Indo National Ltd

Indo National Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Indo National Ltd

₹ 667 -2.24%
24 Apr 4:04 p.m.
nippobatteries.com BSE: 504058 NSE : NIPPOBATRY
About

Incorporated in 1972, Indo National manufactures and markets batteries, torches, LED products, electrical accessories, mosquito bats, razors and blades[1]

Key Points

Business Overview:[1][2]
INL is an ISO 9001, ISO 14001 and ISI certified dry battery company. It sells products under the brand name Nippo. Apart from that, INL also deals in a diverse range of flashlights, mosquito swatters, LED lighting products and electrical accessories. INL is the 2nd-largest player in the dry cell batteries industry in India, with capacity of 78.5 cr battery per annum and a market share of 30%+. It has an established distribution network comprising exclusive distributors, 2,500 exclusive stockists, 26 depots, and 17 lakh retail outlets and wholesalers

Website BSE NSE
  • Market Cap ₹ 499 Cr.
  • Current Price ₹ 667
  • High / Low ₹ 858 / 316
  • Stock P/E 96.8
  • Book Value ₹ 303
  • Dividend Yield 0.75 %
  • ROCE 1.46 %
  • ROE 0.45 %
  • Face Value ₹ 5.00
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Pros

  • Company has been maintaining a healthy dividend payout of 150%
  • Debtor days have improved from 48.6 to 30.7 days.
  • Company's working capital requirements have reduced from 104 days to 73.0 days

Cons

  • The company has delivered a poor sales growth of 7.99% over past five years.
  • Company has a low return on equity of 6.38% over last 3 years.
  • Earnings include an other income of Rs.6.52 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Dry cells Industry: Dry Cells

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
109.19 91.80 75.16 108.69 103.61 80.81 92.26 107.71 109.93 94.90 105.44 135.50 121.53
98.48 86.94 71.21 101.12 103.69 87.96 90.13 104.36 105.90 96.40 102.75 127.72 117.69
Operating Profit 10.71 4.86 3.95 7.57 -0.08 -7.15 2.13 3.35 4.03 -1.50 2.69 7.78 3.84
OPM % 9.81% 5.29% 5.26% 6.96% -0.08% -8.85% 2.31% 3.11% 3.67% -1.58% 2.55% 5.74% 3.16%
5.85 5.56 4.19 4.63 3.76 2.11 1.25 1.42 1.26 2.03 1.23 1.57 1.69
Interest 1.19 0.90 0.83 0.79 0.76 0.28 0.60 0.47 0.70 0.62 0.76 1.13 1.03
Depreciation 1.36 1.35 1.29 1.41 1.61 1.42 1.75 1.82 3.50 3.01 2.08 2.28 2.21
Profit before tax 14.01 8.17 6.02 10.00 1.31 -6.74 1.03 2.48 1.09 -3.10 1.08 5.94 2.29
Tax % 24.91% 27.05% 25.75% 25.60% 28.24% 24.63% 28.16% 26.61% 27.52% 24.19% 25.93% 19.19% 17.47%
10.52 5.96 4.48 7.44 0.95 -5.08 0.74 1.82 0.78 -2.34 0.81 4.80 1.88
EPS in Rs 14.03 7.95 5.97 9.92 1.27 -6.77 0.99 2.43 1.04 -3.12 1.08 6.40 2.51
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
307 304 314 307 315 318 276 317 330 387 368 405 457
301 301 301 284 295 296 254 298 307 353 364 397 445
Operating Profit 6 3 13 24 20 22 21 19 23 34 4 8 13
OPM % 2% 1% 4% 8% 6% 7% 8% 6% 7% 9% 1% 2% 3%
11 9 13 23 18 18 18 19 -11 21 15 6 7
Interest 0 2 2 1 1 2 2 4 6 4 2 2 4
Depreciation 5 5 5 5 5 5 6 6 6 5 6 10 10
Profit before tax 12 4 18 40 32 32 31 28 1 46 11 2 6
Tax % 28% 7% 31% 28% 47% 35% 33% 32% 52% 26% 27% 33%
8 4 13 29 17 21 21 19 0 34 8 1 5
EPS in Rs 11.24 5.20 16.95 38.56 22.59 27.88 28.04 25.41 0.65 45.27 10.37 1.33 6.87
Dividend Payout % 44% 96% 59% 32% 55% 45% 36% 39% 383% 28% 48% 375%
Compounded Sales Growth
10 Years: 3%
5 Years: 8%
3 Years: 7%
TTM: 17%
Compounded Profit Growth
10 Years: -15%
5 Years: -45%
3 Years: -67%
TTM: 396%
Stock Price CAGR
10 Years: 14%
5 Years: 16%
3 Years: 22%
1 Year: 109%
Return on Equity
10 Years: 10%
5 Years: 8%
3 Years: 6%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 139 138 142 158 164 185 194 204 195 227 225 223 224
9 0 17 9 35 19 22 30 31 29 38 21 48
37 42 47 46 46 47 52 60 70 78 69 72 104
Total Liabilities 188 184 211 216 248 254 273 298 300 337 335 319 379
49 52 60 56 73 81 81 77 74 71 112 117 118
CWIP 0 0 0 0 0 0 0 0 0 0 0 1 8
Investments 0 0 0 0 32 38 47 47 47 47 47 73 78
139 132 151 160 143 133 145 175 180 220 177 129 176
Total Assets 188 184 211 216 248 254 273 298 300 337 335 319 379

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
15 23 2 13 43 41 33 8 17 -9 19 44
4 -17 4 -4 -26 -20 -13 -0 -2 14 -32 -18
-11 -6 -5 -9 -11 -36 -14 -13 -14 -8 -2 -26
Net Cash Flow 7 -0 2 0 6 -14 6 -5 1 -3 -16 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 76 75 88 101 80 84 101 97 69 83 32 31
Inventory Days 67 57 65 71 59 73 76 74 92 103 145 81
Days Payable 23 29 31 25 15 20 36 38 58 54 43 36
Cash Conversion Cycle 121 103 122 147 124 136 141 132 102 131 134 75
Working Capital Days 103 89 102 118 97 112 121 125 108 125 113 73
ROCE % 8% 6% 13% 20% 16% 17% 16% 14% 15% 20% 5% 1%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35% 65.35%
0.00% 0.16% 0.00% 0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03%
4.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
29.87% 34.49% 34.64% 34.52% 34.65% 34.65% 34.64% 34.65% 34.64% 34.65% 34.65% 34.62%
No. of Shareholders 7,54610,01311,60711,79012,23512,64511,74911,87111,76611,28010,21611,052

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

Credit ratings

Concalls

  • Sep 2021
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