Kirloskar Oil Engines Ltd

koel.co.in BSE: 533293 NSE : KIRLOSENG
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]

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Website BSE NSE
  • Market Cap ₹ 3,043 Cr.
  • Current Price ₹ 210
  • High / Low ₹ 278 / 94.2
  • Stock P/E 12.7
  • Book Value ₹ 133
  • Dividend Yield 1.90 %
  • ROCE 13.4 %
  • ROE 10.5 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 31.30%

Cons

  • The company has delivered a poor sales growth of 6.00% over past five years.
  • Company has a low return on equity of 10.36% for last 3 years.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Engines

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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
851 869 965 902 818 835 827 422 828 959 1,087 821
780 797 822 817 763 766 740 412 720 838 941 737
Operating Profit 72 72 143 85 56 69 87 11 108 120 147 84
OPM % 8% 8% 15% 9% 7% 8% 11% 3% 13% 13% 13% 10%
Other Income 18 14 19 12 27 8 3 5 7 8 -1 6
Interest 3 3 3 3 3 3 5 5 12 16 17 20
Depreciation 23 23 23 22 21 22 22 20 20 21 23 26
Profit before tax 63 60 136 72 58 51 63 -9 82 91 106 44
Tax % 35% 33% 33% 34% 30% 9% 16% 27% 28% 27% 26% 26%
Net Profit 41 40 90 47 40 46 53 -7 58 66 78 32
EPS in Rs 2.83 2.80 6.25 3.22 2.77 3.18 3.64 -0.48 3.98 4.58 5.40 2.22
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,464 2,674 3,055 3,626 3,379 3,296 3,695
2,187 2,390 2,790 3,251 3,085 2,910 3,237
Operating Profit 277 283 265 376 295 386 458
OPM % 11% 11% 9% 10% 9% 12% 12%
Other Income 49 83 72 63 52 18 20
Interest 9 3 12 13 14 50 65
Depreciation 111 111 123 94 87 84 90
Profit before tax 205 253 203 331 245 270 323
Tax % 19% 31% 33% 34% 23% 27%
Net Profit 165 174 140 219 185 195 234
EPS in Rs 11.44 12.02 9.66 15.16 12.81 13.48 16.18
Dividend Payout % 44% 42% 52% 33% 31% 30%
Compounded Sales Growth
10 Years:%
5 Years:6%
3 Years:3%
TTM:27%
Compounded Profit Growth
10 Years:%
5 Years:7%
3 Years:11%
TTM:99%
Stock Price CAGR
10 Years:5%
5 Years:-9%
3 Years:1%
1 Year:96%
Return on Equity
10 Years:%
5 Years:10%
3 Years:10%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
29 29 29 29 29 29
Reserves 1,415 1,588 1,547 1,670 1,716 1,893
Borrowings 7 12 142 90 189 843
519 541 783 807 825 1,032
Total Liabilities 1,970 2,170 2,500 2,595 2,759 3,797
475 440 702 663 623 698
CWIP 29 15 30 41 78 55
Investments 791 988 675 711 433 834
674 727 1,093 1,180 1,626 2,210
Total Assets 1,970 2,170 2,500 2,595 2,759 3,797

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
99 171 136 192 -124 -16
82 -190 7 -38 233 -465
-176 2 -96 -153 -43 599
Net Cash Flow 6 -16 48 1 67 118

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 23 27 48 41 45 49
Inventory Days 49 49 64 49 69 68
Days Payable 78 72 87 65 65 99
Cash Conversion Cycle -6 4 25 25 48 17
Working Capital Days 8 21 34 20 59 46
ROCE % 13% 10% 17% 12% 13%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
59.33 59.34 59.34 59.34 59.44 59.44 59.44 59.44 59.44 59.44 59.44 59.44
10.22 10.21 10.21 10.24 10.26 10.28 10.29 10.28 10.24 10.25 6.23 6.25
13.52 13.50 13.44 12.95 12.94 12.73 12.66 12.57 11.80 10.50 14.08 13.83
16.93 16.95 17.01 17.47 17.36 17.54 17.60 17.70 18.52 19.80 20.24 20.48

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