JK Tyre & Industries Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 3,052 Cr.
  • Current Price 124
  • High / Low 147 / 31.5
  • Stock P/E 23.4
  • Book Value 90.7
  • Dividend Yield 0.56 %
  • ROCE 8.02 %
  • ROE 1.38 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 27.96%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.59% over past five years.
  • Company has a low return on equity of 4.05% for last 3 years.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,284 2,440 2,494 2,731 2,704 2,575 2,155 2,200 1,795 1,131 2,275 2,769
1,955 2,114 2,231 2,466 2,445 2,337 1,859 1,956 1,587 1,135 1,920 2,269
Operating Profit 329 325 262 265 259 238 296 244 207 -4 355 500
OPM % 14% 13% 11% 10% 10% 9% 14% 11% 12% -0% 16% 18%
Other Income 113 -17 13 -9 9 12 -44 8 -53 -26 32 47
Interest 115 121 128 131 141 139 140 136 135 131 123 107
Depreciation 77 77 79 80 80 91 92 93 102 97 97 98
Profit before tax 250 110 68 45 47 21 22 23 -82 -257 167 343
Tax % 36% 39% 29% 45% 24% 24% -680% 50% 43% 21% 35% 33%
Net Profit 145 64 52 27 34 17 170 11 -47 -199 105 224
EPS in Rs 6.41 2.83 2.29 1.18 1.36 0.69 6.91 0.44 -1.92 -8.08 4.26 9.10
Notes Notes Notes 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
5,406 4,430 5,818 6,745 6,924 7,583 7,315 6,898 7,689 8,272 10,368 8,725 7,970
5,241 3,928 5,494 6,493 6,306 6,712 6,384 5,783 6,596 7,546 9,305 7,737 6,911
Operating Profit 165 502 324 252 618 871 931 1,115 1,093 726 1,063 988 1,059
OPM % 3% 11% 6% 4% 9% 11% 13% 16% 14% 9% 10% 11% 13%
Other Income 54 30 14 33 12 -41 -30 13 174 146 44 -78 1
Interest 171 119 117 188 233 276 257 252 440 466 521 549 495
Depreciation 122 100 109 121 133 179 158 216 291 299 316 378 393
Profit before tax -75 313 112 -23 264 374 486 660 535 107 270 -17 171
Tax % -44% 30% 44% -66% 26% 32% 33% 31% 29% 41% 35% 989%
Net Profit -104 224 66 -32 203 263 330 467 375 66 176 151 83
EPS in Rs -5.06 10.90 3.21 -1.56 9.90 12.81 14.53 20.60 16.55 2.91 7.16 6.12 3.36
Dividend Payout % -11% 6% 19% -32% 7% 8% 10% 12% 15% 52% 21% 11%
Compounded Sales Growth
10 Years:7%
5 Years:4%
3 Years:4%
TTM:-17%
Compounded Profit Growth
10 Years:-18%
5 Years:-38%
3 Years:-53%
TTM:-45%
Stock Price CAGR
10 Years:22%
5 Years:9%
3 Years:-7%
1 Year:105%
Return on Equity
10 Years:14%
5 Years:11%
3 Years:4%
Last Year:1%

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 Sep 2020
41 41 41 41 41 41 45 45 45 45 49 49 49
Reserves 651 809 817 714 865 1,044 1,356 1,706 1,919 1,916 2,235 2,282 2,185
Borrowings 1,382 1,159 1,611 2,141 2,703 2,705 2,975 2,900 5,655 5,811 5,758 5,549 4,369
1,243 1,544 1,831 2,245 1,953 2,253 2,528 2,401 2,776 2,762 3,227 3,333 3,807
Total Liabilities 3,317 3,553 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,411
1,612 1,764 1,855 1,870 2,714 2,690 2,701 3,747 5,794 6,142 6,228 6,382 6,246
CWIP 291 188 200 765 76 177 830 106 326 309 270 284 301
Investments 76 80 87 101 104 115 140 160 73 128 131 140 142
1,339 1,520 2,157 2,405 2,668 3,060 3,232 3,039 4,202 3,956 4,640 4,407 3,722
Total Assets 3,317 3,553 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,411

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
297 565 8 362 -15 655 734 903 106 637 797 1,346
-445 -175 -291 -612 -201 -224 -806 -511 -807 -394 -261 -427
169 -350 307 240 252 -335 -1 -422 830 -409 -522 -963
Net Cash Flow 21 40 23 -10 35 96 -73 -31 128 -165 14 -44

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 % 5% 21% 10% 8% 15% 19% 19% 20% 14% 6% 11% 8%
Debtor Days 37 52 52 55 55 64 72 74 85 68 68 77
Inventory Turnover 8.52 5.90 6.56 6.78 5.95 5.54 5.35 4.73 4.26 4.05 4.53 3.46

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
52.48 52.48 52.48 52.48 56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23
10.71 8.62 7.63 6.51 3.85 3.63 2.11 2.49 2.52 2.05 2.23 2.99
2.65 2.59 2.26 2.18 1.99 2.18 2.02 1.81 1.03 1.48 2.30 2.57
0.91 0.91 0.94 0.94 0.87 0.87 0.92 0.92 0.91 0.58 0.58 0.58
33.25 35.40 36.69 37.89 37.07 37.10 38.73 38.56 39.31 39.66 38.66 37.63

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