Schaeffler India Ltd

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

Pros:
Company is virtually debt free.
Company is expected to give good quarter
Promoter's stake has increased
Company has good consistent profit growth of 29.63% over 5 years
Cons:

Peer Comparison Sector: Bearings // Industry: Bearings

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
448 473 463 461 459 1,004 1,022 1,083 1,100 1,191 1,186 1,172
377 392 389 373 373 836 837 900 920 992 1,014 988
Operating Profit 71 80 74 88 86 168 185 184 180 200 172 184
OPM % 16% 17% 16% 19% 19% 17% 18% 17% 16% 17% 14% 16%
Other Income 16 17 19 16 16 15 12 19 29 -22 27 17
Interest 0 1 0 0 0 1 4 1 2 1 3 1
Depreciation 16 16 18 18 18 35 35 36 37 37 39 38
Profit before tax 71 81 75 86 84 147 157 165 170 139 157 162
Tax % 35% 35% 27% 33% 36% 35% 34% 33% 35% 35% 32% 35%
Net Profit 46 53 55 57 54 95 104 111 111 91 107 106
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 TTM
638 743 796 1,036 1,267 1,411 1,390 1,618 1,711 1,795 3,941 4,562 4,650
508 592 693 856 1,012 1,190 1,206 1,375 1,405 1,495 3,258 3,821 3,914
Operating Profit 131 151 103 180 254 221 184 243 306 299 683 740 736
OPM % 21% 20% 13% 17% 20% 16% 13% 15% 18% 17% 17% 16% 16%
Other Income 13 17 17 23 31 45 45 40 56 66 56 48 50
Interest 0 0 1 1 2 2 1 2 3 2 11 8 7
Depreciation 19 21 20 20 23 30 43 49 66 64 138 148 150
Profit before tax 124 147 100 182 261 233 185 232 294 299 589 632 629
Tax % 36% 35% 34% 33% 33% 32% 34% 34% 33% 35% 34% 34%
Net Profit 80 96 66 122 176 159 122 153 197 195 388 420 415
EPS in Rs 47.05 56.83 38.67 72.26 104.25 94.96 72.24 90.71 116.43 117.36 233.75 134.29
Dividend Payout % 8% 8% 11% 7% 9% 5% 8% 8% 8% 10% 7% 22%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.89%
5 Years:26.83%
3 Years:38.66%
TTM:30.31%
Compounded Profit Growth
10 Years:16.31%
5 Years:29.63%
3 Years:31.29%
TTM:14.14%
Return on Equity
10 Years:17.93%
5 Years:17.25%
3 Years:17.88%
Last Year:17.82%

Balance Sheet Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
17 17 17 17 17 17 17 17 17 17 17 31
Reserves 301 388 445 557 713 863 973 1,091 1,273 1,459 2,294 2,675
Borrowings 0 0 0 0 0 0 0 0 0 0 69 58
127 148 152 209 273 272 351 336 376 395 819 1,012
Total Liabilities 446 553 614 782 1,003 1,152 1,340 1,444 1,665 1,870 3,199 3,776
131 148 142 141 178 279 399 370 346 386 744 731
CWIP 11 15 7 9 57 114 13 20 52 24 53 162
Investments 1 0 0 0 0 4 4 4 0 0 0 0
302 389 465 632 768 754 924 1,049 1,268 1,460 2,401 2,884
Total Assets 446 553 614 782 1,003 1,152 1,340 1,444 1,665 1,870 3,199 3,776

Cash Flows Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
82 43 163 132 83 137 162 117 182 193 401 238
-22 -35 -44 -7 -193 -172 -52 -195 -222 -139 -270 -183
-8 -8 -9 -10 -11 -21 -10 -13 -17 -22 -88 -53
Net Cash Flow 52 -0 110 115 -122 -56 100 -91 -57 32 43 2

Ratios Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
ROCE % 44% 42% 26% 36% 40% 29% 20% 22% 25% 22% 31% 27%
Debtor Days 60 56 50 46 62 66 76 65 72 66 59 60
Inventory Turnover 6.72 5.77 6.12 9.10 8.76 9.27 8.89 8.95 8.32 7.26 9.01 6.04