Munjal Auto Industries Ltd

About

Munjal Auto Industries Limited is a Vadodara-based leading auto component manufacturing company in India producing different types of auto components. It is a part of the Hero Group of companies, sporting flagship companies like Hero Motocorp Ltd with the Satyanand Munjal family holding almost 75% of its total share capital.[1][2][3] [4]

Key Points

Market Position
The company is among the largest manufacturers of Exhaust Systems in the world, manufacturing close to 32,000 systems per day.
Besides this, The company also produces more than 10,000 Spoke Rims for motorcycles and Steel Wheel Rim every day. [1]

See full details
  • Market Cap 605 Cr.
  • Current Price 60.5
  • High / Low 72.8 / 47.6
  • Stock P/E 18.9
  • Book Value 31.5
  • Dividend Yield 0.00 %
  • ROCE 10.9 %
  • ROE 7.02 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 6.79% for last 3 years.
  • Dividend payout has been low at 10.03% of profits over last 3 years
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
325.02 262.16 269.51 279.25 295.39 246.78 318.20 194.58 630.84 591.52 576.76 389.29
310.17 247.65 254.46 267.45 285.05 239.89 318.96 200.83 617.20 569.92 551.44 382.61
Operating Profit 14.85 14.51 15.05 11.80 10.34 6.89 -0.76 -6.25 13.64 21.60 25.32 6.68
OPM % 4.57% 5.53% 5.58% 4.23% 3.50% 2.79% -0.24% -3.21% 2.16% 3.65% 4.39% 1.72%
Other Income 0.12 1.20 1.84 0.72 1.54 1.56 4.78 4.73 1.51 1.97 1.37 1.84
Interest 0.84 1.01 1.28 1.58 2.01 2.07 2.78 2.16 2.05 2.38 2.07 1.01
Depreciation 4.73 4.71 4.63 4.96 5.33 5.59 5.69 5.80 5.71 5.55 5.41 5.34
Profit before tax 9.40 9.99 10.98 5.98 4.54 0.79 -4.45 -9.48 7.39 15.64 19.21 2.17
Tax % 29.15% 17.52% 10.47% 31.77% 33.26% 17.72% 33.03% 1.27% -3.38% 34.27% 35.09% 24.88%
Net Profit 6.66 8.24 9.83 4.07 3.03 0.65 -2.98 -9.36 7.64 10.27 12.48 1.64
EPS in Rs 0.67 0.82 0.98 0.41 0.30 0.06 -0.30 -0.94 0.76 1.03 1.25 0.16

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
289 520 680 717 816 888 885 850 1,033 1,147 1,140 1,994 2,188
262 476 617 663 753 819 839 788 961 1,084 1,111 1,939 2,121
Operating Profit 27 44 62 54 64 69 46 62 73 63 28 55 67
OPM % 9% 8% 9% 8% 8% 8% 5% 7% 7% 5% 2% 3% 3%
Other Income 2 2 4 6 4 4 3 5 4 2 9 9 7
Interest 1 4 8 7 6 9 8 6 4 4 8 9 8
Depreciation 5 8 10 11 12 15 17 17 18 19 22 22 22
Profit before tax 23 33 48 42 49 49 25 44 54 43 7 33 44
Tax % 30% 24% 8% 5% 4% 23% 19% 22% 24% 22% 28% 36%
Net Profit 16 25 44 39 48 38 20 35 42 33 5 21 32
EPS in Rs 1.58 2.48 4.43 3.95 4.77 3.80 2.01 3.46 4.16 3.32 0.49 2.10 3.20
Dividend Payout % 32% 30% 23% 25% 26% 33% 35% 29% 29% 30% 0% 0%
Compounded Sales Growth
10 Years:14%
5 Years:18%
3 Years:25%
TTM:107%
Compounded Profit Growth
10 Years:-2%
5 Years:2%
3 Years:-20%
TTM:470%
Stock Price CAGR
10 Years:13%
5 Years:3%
3 Years:2%
1 Year:12%
Return on Equity
10 Years:15%
5 Years:10%
3 Years:7%
Last Year:7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 10 10 10 10 10 10 10 20 20 20 20
Reserves 67 83 116 143 176 197 209 243 263 281 274 295
Borrowings 37 62 67 66 82 80 69 44 29 33 90 69
53 92 117 105 131 131 126 131 170 185 311 391
Total Liabilities 167 247 309 323 399 418 414 428 482 520 695 775
85 112 129 127 132 175 176 181 175 206 282 251
CWIP 4 12 2 6 42 22 14 2 1 4 2 1
Investments 28 32 49 61 45 27 22 48 63 37 49 56
51 91 128 130 181 195 202 197 243 272 363 466
Total Assets 167 247 309 323 399 418 414 428 482 520 695 775

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 31 41 44 39 35 44 64 68 35 35 36
-43 -46 -29 -19 -34 -18 -2 -34 -22 -23 -67 -6
31 15 -12 -20 -1 -25 -42 -31 -32 -14 35 -30
Net Cash Flow -0 1 -0 6 4 -7 -0 -1 14 -1 2 -0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 34 45 50 37 46 45 53 57 56 46 82 68
Inventory Days 29 15 15 17 17 22 15 14 13 25 26 11
Days Payable 75 63 60 47 51 47 50 59 62 55 104 66
Cash Conversion Cycle -11 -2 4 7 12 20 18 12 6 16 4 13
Working Capital Days -1 1 5 4 9 18 23 17 10 10 12 12
ROCE % 26% 28% 32% 24% 22% 21% 11% 17% 19% 15% 4% 11%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.81 74.81 74.81 74.81 74.81 74.81 74.81 74.81 74.81 74.81 74.81 74.81
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00
0.12 0.15 0.16 0.17 0.11 0.16 0.14 0.07 0.07 0.07 0.07 0.07
25.07 25.05 25.03 25.03 25.08 25.03 25.06 25.09 25.12 25.12 25.12 25.12

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