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 3.20%.
Company has good consistent profit growth of 20.82% over 5 years
Company has been maintaining a healthy dividend payout of 36.11%
Cons:
Company has a low return on equity of 13.56% for last 3 years.
Earnings include an other income of Rs.28.89 Cr.

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

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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
118 141 130 136 130 120
100 120 114 116 114 104
Operating Profit 18 21 17 20 17 16
OPM % 16% 15% 13% 15% 13% 13%
Other Income 2 3 5 6 13 6
Interest 0 0 0 0 0 0
Depreciation 2 2 2 2 2 2
Profit before tax 18 22 19 24 27 19
Tax % 32% 31% 27% 28% 25% 29%
Net Profit 12 15 14 17 20 14
EPS in Rs 5.47 6.59 6.26 7.56 9.03 6.09
Notes Notes Notes Notes Notes Notes

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

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
120 128 169 229 261 269 261 324 336 351 452 525 516
107 120 148 198 225 235 237 290 301 316 388 449 447
Operating Profit 14 8 21 31 36 34 24 33 35 35 64 76 69
OPM % 11% 7% 13% 14% 14% 12% 9% 10% 10% 10% 14% 14% 13%
Other Income 8 10 6 6 9 8 9 7 9 14 13 15 29
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 4 3 4 4 6 6 6 8 4 4 6 8 8
Profit before tax 18 15 24 33 40 35 27 32 40 44 71 83 89
Tax % 17% 22% 25% 24% 22% 19% 24% 29% 27% 33% 29% 29%
Net Profit 15 12 18 22 29 29 21 23 29 30 50 59 65
EPS in Rs 6.05 4.87 7.46 8.98 12.30 12.17 8.62 9.30 11.41 13.07 22.01 25.88 28.94
Dividend Payout % 39% 41% 34% 36% 35% 35% 48% 44% 35% 38% 30% 41%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.16%
5 Years:15.01%
3 Years:16.07%
TTM:16.10%
Compounded Profit Growth
10 Years:16.92%
5 Years:20.82%
3 Years:28.76%
TTM:11.88%
Stock Price CAGR
10 Years:17.10%
5 Years:6.25%
3 Years:5.35%
1 Year:-28.84%
Return on Equity
10 Years:12.81%
5 Years:12.54%
3 Years:13.56%
Last Year:14.63%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
8 8 8 8 11 11 11 11 11 11 11 11 11
Reserves 127 133 145 159 175 193 202 212 245 264 331 389 413
Borrowings 2 1 1 0 0 0 0 0 0 0 0 0 0
28 38 31 39 43 40 51 55 70 87 111 109 111
Total Liabilities 164 180 186 206 229 245 264 278 326 362 454 510 536
23 22 31 33 36 42 45 47 50 57 64 66 69
CWIP 0 0 0 0 7 3 1 1 2 3 7 7 10
Investments 88 61 87 73 76 93 104 126 154 189 226 261 291
53 97 67 99 110 106 115 104 121 113 157 176 166
Total Assets 164 180 186 206 229 245 264 278 326 362 454 510 536

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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 2 30 11 18 25 18 30 33 42 27 36
-8 29 -35 10 -12 -16 -18 -17 -14 -36 -17 -17
-9 -4 -6 -10 -6 -12 -12 -11 -17 -7 -8 -18
Net Cash Flow -3 26 -12 11 -0 -3 -12 1 2 -1 1 2

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 11% 16% 20% 22% 18% 13% 14% 15% 14% 22% 21%
Debtor Days 67 67 60 61 65 68 83 71 66 69 75 72
Inventory Turnover 19.09 18.35 17.97 16.51 14.88 16.30 16.25 18.47 15.63 14.83 16.85 15.77