Kirloskar Oil Engines Ltd

Kirloskar Oil Engines Ltd

₹ 400 3.61%
26 May - close price
About

KOEL, one of the flagship companies of the Kirloskar group, manufactures and services diesel engines and diesel generator sets. The company also makes diesel, petrol and kerosene-based pump sets. It has manufacturing units in Pune, Kagal, and Nashik. The company caters to the agriculture, power generation, and industrial sectors.[1]

Key Points

Market Position
India’s largest Industrial Engine manufacturer with over 40,000 engines manufactured annually. [1]
India’s largest diesel Agri engines and pump sets manufacturer with over 1,45,000 units manufactured annually. [2]

  • Market Cap 5,799 Cr.
  • Current Price 400
  • High / Low 443 / 124
  • Stock P/E 17.5
  • Book Value 159
  • Dividend Yield 1.00 %
  • ROCE 13.7 %
  • ROE 15.1 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 26.0% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 24.6%

Cons

  • Stock is trading at 2.52 times its book value
  • Promoter holding has decreased over last quarter: -18.2%
  • The company has delivered a poor sales growth of 10.5% over past five years.
  • Company has a low return on equity of 11.4% over last 3 years.
  • Working capital days have increased from 96.5 days to 149 days

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
827 422 828 959 1,087 821 1,001 1,018 1,182 1,191 1,228 1,220 1,384
740 412 719 838 941 737 904 930 1,039 1,018 1,047 1,028 1,196
Operating Profit 87 11 109 121 147 84 97 88 143 173 181 192 188
OPM % 11% 3% 13% 13% 13% 10% 10% 9% 12% 15% 15% 16% 14%
3 5 6 7 -1 6 7 5 8 6 5 7 11
Interest 5 5 12 16 17 20 22 28 35 42 47 57 64
Depreciation 22 20 20 21 23 26 25 25 25 27 26 26 26
Profit before tax 63 -9 82 91 106 44 57 40 91 110 113 117 109
Tax % 16% 27% 28% 27% 26% 26% 27% 27% 25% 26% 27% 24% 27%
Net Profit 54 -7 60 66 78 32 42 29 68 82 83 88 79
EPS in Rs 3.64 -0.48 3.98 4.58 5.40 2.22 2.93 2.12 4.79 5.64 5.79 6.09 5.45
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
2,464 2,674 3,055 3,626 3,379 3,296 4,022 5,024
2,187 2,390 2,790 3,251 3,085 2,909 3,610 4,290
Operating Profit 277 283 265 376 295 387 412 734
OPM % 11% 11% 9% 10% 9% 12% 10% 15%
49 83 72 63 52 17 27 29
Interest 9 3 12 13 14 50 106 210
Depreciation 111 111 123 94 87 84 101 105
Profit before tax 205 253 203 331 245 270 232 449
Tax % 19% 31% 33% 34% 23% 27% 26% 26%
Net Profit 165 174 136 220 188 197 171 332
EPS in Rs 11.44 12.02 9.66 15.16 12.81 13.48 12.07 22.96
Dividend Payout % 44% 42% 52% 33% 31% 30% 33% 11%
Compounded Sales Growth
10 Years: %
5 Years: 10%
3 Years: 14%
TTM: 25%
Compounded Profit Growth
10 Years: %
5 Years: 26%
3 Years: 28%
TTM: 103%
Stock Price CAGR
10 Years: 9%
5 Years: 4%
3 Years: 57%
1 Year: 165%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 11%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
29 29 29 29 29 29 29 29
Reserves 1,415 1,588 1,547 1,670 1,716 1,893 2,053 2,275
7 12 142 90 189 849 1,965 3,244
519 541 783 807 825 1,026 975 1,177
Total Liabilities 1,970 2,170 2,500 2,595 2,759 3,797 5,021 6,725
475 440 702 663 623 698 721 739
CWIP 29 15 30 41 78 55 43 18
Investments 791 988 675 711 433 834 738 658
674 727 1,093 1,180 1,626 2,210 3,519 5,310
Total Assets 1,970 2,170 2,500 2,595 2,759 3,797 5,021 6,725

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
99 171 136 192 -124 -16 -1,041 -920
82 -190 7 -38 233 -465 -3 -144
-176 2 -96 -153 -43 599 950 1,182
Net Cash Flow 6 -16 48 1 67 118 -93 117

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 23 27 48 41 45 49 43 38
Inventory Days 49 49 64 49 69 68 54 64
Days Payable 82 77 91 69 70 106 80 79
Cash Conversion Cycle -10 -0 21 21 43 10 17 23
Working Capital Days 8 21 33 19 56 47 94 149
ROCE % 13% 10% 17% 12% 13% 10% 14%

Shareholding Pattern

Numbers in percentages

38 Recently
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
59.44 59.44 59.44 59.44 59.44 59.44 59.44 59.44 59.44 59.44 59.43 41.25
10.28 10.24 10.25 6.23 6.25 6.38 1.33 1.04 1.02 2.64 3.60 6.04
12.57 11.80 10.50 14.08 13.83 13.37 16.91 16.70 16.81 13.55 14.66 27.95
17.70 18.52 19.80 20.24 20.48 20.81 22.32 22.82 22.73 24.38 22.31 24.76

* 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.

Click on the line-items to see the names of individual entities.

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