Rane (Madras) Ltd

Established in 1929, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkage Division (SLD) and Die Casting Division (DCD). SLD manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products. DCD manufactures low porosity, highquality aluminum die castings such as steering housings and engine case covers.(Source : 201903 Annual Report Page No: 2)

Pros:
Stock is trading at 1.13 times its book value
Company has been maintaining a healthy dividend payout of 28.46%
Cons:
Contingent liabilities of Rs.196.74 Cr.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
254 241 269 249 297 319 348 340 353 344 334 296
228 221 241 227 265 281 306 308 316 306 299 272
Operating Profit 26 20 27 23 32 38 42 32 37 38 34 24
OPM % 10% 8% 10% 9% 11% 12% 12% 9% 11% 11% 10% 8%
Other Income 1 1 2 1 1 1 3 7 3 -2 2 1
Interest 7 7 7 8 8 6 7 6 7 7 7 8
Depreciation 11 11 12 12 12 12 13 12 13 14 14 13
Profit before tax 9 3 10 3 13 20 24 20 20 15 15 5
Tax % 20% -18% 30% 17% 34% 28% 33% 34% 31% 24% 41% 34%
Net Profit 7 3 7 3 8 14 16 13 14 11 9 3
EPS in Rs 6.60 3.24 6.68 2.59 7.90 12.25 14.19 11.58 11.88 9.50 7.50 2.71
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
347 349 416 579 663 633 719 770 847 989 1,214 1,370 1,326
341 331 382 530 603 577 651 701 769 893 1,079 1,228 1,192
Operating Profit 6 19 33 49 60 56 68 69 78 96 135 142 134
OPM % 2% 5% 8% 8% 9% 9% 9% 9% 9% 10% 11% 10% 10%
Other Income 56 1 1 -3 2 1 -8 -2 -1 3 6 11 5
Interest 7 8 5 6 12 11 15 16 19 28 30 29 30
Depreciation 9 10 9 9 14 17 25 33 39 45 50 53 54
Profit before tax 47 1 20 31 37 30 20 17 19 26 60 70 55
Tax % 22% 70% 31% 20% 26% 22% 15% 26% 24% 21% 31% 33%
Net Profit 37 0 14 25 27 23 17 12 14 21 42 47 37
EPS in Rs 34.85 0.35 12.82 23.03 26.97 21.88 14.41 10.28 11.85 19.66 36.01 39.47 31.59
Dividend Payout % 17% 0% 33% 29% 35% 30% 34% 38% 34% 31% 33% 22%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.65%
5 Years:13.77%
3 Years:17.39%
TTM:1.70%
Compounded Profit Growth
10 Years:65.28%
5 Years:15.70%
3 Years:43.91%
TTM:-29.47%
Return on Equity
10 Years:16.84%
5 Years:14.30%
3 Years:16.40%
Last Year:16.47%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
10 10 10 10 10 10 19 19 19 11 12 12
Reserves 63 61 72 88 105 120 130 135 142 160 250 299
Borrowings 36 60 39 78 115 103 167 208 279 295 271 320
86 63 84 107 116 135 166 194 193 234 286 239
Total Liabilities 196 193 205 283 346 368 473 548 624 700 818 870
65 70 66 98 140 159 219 242 306 320 343 342
CWIP 2 1 6 10 12 6 4 29 7 27 14 12
Investments 0 0 0 0 0 0 0 0 0 0 0 1
130 122 132 175 194 203 250 277 311 353 461 516
Total Assets 196 193 205 283 346 368 473 548 624 700 818 870

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 -1 40 34 28 70 45 67 37 90 73 71
40 -15 -11 -58 -43 -31 -46 -85 -75 -60 -70 -86
-46 16 -27 26 11 -31 -6 18 38 -28 -1 21
Net Cash Flow -0 -0 2 3 -4 8 -7 -0 -0 1 3 5

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 4% 8% 20% 27% 24% 18% 16% 11% 10% 12% 18% 17%
Debtor Days 53 49 54 51 61 53 55 54 52 56 64 58
Inventory Turnover 7.34 7.33 8.69 11.87 12.46 10.61 9.90 9.27 9.43 9.71 9.87 9.43