Rane (Madras) Ltd

Rane Madras manufactures steering & suspension systems for every segment of automobile industry, viz Passenger cars, Multi utility vehicles, Light commercial vehicles, Heavy commercial vehicles and Farm tractors.

Pros:
Company has been maintaining a healthy dividend payout of 32.47%
Cons:
Contingent liabilities of Rs.186.88 Cr.

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
237.33 225.21 254.07 241.32 268.67 249.47 296.55 318.95 347.99 343.88 352.86 343.51
215.40 203.48 227.57 220.85 241.34 226.74 264.82 281.21 306.33 312.14 315.59 305.82
Operating Profit 21.93 21.73 26.50 20.47 27.33 22.73 31.73 37.74 41.66 31.74 37.27 37.69
OPM % 9.24% 9.65% 10.43% 8.48% 10.17% 9.11% 10.70% 11.83% 11.97% 9.23% 10.56% 10.97%
Other Income 0.68 0.57 0.51 0.59 1.68 0.92 0.79 0.76 3.17 7.29 3.20 -2.09
Interest 6.07 6.80 7.22 7.13 6.65 8.34 7.67 6.33 7.08 6.45 7.11 7.36
Depreciation 11.48 10.64 11.16 11.06 12.43 12.05 12.15 12.41 13.28 12.27 13.26 13.62
Profit before tax 5.06 4.86 8.63 2.87 9.93 3.26 12.70 19.76 24.47 20.31 20.10 14.62
Tax % 19.37% 31.48% 19.58% -18.47% 29.51% 16.56% 33.94% 28.04% 32.65% 33.87% 31.39% 24.49%
Net Profit 4.08 3.33 6.94 3.41 7.00 2.72 8.40 14.22 16.47 13.44 13.79 11.04
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
328 347 349 416 579 663 633 719 770 847 989 1,212 1,388
299 341 331 382 530 603 577 651 701 769 893 1,078 1,240
Operating Profit 29 6 19 33 49 60 56 68 69 78 96 134 148
OPM % 9% 2% 5% 8% 8% 9% 9% 9% 9% 9% 10% 11% 11%
Other Income 2 56 1 1 -3 2 1 -8 -2 -1 3 6 12
Interest 5 7 8 5 6 12 11 15 16 19 28 29 28
Depreciation 8 9 10 9 9 14 17 25 33 39 45 50 52
Profit before tax 18 47 1 20 31 37 30 20 17 19 26 60 80
Tax % 26% 22% 70% 31% 20% 26% 22% 15% 26% 24% 21% 31%
Net Profit 14 37 0 14 25 27 23 17 12 14 21 42 55
EPS in Rs 12.53 34.85 0.35 12.82 23.03 25.42 21.88 14.41 10.28 11.85 19.66 36.01
Dividend Payout % 30% 17% 0% 33% 29% 35% 30% 34% 38% 34% 31% 33%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.31%
5 Years:13.87%
3 Years:16.32%
TTM:22.46%
Compounded Profit Growth
10 Years:%
5 Years:12.33%
3 Years:43.08%
TTM:69.26%
Return on Equity
10 Years:15.97%
5 Years:13.85%
3 Years:14.45%
Last Year:19.03%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
11 10 10 10 10 10 10 19 19 19 11 12 12
Reserves 34 63 61 72 88 105 120 130 135 142 160 255 271
Borrowings 67 36 60 39 78 115 103 167 208 279 295 271 274
72 86 63 84 107 116 135 166 194 193 234 312 321
Total Liabilities 183 196 193 205 283 346 368 473 548 624 700 850 877
58 65 70 66 98 140 159 219 242 306 320 343 343
CWIP 3 2 1 6 10 12 6 4 29 7 27 14 12
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
122 130 122 132 175 194 203 250 277 311 353 493 522
Total Assets 183 196 193 205 283 346 368 473 548 624 700 850 877

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
12 5 -1 40 34 28 70 45 67 37 90 73
-21 40 -15 -11 -58 -43 -31 -46 -85 -75 -60 -69
10 -46 16 -27 26 11 -31 -6 18 38 -28 -1
Net Cash Flow 1 -0 -0 2 3 -4 8 -7 -0 -0 1 3

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 24% 4% 8% 20% 27% 24% 18% 16% 11% 10% 12% 18%
Debtor Days 54 53 49 54 51 61 53 55 54 52 56 64
Inventory Turnover 7.34 7.34 7.33 8.69 11.87 12.46 10.61 9.90 9.27 9.43 9.71 9.85