Igarashi Motors India Ltd

Igarashi Motors Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Igarashi Motors India Ltd

₹ 462 3.01%
02 Jun - close price
igarashimotors.com BSE: 517380 NSE : IGARASHI
About

Igarashi Motors India Ltd is engaged in the production and export of Permanent Magnet DC Motors for the Automotive Sector especially for the passenger vehicle sector[1]
It was incorporated as CG Igarashi Motors Limited in 1992 as a JV between Crompton Greaves Ltd(India), Igarashi Electric Works Ltd, Japan, and International Components Corporation, USA.
Over a period, IEWL consolidated its stake in the Company by acquiring a stake of exited JV Partners. [2]

Key Points

Products
The Co. is primarily engaged in the production and export of Permanent Magnet DC Motors for Powertrain and seat applications and motor accessories for the automotive sector. [1] To de-risk from the automotive applications, it launched BLDC motors for application in the consumer durable segment like ceiling and pedestal fans given the long-standing association of its top management with the sector. The BLDC motors have varied applications and the company has a capacity of 1 million units, scalable to 2.7 Mn units. [2]

Website BSE NSE
  • Market Cap ₹ 1,453 Cr.
  • Current Price ₹ 462
  • High / Low ₹ 488 / 250
  • Stock P/E 277
  • Book Value ₹ 140
  • Dividend Yield 0.00 %
  • ROCE 3.87 %
  • ROE 1.19 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 3.30 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -0.45% over past five years.
  • Company has a low return on equity of 2.45% 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

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
118.12 45.51 150.35 168.44 168.55 148.39 158.99 111.19 137.82 142.61 173.73 166.98 172.93
104.86 48.35 128.30 140.53 141.90 131.23 140.40 108.65 129.71 134.78 158.38 151.67 151.06
Operating Profit 13.26 -2.84 22.05 27.91 26.65 17.16 18.59 2.54 8.11 7.83 15.35 15.31 21.87
OPM % 11.23% -6.24% 14.67% 16.57% 15.81% 11.56% 11.69% 2.28% 5.88% 5.49% 8.84% 9.17% 12.65%
2.50 1.33 3.52 2.64 2.04 0.74 1.85 3.88 0.46 0.31 0.59 3.80 3.33
Interest 5.19 1.98 0.48 1.63 2.09 1.83 1.94 1.12 1.66 2.50 3.11 3.35 3.18
Depreciation 10.48 10.70 11.24 11.50 11.24 11.01 11.31 11.04 11.11 11.26 12.07 11.88 11.94
Profit before tax 0.09 -14.19 13.85 17.42 15.36 5.06 7.19 -5.74 -4.20 -5.62 0.76 3.88 10.08
Tax % -2,311.11% 25.79% 14.73% 23.36% 28.52% 25.89% 28.51% 23.00% 21.90% 25.27% 38.16% 65.46% 24.31%
Net Profit 2.17 -10.52 11.81 13.35 10.98 3.75 5.14 -4.42 -3.28 -4.20 0.47 1.34 7.63
EPS in Rs 0.69 -3.34 3.75 4.24 3.49 1.19 1.63 -1.40 -1.04 -1.33 0.15 0.43 2.42
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
269 291 361 385 445 516 671 606 534 533 556 656
225 237 292 305 337 394 513 490 456 458 509 596
Operating Profit 43 54 69 80 108 122 158 117 78 74 47 60
OPM % 16% 19% 19% 21% 24% 24% 24% 19% 15% 14% 8% 9%
1 2 18 17 14 17 34 25 12 10 7 8
Interest 15 14 13 7 6 4 13 16 15 7 7 12
Depreciation 11 13 16 19 19 22 38 40 43 45 44 47
Profit before tax 18 29 58 72 97 114 141 86 32 32 2 9
Tax % 7% 27% 21% 32% 35% 34% 32% 33% 8% 21% 48% 42%
Net Profit 17 21 46 49 64 75 95 57 30 26 1 5
EPS in Rs 7.22 9.33 13.49 14.23 18.50 21.90 27.69 18.24 9.50 8.14 0.38 1.66
Dividend Payout % 0% 0% 20% 28% 26% 27% 19% 27% 13% 18% 0% 60%
Compounded Sales Growth
10 Years: 8%
5 Years: 0%
3 Years: 7%
TTM: 18%
Compounded Profit Growth
10 Years: -13%
5 Years: -44%
3 Years: -44%
TTM: 340%
Stock Price CAGR
10 Years: 24%
5 Years: -7%
3 Years: 25%
1 Year: 59%
Return on Equity
10 Years: 12%
5 Years: 6%
3 Years: 2%
Last Year: 1%

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
20 20 30 31 31 31 31 31 31 31 31 31
Reserves 81 102 189 220 264 335 368 398 391 408 407 408
84 78 51 58 44 22 140 118 124 95 100 121
63 70 89 132 133 117 266 122 126 165 138 166
Total Liabilities 248 271 360 440 471 504 805 670 673 700 677 726
106 122 126 121 138 158 320 383 394 370 378 381
CWIP 6 3 1 1 12 3 44 23 11 10 11 10
Investments 29 29 21 26 34 174 50 34 28 1 21 17
107 117 212 292 288 169 391 231 240 320 267 318
Total Assets 248 271 360 440 471 504 805 670 673 700 677 726

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
24 59 45 59 64 82 94 164 90 41 73 34
-37 -42 -30 -14 20 -159 -69 -104 -41 6 -55 -32
13 -18 20 -6 -49 -29 -27 -59 -49 -38 -24 -4
Net Cash Flow 0 -1 35 39 34 -106 -1 0 0 9 -6 -1

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 77 78 70 74 70 73 92 85 94 114 88 98
Inventory Days 33 44 38 51 47 54 62 67 89 115 81 91
Days Payable 74 88 67 105 94 110 92 87 113 139 92 95
Cash Conversion Cycle 37 33 42 20 24 17 61 66 69 91 77 94
Working Capital Days 44 48 79 56 12 26 -6 34 56 104 85 99
ROCE % 20% 22% 27% 27% 32% 32% 33% 19% 9% 7% 2% 4%

Shareholding Pattern

Numbers in percentages

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
1.35 1.25 1.09 0.05 0.00 0.03 0.14 0.11 0.11 0.10 0.08 0.08
8.36 7.74 7.64 2.23 2.56 2.26 2.44 1.31 1.22 1.80 1.68 1.94
15.29 16.01 16.27 22.72 22.44 22.71 22.42 23.58 23.67 23.11 23.23 22.98

* 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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