HBL Power Systems Ltd

HBL Power Systems Ltd

₹ 469 0.16%
24 Apr 2:26 p.m.
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 13,005 Cr.
  • Current Price 469
  • High / Low 612 / 99.8
  • Stock P/E 54.9
  • Book Value 38.2
  • Dividend Yield 0.10 %
  • ROCE 13.7 %
  • ROE 10.7 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 21.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 31.7%

Cons

  • Stock is trading at 12.4 times its book value
  • The company has delivered a poor sales growth of -3.11% over past five years.
  • Company has a low return on equity of 7.97% 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

Consolidated Figures in Rs. Crores / View Standalone

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
233 300 231 283 349 374 320 314 332 403 467 557 599
213 275 215 258 303 321 285 281 294 358 390 456 486
Operating Profit 21 24 15 25 45 53 35 33 38 45 78 101 113
OPM % 9% 8% 7% 9% 13% 14% 11% 11% 12% 11% 17% 18% 19%
2 -1 18 2 2 3 3 6 6 4 3 3 2
Interest 4 2 2 1 2 2 1 1 2 3 2 3 3
Depreciation 10 9 9 9 9 8 8 8 9 10 10 10 11
Profit before tax 9 13 22 17 37 46 29 30 33 36 69 91 102
Tax % 15% 17% 8% 10% 32% 29% 31% 35% 32% 3% 25% 26% 23%
8 10 21 15 25 33 20 20 24 35 52 68 79
EPS in Rs 0.30 0.37 0.75 0.54 0.90 1.21 0.72 0.72 0.86 1.26 1.87 2.48 2.85
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,562 1,709 1,304 1,349 1,299 1,414 1,603 1,266 1,092 912 1,236 1,369 2,026
1,346 1,487 1,208 1,210 1,164 1,286 1,477 1,169 1,011 845 1,097 1,217 1,689
Operating Profit 216 222 95 139 134 129 126 97 81 67 139 151 337
OPM % 14% 13% 7% 10% 10% 9% 8% 8% 7% 7% 11% 11% 17%
6 23 66 9 12 21 16 21 22 6 26 20 12
Interest 117 126 76 71 68 46 41 31 22 15 7 7 11
Depreciation 54 64 39 53 51 48 46 44 41 39 35 35 40
Profit before tax 51 55 46 24 27 54 55 43 40 19 122 130 297
Tax % 38% 33% 16% 43% 45% 29% 42% 35% 35% 29% 23% 24%
32 38 39 14 15 38 32 28 26 14 94 98 234
EPS in Rs 0.73 0.93 1.57 0.56 0.59 1.53 1.14 1.00 0.95 0.50 3.39 3.56 8.46
Dividend Payout % 20% 16% 13% 36% 42% 18% 22% 30% 32% 71% 12% 13%
Compounded Sales Growth
10 Years: -2%
5 Years: -3%
3 Years: 8%
TTM: 51%
Compounded Profit Growth
10 Years: 17%
5 Years: 21%
3 Years: 62%
TTM: 146%
Stock Price CAGR
10 Years: 42%
5 Years: 81%
3 Years: 145%
1 Year: 319%
Return on Equity
10 Years: 5%
5 Years: 6%
3 Years: 8%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 501 519 536 539 584 701 724 739 745 754 838 924 1,032
916 879 734 686 549 479 366 232 161 70 63 86 107
493 700 459 311 277 258 224 162 169 184 204 257 385
Total Liabilities 1,935 2,123 1,755 1,562 1,435 1,467 1,342 1,161 1,103 1,036 1,133 1,294 1,552
841 847 495 456 415 417 363 321 304 279 265 320 347
CWIP 66 72 56 49 48 33 26 37 27 43 81 50 31
Investments 32 30 1 2 8 8 5 5 6 7 8 9 97
996 1,174 1,202 1,054 964 1,008 947 797 766 707 779 915 1,077
Total Assets 1,935 2,123 1,755 1,562 1,435 1,467 1,342 1,161 1,103 1,036 1,133 1,294 1,552

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
156 35 -36 79 158 43 159 167 149 121 62 122
-103 -35 156 -13 -10 60 -8 1 -6 -32 -17 -50
-95 2 -115 -66 -153 -114 -150 -163 -114 -104 -22 10
Net Cash Flow -42 1 5 -0 -5 -11 1 5 29 -14 23 82

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 111 114 122 106 120 122 103 105 102 102 86 83
Inventory Days 134 188 276 226 185 168 126 145 162 188 149 147
Days Payable 86 106 134 81 77 68 43 34 41 44 42 43
Cash Conversion Cycle 159 196 265 252 228 222 186 216 222 246 193 188
Working Capital Days 92 117 172 173 172 177 150 164 168 169 133 128
ROCE % 12% 12% 5% 8% 8% 8% 9% 6% 6% 4% 13% 14%

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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