JK Tyre & Industries Ltd

₹ 103 1.32%
28 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

Brands
Company's portfolio includes a range of brands including JKTyre, Vikrat, Tornel, Challenger & Blaze. [1]

  • Market Cap 2,547 Cr.
  • Current Price 103
  • High / Low 172 / 95.4
  • Stock P/E 12.8
  • Book Value 116
  • Dividend Yield 1.93 %
  • ROCE 9.41 %
  • ROE 7.23 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.89 times its book value
  • Company is expected to give good quarter

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 9.28% over past five years.
  • Company has a low return on equity of 10.27% for last 3 years.
  • Dividend payout has been low at 14.81% of profits over last 3 years

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
2,575 2,155 2,200 1,795 1,131 2,275 2,769 2,927 2,608 2,987 3,076 3,312
2,336 1,859 1,956 1,587 1,135 1,920 2,269 2,473 2,329 2,694 2,803 3,084
Operating Profit 240 296 244 207 -4 355 500 455 280 292 273 228
OPM % 9% 14% 11% 12% -0% 16% 18% 16% 11% 10% 9% 7%
11 -44 8 -53 -26 32 47 27 -1 13 15 13
Interest 139 140 136 135 131 123 107 105 108 106 104 101
Depreciation 91 92 93 102 97 97 98 96 96 97 96 96
Profit before tax 21 22 23 -82 -257 167 343 281 75 102 88 44
Tax % 24% -680% 50% 43% 21% 35% 33% 30% 41% 37% 39% 13%
Net Profit 17 170 11 -47 -199 105 224 189 46 67 57 40
EPS in Rs 0.69 6.91 0.44 -1.92 -8.08 4.26 9.10 7.68 1.88 2.70 2.31 1.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
5,818 6,745 6,924 7,583 7,315 6,898 7,689 8,272 10,368 8,723 9,102 11,983
5,493 6,416 6,306 6,712 6,384 5,782 6,557 7,535 9,256 7,737 7,796 10,910
Operating Profit 325 329 618 871 931 1,117 1,132 737 1,112 986 1,306 1,073
OPM % 6% 5% 9% 11% 13% 16% 15% 9% 11% 11% 14% 9%
13 -43 12 -41 -30 11 135 135 -5 -76 81 40
Interest 117 188 233 276 257 252 440 466 521 549 466 419
Depreciation 109 121 133 179 158 216 291 299 316 378 387 385
Profit before tax 112 -23 264 374 486 660 535 107 270 -17 534 309
Tax % 44% -66% 26% 32% 33% 31% 29% 41% 35% 989% 38% 35%
Net Profit 66 -32 203 263 330 467 375 66 176 151 319 210
EPS in Rs 3.21 -1.56 9.90 12.81 14.53 20.60 16.55 2.91 7.16 6.12 12.97 8.53
Dividend Payout % 19% -32% 7% 8% 10% 12% 15% 52% 21% 11% 15% 18%
Compounded Sales Growth
10 Years: 6%
5 Years: 9%
3 Years: 5%
TTM: 32%
Compounded Profit Growth
10 Years: 54%
5 Years: -9%
3 Years: 1%
TTM: -33%
Stock Price CAGR
10 Years: 19%
5 Years: -8%
3 Years: 9%
1 Year: -26%
Return on Equity
10 Years: 15%
5 Years: 9%
3 Years: 10%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
41 41 41 41 45 45 45 45 49 49 49 49
Reserves 817 714 865 1,044 1,356 1,706 1,919 1,916 2,235 2,282 2,623 2,799
1,611 2,141 2,703 2,705 2,975 2,900 5,655 5,811 5,758 5,549 4,656 5,220
1,831 2,245 1,953 2,253 2,528 2,401 2,776 2,762 3,227 3,333 3,611 4,179
Total Liabilities 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940 12,248
1,855 1,870 2,714 2,690 2,701 3,747 5,794 6,142 6,228 6,382 6,242 6,435
CWIP 200 765 76 177 830 106 326 309 270 284 299 101
Investments 87 101 104 115 140 160 73 128 131 140 147 133
2,157 2,405 2,668 3,060 3,232 3,039 4,202 3,956 4,640 4,407 4,252 5,580
Total Assets 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940 12,248

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
8 362 -15 655 734 903 106 637 797 1,237 1,598 346
-291 -612 -201 -224 -806 -511 -807 -394 -261 -319 -134 -245
307 240 252 -335 -1 -422 830 -409 -522 -963 -1,441 -96
Net Cash Flow 23 -10 35 96 -73 -31 128 -165 14 -44 23 5

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 52 55 55 64 72 74 85 68 68 77 63 60
Inventory Days 70 55 71 70 70 82 111 101 92 111 119 110
Days Payable 83 91 68 79 84 90 102 81 87 115 105 99
Cash Conversion Cycle 39 19 58 56 57 66 94 88 73 73 78 71
Working Capital Days 32 23 44 40 35 46 81 45 54 55 36 68
ROCE % 10% 8% 15% 19% 19% 20% 14% 6% 11% 8% 13% 9%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23 55.93 55.93 56.26
3.63 2.11 2.49 2.52 2.05 2.23 2.99 3.32 6.28 7.76 8.13 8.16
2.18 2.02 1.81 1.03 1.48 2.30 2.57 1.44 1.36 1.31 1.27 1.24
0.87 0.92 0.92 0.91 0.58 0.58 0.58 0.58 0.00 0.00 0.00 0.00
37.10 38.73 38.56 39.31 39.66 38.66 37.63 38.43 36.13 35.00 34.68 34.35

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