NRB Bearings Ltd

₹ 162 -1.34%
Jan 27 10:42 a.m.
About

NRB Bearings have pioneered in the manufacturing of needle roller bearings in India since 1965. More than 90% of the vehicles running on Indian roads are running on bearings manufactured by NRB.

The Company is engaged in the business of manufacturing ball and roller bearings having its applications in automotive sector as well as across all mobility applications.

Key Points

Pioneer to produce Needle roller bearings
NRB is the first company in India to produce Needle roller bearings. The company has for more than 6 decades been into evolving bearing technology and has offered a wide range of high precision friction solutions for automotive sectors and other mobility applications. [1]

  • Market Cap 1,570 Cr.
  • Current Price 162
  • High / Low 190 / 95.2
  • Stock P/E 18.8
  • Book Value 56.1
  • Dividend Yield 0.31 %
  • ROCE 9.53 %
  • ROE 9.01 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 20.97%

Cons

  • Stock is trading at 2.93 times its book value
  • The company has delivered a poor sales growth of 2.29% over past five years.
  • Company has a low return on equity of 11.60% for last 3 years.
  • Company might be capitalizing the interest cost

* 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: Auto Ancillaries Industry: Bearings

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
242 213 208 189 177 178 61 190 235 251 195 248
201 188 182 170 161 166 76 164 199 210 173 206
Operating Profit 41 26 25 19 16 12 -15 26 36 41 21 42
OPM % 17% 12% 12% 10% 9% 7% -25% 14% 15% 16% 11% 17%
Other Income 2 1 1 5 6 7 3 1 4 3 8 0
Interest 3 4 4 5 6 6 6 6 5 3 3 3
Depreciation 8 8 9 9 6 6 4 6 8 8 8 8
Profit before tax 32 14 14 10 11 7 -23 15 27 33 18 30
Tax % 15% 18% 37% 27% 22% 29% 43% 37% 33% 11% 24% 26%
Net Profit 27 12 9 7 8 5 -13 9 18 29 14 23
EPS in Rs 2.76 1.21 0.90 0.75 0.88 0.51 -1.33 0.96 1.86 3.02 1.43 2.33

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
346 471 548 578 593 654 657 707 831 940 752 736 928
291 366 441 484 492 539 557 604 679 775 679 648 788
Operating Profit 55 106 108 94 101 115 100 102 152 166 73 88 140
OPM % 16% 22% 20% 16% 17% 18% 15% 14% 18% 18% 10% 12% 15%
Other Income 11 3 3 9 5 5 10 11 12 23 19 12 16
Interest 10 6 14 18 18 18 18 17 15 15 21 21 15
Depreciation 20 23 28 30 33 28 29 29 28 32 29 27 32
Profit before tax 37 80 69 55 55 74 64 68 120 143 42 52 109
Tax % 34% 32% 30% 15% 30% 30% 28% 27% 32% 31% 29% 16%
Net Profit 24 54 48 47 38 52 46 49 82 99 29 44 84
EPS in Rs 0.50 5.56 4.98 4.85 3.94 5.37 4.75 5.09 8.45 10.19 3.04 4.51 8.64
Dividend Payout % 40% 36% 40% 35% 28% 28% 30% 28% 31% 26% 26% 11%
Compounded Sales Growth
10 Years: 5%
5 Years: 2%
3 Years: -4%
TTM: 53%
Compounded Profit Growth
10 Years: -2%
5 Years: -1%
3 Years: -19%
TTM: 750%
Stock Price CAGR
10 Years: 18%
5 Years: 9%
3 Years: -3%
1 Year: 60%
Return on Equity
10 Years: 16%
5 Years: 14%
3 Years: 12%
Last Year: 9%

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 Sep 2021
10 19 19 19 19 19 19 19 19 19 19 19 19
Reserves 178 200 225 191 217 252 282 304 371 455 440 490 524
Borrowings 83 97 233 247 293 309 298 264 204 259 331 228 272
86 133 134 124 132 148 136 133 176 178 151 167 160
Total Liabilities 356 449 612 581 662 729 735 720 770 911 941 905 975
152 169 207 191 203 221 224 212 224 285 321 313 319
CWIP 1 2 20 18 33 2 3 7 13 13 11 6 5
Investments 18 17 15 23 21 20 19 24 25 31 29 31 32
184 262 370 350 405 487 489 477 508 582 580 554 620
Total Assets 356 449 612 581 662 729 735 720 770 911 941 905 975

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
75 36 52 34 61 57 97 72 127 47 84 148
-11 -31 -102 -124 -59 -17 -22 -14 -39 -65 -46 -24
-64 -3 99 39 -0 -18 -71 -68 -97 28 6 -124
Net Cash Flow 1 1 49 -51 2 22 3 -10 -9 10 44 -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 79 82 88 99 118 121 132 108 104 86 100 104
Inventory Days 240 257 253 235 210 217 170 194 147 226 225 211
Days Payable 135 148 128 117 122 130 117 118 107 106 89 128
Cash Conversion Cycle 183 191 213 217 205 207 184 184 143 206 237 187
Working Capital Days 112 93 107 132 162 170 167 142 122 135 161 143
ROCE % 16% 29% 21% 15% 15% 16% 14% 14% 23% 21% 8% 10%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
52.67 53.00 48.51 48.51 48.74 48.76 49.05 49.52 49.62 49.62 49.82 49.82
15.28 15.18 18.08 18.95 19.48 19.39 18.77 19.05 20.14 22.67 22.58 23.00
19.28 19.27 23.11 22.15 21.39 19.84 18.28 14.84 13.72 11.89 11.90 11.81
12.77 12.55 10.30 10.38 10.39 12.00 13.90 16.59 16.51 15.81 15.70 15.37

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