NRB Bearings Ltd

₹ 131 6.63%
24 Jun - close price
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 1,271 Cr.
  • Current Price 131
  • High / Low 190 / 107
  • Stock P/E 17.4
  • Book Value 59.6
  • Dividend Yield 0.38 %
  • ROCE 14.1 %
  • ROE 13.4 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 21.68%

Cons

  • The company has delivered a poor sales growth of 5.28% over past five years.
  • Company has a low return on equity of 9.78% 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
208 189 177 178 61 190 235 251 195 248 223 248
182 170 161 166 76 164 199 210 173 206 198 207
Operating Profit 25 19 16 12 -15 26 36 41 21 42 25 42
OPM % 12% 10% 9% 7% -25% 14% 15% 16% 11% 17% 11% 17%
1 5 6 7 3 1 4 3 8 0 6 -3
Interest 4 5 6 6 6 6 5 3 3 3 5 4
Depreciation 9 9 6 6 4 6 8 8 8 8 8 8
Profit before tax 14 10 11 7 -23 15 27 33 18 30 18 26
Tax % 37% 27% 22% 29% 43% 37% 33% 11% 24% 26% 21% 26%
Net Profit 9 7 8 5 -13 9 18 29 14 23 14 19
EPS in Rs 0.90 0.75 0.88 0.51 -1.33 0.96 1.86 3.02 1.43 2.33 1.48 2.01

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
471 548 578 593 654 657 707 831 940 752 736 914
366 441 484 492 539 557 604 679 775 679 648 784
Operating Profit 106 108 94 101 115 100 102 152 166 73 88 130
OPM % 22% 20% 16% 17% 18% 15% 14% 18% 18% 10% 12% 14%
3 3 9 5 5 10 11 12 23 19 12 11
Interest 6 14 18 18 18 18 17 15 15 21 21 15
Depreciation 23 28 30 33 28 29 29 28 32 29 27 33
Profit before tax 80 69 55 55 74 64 68 120 143 42 52 93
Tax % 32% 30% 15% 30% 30% 28% 27% 32% 31% 29% 16% 25%
Net Profit 54 48 47 38 52 46 49 82 99 29 44 70
EPS in Rs 5.56 4.98 4.85 3.94 5.37 4.75 5.09 8.45 10.19 3.04 4.51 7.24
Dividend Payout % 36% 40% 35% 28% 28% 30% 28% 31% 26% 26% 11% 28%
Compounded Sales Growth
10 Years: 5%
5 Years: 5%
3 Years: -1%
TTM: 24%
Compounded Profit Growth
10 Years: 4%
5 Years: 8%
3 Years: -6%
TTM: 68%
Stock Price CAGR
10 Years: 16%
5 Years: 0%
3 Years: -6%
1 Year: -9%
Return on Equity
10 Years: 15%
5 Years: 14%
3 Years: 10%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
19 19 19 19 19 19 19 19 19 19 19 19
Reserves 200 225 191 217 252 282 304 371 455 440 490 558
97 233 247 293 309 298 264 204 259 331 228 279
133 134 124 132 148 136 133 176 178 151 167 152
Total Liabilities 449 612 581 662 729 735 720 770 911 941 905 1,008
169 207 191 203 221 224 212 224 285 321 313 314
CWIP 2 20 18 33 2 3 7 13 13 11 6 2
Investments 17 15 23 21 20 19 24 25 31 29 31 57
262 370 350 405 487 489 477 508 582 580 554 635
Total Assets 449 612 581 662 729 735 720 770 911 941 905 1,008

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
36 52 34 61 57 97 72 127 47 84 148 8
-31 -102 -124 -59 -17 -22 -14 -39 -65 -46 -24 -44
-3 99 39 -0 -18 -71 -68 -97 28 6 -124 21
Net Cash Flow 1 49 -51 2 22 3 -10 -9 10 44 -0 -14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 82 88 99 118 121 132 108 104 86 100 104 88
Inventory Days 257 253 235 210 217 170 194 147 226 225 211 238
Days Payable 148 128 117 122 130 117 118 107 106 89 128 91
Cash Conversion Cycle 191 213 217 205 207 184 184 143 206 237 187 235
Working Capital Days 89 102 127 140 149 127 137 103 127 142 127 159
ROCE % 29% 21% 15% 15% 16% 14% 14% 23% 21% 8% 10% 14%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
53.00 48.51 48.51 48.74 48.76 49.05 49.52 49.62 49.62 49.82 49.82 49.85
15.18 18.08 18.95 19.48 19.39 18.77 19.05 20.14 22.67 22.58 23.00 21.90
19.27 23.11 22.15 21.39 19.84 18.28 14.84 13.72 11.89 11.90 11.81 11.60
12.55 10.30 10.38 10.39 12.00 13.90 16.59 16.51 15.81 15.70 15.37 16.65

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