Igarashi Motors India Ltd

About

Igarashi Motors India is primarily engaged in the manufacture of micro motors and its accessories mainly for the automotive sector.(Source : 201903 Annual Report Page No: 91)

  • Market Cap 854 Cr.
  • Current Price 271
  • High / Low 416 / 150
  • Stock P/E 64.3
  • Book Value 134
  • Dividend Yield 0.44 %
  • ROCE 8.67 %
  • ROE 7.02 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 19.59%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor growth of 6.77% over past five years.
  • Tax rate seems low
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
115 150 157 162 173 129 142 131 138 147 118 46
87 119 117 125 136 108 122 112 114 126 105 48
Operating Profit 27 32 40 37 37 21 20 19 24 21 13 -3
OPM % 24% 21% 25% 23% 21% 16% 14% 15% 17% 14% 11% -6%
Other Income 6 10 11 8 8 6 3 3 2 3 2 1
Interest 0 3 3 3 5 3 3 3 3 3 5 2
Depreciation 6 9 11 10 11 10 9 10 11 11 10 11
Profit before tax 26 30 37 32 29 14 11 9 12 11 0 -14
Tax % 38% 31% 34% 34% 32% 33% 33% 34% 35% -27% -2,311% 26%
Net Profit 16 20 25 21 20 10 7 6 8 14 2 -11
EPS in Rs 4.76 5.96 7.15 6.07 6.28 3.04 2.25 1.94 2.57 4.30 0.69 -3.34
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
258 159 197 269 291 361 385 445 516 671 606 534 448
309 139 168 225 237 292 305 337 394 513 490 456 393
Operating Profit -51 19 29 43 54 69 80 108 122 158 117 78 55
OPM % -20% 12% 15% 16% 19% 19% 21% 24% 24% 24% 19% 15% 12%
Other Income 17 1 0 1 2 18 17 14 17 34 25 12 10
Interest 17 10 12 15 14 13 7 6 4 13 16 15 13
Depreciation 8 6 11 11 13 16 19 19 22 38 40 43 43
Profit before tax -59 4 7 18 29 58 72 97 114 141 86 32 9
Tax % -3% 28% -7% 7% 27% 21% 32% 35% 34% 32% 33% 8%
Net Profit -60 3 8 17 21 46 49 64 75 95 57 30 13
EPS in Rs 3.31 7.22 9.33 13.49 14.23 18.50 21.90 27.69 18.24 9.50 4.22
Dividend Payout % 0% 0% 0% 0% 0% 20% 28% 26% 27% 19% 27% 13%
Compounded Sales Growth
10 Years:13%
5 Years:7%
3 Years:1%
TTM:-22%
Compounded Profit Growth
10 Years:27%
5 Years:-9%
3 Years:-27%
TTM:-69%
Stock Price CAGR
10 Years:13%
5 Years:-13%
3 Years:-30%
1 Year:9%
Return on Equity
10 Years:18%
5 Years:18%
3 Years:15%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
14 14 20 20 20 30 31 31 31 31 31 31
Reserves 9 12 63 81 102 189 220 264 335 368 398 391
Borrowings 101 70 61 84 78 51 58 44 22 140 118 124
56 61 61 63 70 89 132 133 117 266 122 126
Total Liabilities 179 156 205 248 271 360 440 471 504 805 670 673
85 82 86 106 122 126 121 138 158 320 383 394
CWIP 6 4 1 6 3 1 1 12 3 44 23 11
Investments 12 14 29 29 29 21 26 34 174 50 34 28
76 56 90 107 117 212 292 288 169 391 231 240
Total Assets 179 156 205 248 271 360 440 471 504 805 670 673

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
25 41 -1 24 59 45 59 64 82 94 164 91
15 -3 -27 -37 -42 -30 -14 20 -159 -69 -104 -41
-46 -39 30 13 -18 20 -6 -49 -29 -27 -59 -50
Net Cash Flow -6 -1 2 0 -1 35 39 34 -106 -1 0 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % -33% 12% 16% 20% 22% 27% 27% 32% 32% 33% 19% 9%
Debtor Days 46 52 56 77 78 70 74 70 73 92 85 94
Inventory Turnover 9.30 7.66 8.49 10.54 9.79 10.22 8.35 8.05 7.80 7.08 5.65 4.70

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
75.00 75.00 77.12 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
5.38 5.45 5.19 5.78 5.89 5.31 4.78 3.60 1.24 1.36 1.35 1.25
6.92 6.43 6.59 7.62 7.83 7.70 6.75 7.47 8.39 9.24 8.36 7.74
12.70 13.12 11.10 11.60 11.28 11.99 13.47 13.93 15.37 14.40 15.29 16.01

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