Kirloskar Ferrous Industries Ltd

About

KFIL, incorporated in 1991, is a part of the Pune-based Kirloskar Group. KFIL manufactures pig iron and ferrous castings
such as cylinder blocks, cylinder heads, and transmission parts and different types of housings required by automobile, tractor and diesel engine industries. It is one of the leading players in foundry-grade pig iron manufacturing and ferrous castings in the domestic market.[1]

Key Points

Product Portfolio
The company has presence across 2 verticals, Pig Iron & Castings. It manufactures Foundry grade, S.G grade & Basic grade of pig iron & it manufactures Water jacket blocks, non-water jacket blocks, cylinder heads & housings under its castings division. [1]
It's casting division derives ~90% of its sales from commercial vehicle and tractor segments, which are both exposed to the inherent demand cyclicality. [2]

See full details
  • Market Cap 3,355 Cr.
  • Current Price 242
  • High / Low 314 / 83.3
  • Stock P/E 7.32
  • Book Value 72.2
  • Dividend Yield 2.06 %
  • ROCE 33.4 %
  • ROE 35.1 %
  • Face Value 5.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 39.22% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.16%

Cons

Peer comparison

Sector: Steel Industry: Steel - Pig Iron

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
540 583 540 482 464 455 448 213 486 590 749 823
482 512 492 437 422 403 373 201 377 445 553 611
Operating Profit 59 70 48 45 42 53 75 12 110 145 196 212
OPM % 11% 12% 9% 9% 9% 12% 17% 5% 23% 25% 26% 26%
Other Income 1 0 4 0 2 0 14 1 1 1 1 1
Interest 4 5 4 5 5 4 3 7 6 6 6 5
Depreciation 13 14 14 14 14 15 15 18 19 19 20 21
Profit before tax 43 52 33 26 24 34 71 -12 85 120 171 186
Tax % 36% 34% 22% 30% 46% 32% 19% -39% 23% 1% 21% 25%
Net Profit 27 34 26 18 13 23 57 -17 66 118 135 140
EPS in Rs 1.97 2.51 1.90 1.34 0.96 1.69 4.17 -1.24 4.75 8.57 9.78 10.08

Profit & Loss

Figures in Rs. Crores

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
807 1,092 1,090 1,198 1,232 1,365 1,114 1,277 1,765 2,159 1,850 2,038 2,648
714 990 996 1,089 1,121 1,214 963 1,105 1,654 1,945 1,634 1,577 1,986
Operating Profit 93 102 93 109 112 151 151 172 111 214 216 462 661
OPM % 12% 9% 9% 9% 9% 11% 14% 13% 6% 10% 12% 23% 25%
Other Income 10 1 2 2 3 1 2 5 4 3 15 3 3
Interest 7 4 10 15 23 30 24 11 11 16 17 25 24
Depreciation 26 27 29 33 34 50 44 46 50 54 58 76 79
Profit before tax 70 72 56 62 58 72 85 121 54 147 156 363 562
Tax % 30% 33% 33% 37% 31% 31% 32% 27% 30% 33% 28% 17%
Net Profit 49 48 37 39 40 49 58 88 38 98 112 302 459
EPS in Rs 3.57 3.52 2.70 2.85 2.90 3.59 4.20 6.40 2.77 7.13 8.15 21.84 33.18
Dividend Payout % 28% 28% 37% 44% 43% 35% 30% 27% 45% 28% 25% 23%
Compounded Sales Growth
10 Years:6%
5 Years:13%
3 Years:5%
TTM:68%
Compounded Profit Growth
10 Years:20%
5 Years:39%
3 Years:98%
TTM:497%
Stock Price CAGR
10 Years:28%
5 Years:23%
3 Years:37%
1 Year:183%
Return on Equity
10 Years:16%
5 Years:19%
3 Years:24%
Last Year:35%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
69 69 69 69 69 69 69 69 69 69 69 69
Reserves 258 290 312 338 358 386 423 514 522 589 653 930
Borrowings 6 0 55 170 190 133 108 111 72 127 311 292
290 349 319 311 376 340 256 292 536 605 586 642
Total Liabilities 623 708 754 888 992 928 857 986 1,199 1,390 1,619 1,933
281 289 364 368 546 542 550 574 561 608 854 1,012
CWIP 58 70 21 120 23 31 8 19 73 62 144 162
Investments 0 0 0 0 0 0 0 0 0 0 0 1
285 349 369 400 422 355 298 392 565 720 621 758
Total Assets 623 708 754 888 992 928 857 986 1,199 1,390 1,619 1,933

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
54 75 19 74 107 161 116 75 129 158 204 285
-23 -47 -53 -158 -85 -57 -32 -70 -57 -161 -316 -213
-27 -26 29 84 -25 -106 -89 2 -79 2 118 -70
Net Cash Flow 4 2 -5 1 -3 -1 -5 7 -7 -1 6 3

Ratios

Figures in Rs. Crores

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 40 45 54 47 56 47 46 60 60 64 58 65
Inventory Days 104 76 67 75 74 52 57 61 69 67 76 99
Days Payable 160 130 39 36 64 39 45 42 41 53 71 53
Cash Conversion Cycle -16 -10 81 85 66 60 58 79 88 77 63 110
Working Capital Days 4 2 20 27 26 17 32 45 19 25 24 28
ROCE % 24% 22% 17% 15% 13% 17% 18% 20% 10% 23% 19% 33%

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
59.56 59.56 59.41 59.41 59.41 59.38 59.34 59.33 59.26 59.25 59.11 59.10
0.03 0.02 0.04 0.04 0.04 0.04 0.04 0.03 0.02 0.15 0.11 0.30
10.24 11.53 12.44 12.90 12.78 12.96 13.53 13.66 14.06 14.01 13.86 13.28
30.17 28.89 28.11 27.65 27.77 27.62 27.09 26.98 26.65 26.58 26.91 27.32

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