Setco Automotive Ltd

Setco Automotive Ltd

₹ 6.15 -4.65%
28 Mar - close price
About

Incorporated in 1982, Setco Automotive Ltd manufactures Clutch products and systems and Hydraulics (Pressure Converters)[1]

Key Points

Business Overview:[1]
SAL is the flagship company of The Setco Group which also includes Lava Cast Pvt. Ltd, and its CSR wing, the Setco Foundation promoted by the Sheth Family. Company is a IATF 16949,ISO 14001 and OHSAS 18001 certified manufacturer and a Tier I supplier of Premium Quality Lipe brand clutches for commercial vehicles. It also manufactures clutches for hydraulic products for the construction equipment industry and precision engineering components

  • Market Cap 82.3 Cr.
  • Current Price 6.15
  • High / Low 9.65 / 5.20
  • Stock P/E
  • Book Value 5.59
  • Dividend Yield 0.00 %
  • ROCE 1.02 %
  • ROE -11.1 %
  • Face Value 2.00

Pros

  • Stock is trading at 1.10 times its book value

Cons

  • The company has delivered a poor sales growth of -70.5% over past five years.
  • Company has a low return on equity of -29.2% over last 3 years.
  • Contingent liabilities of Rs.757 Cr.
  • Promoters have pledged 94.6% of their holding.
  • Earnings include an other income of Rs.1.57 Cr.
  • Company has high debtors of 256 days.

* 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.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
103.02 100.32 56.37 89.75 10.61 0.01 0.13 0.18 0.10 0.74 0.29 0.29 0.29
90.14 108.99 61.18 97.66 10.27 -0.80 0.89 0.21 0.68 -0.41 0.47 0.27 0.21
Operating Profit 12.88 -8.67 -4.81 -7.91 0.34 0.81 -0.76 -0.03 -0.58 1.15 -0.18 0.02 0.08
OPM % 12.50% -8.64% -8.53% -8.81% 3.20% 8,100.00% -584.62% -16.67% -580.00% 155.41% -62.07% 6.90% 27.59%
7.19 -51.90 1.22 -34.02 0.65 -92.06 1.26 0.99 -1.45 0.93 0.03 0.02 0.59
Interest 12.08 14.07 13.84 11.28 0.01 0.03 0.00 0.00 0.00 0.05 0.00 0.11 0.16
Depreciation 5.28 6.13 5.35 4.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit before tax 2.71 -80.77 -22.78 -57.64 0.98 -91.28 0.50 0.96 -2.03 2.03 -0.15 -0.07 0.51
Tax % -15.87% 1.13% 3.38% -31.35% 34.69% 20.19% 0.00% 0.00% 0.00% 505.91% 0.00% 0.00% 0.00%
3.14 -79.86 -22.01 -75.71 0.64 -72.85 0.50 0.96 -2.03 -8.24 -0.15 -0.07 0.51
EPS in Rs 0.23 -5.97 -1.65 -5.66 0.05 -5.45 0.04 0.07 -0.15 -0.62 -0.01 -0.01 0.04
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
366.61 330.05 341.54 442.40 510.72 538.22 513.47 620.92 423.81 314.07 156.73 1.14 1.61
300.31 282.23 307.35 386.58 437.37 473.43 457.10 529.72 382.74 305.10 168.29 1.37 0.54
Operating Profit 66.30 47.82 34.19 55.82 73.35 64.79 56.37 91.20 41.07 8.97 -11.56 -0.23 1.07
OPM % 18.08% 14.49% 10.01% 12.62% 14.36% 12.04% 10.98% 14.69% 9.69% 2.86% -7.38% -20.18% 66.46%
0.63 8.47 20.88 9.07 13.02 7.24 28.57 15.15 -1.19 -35.32 -124.22 1.74 1.57
Interest 16.55 17.36 20.22 23.43 30.76 31.32 31.25 33.98 39.59 48.12 25.16 0.05 0.32
Depreciation 8.06 9.18 10.52 13.24 14.72 16.61 17.76 19.31 19.00 21.82 9.78 0.00 0.00
Profit before tax 42.32 29.75 24.33 28.22 40.89 24.10 35.93 53.06 -18.71 -96.29 -170.72 1.46 2.32
Tax % -0.26% 8.10% 4.64% 16.69% 18.27% 24.02% 19.82% 31.74% 18.92% 2.32% -1.51% 703.42%
42.42 27.34 23.20 23.51 33.42 18.31 28.80 36.22 -15.16 -94.06 -173.28 -8.82 -7.95
EPS in Rs 3.21 2.05 1.74 1.76 2.50 1.37 2.16 2.71 -1.13 -7.03 -12.95 -0.66 -0.60
Dividend Payout % 16.63% 25.85% 30.48% 34.10% 31.98% 47.43% 37.11% 36.91% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -43%
5 Years: -71%
3 Years: -86%
TTM: 283%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -142%
Stock Price CAGR
10 Years: -10%
5 Years: -29%
3 Years: -24%
1 Year: 13%
Return on Equity
10 Years: 3%
5 Years: -8%
3 Years: -29%
Last Year: -11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 17.64 26.67 26.68 26.72 26.72 26.72 26.72 26.74 26.75 26.75 26.75 26.75 26.75
Reserves 105.65 145.22 159.89 174.07 194.63 201.17 219.79 235.88 204.79 99.38 57.03 48.21 47.99
121.22 142.47 149.04 212.94 232.80 260.00 240.32 226.99 281.01 344.46 70.13 68.53 68.53
66.75 58.29 79.19 66.77 124.40 108.51 145.17 171.85 181.81 151.81 48.89 46.97 46.93
Total Liabilities 311.26 372.65 414.80 480.50 578.55 596.40 632.00 661.46 694.36 622.40 202.80 190.46 190.20
76.30 110.19 120.31 134.91 144.73 144.17 144.47 138.22 143.11 141.39 0.00 0.00 0.00
CWIP 11.94 13.92 7.58 8.74 13.45 17.24 14.90 13.66 21.62 5.94 0.00 0.00 0.00
Investments 40.52 48.31 62.90 81.96 111.21 128.53 131.74 140.31 168.79 190.09 121.83 122.11 122.28
182.50 200.23 224.01 254.89 309.16 306.46 340.89 369.27 360.84 284.98 80.97 68.35 67.92
Total Assets 311.26 372.65 414.80 480.50 578.55 596.40 632.00 661.46 694.36 622.40 202.80 190.46 190.20

