India Nippon Electricals Ltd

About

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)

  • Market Cap 748 Cr.
  • Current Price 330
  • High / Low 472 / 163
  • Stock P/E 26.4
  • Book Value 186
  • Dividend Yield 2.04 %
  • ROCE 14.6 %
  • ROE 11.1 %
  • Face Value 5.00

Pros

  • Company is virtually debt free.
  • Company has been maintaining a healthy dividend payout of 28.22%

Cons

  • The company has delivered a poor growth of 8.16% over past five years.
  • Earnings include an other income of Rs.22.24 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
117.88 141.20 130.12 136.03 130.41 119.79 116.35 112.26 34.54
99.59 120.26 113.53 115.73 113.84 103.91 103.17 102.95 48.00
Operating Profit 18.29 20.94 16.59 20.30 16.57 15.88 13.18 9.31 -13.46
OPM % 15.52% 14.83% 12.75% 14.92% 12.71% 13.26% 11.33% 8.29% -38.97%
Other Income 1.62 2.77 4.75 5.52 12.84 5.77 1.05 6.63 8.79
Interest 0.03 0.02 0.02 0.02 0.15 0.13 0.14 0.15 0.14
Depreciation 1.67 2.03 1.96 2.07 2.16 2.25 2.36 2.63 2.43
Profit before tax 18.21 21.66 19.36 23.73 27.10 19.27 11.73 13.16 -7.24
Tax % 32.02% 31.16% 26.86% 27.94% 24.61% 28.54% 28.39% 10.71% 22.65%
Net Profit 12.38 14.91 14.16 17.10 20.43 13.77 8.40 11.75 -5.60
EPS in Rs 5.47 6.59 6.26 7.56 9.03 6.09 3.71 5.19 -2.48
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
128 169 229 261 269 261 324 336 351 452 525 479 383
120 148 198 225 235 237 290 301 316 388 449 424 358
Operating Profit 8 21 31 36 34 24 33 35 35 64 76 55 25
OPM % 7% 13% 14% 14% 12% 9% 10% 10% 10% 14% 14% 11% 6%
Other Income 10 6 6 9 8 9 7 9 14 13 15 26 22
Interest 0 0 0 0 0 0 0 0 0 0 0 1 1
Depreciation 3 4 4 6 6 6 8 4 4 6 8 9 10
Profit before tax 15 24 33 40 35 27 32 40 44 71 83 71 37
Tax % 22% 25% 24% 22% 19% 24% 29% 27% 33% 29% 29% 24%
Net Profit 12 18 22 29 29 21 23 29 30 50 59 54 28
EPS in Rs 13.04 12.93 9.39 10.21 12.80 13.08 22.01 25.88 24.02 12.51
Dividend Payout % 41% 34% 36% 35% 35% 48% 44% 35% 38% 30% 27% 28%
Compounded Sales Growth
10 Years:11%
5 Years:8%
3 Years:11%
TTM:-29%
Compounded Profit Growth
10 Years:10%
5 Years:15%
3 Years:21%
TTM:-57%
Stock Price CAGR
10 Years:13%
5 Years:13%
3 Years:-21%
1 Year:-3%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:14%
Last Year:11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
8 8 8 11 11 11 11 11 11 11 11 11
Reserves 133 145 159 175 193 202 212 245 264 331 389 408
Borrowings 1 1 0 0 0 0 0 0 0 0 0 5
38 31 39 43 40 51 55 70 86 103 109 105
Total Liabilities 180 186 206 229 245 264 278 326 362 445 510 529
22 31 33 36 42 45 47 50 57 64 66 81
CWIP 0 0 0 7 3 1 1 2 3 7 7 13
Investments 61 87 73 76 93 104 126 154 189 226 261 262
97 67 99 110 106 115 104 121 112 148 176 173
Total Assets 180 186 206 229 245 264 278 326 362 445 510 529

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
2 30 11 18 25 18 30 33 42 27 36 52
29 -35 10 -12 -16 -18 -17 -14 -36 -17 -17 -7
-4 -6 -10 -6 -12 -12 -11 -17 -7 -8 -18 -38
Net Cash Flow 26 -12 11 -0 -3 -12 1 2 -1 1 2 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 11% 16% 20% 22% 18% 13% 14% 15% 14% 22% 22% 15%
Debtor Days 67 60 61 65 68 83 71 66 69 75 72 67
Inventory Turnover 12.97 12.34 11.31 10.34 11.49 11.78 13.27 11.11 10.14 11.29 10.46 8.66

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
66.39 66.39 66.39 66.39 66.39 66.39 66.39 66.39 66.39 66.39 66.39 66.39
0.08 0.07 0.07 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.01 0.01
0.34 2.55 2.66 3.11 3.26 3.39 3.31 3.24 3.25 3.28 3.20 3.08
33.19 30.99 30.88 30.43 30.28 30.16 30.22 30.29 30.28 30.25 30.40 30.52

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