India Nippon Electricals Ltd

India Nippon Electricals is engaged in a leading manufacturer of Electronic Ignition Systems for auto industry with special focus on two-wheeler industry in technical collaboration with Mahle Electric Drives Japan Corporation, Japan.(Source : 201903 Annual Report Page No: 78)

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 3.34%.
Company has good consistent profit growth of 23.13% over 5 years
Company has been maintaining a healthy dividend payout of 34.72%
Cons:
Company has a low return on equity of 13.69% for last 3 years.
Earnings include an other income of Rs.25.91 Cr.

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
96 87 85 104 117 110 121 118 141 130 136 130
84 76 78 90 100 95 103 99 120 113 115 114
Operating Profit 12 11 7 14 18 15 18 19 21 17 21 17
OPM % 12% 12% 8% 14% 15% 13% 15% 16% 15% 13% 15% 13%
Other Income 5 3 3 3 2 3 3 1 3 5 5 13
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 2 1 2 2 2 2 2
Profit before tax 15 13 9 16 19 16 20 18 22 20 24 27
Tax % 30% 27% 35% 17% 40% 29% 29% 32% 31% 26% 27% 24%
Net Profit 11 9 6 13 11 12 14 12 15 15 18 21
EPS in Rs 4.72 4.18 2.70 5.88 2.47 5.16 6.18 5.46 6.60 6.50 7.75 9.17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
120 128 169 229 261 269 261 328 336 351 452 525 538
106 119 146 197 224 235 236 294 300 313 388 448 462
Operating Profit 14 9 23 32 37 34 25 34 36 38 65 77 76
OPM % 12% 7% 14% 14% 14% 12% 9% 10% 11% 11% 14% 15% 14%
Other Income 7 9 6 6 9 8 7 6 10 14 12 14 26
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 3 4 4 5 6 6 8 4 4 6 8 8
Profit before tax 18 15 26 33 40 35 26 32 41 47 71 84 93
Tax % 17% 21% 23% 24% 21% 19% 25% 29% 26% 31% 29% 29%
Net Profit 15 12 20 25 31 28 20 23 31 32 50 60 68
EPS in Rs 6.21 4.83 8.36 10.68 13.11 11.79 7.92 9.12 13.52 14.32 22.15 26.31 30.02
Dividend Payout % 38% 41% 30% 30% 33% 36% 52% 45% 33% 35% 29% 40%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.17%
5 Years:15.01%
3 Years:16.07%
TTM:15.43%
Compounded Profit Growth
10 Years:17.22%
5 Years:23.13%
3 Years:26.87%
TTM:38.12%
Stock Price CAGR
10 Years:16.51%
5 Years:12.26%
3 Years:6.63%
1 Year:-29.17%
Return on Equity
10 Years:13.00%
5 Years:12.64%
3 Years:13.69%
Last Year:14.82%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 8 8 8 11 11 11 11 11 11 11 11
Reserves 128 134 147 164 180 196 204 214 255 277 334 390
Borrowings 2 1 1 0 0 0 0 0 0 0 0 0
28 37 31 39 42 40 51 55 70 86 103 109
Total Liabilities 165 180 187 210 234 248 266 281 336 374 448 510
19 18 26 28 31 36 39 42 44 52 59 61
CWIP 0 0 0 0 7 3 1 1 2 3 7 7
Investments 100 73 100 89 93 110 119 142 176 214 241 274
47 89 61 93 103 99 108 97 113 105 141 169
Total Assets 165 180 187 210 234 248 266 281 336 374 448 510

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
14 0 31 11 18 25 18 30 33 34 26 35
-8 29 -35 10 -12 -16 -18 -18 -14 -29 -17 -15
-9 -4 -6 -10 -6 -12 -12 -11 -17 -7 -8 -18
Net Cash Flow -2 25 -10 11 -1 -3 -13 1 2 -1 1 2

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 13% 10% 17% 20% 21% 18% 12% 14% 15% 15% 22% 21%
Debtor Days 67 67 60 61 65 68 83 71 66 69 75 72
Inventory Turnover 19.09 18.34 17.97 16.51 14.88 16.30 16.25 18.71 15.63 14.83 16.85 15.77