Motherson Sumi Systems Ltd

About

Motherson Sumi Systems is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers.(Source : 202003 Annual Report Page No:192)

  • Market Cap 77,859 Cr.
  • Current Price 247
  • High / Low 273 / 104
  • Stock P/E 35.9
  • Book Value 39.8
  • Dividend Yield 0.61 %
  • ROCE 8.53 %
  • ROE 8.97 %
  • Face Value 1.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 38.48%

Cons

  • Stock is trading at 6.20 times its book value
  • The company has delivered a poor sales growth of 9.04% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.49% for last 3 years.
  • Company might be capitalizing the interest cost
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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
15,105 16,473 17,169 16,793 15,260 15,000 14,434 8,348 14,957 17,092 16,972 16,157
13,805 15,080 15,927 15,538 14,052 13,883 13,201 8,969 13,565 15,297 15,250 14,937
Operating Profit 1,300 1,393 1,243 1,255 1,208 1,117 1,233 -621 1,392 1,796 1,722 1,220
OPM % 9% 8% 7% 7% 8% 7% 9% -7% 9% 10% 10% 8%
Other Income 73 90 89 75 184 177 116 47 109 237 255 253
Interest 132 88 103 156 124 178 137 110 127 138 136 121
Depreciation 488 571 552 637 639 679 779 699 735 735 757 751
Profit before tax 753 824 677 538 629 437 433 -1,383 640 1,159 1,084 601
Tax % 34% 33% 37% 33% 27% 22% 69% 14% 26% -9% 6% 26%
Net Profit 371 389 410 332 385 271 183 -810 338 798 714 290
EPS in Rs 1.18 1.23 1.30 1.05 1.22 0.86 0.58 -2.57 1.07 2.53 2.26 0.92

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
6,697 8,238 14,767 25,298 30,414 34,661 37,216 42,376 56,303 63,523 60,729 57,370 65,179
6,362 7,471 13,954 23,819 28,017 31,817 33,668 38,204 51,174 58,174 56,075 53,000 59,049
Operating Profit 335 767 813 1,480 2,397 2,844 3,548 4,171 5,128 5,348 4,654 4,370 6,130
OPM % 5% 9% 6% 6% 8% 8% 10% 10% 9% 8% 8% 8% 9%
Other Income 332 169 144 318 311 212 177 346 125 333 642 568 855
Interest 63 58 165 250 294 318 345 375 411 423 593 512 522
Depreciation 260 246 380 714 817 921 1,087 1,059 1,575 2,058 2,721 2,926 2,978
Profit before tax 343 631 412 834 1,596 1,817 2,293 3,083 3,267 3,200 1,983 1,500 3,484
Tax % 32% 30% 52% 46% 31% 29% 23% 30% 31% 34% 35% -5%
Net Profit 243 391 260 444 765 862 1,292 1,554 1,597 1,613 1,170 1,039 2,139
EPS in Rs 0.85 1.33 0.88 1.49 2.57 2.90 4.34 4.92 5.06 5.11 3.71 3.29 6.78
Dividend Payout % 27% 27% 34% 26% 29% 31% 26% 18% 30% 29% 40% 46%
Compounded Sales Growth
10 Years:21%
5 Years:9%
3 Years:1%
TTM:23%
Compounded Profit Growth
10 Years:11%
5 Years:-4%
3 Years:-14%
TTM:7641%
Stock Price CAGR
10 Years:26%
5 Years:11%
3 Years:14%
1 Year:132%
Return on Equity
10 Years:17%
5 Years:15%
3 Years:11%
Last Year:9%

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
37 39 39 59 88 88 132 140 210 316 316 316
Reserves 1,127 1,570 1,832 2,230 2,871 3,236 4,265 8,132 9,674 10,647 10,945 12,245
Borrowings 818 1,261 4,602 4,904 4,840 5,131 6,069 10,349 10,374 11,534 13,136 11,930
1,799 2,243 5,492 5,546 7,445 8,971 9,199 13,322 16,716 20,257 20,636 23,258
Total Liabilities 3,782 5,113 11,966 12,739 15,244 17,425 19,665 31,944 36,974 42,754 45,033 47,749
1,455 1,764 4,692 5,277 5,919 6,129 7,147 12,193 14,712 18,423 20,750 20,099
CWIP 181 392 446 386 647 956 1,397 1,935 2,585 1,067 852 877
Investments 47 46 94 72 75 65 590 474 792 855 796 846
2,099 2,910 6,734 7,005 8,603 10,276 10,531 17,343 18,885 22,409 22,635 25,926
Total Assets 3,782 5,113 11,966 12,739 15,244 17,425 19,665 31,944 36,974 42,754 45,033 47,749

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
408 410 589 1,486 2,695 3,390 2,188 3,800 3,264 4,312 6,352 5,051
-373 -805 -1,874 -1,089 -1,372 -2,844 -1,906 -6,145 -3,194 -3,318 -2,220 -1,886
31 401 1,380 -256 -1,080 494 -263 5,518 -2,221 -225 -2,803 -2,098
Net Cash Flow 67 6 95 142 243 1,040 19 3,172 -2,152 769 1,329 1,068

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 42 42 74 42 39 32 46 40 36 35 31 36
Inventory Days 59 74 86 58 62 63 37 44 43 46 54 56
Days Payable 96 79 118 70 77 82 84 103 96 106 108 125
Cash Conversion Cycle 5 37 42 30 24 13 -1 -20 -17 -24 -23 -33
Working Capital Days 9 25 33 21 11 1 7 6 12 5 -7 -9
ROCE % 23% 28% 12% 16% 25% 28% 28% 24% 20% 17% 11% 9%

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
61.73 61.73 61.73 61.73 61.73 61.73 61.73 61.73 61.73 61.73 61.73 61.73
17.13 17.48 18.11 16.36 14.95 16.38 15.50 15.64 15.99 16.09 16.64 16.86
10.30 9.88 9.72 11.06 13.49 12.58 13.55 13.35 13.62 14.26 13.42 13.02
10.84 10.92 10.45 10.85 9.83 9.32 9.22 9.28 8.67 7.92 8.21 8.39

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