HBL Power Systems Ltd

HBL Power Systems Ltd

₹ 467 -0.28%
24 Apr - close price
About

Incorporated in 1983, HBL Power System Ltd manufactures and services different types of batteries, e-mobility, and other products[1]

Key Points

Business Verticals:
a) Electronics:[1][2][3]
In Railway Electronics company has flagship products, TCAS (Train Collison Avoidance System) for safety and TMS (Train Management System) for efficient track utilization. In 2021, Indian government adopted TCAS as India’s national Automatic Train Protection and named it KAVACH. Company has secured a contract from Eastern Railway for deploying TCAS over 260 km and 120 locomotives on Delhi- Howrah route and bid for 2 tenders in West Central Railway and Western Railway on the Delhi-Mumbai route. Company has completed execution of TMS project for the Eastern Railway in the Sealdah Division and working on the deployment of TMS on the Eastern Dedicated Freight Corridor.
In Electric Mobility verticle company has developed Electric Drive Train Kit for retrofitting light commercial vehicles and passenger buses.
It has secured approval from ICAT for one rating and seeking approval for vehicles using its drive train solution.
b) Defense[4]
Company manufactures batteries for fighter aircraft, unmanned aerial vehicles, submarine propulsion systems, torpedoes, battle tanks, missiles, artillery fuses and supplies Type 1 batteries for kilo class submarines and Varunasthra torpedo and Type 4 batteries for Scorpene class submarines for the Indian Navy. Company has also developed Submarine Type 2 (HDW) batteries, receiving production orders for Li-ion batteries for defense application from NSTL (Naval Science and Technological Laboratory). It is securing approval for artillery fuses and supplying thermal batteries to overseas contracts.
c) Batteries:[5][6]
Company provides industrial batteries to Telecom, UPS, Railways, Solar, Oil and Gas and Power sectors.
Lead Acid Batteries -
Indian Army awarded a defense order in FY22 for 2V VRLA batteries for its Data Center application. Additionally, it received orders from OEs and EPCs for NCPP and VRLA batteries for a number of Metro Rail projects. Company gained traction in Africa with export of 12V UPS batteries and concentrated on commercial exports and provided batteries for other international projects. Moreover, HBL powered 20K+ installations in FY22 as Preferred Partner for the Bharat Net Wi-Fi Project and also enhanced the 12V UPS battery capacity to meet surging demand.
Tubular Gel Batteries -
HBL received a purchase order for 312 communities' electrification using tubular gel batteries under a government initiative.
Pure Lead Thin Plate Batteries -
Company is a partner to STTelemedia for the supply of PLT batteries for existing and upcoming Data Centres. It also bagged an order from COLT, Data Centre for PLT batteries and positioned PLT as preferred batteries for Data Centres at Reliance. The Company has supplied PLT batteries for battle tank engine cranking application to the Indian Army

  • Market Cap 12,956 Cr.
  • Current Price 467
  • High / Low 612 / 99.8
  • Stock P/E 56.1
  • Book Value 38.2
  • Dividend Yield 0.10 %
  • ROCE 13.3 %
  • ROE 10.3 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 22.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.7%

Cons

  • Stock is trading at 12.2 times its book value
  • The company has delivered a poor sales growth of -3.26% over past five years.
  • Company has a low return on equity of 7.66% 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

