Rane (Madras) Ltd

Rane (Madras) Ltd

₹ 778 -2.78%
21 Feb - close price
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 1,254 Cr.
  • Current Price 778
  • High / Low 990 / 386
  • Stock P/E 9.57
  • Book Value 157
  • Dividend Yield 0.00 %
  • ROCE 12.2 %
  • ROE 14.8 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 4.95 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -7.87% over last 3 years.
  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
427.23 411.79 340.29 458.41 437.79 505.43 549.27 600.37 583.24 621.56 588.34 611.24 521.05
395.88 402.98 335.77 437.86 425.64 478.54 520.12 566.88 540.38 566.07 545.95 579.36 474.05
Operating Profit 31.35 8.81 4.52 20.55 12.15 26.89 29.15 33.49 42.86 55.49 42.39 31.88 47.00
OPM % 7.34% 2.14% 1.33% 4.48% 2.78% 5.32% 5.31% 5.58% 7.35% 8.93% 7.21% 5.22% 9.02%
7.98 1.10 34.86 10.18 12.21 4.82 1.09 0.27 26.86 -0.51 -17.14 -84.82 1.37
Interest 6.68 4.06 3.69 5.67 5.78 4.50 5.00 6.52 9.32 12.80 14.40 13.46 14.64
Depreciation 16.86 17.99 19.26 20.02 20.39 21.34 21.88 21.90 24.55 28.27 24.32 23.94 20.85
Profit before tax 15.79 -12.14 16.43 5.04 -1.81 5.87 3.36 5.34 35.85 13.91 -13.47 -90.34 12.88
Tax % 65.17% -21.25% 7.30% 54.76% -138.12% 143.27% 197.62% 99.06% 33.86% 31.42% -7.42% 119.67% 29.43%
5.49 -14.72 15.23 2.28 -4.31 -2.54 -3.28 0.05 23.71 9.54 -14.47 17.77 9.09
EPS in Rs 4.37 -10.11 10.46 1.48 -2.80 -1.56 -2.02 0.03 14.58 5.87 -8.90 10.93 5.59
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
876 1,195 1,400 1,555 1,277 1,267 1,742 2,354 2,342
797 1,106 1,273 1,438 1,230 1,236 1,667 2,171 2,165
Operating Profit 79 89 127 117 47 31 75 184 177
OPM % 9% 7% 9% 8% 4% 2% 4% 8% 8%
-2 11 9 10 12 7 52 6 -101
Interest 19 30 34 35 38 28 21 35 55
Depreciation 41 57 61 66 66 66 81 97 97
Profit before tax 17 13 40 26 -45 -55 26 58 -77
Tax % 27% 66% 40% 91% -2% -10% 58% 49%
13 4 24 2 -46 -61 11 30 22
EPS in Rs 12.05 4.11 20.87 2.02 -36.26 -41.98 6.55 18.46 13.49
Dividend Payout % 37% 146% 58% 420% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 23%
TTM: 5%
Compounded Profit Growth
10 Years: %
5 Years: 8%
3 Years: 41%
TTM: 578%
Stock Price CAGR
10 Years: 20%
5 Years: 18%
3 Years: 40%
1 Year: 66%
Return on Equity
10 Years: %
5 Years: -9%
3 Years: -8%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 11 11 12 12 13 15 16 16 16
Reserves 140 147 213 218 163 157 212 225 239
Preference Capital 8 -0 -0 -0 -0 -0 -0 -0
330 362 357 417 470 470 585 668 663
220 267 320 290 276 390 417 439 420
Total Liabilities 701 787 902 937 922 1,032 1,230 1,349 1,339
361 365 386 386 382 415 477 490 404
CWIP 7 28 16 16 50 31 18 29 17
Investments -0 -0 -0 1 1 1 1 1 2
333 394 499 535 489 586 733 829 916
Total Assets 701 787 902 937 922 1,032 1,230 1,349 1,339

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
31 88 65 45 69 46 -6 88
-74 -77 -78 -60 -103 -80 -124 -106
43 -7 14 26 34 21 134 35
Net Cash Flow -0 4 1 11 0 -13 5 17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 67 57 64 58 55 78 74 65
Inventory Days 75 76 73 71 80 81 76 67
Days Payable 117 118 123 89 97 150 115 91
Cash Conversion Cycle 25 15 14 39 38 9 35 41
Working Capital Days 24 22 33 36 20 36 52 50
ROCE % 9% 13% 10% -1% -4% -0% 12%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
69.45% 69.45% 71.14% 71.14% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65% 72.65%
0.00% 0.00% 0.00% 0.00% 0.03% 0.04% 0.03% 0.00% 0.12% 0.00% 0.01% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.11% 0.50% 0.63%
30.55% 30.55% 28.86% 28.86% 27.32% 27.31% 27.33% 27.35% 27.24% 27.25% 26.86% 26.73%
No. of Shareholders 13,74614,00614,85114,42518,44518,03616,68917,01015,83014,28714,59413,331

* 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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