Munjal Showa Ltd

Munjal Showa Limited operates as an ancillary and manufactures auto components for the two-wheeler and four-wheeler industry.

Pros:
Company is virtually debt free.
Stock is trading at 1.11 times its book value
Company has been maintaining a healthy dividend payout of 25.25%
Cons:
The company has delivered a poor growth of 0.05% over past five years.
Company has a low return on equity of 12.77% for last 3 years.

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

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Quarterly Results Figures in Rs. Crores

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
375.27 385.45 389.19 327.80 357.21 395.08 415.27 351.89 419.19 442.39 465.65 383.96
348.68 359.66 358.09 308.19 334.23 368.41 384.14 333.27 382.47 417.47 435.72 366.79
Operating Profit 26.59 25.79 31.10 19.61 22.98 26.67 31.13 18.62 36.72 24.92 29.93 17.17
OPM % 7.09% 6.69% 7.99% 5.98% 6.43% 6.75% 7.50% 5.29% 8.76% 5.63% 6.43% 4.47%
Other Income 1.05 2.85 3.35 8.58 2.81 5.53 4.16 4.41 6.57 5.70 4.00 5.98
Interest 0.02 0.01 0.00 0.01 0.03 0.07 0.01 0.01 0.06 0.01 0.06 0.03
Depreciation 7.46 7.41 7.44 6.95 7.25 7.14 7.28 7.13 6.69 6.70 6.72 6.42
Profit before tax 20.16 21.22 27.01 21.23 18.51 24.99 28.00 15.89 36.54 23.91 27.15 16.70
Tax % 31.00% 29.36% 30.25% 31.70% 33.01% 29.37% 28.64% 29.52% 21.46% 27.39% 29.87% 26.65%
Net Profit 13.91 14.99 18.84 14.49 12.40 17.64 19.98 11.20 28.69 17.36 19.04 12.25
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
691 707 826 986 1,287 1,553 1,578 1,595 1,643 1,502 1,460 1,581 1,711
649 673 785 932 1,206 1,430 1,473 1,490 1,515 1,390 1,360 1,468 1,602
Operating Profit 42 34 41 54 81 123 105 105 127 112 100 113 109
OPM % 6% 5% 5% 5% 6% 8% 7% 7% 8% 7% 7% 7% 6%
Other Income 12 14 14 20 2 2 -2 6 8 5 18 21 22
Interest 1 2 5 12 9 11 7 3 1 0 0 0 0
Depreciation 13 15 17 23 26 27 28 28 29 29 29 28 27
Profit before tax 40 30 33 39 48 86 68 80 106 88 88 105 104
Tax % 34% 35% 37% 36% 29% 22% 11% 13% 29% 30% 31% 26%
Net Profit 26 19 21 25 34 67 61 70 76 61 61 78 77
EPS in Rs 6.16 4.49 4.83 5.81 8.11 16.30 14.66 16.83 18.09 14.48 15.18 19.38
Dividend Payout % 31% 41% 39% 33% 29% 18% 20% 20% 21% 26% 26% 23%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.39%
5 Years:0.05%
3 Years:-1.26%
TTM:12.62%
Compounded Profit Growth
10 Years:13.74%
5 Years:1.50%
3 Years:-0.50%
TTM:26.33%
Return on Equity
10 Years:16.76%
5 Years:15.05%
3 Years:12.77%
Last Year:13.19%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
8 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 136 146 157 173 195 248 295 348 403 445 505 562 576
Borrowings 24 35 101 124 86 73 21 0 0 0 0 0 8
122 125 143 165 209 214 210 221 205 159 169 230 256
Total Liabilities 290 314 409 470 498 544 534 577 616 612 681 800 848
120 141 200 254 254 245 246 233 211 197 178 157 148
CWIP 38 35 41 9 9 11 7 1 2 3 3 1 3
Investments 0 0 10 5 0 3 20 30 68 82 171 244 252
133 137 159 202 235 285 260 313 335 330 329 398 446
Total Assets 290 314 409 470 498 544 534 577 616 612 681 800 848

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
34 37 44 38 74 61 116 55 55 65 83 96
-45 -35 -90 -39 -21 -25 -31 -18 -48 -26 -79 -63
11 -1 49 -2 -52 -35 -72 -40 -22 -38 -0 -19
Net Cash Flow -0 1 3 -3 1 2 13 -2 -14 1 4 14

Ratios

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 27% 18% 17% 18% 19% 31% 25% 24% 27% 20% 17% 18%
Debtor Days 41 40 40 47 41 41 33 40 45 48 49 57
Inventory Turnover 22.74 26.28 30.14 33.31 38.37 36.22 35.43 35.69 28.35 23.17 23.35 25.29