Sharda Motor Industries Ltd

Sharda Motor Industries Ltd is the market leader in manufacturing of Exhaust System, Catalytic Converter, Independent Suspension, Seat Frames, Seat Covers (Two Wheelers & Four Wheelers), Soft Top Canopies, and Pressed part- White goods products.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 24.54% over 5 years
Cons:
The company has delivered a poor growth of 5.16% over past five years.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
248.47 244.14 260.16 250.43 287.16 282.95 304.74 254.37 313.39 297.85 298.80 258.12
226.74 213.56 226.32 219.33 252.86 249.41 268.30 222.27 270.04 261.21 261.06 225.55
Operating Profit 21.73 30.58 33.84 31.10 34.30 33.54 36.44 32.10 43.35 36.64 37.74 32.57
OPM % 8.75% 12.53% 13.01% 12.42% 11.94% 11.85% 11.96% 12.62% 13.83% 12.30% 12.63% 12.62%
Other Income 1.76 2.39 -2.73 2.29 2.75 4.27 5.13 4.95 2.86 2.61 4.35 6.12
Interest 2.18 2.09 1.83 1.70 1.97 0.92 0.54 0.46 0.20 0.01 0.01 0.01
Depreciation 11.49 11.84 12.19 14.44 11.32 10.20 11.19 11.18 11.21 9.08 9.82 10.16
Profit before tax 9.82 19.04 17.09 17.25 23.76 26.69 29.84 25.41 34.80 30.16 32.26 28.52
Tax % 14.46% 33.30% 27.15% 31.48% 16.75% 29.97% 32.14% 32.55% 35.32% 32.49% 28.33% 31.42%
Net Profit 8.40 12.69 12.45 11.83 19.78 18.70 20.26 17.15 22.51 20.35 23.13 19.56
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
304 363 340 466 700 751 898 821 875 927 1,042 1,155 1,168
268 323 317 416 645 687 812 747 783 827 917 1,011 1,018
Operating Profit 36 41 23 50 55 65 87 75 92 100 125 145 150
OPM % 12% 11% 7% 11% 8% 9% 10% 9% 10% 11% 12% 13% 13%
Other Income 6 8 9 4 5 6 3 9 10 11 10 18 16
Interest 1 4 9 8 8 9 11 16 15 12 8 2 0
Depreciation 9 14 13 15 24 31 36 46 52 48 50 44 40
Profit before tax 32 31 11 31 28 30 44 22 34 50 77 117 126
Tax % 30% 26% 27% 33% 26% 8% 40% 32% -5% 32% 26% 33%
Net Profit 22 23 8 21 21 28 26 15 36 34 57 79 86
EPS in Rs 23.55 58.73 55.01 95.45 132.20
Dividend Payout % 27% 26% 77% 28% 28% 22% 23% 40% 16% 22% 13% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.26%
5 Years:5.16%
3 Years:9.73%
TTM:3.45%
Compounded Profit Growth
10 Years:13.25%
5 Years:24.54%
3 Years:27.81%
TTM:12.73%
Return on Equity
10 Years:18.01%
5 Years:19.15%
3 Years:21.52%
Last Year:23.56%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 75 91 91 106 120 140 164 172 199 225 279 349 388
Borrowings 29 83 92 96 106 126 160 225 144 121 59 0 0
94 111 97 101 167 172 181 165 170 181 210 233 224
Total Liabilities 203 291 286 309 398 444 510 568 519 533 555 588 618
90 91 96 110 181 229 260 299 272 243 204 179 183
CWIP 6 23 29 23 21 11 11 7 8 4 1 0 0
Investments 1 1 21 21 21 21 1 1 2 31 80 106 144
105 176 139 155 175 183 238 261 238 255 270 302 291
Total Assets 203 291 286 309 398 444 510 568 519 533 555 588 618

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
25 0 30 34 100 55 43 49 100 93 164 116
-36 -28 -38 -20 -103 -59 -59 -64 -18 -62 -84 -30
12 44 -8 -8 -2 5 19 45 -103 -43 -77 -70
Net Cash Flow 1 17 -16 6 -6 1 3 30 -21 -12 3 16

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 30% 23% 11% 19% 15% 14% 18% 10% 13% 19% 26% 33%
Debtor Days 52 40 38 32 40 46 41 47 41 40 38 39
Inventory Turnover 13.38 17.52 14.85 13.98 13.38 11.76 12.14 10.47 11.09 10.94 13.48 14.68