Rane Brake Lining Ltd

Rane Brake Lining Ltd

₹ 798 -1.12%
21 Feb - close price
About

Rane Brake Lining (RBL) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RBL manufactures friction material products such as Brake linings, Disc pads, Clutch facings, Clutch buttons, Brake Shoes, and Railway brake blocks.

RBL is the market leader in India and a global player in friction material. [1]

Key Points

Products sold in FY22 [1]
Brake linings: 42%
Disk Pads: 53%
Clutch Facings,Railway Brake Blocks & Others: 5%

  • Market Cap 618 Cr.
  • Current Price 798
  • High / Low 945 / 585
  • Stock P/E 16.7
  • Book Value 332
  • Dividend Yield 3.13 %
  • ROCE 17.7 %
  • ROE 13.3 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.13%.
  • Company has been maintaining a healthy dividend payout of 58.6%
  • Debtor days have improved from 92.6 to 66.9 days.

Cons

  • The company has delivered a poor sales growth of 4.42% over past five years.
  • Company has a low return on equity of 12.8% over last 3 years.

* 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.

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Quarterly Results

Figures in Rs. Crores

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
133 149 94 122 134 154 139 141 153 165 152 158 164
109 125 91 112 124 135 129 131 137 145 141 140 146
Operating Profit 24 24 4 10 11 19 10 10 16 20 12 18 18
OPM % 18% 16% 4% 9% 8% 12% 7% 7% 10% 12% 8% 11% 11%
1 4 4 4 3 2 3 4 1 1 1 0 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 6 6 5 5 5 6 5 5 5 5 5 5 5
Profit before tax 19 21 2 9 8 16 8 9 12 16 7 13 14
Tax % 32% 32% 11% 38% 16% 17% 24% 27% 25% 24% 28% 24% 25%
13 14 2 5 7 13 6 6 9 12 5 10 10
EPS in Rs 16.41 18.41 2.24 7.00 8.90 16.91 7.49 8.38 11.86 15.55 6.70 12.41 13.09
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
348 365 370 399 427 466 482 514 471 424 506 599 639
309 332 330 353 372 393 407 446 410 363 461 542 572
Operating Profit 39 33 40 45 54 74 75 68 61 61 44 56 67
OPM % 11% 9% 11% 11% 13% 16% 16% 13% 13% 14% 9% 9% 11%
4 3 2 2 3 -11 3 6 10 11 12 8 3
Interest 7 7 8 6 3 1 0 0 0 0 0 0 0
Depreciation 15 18 18 21 19 20 24 24 26 24 21 20 21
Profit before tax 22 11 17 21 35 43 55 49 45 47 35 45 49
Tax % 26% 17% -3% 22% 27% 18% 35% 26% 23% 32% 22% 25%
16 9 17 16 26 35 36 37 34 32 27 33 37
EPS in Rs 20.45 11.50 21.74 20.35 32.55 44.13 45.17 46.15 43.39 40.98 35.02 43.29 47.75
Dividend Payout % 34% 35% 34% 34% 31% 34% 34% 34% 39% 61% 57% 58%
Compounded Sales Growth
10 Years: 5%
5 Years: 4%
3 Years: 8%
TTM: 9%
Compounded Profit Growth
10 Years: 14%
5 Years: -2%
3 Years: -1%
TTM: 5%
Stock Price CAGR
10 Years: 21%
5 Years: 8%
3 Years: 1%
1 Year: 16%
Return on Equity
10 Years: 17%
5 Years: 14%
3 Years: 13%
Last Year: 13%

Balance Sheet

Figures in Rs. Crores

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 8 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 89 94 104 114 130 159 180 202 221 230 235 253 249
76 90 81 52 27 6 0 0 0 0 0 0 1
79 70 75 82 91 105 123 146 131 146 156 113 116
Total Liabilities 252 262 268 255 256 278 311 356 359 384 399 374 373
121 123 133 117 104 121 114 118 133 118 114 118 116
CWIP 3 19 0 1 2 0 4 2 0 2 3 4 14
Investments 0 0 0 0 0 0 0 1 1 1 1 24 2
128 120 134 137 149 156 193 235 226 264 280 227 241
Total Assets 252 262 268 255 256 278 311 356 359 384 399 374 373

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
31 33 29 45 52 62 48 44 73 46 11 49
-30 -35 -10 -5 -8 -34 -19 -25 -35 -10 -18 -48
-0 1 -17 -43 -44 -28 -21 -15 -15 -24 -22 -16
Net Cash Flow 0 -0 2 -2 0 -1 8 4 24 12 -28 -14

Ratios

Figures in Rs. Crores

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 73 75 85 81 85 78 91 100 76 112 99 67
Inventory Days 57 54 55 49 54 58 56 73 102 118 137 100
Days Payable 96 91 94 91 124 138 142 161 151 205 169 71
Cash Conversion Cycle 34 38 45 39 16 -1 6 12 27 24 66 97
Working Capital Days 31 36 39 35 42 32 38 43 35 51 67 61
ROCE % 18% 10% 13% 15% 23% 35% 31% 25% 20% 20% 15% 18%

Shareholding Pattern

Numbers in percentages

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
67.51% 68.33% 68.60% 68.60% 68.60% 70.93% 70.93% 70.93% 70.93% 70.93% 70.93% 70.93%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.13% 0.00% 0.00% 0.00% 0.08%
9.60% 9.71% 9.75% 9.56% 8.70% 4.75% 3.56% 3.56% 3.56% 3.56% 3.56% 3.56%
22.90% 21.95% 21.65% 21.84% 22.71% 24.32% 25.50% 25.39% 25.53% 25.52% 25.53% 25.45%
No. of Shareholders 12,64412,20212,36413,73815,63317,35517,14316,13415,67115,49615,55215,876

* 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.

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