India Nippon Electricals Ltd
India Nippon Electricals is a manufacturer of Ignition Systems for two-wheelers, three-wheelers, and portable engines [1]
It was incorporated in 1984 and was converted into a joint venture in 1986 between Lucas Indian Service Ltd, a wholly-owned subsidiary of Lucas-TVS Ltd and MAHLE Electric Drives Japan Corporation(Japan) – a company of MAHLE Group [2]
- Market Cap ₹ 1,613 Cr.
- Current Price ₹ 713
- High / Low ₹ 813 / 346
- Stock P/E 30.4
- Book Value ₹ 259
- Dividend Yield 1.44 %
- ROCE 11.3 %
- ROE 9.05 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 35.2%
Cons
- Stock is trading at 2.75 times its book value
- The company has delivered a poor sales growth of 7.72% over past five years.
- Company has a low return on equity of 8.83% over last 3 years.
- Earnings include an other income of Rs.21.6 Cr.
* 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
261 | 269 | 261 | 324 | 336 | 351 | 452 | 525 | 479 | 481 | 566 | 656 | 686 | |
225 | 235 | 237 | 290 | 301 | 316 | 388 | 449 | 424 | 436 | 517 | 603 | 627 | |
Operating Profit | 36 | 34 | 24 | 33 | 35 | 35 | 64 | 76 | 55 | 45 | 50 | 53 | 60 |
OPM % | 14% | 12% | 9% | 10% | 10% | 10% | 14% | 14% | 11% | 9% | 9% | 8% | 9% |
9 | 8 | 9 | 7 | 9 | 14 | 13 | 15 | 26 | 16 | 25 | 23 | 22 | |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
Depreciation | 6 | 6 | 6 | 8 | 4 | 4 | 6 | 8 | 9 | 10 | 13 | 15 | 15 |
Profit before tax | 40 | 35 | 27 | 32 | 40 | 44 | 71 | 83 | 71 | 51 | 62 | 60 | 66 |
Tax % | 22% | 19% | 24% | 29% | 27% | 33% | 29% | 29% | 24% | 22% | 18% | 20% | |
29 | 29 | 21 | 23 | 29 | 30 | 50 | 59 | 54 | 40 | 50 | 48 | 53 | |
EPS in Rs | 13.04 | 12.93 | 9.39 | 10.21 | 12.80 | 13.08 | 22.01 | 25.88 | 24.02 | 17.52 | 22.21 | 21.32 | 23.46 |
Dividend Payout % | 35% | 35% | 48% | 44% | 35% | 38% | 30% | 27% | 28% | 34% | 28% | 43% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 8% |
3 Years: | 11% |
TTM: | 6% |
Compounded Profit Growth | |
---|---|
10 Years: | 5% |
5 Years: | 0% |
3 Years: | 2% |
TTM: | 0% |
Stock Price CAGR | |
---|---|
10 Years: | 22% |
5 Years: | 9% |
3 Years: | 27% |
1 Year: | 93% |
Return on Equity | |
---|---|
10 Years: | 11% |
5 Years: | 10% |
3 Years: | 9% |
Last Year: | 9% |
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 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
Reserves | 175 | 193 | 202 | 212 | 245 | 264 | 331 | 389 | 408 | 440 | 494 | 549 | 576 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 4 | 4 | 3 | |
43 | 40 | 51 | 55 | 70 | 86 | 103 | 109 | 105 | 137 | 132 | 154 | 184 | |
Total Liabilities | 229 | 245 | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 774 |
36 | 42 | 45 | 47 | 50 | 57 | 64 | 66 | 81 | 91 | 130 | 134 | 137 | |
CWIP | 7 | 3 | 1 | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 15 |
Investments | 76 | 93 | 104 | 126 | 154 | 189 | 226 | 261 | 262 | 261 | 278 | 355 | 385 |
110 | 106 | 115 | 104 | 121 | 112 | 148 | 176 | 173 | 207 | 228 | 215 | 236 | |
Total Assets | 229 | 245 | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 774 |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
18 | 25 | 18 | 30 | 33 | 42 | 27 | 36 | 52 | 38 | 7 | 57 | |
-12 | -16 | -18 | -17 | -14 | -36 | -17 | -17 | -7 | -34 | 28 | -46 | |
-6 | -12 | -12 | -11 | -17 | -7 | -8 | -18 | -38 | -15 | -15 | -22 | |
Net Cash Flow | -0 | -3 | -12 | 1 | 2 | -1 | 1 | 2 | 8 | -10 | 20 | -11 |
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 | 65 | 68 | 83 | 71 | 66 | 69 | 75 | 72 | 67 | 83 | 76 | 66 |
Inventory Days | 37 | 30 | 34 | 29 | 39 | 35 | 38 | 38 | 45 | 49 | 46 | 45 |
Days Payable | 66 | 59 | 63 | 48 | 60 | 97 | 94 | 80 | 88 | 103 | 83 | 77 |
Cash Conversion Cycle | 36 | 38 | 54 | 52 | 45 | 7 | 20 | 30 | 24 | 29 | 39 | 35 |
Working Capital Days | 43 | 43 | 60 | 40 | 26 | 9 | 23 | 32 | 34 | 36 | 49 | 39 |
ROCE % | 22% | 18% | 13% | 14% | 15% | 14% | 22% | 22% | 15% | 12% | 10% | 11% |
Documents
Announcements
- A Compliance Certificate Under Regulation 7 (3) Of The SEBI (LODR) Regulations, 2015 16 Apr
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
13 Apr - Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2024.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 5 Apr
- Closure of Trading Window 27 Mar
- Announcement under Regulation 30 (LODR)-Investor Presentation 20 Mar
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Financial Year 2010
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Product Portfolio[1]
INEL produces ignition system parts for OEMs in the vehicle industry and enjoys market leadership in the electronic ignition system products. They have recently entered the market for EVs. Company continues to expand its product portfolio with sensors, controllers, converters and engine control units etc.
The products are Electronic Ignition
System, Controllers, Sensors, Electric Vehicles and After Market.[2]