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
36.29 16.95 39.10 10.04 66.52 50.27 62.69 76.76 58.10 26.02 -1.90 2.31
-33.55 -19.32 -15.26 -40.12 -48.24 -27.47 -6.11 -11.61 -61.60 -41.91 -86.22 0.00
2.61 -3.11 -21.50 31.47 -23.18 -17.00 -61.13 -60.01 -0.30 14.55 86.60 -1.66
Net Cash Flow 5.35 -5.48 2.34 1.39 -4.91 5.80 -4.54 5.13 -3.81 -1.35 -1.51 0.65

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 89.69 93.54 80.87 72.53 89.73 87.27 100.46 73.39 71.26 70.69 8.36 256.14
Inventory Days 79.45 108.37 120.22 97.79 99.40 100.76 112.67 123.37 175.03 148.96 0.00
Days Payable 76.38 61.34 92.59 58.27 109.73 106.09 121.39 118.23 210.02 193.89
Cash Conversion Cycle 92.76 140.56 108.49 112.05 79.40 81.94 91.73 78.53 36.27 25.77 8.36 256.14
Working Capital Days 90.66 131.63 109.65 111.46 91.58 90.96 96.37 83.80 40.62 46.72 -33.30 -4,815.44
ROCE % 28.94% 16.88% 11.35% 13.79% 16.42% 11.76% 13.79% 17.82% 8.20% -1.55% -5.17% 1.02%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25% 59.25%
0.07% 0.07% 0.08% 0.09% 0.11% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
0.04% 0.04% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.03% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
40.61% 40.61% 40.67% 40.66% 40.64% 40.67% 40.67% 40.67% 40.68% 40.67% 40.69% 40.68%
No. of Shareholders 29,98232,17832,71233,05933,14232,97033,13133,09932,75632,34331,85131,881

* 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.

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