Rane (Madras) Ltd

Rane (Madras) Ltd

₹ 853 0.76%
24 Apr 11:47 a.m.
About

Rane (Madras) Ltd. was founded in 1929, it manufactures steering and suspension linkage products, steering gear products and specialized aluminum high pressure die-casting products and provides connected mobility solutions. The Company is a supplier to major manufacturers of Passenger Vehicles, Utility Vehicles and Farm Tractors and has a strong presence in mechanical steering gears and hydrostatic gear systems. The co. headquarters is in Chennai.[1][2]

Key Points

Business segments
Steering & Linkages Division (86% of the revenue): Manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products.
Light Metal Castings Division (8% of the revenue): Manufactures low porosity, high-quality aluminium die castings such as steering housings and engine case covers.
Auto parts Division: 4% of the revenue [1]

  • Market Cap 1,388 Cr.
  • Current Price 853
  • High / Low 990 / 428
  • Stock P/E 7.56
  • Book Value 158
  • Dividend Yield 0.00 %
  • ROCE 19.5 %
  • ROE 43.1 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 5.38 times its book value
  • Tax rate seems low
  • 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: Auto Ancillaries

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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
392 378 300 412 391 452 500 537 526 561 530 572 521
348 355 283 382 363 410 453 493 473 504 480 520 471
Operating Profit 44 24 17 30 28 42 47 43 54 57 50 52 50
OPM % 11% 6% 6% 7% 7% 9% 9% 8% 10% 10% 9% 9% 10%
7 -60 7 1 3 5 1 0 17 -217 -17 -121 0
Interest 6 3 4 5 6 7 5 7 8 8 10 12 15
Depreciation 13 14 15 15 15 16 16 16 18 23 19 19 21
Profit before tax 32 -54 5 11 10 25 27 21 45 -191 4 -101 15
Tax % 32% -5% 24% 25% 24% 33% 25% 25% 27% -2% 25% 107% 25%
21 -57 4 8 8 17 20 16 33 -196 3 7 11
EPS in Rs 17.10 -38.88 2.55 5.50 5.00 10.27 12.33 9.73 20.48 -120.34 1.83 4.45 6.90
Raw PDF
Upcoming result date: 9 May 2024

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
663 633 719 770 847 989 1,214 1,370 1,101 1,147 1,555 2,124 2,185
603 577 651 701 769 893 1,079 1,228 1,020 1,057 1,427 1,906 1,975
Operating Profit 60 56 68 69 78 96 135 142 81 90 128 218 209
OPM % 9% 9% 9% 9% 9% 10% 11% 10% 7% 8% 8% 10% 10%
2 1 -9 -2 -1 3 6 11 -19 -59 7 -214 -355
Interest 12 11 15 16 19 28 30 29 33 24 22 29 45
Depreciation 14 17 25 33 39 45 50 53 52 52 61 73 82
Profit before tax 37 30 20 17 19 26 60 70 -23 -45 51 -98 -273
Tax % 26% 22% 15% 26% 24% 21% 31% 33% -4% -13% 29% -29%
27 23 17 12 14 21 42 47 -24 -51 37 -127 -174
EPS in Rs 26.96 23.04 15.96 11.84 13.41 19.66 36.02 39.45 -19.46 -34.80 22.51 -77.80 -107.16
Dividend Payout % 35% 30% 34% 38% 34% 31% 33% 22% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 13%
5 Years: 12%
3 Years: 25%
TTM: 8%
Compounded Profit Growth
10 Years: 19%
5 Years: 26%
3 Years: 100%
TTM: 110%
Stock Price CAGR
10 Years: 14%
5 Years: 17%
3 Years: 35%
1 Year: 94%
Return on Equity
10 Years: 15%
5 Years: 16%
3 Years: 19%
Last Year: 43%

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 10 10 11 11 11 11 12 12 13 15 16 16 16
Reserves 105 120 130 135 142 160 250 299 280 284 359 231 240
Preference Capital 0 0 8 8 8 0 0 0 0 0 0 0
115 103 167 208 279 295 271 320 358 313 453 531 663
111 128 150 180 182 225 279 247 216 335 366 400 420
Total Liabilities 341 361 458 534 613 691 811 878 866 946 1,194 1,178 1,340
140 159 219 242 306 320 343 342 334 316 368 393 404
CWIP 12 6 4 29 7 27 14 12 10 15 16 16 17
Investments 0 0 0 0 0 0 0 1 80 107 174 40 41
189 196 235 263 299 344 454 524 442 507 636 729 877
Total Assets 341 361 458 534 613 691 811 878 866 946 1,194 1,178 1,340

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
28 70 45 67 37 90 73 71 116 107 29 130
-43 -31 -46 -85 -75 -60 -70 -87 -134 -95 -176 -173
11 -31 -6 18 38 -28 -1 21 24 -23 149 50
Net Cash Flow -4 8 -7 -0 -0 1 3 5 6 -12 2 7

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 61 53 55 54 52 56 64 58 54 77 74 65
Inventory Days 48 63 71 74 70 74 72 71 76 72 75 66
Days Payable 75 97 98 113 103 116 124 87 87 142 114 92
Cash Conversion Cycle 34 20 28 15 20 14 12 42 42 7 34 39
Working Capital Days 30 24 22 10 28 22 37 40 42 33 50 50
ROCE % 24% 18% 16% 11% 10% 12% 18% 17% 7% 7% 10% 19%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
69.45% 71.14% 71.14% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65%
0.00% 0.00% 0.00% 0.03% 0.04% 0.03% 0.00% 0.12% 0.00% 0.01% 0.00% 0.01%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.50% 0.63% 0.47%
30.55% 28.86% 28.86% 27.32% 27.31% 27.33% 27.35% 27.24% 27.25% 26.86% 26.73% 26.88%
No. of Shareholders 14,00614,85114,42518,44518,03616,68917,01015,83014,28714,59413,33113,432

* 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

Concalls