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 0.84 times its book value
Stock is providing a good dividend yield of 3.53%.
Company has been maintaining a healthy dividend payout of 26.11%
Cons:
The company has delivered a poor growth of 0.92% over past five years.
Company has a low return on equity of 11.03% for last 3 years.

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
389 328 357 395 415 352 419 442 466 384 377 388
358 308 334 368 384 333 382 417 436 367 361 364
Operating Profit 31 20 23 27 31 19 37 25 30 17 16 24
OPM % 8% 6% 6% 7% 8% 5% 9% 6% 6% 4% 4% 6%
Other Income 3 9 3 6 4 4 7 6 4 6 8 5
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 7 7 7 7 7 7 7 7 7 6 6 6
Profit before tax 27 21 19 25 28 16 37 24 27 17 18 23
Tax % 30% 32% 33% 29% 29% 30% 21% 27% 30% 27% 22% 32%
Net Profit 19 14 12 18 20 11 29 17 19 12 14 16
EPS in Rs 4.71 3.62 3.10 4.41 5.00 2.80 7.17 4.34 4.76 3.06 3.49 3.93
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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
707 826 986 1,287 1,553 1,578 1,595 1,643 1,502 1,460 1,581 1,669 1,615
673 785 932 1,206 1,430 1,473 1,490 1,515 1,390 1,360 1,468 1,581 1,527
Operating Profit 34 41 54 81 123 105 105 127 112 100 113 88 87
OPM % 5% 5% 5% 6% 8% 7% 7% 8% 7% 7% 7% 5% 5%
Other Income 14 14 20 2 2 -2 6 8 5 18 21 23 22
Interest 2 5 12 9 11 7 3 1 0 0 0 0 0
Depreciation 15 17 23 26 27 28 28 29 29 29 28 26 25
Profit before tax 30 33 39 48 86 68 80 106 88 88 105 86 85
Tax % 35% 37% 36% 29% 22% 11% 13% 29% 30% 31% 26% 27%
Net Profit 19 21 25 34 67 61 70 76 61 61 78 63 61
EPS in Rs 4.49 4.83 5.81 8.11 16.30 14.66 16.83 18.09 14.48 15.18 19.38 15.65 15.24
Dividend Payout % 41% 39% 33% 29% 18% 20% 20% 21% 26% 26% 23% 29%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.29%
5 Years:0.92%
3 Years:3.59%
TTM:-0.85%
Compounded Profit Growth
10 Years:9.58%
5 Years:-5.62%
3 Years:-4.69%
TTM:-21.05%
Stock Price CAGR
10 Years:7.81%
5 Years:-6.82%
3 Years:-15.92%
1 Year:-30.63%
Return on Equity
10 Years:15.62%
5 Years:12.73%
3 Years:11.03%
Last Year:8.64%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 8 8 8 8 8 8 8 8 8 8 8
Reserves 146 157 173 195 248 295 348 403 445 505 562 603
Borrowings 35 101 124 86 73 21 0 0 0 0 0 0
125 143 165 209 214 210 221 205 159 169 230 183
Total Liabilities 314 409 470 498 544 534 577 616 612 681 800 793
141 200 254 254 245 246 233 211 197 178 157 143
CWIP 35 41 9 9 11 7 1 2 3 3 1 3
Investments 0 10 5 0 3 20 30 68 82 171 244 243
137 159 202 235 285 260 313 335 330 329 398 404
Total Assets 314 409 470 498 544 534 577 616 612 681 800 793

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
37 44 38 74 61 116 55 55 65 83 96 41
-35 -90 -39 -21 -25 -31 -18 -48 -26 -79 -63 3
-1 49 -2 -52 -35 -72 -40 -22 -38 -0 -19 -22
Net Cash Flow 1 3 -3 1 2 13 -2 -14 1 4 14 23

Ratios Figures in Rs. Crores

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 % 18% 17% 18% 19% 31% 25% 24% 27% 20% 17% 18% 12%
Debtor Days 40 40 47 41 41 33 40 45 48 49 57 44
Inventory Turnover 26.28 30.14 33.31 38.37 36.22 35.43 35.69 28.35 23.17 23.35 25.29 23.27