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
233 301 222 279 344 377 315 308 329 398 458 551 595
212 276 210 255 299 322 280 276 291 355 384 450 483
Operating Profit 21 25 12 24 45 54 34 32 38 43 75 101 111
OPM % 9% 8% 6% 8% 13% 14% 11% 10% 12% 11% 16% 18% 19%
2 -1 18 2 2 3 3 6 6 4 3 3 1
Interest 4 2 2 1 2 2 1 1 2 2 2 3 3
Depreciation 10 9 9 9 9 8 8 8 9 9 9 10 10
Profit before tax 9 13 19 15 36 47 28 29 33 36 66 91 99
Tax % 11% 14% 12% 10% 33% 27% 32% 35% 31% 3% 27% 25% 23%
8 12 17 14 24 34 19 19 23 35 49 69 76
EPS in Rs 0.30 0.41 0.62 0.50 0.88 1.23 0.69 0.68 0.82 1.26 1.75 2.47 2.75
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
1,088 1,196 1,277 1,329 1,288 1,407 1,593 1,261 1,077 909 1,222 1,350 2,002
951 1,054 1,177 1,184 1,162 1,277 1,467 1,166 999 841 1,086 1,202 1,672
Operating Profit 136 142 100 145 126 130 126 96 78 68 135 148 330
OPM % 13% 12% 8% 11% 10% 9% 8% 8% 7% 8% 11% 11% 17%
10 17 67 2 13 14 13 19 21 4 25 19 11
Interest 90 93 76 71 68 46 41 31 22 14 7 6 11
Depreciation 34 40 39 51 50 48 46 44 40 38 35 34 38
Profit before tax 22 25 52 25 20 50 52 40 38 19 118 126 293
Tax % 56% 19% 14% 42% 61% 32% 43% 37% 36% 25% 24% 24%
10 20 45 15 8 34 30 25 24 15 89 96 228
EPS in Rs 0.38 0.81 1.78 0.58 0.31 1.34 1.07 0.91 0.87 0.53 3.23 3.45 8.23
Dividend Payout % 40% 19% 11% 35% 81% 20% 23% 33% 35% 67% 12% 13%
Compounded Sales Growth
10 Years: 1%
5 Years: -3%
3 Years: 8%
TTM: 51%
Compounded Profit Growth
10 Years: 20%
5 Years: 22%
3 Years: 65%
TTM: 145%
Stock Price CAGR
10 Years: 42%
5 Years: 80%
3 Years: 145%
1 Year: 317%
Return on Equity
10 Years: 5%
5 Years: 6%
3 Years: 8%
Last Year: 10%

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 25 25 25 25 25 28 28 28 28 28 28 28 28
Reserves 505 521 560 562 599 712 733 749 755 765 844 928 1,032
775 815 731 683 546 476 365 231 158 67 61 81 100
270 319 452 303 276 259 221 160 166 183 202 256 386
Total Liabilities 1,575 1,680 1,768 1,574 1,445 1,475 1,347 1,168 1,107 1,043 1,134 1,293 1,546
510 486 474 444 415 416 363 320 301 277 263 317 341
CWIP 55 68 56 49 48 33 26 37 27 43 81 49 31
Investments 151 150 29 23 15 8 3 3 3 3 5 8 95
858 977 1,208 1,058 968 1,016 954 807 775 720 786 919 1,079
Total Assets 1,575 1,680 1,768 1,574 1,445 1,475 1,347 1,168 1,107 1,043 1,134 1,293 1,546

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
115 59 -46 95 161 42 157 165 147 113 61 122
-107 -6 166 -24 -15 61 -6 2 -3 -24 -17 -48
-57 -50 -115 -66 -152 -114 -149 -163 -114 -103 -22 8
Net Cash Flow -48 3 5 5 -6 -11 3 4 30 -14 22 82

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 128 132 131 112 125 127 107 110 107 110 92 87
Inventory Days 167 236 277 226 185 167 125 143 162 184 147 146
Days Payable 80 105 136 81 77 68 43 34 41 43 42 43
Cash Conversion Cycle 215 263 272 258 233 225 189 219 229 250 197 191
Working Capital Days 143 158 182 180 177 182 155 169 175 175 138 132
ROCE % 10% 8% 5% 9% 7% 8% 9% 6% 6% 4% 13% 13%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
58.60% 58.60% 58.95% 58.97% 58.97% 58.97% 59.02% 59.08% 59.10% 59.11% 59.11% 59.11%
10.71% 10.77% 11.25% 9.15% 4.79% 1.55% 1.77% 0.91% 2.63% 2.23% 2.66% 4.59%
9.68% 9.68% 9.32% 9.33% 9.32% 3.59% 0.00% 0.00% 0.14% 0.08% 0.41% 0.66%
21.01% 20.95% 20.48% 22.55% 26.92% 35.88% 39.21% 40.00% 38.14% 38.58% 37.82% 35.65%
No. of Shareholders 93,7821,06,2941,18,8331,41,7401,51,0171,67,0401,76,5361,71,7141,79,4442,21,3922,42,3852,87,032

* 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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