JK Tyre & Industries Ltd

JK Tyre & Industries Ltd

₹ 392 -1.26%
24 Jun - close price
About

JK Tyre & Industries is the flagship company of the JK group which is headed by Dr R P Singhania as its chairman and managing director. It is a one of the leading tyre manufacturers in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments that includes Truck/Bus, LCV (Light commercial vehicles), Passenger Cars, MUV (Multi utility vehicles) and Tractors. [1]

Key Points

Leadership[1]

<h1>Pioneer of radial technology in India and No. 1 Truck/Bus Radial (TBR) manufacturer.</h1> <h1>1st company in India with OE fitment of tubeless passenger radials.</h1> <h1>1st in India to launch high-performance H, V and Z-rated passenger radial tyres.</h1> <h1>First in India to launch Tyre Pressure Monitoring System (TPMS) based on sensor</h1>

technology.

<h1>19th Ranked top tyre company Globally</h1>
  • Market Cap 10,231 Cr.
  • Current Price 392
  • High / Low 554 / 201
  • Stock P/E 16.9
  • Book Value 149
  • Dividend Yield 0.51 %
  • ROCE 19.2 %
  • ROE 17.8 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 28.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.8%

Cons

  • Stock is trading at 2.63 times its book value
  • Company has a low return on equity of 11.6% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.10%

* 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: Tyres Industry: Tyres

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,023 1,726 2,019 2,124 2,163 2,334 2,411 2,480 2,393 2,456 2,678 2,564 2,616
1,721 1,546 1,827 1,929 2,030 2,163 2,237 2,271 2,173 2,180 2,288 2,201 2,283
Operating Profit 301 180 192 194 133 171 174 210 220 276 389 363 333
OPM % 15% 10% 10% 9% 6% 7% 7% 8% 9% 11% 15% 14% 13%
26 7 11 7 10 -16 -8 6 14 7 5 7 -4
Interest 57 58 58 56 57 54 59 71 73 69 57 56 59
Depreciation 60 61 61 61 58 61 59 60 63 62 62 63 65
Profit before tax 210 69 84 84 28 39 48 84 98 152 275 250 204
Tax % 35% 35% 35% 31% 5% 32% 25% 36% 31% 34% 35% 34% 28%
137 45 54 58 26 27 36 54 67 100 180 164 146
EPS in Rs 5.57 1.81 2.21 2.35 1.06 1.08 1.46 2.18 2.73 4.07 7.31 6.30 5.61
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
5,372 5,888 6,061 5,826 5,979 6,453 7,610 6,093 6,135 8,032 9,618 10,313
4,885 5,233 5,309 4,826 5,233 5,961 6,882 5,442 5,284 7,331 8,843 8,952
Operating Profit 487 654 752 999 746 493 728 650 851 701 775 1,361
OPM % 9% 11% 12% 17% 12% 8% 10% 11% 14% 9% 8% 13%
-18 -58 5 10 165 21 81 20 57 34 -5 15
Interest 207 248 241 236 268 274 316 343 266 230 258 242
Depreciation 113 152 139 172 184 175 188 242 246 241 243 252
Profit before tax 150 195 377 601 460 64 305 85 396 264 270 882
Tax % 30% 31% 33% 29% 28% 33% 33% -168% 35% 31% 32% 33%
106 135 253 424 332 43 204 229 256 183 184 591
EPS in Rs 5.14 6.56 11.17 18.72 14.64 1.90 8.30 9.29 10.42 7.43 7.46 22.66
Dividend Payout % 14% 15% 13% 13% 17% 79% 18% 8% 19% 20% 27% 24%
Compounded Sales Growth
10 Years: 6%
5 Years: 6%
3 Years: 19%
TTM: 7%
Compounded Profit Growth
10 Years: 13%
5 Years: 28%
3 Years: 36%
TTM: 196%
Stock Price CAGR
10 Years: 20%
5 Years: 37%
3 Years: 40%
1 Year: 95%
Return on Equity
10 Years: 13%
5 Years: 11%
3 Years: 12%
Last Year: 18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 41 41 45 45 45 45 49 49 49 49 49 52
Reserves 701 795 1,046 1,374 1,629 1,599 1,946 2,113 2,349 2,477 2,840 3,844
2,356 2,371 2,606 2,565 3,375 3,498 3,320 3,209 2,471 2,917 2,635 2,486
1,635 1,913 2,186 2,086 2,011 2,036 2,091 2,117 2,386 2,701 2,482 3,171
Total Liabilities 4,733 5,120 5,884 6,070 7,060 7,178 7,405 7,488 7,256 8,145 8,006 9,553
2,280 2,274 2,354 3,321 3,300 3,578 3,330 3,499 3,337 3,349 3,375 3,579
CWIP 55 143 697 89 136 83 74 61 69 79 105 317
Investments 98 102 93 97 490 545 597 724 733 791 798 794
2,301 2,601 2,740 2,563 3,134 2,972 3,405 3,205 3,117 3,926 3,729 4,862
Total Assets 4,733 5,120 5,884 6,070 7,060 7,178 7,405 7,488 7,256 8,145 8,006 9,553

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-101 563 587 815 164 495 262 783 1,253 73 677 1,098
-179 -218 -673 -474 -663 -255 130 -251 -20 -203 -268 -1,009
297 -261 -18 -358 500 -236 -376 -587 -1,213 141 -412 -74
Net Cash Flow 16 83 -105 -17 1 4 16 -55 20 12 -3 14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 62 74 76 76 90 73 78 86 81 76 67 77
Inventory Days 77 69 69 80 92 86 80 103 115 101 70 78
Days Payable 71 82 83 90 90 81 69 89 115 91 56 74
Cash Conversion Cycle 68 61 61 66 92 78 89 100 81 86 81 81
Working Capital Days 54 46 37 47 84 49 71 85 80 86 78 78
ROCE % 14% 16% 18% 22% 13% 7% 11% 8% 12% 10% 10%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.23% 55.93% 55.93% 56.26% 56.26% 56.26% 56.26% 56.26% 56.26% 56.26% 53.13% 53.13%
6.28% 7.76% 8.13% 8.16% 7.35% 7.24% 7.46% 6.73% 8.69% 10.29% 12.21% 15.29%
1.36% 1.31% 1.27% 1.24% 1.23% 1.23% 1.29% 1.22% 1.22% 1.27% 5.79% 5.18%
36.13% 35.00% 34.68% 34.35% 35.16% 35.29% 34.99% 35.79% 33.83% 32.19% 28.87% 26.40%
No. of Shareholders 1,85,6791,84,5351,97,5562,15,7262,18,5531,92,7751,85,8511,91,6541,87,3561,88,3992,03,0292,26,143

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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