Rane Brake Lining Ltd

Rane Brake Lining manufactures safety critical friction material products such as Brake Linings, Disc Pads, Clutch Facings, Clutch Buttons, Brake Shoes and Brake Blocks. The Company is a market leader in India and global player in friction material. It has application in every segment of transportation industry such as passenger vehicle, commercial vehicle, two/three-wheeler and railways.(Source : 201903 Annual Report Page No: 2)

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is providing a good dividend yield of 3.12%.
Company has been maintaining a healthy dividend payout of 33.94%
Cons:
The company has delivered a poor growth of 6.78% over past five 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
109 114 126 100 112 128 142 122 120 132 139 116
93 97 104 85 93 103 125 108 108 114 116 103
Operating Profit 16 17 23 16 19 25 16 15 12 18 23 13
OPM % 14% 15% 18% 15% 17% 19% 12% 12% 10% 14% 16% 11%
Other Income 2 0 -13 0 0 0 2 1 1 2 2 3
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 5 5 5 8 6 6 6 7 6
Profit before tax 12 13 5 11 14 20 11 10 7 15 17 9
Tax % 18% 22% 7% 31% 32% 33% 46% 34% 28% 29% 17% 22%
Net Profit 10 10 4 7 9 13 6 7 5 11 14 7
EPS in Rs 12.77 12.50 5.55 9.25 11.79 16.66 7.46 8.31 6.70 13.34 17.80 9.26
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
175 184 228 296 348 365 370 399 427 466 482 514 508
156 165 199 262 309 332 330 353 372 393 407 446 442
Operating Profit 20 20 29 34 39 33 40 45 54 74 75 68 66
OPM % 11% 11% 13% 11% 11% 9% 11% 11% 13% 16% 16% 13% 13%
Other Income 4 2 1 2 4 3 2 2 3 -11 3 6 8
Interest 3 6 4 4 7 7 8 6 3 1 0 0 0
Depreciation 9 11 11 12 15 18 18 21 19 20 24 24 25
Profit before tax 11 4 15 20 22 11 17 21 35 43 55 49 49
Tax % 20% 33% 32% 22% 26% 17% -3% 22% 27% 18% 35% 26%
Net Profit 9 3 10 15 16 9 17 16 26 35 36 37 37
EPS in Rs 3.63 11.97 18.51 19.33 10.85 20.47 18.94 30.52 44.16 45.20 46.18 47.10
Dividend Payout % 32% 50% 35% 26% 34% 35% 34% 34% 31% 34% 34% 34%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.80%
5 Years:6.78%
3 Years:6.38%
TTM:0.71%
Compounded Profit Growth
10 Years:27.09%
5 Years:16.74%
3 Years:13.09%
TTM:6.48%
Stock Price CAGR
10 Years:18.20%
5 Years:9.97%
3 Years:-26.11%
1 Year:-17.71%
Return on Equity
10 Years:18.75%
5 Years:20.93%
3 Years:22.78%
Last Year:18.73%

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
7 7 8 8 8 8 8 8 8 8 8 8
Reserves 58 60 68 79 89 94 104 114 130 159 180 202
Borrowings 58 62 45 61 76 90 81 52 27 6 0 0
85 36 50 61 81 72 82 85 96 118 135 160
Total Liabilities 208 165 171 209 254 264 274 259 261 290 324 369
64 91 90 103 121 123 133 117 104 121 114 118
CWIP 21 4 2 5 3 19 0 1 2 0 4 2
Investments 0 0 2 0 0 0 0 0 0 0 0 1
123 70 77 101 130 123 141 141 155 169 206 249
Total Assets 208 165 171 209 254 264 274 259 261 290 324 369

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
20 25 29 16 31 33 29 45 52 62 48 44
-27 -20 -9 -28 -30 -35 -10 -5 -8 -34 -19 -25
11 -5 -23 12 -0 1 -17 -43 -44 -28 -21 -15
Net Cash Flow 4 0 -2 0 0 -0 2 -2 0 -1 8 4

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 % 24% 9% 15% 18% 18% 10% 13% 15% 23% 35% 31% 25%
Debtor Days 108 86 78 76 73 75 85 81 85 78 91 100
Inventory Turnover 29.26 14.85 15.28 14.19 13.11 12.93 13.20 14.46 14.68 14.03 13.48 11.82