its subsidiary Tempo Finance (West) it is engaged in providing financial services and through its JV company Force MTU Power Systems it manufactures Engines & Generator sets. [1]

  • Market Cap 9,548 Cr.
  • Current Price 7,244
  • High / Low 7,390 / 1,135
  • Stock P/E 31.2
  • Book Value 1,587
  • Dividend Yield 0.14 %
  • ROCE 5.29 %
  • ROE 2.34 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 4.57 times its book value
  • Company has a low return on equity of -2.17% over last 3 years.
  • Earnings include an other income of Rs.271 Cr.

* 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: Automobile Industry: Automobiles - LCVs / HCVs

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
496 612 643 938 778 881 971 1,264 1,304 1,490 1,487 1,802 1,692
462 649 609 893 789 882 926 1,165 1,239 1,370 1,307 1,577 1,467
Operating Profit 33 -36 34 45 -11 -1 45 99 65 121 180 225 224
OPM % 7% -6% 5% 5% -1% -0% 5% 8% 5% 8% 12% 12% 13%
3 7 16 15 13 8 7 12 5 246 11 9 4
Interest 8 5 7 9 12 13 14 20 17 18 18 16 14
Depreciation 45 43 41 45 50 55 57 61 60 63 63 67 68
Profit before tax -17 -78 3 6 -61 -61 -19 31 -7 286 111 151 146
Tax % 10% 36% 42% 36% 35% 34% 35% 35% 36% 48% 35% 35% 35%
-15 -50 2 4 -40 -40 -13 20 -5 149 72 98 95
EPS in Rs -11.34 -37.93 1.18 2.83 -30.28 -30.34 -9.52 15.16 -3.45 113.20 54.62 74.57 71.90
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
2,085 1,973 2,022 2,364 3,025 3,069 3,423 3,652 3,080 1,988 3,240 5,029 6,471
1,964 1,919 1,925 2,217 2,751 2,801 3,155 3,374 2,811 1,952 3,173 4,697 5,720
Operating Profit 122 54 97 147 274 268 267 278 269 36 67 331 750
OPM % 6% 3% 5% 6% 9% 9% 8% 8% 9% 2% 2% 7% 12%
985 44 60 66 71 86 69 82 3 2 52 268 271
Interest 35 8 9 7 5 6 7 15 28 28 41 68 66
Depreciation 60 70 85 81 92 113 129 151 195 174 191 241 261
Profit before tax 1,011 19 63 125 248 235 200 194 50 -164 -113 291 694
Tax % 18% 25% -24% 19% 28% 23% 27% 24% -17% 32% 34% 48%
824 14 78 101 179 180 147 147 58 -112 -75 152 414
EPS in Rs 625.62 10.84 58.96 76.93 135.65 136.55 111.53 111.70 44.16 -84.89 -56.62 115.40 314.29
Dividend Payout % 2% 28% 5% 6% 7% 7% 9% 9% 23% -6% -18% 9%
Compounded Sales Growth
10 Years: 10%
5 Years: 8%
3 Years: 18%
TTM: 46%
Compounded Profit Growth
10 Years: 12%
5 Years: -21%
3 Years: -22%
TTM: 924%
Stock Price CAGR
10 Years: 36%
5 Years: 34%
3 Years: 84%
1 Year: 533%
Return on Equity
10 Years: 5%
5 Years: 1%
3 Years: -2%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 1,130 1,140 1,213 1,304 1,474 1,652 1,786 1,922 1,963 1,847 1,774 1,919 2,078
60 42 53 21 14 200 0 286 310 642 1,069 955 728
461 513 493 634 800 734 720 615 821 755 842 1,182 1,557
Total Liabilities 1,664 1,708 1,772 1,972 2,301 2,600 2,519 2,836 3,107 3,258 3,698 4,069 4,376
451 622 643 638 786 911 948 1,216 1,400 1,224 2,033 2,094 2,179
CWIP 93 189 206 240 205 220 369 372 445 725 302 154 41
Investments 1 1 1 1 15 10 11 28 92 126 154 159 161
1,119 896 922 1,093 1,296 1,459 1,191 1,220 1,169 1,184 1,209 1,662 1,994
Total Assets 1,664 1,708 1,772 1,972 2,301 2,600 2,519 2,836 3,107 3,258 3,698 4,069 4,376

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-139 83 116 226 256 471 256 312 409 7 18 531
815 -304 -100 -96 -210 -621 -81 -606 -327 -333 -356 -256
-228 -16 -30 -45 -37 180 -223 256 -20 293 375 -207
Net Cash Flow 447 -237 -14 85 9 30 -47 -37 62 -32 37 68

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 27 20 24 17 18 14 26 17 20 23 21 14
Inventory Days 91 99 97 87 92 73 68 66 91 136 89 77
Days Payable 61 65 77 87 70 80 81 52 95 108 72 69
Cash Conversion Cycle 57 54 44 17 40 6 13 31 15 52 38 22
Working Capital Days 32 25 24 15 22 53 42 48 11 21 15 20
ROCE % 10% 2% 6% 10% 18% 14% 11% 10% 5% -5% -3% 5%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63%
3.08% 2.67% 2.39% 2.46% 2.60% 2.49% 2.55% 2.71% 2.72% 4.11% 4.94% 4.91%
2.33% 2.54% 2.67% 2.54% 3.31% 2.90% 2.20% 2.19% 2.32% 1.48% 1.59% 1.20%
32.96% 33.16% 33.31% 33.37% 32.46% 32.98% 33.62% 33.47% 33.33% 32.77% 31.86% 32.27%
No. of Shareholders 60,85760,44461,50361,57061,03660,30158,47554,91253,95850,22148,08647,556

* 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.

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