Motherson Sumi Systems Ltd

Motherson Sumi Systems Ltd engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers.

Pros:
Company has been maintaining a healthy dividend payout of 25.70%
Cons:
Promoter's stake has decreased
Company might be capitalizing the interest cost

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
10,123 10,591 11,254 13,077 13,420 14,388 15,408 14,775 15,105 16,473 17,169 16,793
9,130 9,495 10,043 11,942 12,192 13,138 13,908 13,363 13,805 15,080 15,927 15,538
Operating Profit 993 1,097 1,211 1,135 1,228 1,249 1,500 1,412 1,300 1,393 1,243 1,255
OPM % 10% 10% 11% 9% 9% 9% 10% 10% 9% 8% 7% 7%
Other Income 60 117 70 -59 74 61 65 81 73 90 89 75
Interest 98 108 84 118 77 103 113 100 132 88 103 156
Depreciation 264 273 271 377 398 394 407 447 488 571 552 637
Profit before tax 690 832 926 582 827 813 1,045 946 753 824 677 538
Tax % 30% 34% 24% 40% 28% 31% 28% 35% 34% 33% 37% 33%
Net Profit 361 416 475 278 436 364 518 618 371 389 429 361
EPS in Rs 1.20 0.88 1.00 0.59 1.38 0.77 1.64 1.40 0.79 1.23 1.30 1.05
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
2,025 2,592 6,697 8,238 14,767 25,298 30,414 34,661 37,216 42,376 56,303 63,523 65,540
1,751 2,353 6,362 7,471 13,955 23,822 28,017 31,819 33,668 38,282 51,174 58,174 60,349
Operating Profit 274 239 335 767 812 1,477 2,397 2,842 3,548 4,093 5,128 5,348 5,191
OPM % 14% 9% 5% 9% 6% 6% 8% 8% 10% 10% 9% 8% 8%
Other Income 66 164 332 169 144 322 311 214 177 424 125 333 328
Interest 29 38 63 58 165 250 294 318 345 375 411 423 479
Depreciation 85 109 260 246 380 714 817 921 1,087 1,059 1,575 2,058 2,248
Profit before tax 226 256 343 631 412 834 1,596 1,817 2,293 3,083 3,267 3,200 2,793
Tax % 23% 14% 32% 30% 52% 46% 31% 29% 23% 30% 31% 34%
Net Profit 178 176 243 391 260 444 765 862 1,292 1,554 1,597 1,613 1,550
EPS in Rs 0.63 0.62 0.81 1.26 0.82 1.43 2.44 2.71 3.96 4.92 5.06 5.11 4.37
Dividend Payout % 27% 27% 27% 27% 34% 26% 29% 31% 26% 18% 30% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:37.70%
5 Years:15.87%
3 Years:19.51%
TTM:13.02%
Compounded Profit Growth
10 Years:24.81%
5 Years:16.08%
3 Years:7.99%
TTM:-19.99%
Return on Equity
10 Years:22.18%
5 Years:21.76%
3 Years:18.96%
Last Year:15.42%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
36 36 37 39 39 59 88 88 132 140 210 316
Reserves 500 748 1,127 1,570 1,832 2,230 2,871 3,236 4,265 8,132 9,674 10,647
Borrowings 489 895 818 1,261 4,602 4,904 4,840 5,131 6,069 10,349 10,374 11,534
572 1,839 1,833 2,286 5,586 5,652 7,588 9,143 9,438 13,748 17,240 20,833
Total Liabilities 1,597 3,517 3,816 5,156 12,060 12,845 15,387 17,598 19,904 32,370 37,498 43,330
603 1,349 1,455 1,764 4,692 5,277 5,919 6,129 7,147 12,193 14,712 18,423
CWIP 28 176 181 392 446 386 647 956 1,397 1,935 2,585 1,067
Investments 5 55 47 46 94 72 75 65 590 474 792 855
961 1,938 2,133 2,953 6,828 7,110 8,746 10,448 10,770 17,769 19,409 22,985
Total Assets 1,597 3,517 3,816 5,156 12,060 12,845 15,387 17,598 19,904 32,370 37,498 43,330

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
196 250 408 410 589 1,486 2,695 3,390 2,188 3,800 3,264 4,312
-183 -366 -373 -805 -1,874 -1,089 -1,372 -2,844 -1,906 -6,145 -3,194 -3,310
-18 295 31 401 1,380 -256 -1,080 494 -263 5,518 -2,221 -225
Net Cash Flow -4 178 67 6 95 142 243 1,040 19 3,172 -2,152 777

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 25% 22% 23% 28% 12% 16% 25% 28% 28% 24% 20% 17%
Debtor Days 59 86 42 42 74 42 39 32 46 40 36 35
Inventory Turnover 8.27 5.76 10.41 9.62 8.98 10.43 10.33 9.86 12.33 15.82 15.89 14.64