JK Tyre & Industries Ltd

JK Tyre & Industries Ltd

₹ 473 -1.36%
16 Jul - 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 12,334 Cr.
  • Current Price 473
  • High / Low 554 / 240
  • Stock P/E 15.2
  • Book Value 172
  • Dividend Yield 0.95 %
  • ROCE 19.3 %
  • ROE 20.6 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 33.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.1%

Cons

  • Stock is trading at 2.75 times its book value
  • Company has a low return on equity of 13.3% 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,927 2,608 2,987 3,076 3,312 3,643 3,757 3,613 3,632 3,718 3,898 3,688 3,698
2,473 2,329 2,694 2,803 3,084 3,358 3,459 3,274 3,256 3,261 3,308 3,138 3,217
Operating Profit 455 280 292 273 228 285 297 339 376 457 589 550 481
OPM % 16% 11% 10% 9% 7% 8% 8% 9% 10% 12% 15% 15% 13%
27 -1 13 15 13 -28 -15 -4 23 13 5 8 -9
Interest 105 108 106 104 101 99 109 121 125 122 109 107 109
Depreciation 96 96 97 96 96 101 99 102 106 106 108 111 112
Profit before tax 281 75 102 88 44 57 74 113 168 242 377 341 252
Tax % 30% 41% 37% 39% 13% 41% 34% 38% 33% 34% 34% 33% 31%
195 44 65 54 38 35 50 67 112 159 249 227 172
EPS in Rs 7.68 1.88 2.70 2.31 1.63 1.51 2.08 2.66 4.40 6.25 9.83 8.47 6.49
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
6,924 7,583 7,315 6,898 7,689 8,272 10,368 8,723 9,102 11,983 14,645 15,002
6,306 6,712 6,384 5,782 6,557 7,535 9,256 7,737 7,796 10,910 13,347 12,911
Operating Profit 618 871 931 1,117 1,132 737 1,112 986 1,306 1,073 1,298 2,091
OPM % 9% 11% 13% 16% 15% 9% 11% 11% 14% 9% 9% 14%
12 -41 -30 11 135 135 -5 -76 81 40 -25 4
Interest 233 276 257 252 440 466 521 549 466 419 454 447
Depreciation 133 179 158 216 291 299 316 378 387 385 407 437
Profit before tax 264 374 486 660 535 107 270 -17 534 309 411 1,211
Tax % 26% 32% 33% 31% 29% 41% 35% 989% 38% 35% 36% 33%
203 263 330 467 381 63 171 141 331 201 263 806
EPS in Rs 9.90 12.81 14.53 20.60 16.55 2.91 7.16 6.12 12.97 8.53 10.66 30.16
Dividend Payout % 7% 8% 10% 12% 15% 52% 21% 11% 15% 18% 19% 15%
Compounded Sales Growth
10 Years: 7%
5 Years: 8%
3 Years: 18%
TTM: 2%
Compounded Profit Growth
10 Years: 11%
5 Years: 33%
3 Years: 40%
TTM: 174%
Stock Price CAGR
10 Years: 23%
5 Years: 45%
3 Years: 49%
1 Year: 93%
Return on Equity
10 Years: 14%
5 Years: 13%
3 Years: 13%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 865 1,044 1,356 1,706 1,919 1,916 2,235 2,282 2,623 2,799 3,347 4,435
2,703 2,705 2,975 2,900 5,655 5,811 5,758 5,549 4,801 5,220 4,882 4,609
1,953 2,253 2,528 2,401 2,776 2,762 3,227 3,333 3,467 4,092 4,061 4,915
Total Liabilities 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940 12,161 12,339 14,012
2,714 2,690 2,701 3,747 5,794 6,142 6,228 6,382 6,242 6,429 6,467 6,829
CWIP 76 177 830 106 326 309 270 284 299 106 195 367
Investments 104 115 140 160 73 128 131 140 147 133 144 138
2,668 3,060 3,232 3,039 4,202 3,956 4,640 4,407 4,252 5,493 5,533 6,677
Total Assets 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940 12,161 12,339 14,012

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-15 655 734 903 106 637 797 1,237 1,598 346 1,224 1,614
-201 -224 -806 -511 -807 -394 -261 -319 -134 -244 -398 -1,203
252 -335 -1 -422 830 -409 -522 -963 -1,441 -96 -747 -413
Net Cash Flow 35 96 -73 -31 128 -165 14 -44 23 5 79 -2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 55 64 72 74 85 68 68 77 63 60 57 67
Inventory Days 71 70 70 82 111 101 92 111 119 110 79 92
Days Payable 68 79 84 90 102 81 87 115 105 99 66 87
Cash Conversion Cycle 58 56 57 66 94 88 73 73 78 71 70 72
Working Capital Days 44 40 35 46 81 45 54 73 64 68 58 59
ROCE % 15% 19% 19% 20% 14% 6% 10% 8% 12% 9% 11% 19%

Shareholding Pattern

Numbers in percentages

2 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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