Schaeffler India Ltd

About

Schaeffler India Ltd is engaged in the development, manufacturing and distribution of high-precision roller and ball bearings, engine systems and transmission components, chassis applications, clutch systems and related machine building manufacturing activities.[1]

Key Points

Business Segments

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  • Market Cap 24,645 Cr.
  • Current Price 7,884
  • High / Low 8,377 / 3,816
  • Stock P/E 42.5
  • Book Value 1,054
  • Dividend Yield 0.48 %
  • ROCE 13.2 %
  • ROE 9.54 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 30.97%

Cons

  • Stock is trading at 7.48 times its book value
  • Company has a low return on equity of 13.17% for last 3 years.

Peer comparison

Sector: Bearings Industry: Bearings

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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,186 1,172 1,117 1,035 1,036 929 439 1,121 1,274 1,317 1,233 1,488
1,014 988 957 892 889 791 459 931 1,045 1,104 1,026 1,223
Operating Profit 172 184 159 143 147 137 -20 190 229 213 207 264
OPM % 14% 16% 14% 14% 14% 15% -5% 17% 18% 16% 17% 18%
Other Income 27 17 12 13 21 18 14 13 16 22 13 16
Interest 3 1 1 0 1 1 1 1 2 1 1 1
Depreciation 39 38 38 40 42 44 50 49 51 48 48 50
Profit before tax 157 162 133 115 124 110 -57 153 191 186 171 230
Tax % 32% 35% 38% 18% 32% 29% 25% 26% 26% 25% 25% 26%
Net Profit 107 106 82 94 85 78 -42 113 142 140 128 171
EPS in Rs 34.28 33.97 26.38 30.21 27.05 25.06 -13.59 36.30 45.30 44.64 40.99 54.64

Profit & Loss

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 TTM
796 1,036 1,267 1,411 1,390 1,618 1,711 1,795 3,941 4,562 4,361 3,762 5,311
693 856 1,012 1,190 1,206 1,375 1,405 1,495 3,257 3,821 3,726 3,225 4,398
Operating Profit 103 180 254 221 184 243 306 299 683 740 635 537 913
OPM % 13% 17% 20% 16% 13% 15% 18% 17% 17% 16% 15% 14% 17%
Other Income 17 23 31 45 45 40 56 66 55 48 63 60 66
Interest 1 1 2 2 1 2 3 2 11 8 4 6 5
Depreciation 20 20 23 30 43 49 66 64 138 148 159 194 197
Profit before tax 100 182 261 233 185 232 294 299 589 632 534 397 777
Tax % 34% 33% 33% 32% 34% 34% 33% 35% 34% 34% 31% 27%
Net Profit 66 122 176 159 122 153 197 195 388 420 368 291 580
EPS in Rs 39.44 73.12 105.90 95.79 73.32 92.00 118.84 117.38 233.79 134.29 117.60 93.08 185.57
Dividend Payout % 11% 7% 9% 5% 8% 8% 8% 10% 7% 22% 30% 41%
Compounded Sales Growth
10 Years: 14%
5 Years: 17%
3 Years: -2%
TTM: 51%
Compounded Profit Growth
10 Years: 9%
5 Years: 8%
3 Years: -9%
TTM: 148%
Stock Price CAGR
10 Years: 21%
5 Years: 14%
3 Years: 13%
1 Year: 101%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 13%
Last Year: 10%

Balance Sheet

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Jun 2021
17 17 17 17 17 17 17 17 17 31 31 31 31
Reserves 445 557 713 863 973 1,091 1,273 1,459 2,294 2,675 2,931 3,109 3,265
Borrowings 0 0 0 0 0 0 0 0 69 58 0 0 64
148 204 267 264 344 327 366 379 800 1,004 683 1,011 1,115
Total Liabilities 610 778 997 1,144 1,333 1,434 1,655 1,854 3,180 3,767 3,645 4,151 4,475
142 141 178 279 399 370 346 386 744 731 895 1,006 1,004
CWIP 7 9 57 114 13 20 52 24 53 162 166 160 151
Investments 0 0 0 4 4 4 0 0 0 0 0 0 0
461 628 762 747 917 1,039 1,258 1,443 2,383 2,875 2,584 2,985 3,321
Total Assets 610 778 997 1,144 1,333 1,434 1,655 1,854 3,180 3,767 3,645 4,151 4,475

Cash Flows

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
163 132 83 137 162 117 182 193 401 238 510 649
-44 -7 -193 -172 -52 -195 -222 -139 -270 -184 -366 -432
-9 -10 -11 -21 -10 -13 -17 -22 -88 -52 -171 -122
Net Cash Flow 110 115 -122 -56 100 -91 -57 32 43 2 -27 95

Ratios

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Debtor Days 50 46 62 66 76 65 72 66 59 60 53 67
Inventory Days 73 76 78 57 69 70 81 92 92 116 96 112
Days Payable 88 104 85 72 98 79 89 91 91 100 66 120
Cash Conversion Cycle 35 18 55 51 48 56 64 67 60 76 82 59
Working Capital Days 66 49 48 63 52 75 69 63 57 68 66 54
ROCE % 26% 36% 40% 29% 20% 22% 25% 22% 31% 27% 19% 13%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.13 74.13 74.13 74.13 74.13 74.13 74.13 74.13 74.13 74.13 74.13 74.13
2.85 3.08 3.13 3.17 3.76 3.89 3.92 4.24 4.83 5.17 4.78 4.99
14.64 14.55 14.60 16.16 15.66 15.81 15.96 15.29 14.66 15.28 15.79 15.55
8.38 8.24 8.14 6.55 6.45 6.17 5.99 6.34 6.38 5.42 5.31 5.33

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