Force Motors Ltd

Force Motors Ltd

₹ 8,350 -1.92%
12 Jul - 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 11,006 Cr.
  • Current Price 8,350
  • High / Low 10,278 / 2,398
  • Stock P/E 28.4
  • Book Value 1,712
  • Dividend Yield 0.12 %
  • ROCE 23.8 %
  • ROE 18.8 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 22.1% CAGR over last 5 years

Cons

  • Stock is trading at 4.88 times its book value
  • Company has a low return on equity of 5.79% 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: Automobile Industry: Automobiles - LCVs / HCVs

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
613 643 938 778 881 971 1,264 1,304 1,490 1,488 1,802 1,692 2,011
652 615 898 792 885 930 1,166 1,250 1,372 1,310 1,581 1,477 1,733
Operating Profit -40 28 40 -14 -3 41 98 54 118 177 221 215 279
OPM % -7% 4% 4% -2% -0% 4% 8% 4% 8% 12% 12% 13% 14%
7 16 15 13 8 7 12 5 246 11 9 4 18
Interest 5 7 9 12 13 14 20 17 18 18 16 14 14
Depreciation 43 41 45 50 55 57 61 60 63 63 67 68 68
Profit before tax -82 -3 1 -64 -63 -23 30 -18 284 107 147 137 214
Tax % 34% -35% 195% 33% 32% 29% 36% 14% 48% 36% 36% 37% 35%
-54 -4 -1 -43 -43 -17 19 -16 147 69 94 85 140
EPS in Rs -40.73 -3.32 -0.81 -32.51 -32.46 -12.61 14.61 -11.83 111.25 52.06 71.24 64.81 106.45
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,973 2,022 2,364 3,025 3,069 3,423 3,652 3,081 1,988 3,240 5,029 6,992
1,919 1,925 2,217 2,751 2,801 3,155 3,378 2,820 1,964 3,190 4,716 6,097
Operating Profit 54 97 147 274 268 268 275 261 24 50 313 895
OPM % 3% 5% 6% 9% 9% 8% 8% 8% 1% 2% 6% 13%
44 60 66 71 86 69 82 3 2 52 268 39
Interest 8 9 7 5 6 7 15 28 28 41 68 62
Depreciation 70 85 81 92 113 129 151 195 174 191 241 267
Profit before tax 19 63 125 249 235 201 190 42 -176 -130 272 605
Tax % 25% -24% 19% 28% 23% 27% 25% -20% 30% 30% 51% 36%
14 78 102 179 180 147 143 50 -124 -91 134 388
EPS in Rs 10.94 59.08 77.06 135.77 136.68 111.66 108.78 38.08 -93.83 -69.12 101.42 294.54
Dividend Payout % 27% 5% 6% 7% 7% 9% 9% 26% -5% -14% 10% 7%
Compounded Sales Growth
10 Years: 13%
5 Years: 14%
3 Years: 52%
TTM: 39%
Compounded Profit Growth
10 Years: 18%
5 Years: 22%
3 Years: 80%
TTM: 1119%
Stock Price CAGR
10 Years: 32%
5 Years: 45%
3 Years: 75%
1 Year: 204%
Return on Equity
10 Years: 6%
5 Years: 3%
3 Years: 6%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 1,141 1,215 1,306 1,476 1,654 1,788 1,920 1,952 1,825 1,735 1,862 2,242
42 20 11 14 199 0 286 310 642 1,069 955 524
514 527 645 801 738 722 617 823 757 844 1,184 1,635
Total Liabilities 1,711 1,775 1,975 2,305 2,604 2,523 2,836 3,098 3,238 3,661 4,013 4,415
622 643 638 786 911 948 1,216 1,400 1,224 2,033 2,094 2,176
CWIP 189 206 240 205 220 369 372 445 725 302 154 26
Investments 0 0 0 14 9 10 23 78 100 111 97 91
900 925 1,097 1,300 1,463 1,196 1,225 1,175 1,189 1,215 1,668 2,121
Total Assets 1,711 1,775 1,975 2,305 2,604 2,523 2,836 3,098 3,238 3,661 4,013 4,415

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
86 116 226 256 471 256 314 409 7 18 532 1,014
-304 -100 -96 -210 -621 -81 -606 -327 -333 -356 -256 -198
-16 -30 -45 -37 180 -223 256 -20 293 375 -207 -509
Net Cash Flow -234 -14 85 9 30 -47 -35 62 -32 37 68 308

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 20 24 17 18 14 26 17 20 23 21 14 5
Inventory Days 99 97 87 92 73 68 66 91 136 89 77 83
Days Payable 65 77 87 70 80 81 52 95 108 72 69 61
Cash Conversion Cycle 54 44 17 40 6 13 31 15 52 38 22 27
Working Capital Days 25 24 15 23 53 43 48 11 22 16 20 5
ROCE % 6% 10% 18% 14% 11% 10% 5% -5% -3% 5% 24%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63%
2.39% 2.46% 2.60% 2.49% 2.55% 2.71% 2.72% 4.11% 4.94% 4.91% 6.34% 7.78%
2.67% 2.54% 3.31% 2.90% 2.20% 2.19% 2.32% 1.48% 1.59% 1.20% 0.86% 1.02%
33.31% 33.37% 32.46% 32.98% 33.62% 33.47% 33.33% 32.77% 31.86% 32.27% 31.16% 29.57%
No. of Shareholders 61,50361,57061,03660,30158,47554,91253,95850,22148,08647,55647,74251,909

* 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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