JK Tyre & Industries Ltd

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]

See full details
  • Market Cap 3,767 Cr.
  • Current Price 153
  • High / Low 166 / 55.2
  • Stock P/E 7.26
  • Book Value 109
  • Dividend Yield 1.31 %
  • ROCE 12.6 %
  • ROE 11.8 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 5.70% over past five years.
  • Company has a low return on equity of 8.99% for last 3 years.

Peer comparison

Sector: Tyres Industry: Tyres

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,494 2,731 2,704 2,575 2,155 2,200 1,795 1,131 2,275 2,769 2,927 2,608
2,231 2,466 2,445 2,336 1,859 1,956 1,587 1,135 1,920 2,269 2,473 2,329
Operating Profit 262 265 259 240 296 244 207 -4 355 500 455 280
OPM % 11% 10% 10% 9% 14% 11% 12% -0% 16% 18% 16% 11%
Other Income 13 -9 9 11 -44 8 -53 -26 32 47 27 -1
Interest 128 131 141 139 140 136 135 131 123 107 105 108
Depreciation 79 80 80 91 92 93 102 97 97 98 96 96
Profit before tax 68 45 47 21 22 23 -82 -257 167 343 281 75
Tax % 29% 45% 24% 24% -680% 50% 43% 21% 35% 33% 30% 41%
Net Profit 52 27 34 17 170 11 -47 -199 105 224 189 46
EPS in Rs 2.29 1.18 1.36 0.69 6.91 0.44 -1.92 -8.08 4.26 9.10 7.68 1.88

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
4,430 5,818 6,745 6,924 7,583 7,315 6,898 7,689 8,272 10,368 8,723 9,102 10,580
3,928 5,493 6,416 6,306 6,712 6,384 5,782 6,557 7,535 9,256 7,737 7,796 8,990
Operating Profit 502 325 329 618 871 931 1,117 1,132 737 1,112 986 1,306 1,590
OPM % 11% 6% 5% 9% 11% 13% 16% 15% 9% 11% 11% 14% 15%
Other Income 30 13 -43 12 -41 -30 11 135 135 -5 -76 81 105
Interest 119 117 188 233 276 257 252 440 466 521 549 466 443
Depreciation 100 109 121 133 179 158 216 291 299 316 378 387 386
Profit before tax 313 112 -23 264 374 486 660 535 107 270 -17 534 866
Tax % 30% 44% -66% 26% 32% 33% 31% 29% 41% 35% 989% 38%
Net Profit 224 66 -32 203 263 330 467 375 66 176 151 319 565
EPS in Rs 10.90 3.21 -1.56 9.90 12.81 14.53 20.60 16.55 2.91 7.16 6.12 12.97 22.92
Dividend Payout % 6% 19% -32% 7% 8% 10% 12% 15% 52% 21% 11% 15%
Compounded Sales Growth
10 Years:5%
5 Years:6%
3 Years:3%
TTM:45%
Compounded Profit Growth
10 Years:17%
5 Years:-9%
3 Years:65%
TTM:2288%
Stock Price CAGR
10 Years:26%
5 Years:1%
3 Years:16%
1 Year:169%
Return on Equity
10 Years:14%
5 Years:9%
3 Years:9%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
41 41 41 41 41 45 45 45 45 49 49 49
Reserves 809 817 714 865 1,044 1,356 1,706 1,919 1,916 2,235 2,282 2,623
Borrowings 1,159 1,611 2,141 2,703 2,705 2,975 2,900 5,655 5,811 5,758 5,549 4,656
1,544 1,831 2,245 1,953 2,253 2,528 2,401 2,776 2,762 3,227 3,333 3,611
Total Liabilities 3,553 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940
1,764 1,855 1,870 2,714 2,690 2,701 3,747 5,794 6,142 6,228 6,382 6,242
CWIP 188 200 765 76 177 830 106 326 309 270 284 299
Investments 80 87 101 104 115 140 160 73 128 131 140 147
1,520 2,157 2,405 2,668 3,060 3,232 3,039 4,202 3,956 4,640 4,407 4,252
Total Assets 3,553 4,300 5,140 5,563 6,043 6,904 7,052 10,395 10,535 11,269 11,213 10,940

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
565 8 362 -15 655 734 903 106 637 797 1,237 1,598
-175 -291 -612 -201 -224 -806 -511 -807 -394 -261 -319 -134
-350 307 240 252 -335 -1 -422 830 -409 -522 -963 -1,441
Net Cash Flow 40 23 -10 35 96 -73 -31 128 -165 14 -44 23

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 52 52 55 55 64 72 74 85 68 68 77 63
Inventory Days 71 70 55 71 70 70 82 111 101 92 111 119
Days Payable 110 83 91 68 79 84 90 102 81 87 115 105
Cash Conversion Cycle 12 39 19 58 56 57 66 94 88 73 73 78
Working Capital Days 2 37 28 52 50 49 59 94 82 73 73 62
ROCE % 21% 10% 8% 15% 19% 19% 20% 14% 6% 11% 8% 13%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
52.48 52.48 56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23 56.23
7.63 6.51 3.85 3.63 2.11 2.49 2.52 2.05 2.23 2.99 3.32 6.28
2.26 2.18 1.99 2.18 2.02 1.81 1.03 1.48 2.30 2.57 1.44 1.36
0.94 0.94 0.87 0.87 0.92 0.92 0.91 0.58 0.58 0.58 0.58 0.00
36.69 37.89 37.07 37.10 38.73 38.56 39.31 39.66 38.66 37.63 38.43 36.13

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