SML ISUZU Ltd

SML ISUZU Ltd

₹ 2,111 -0.09%
14 Jun - close price
About

SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors.
In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively [1]

Key Points

Product Portfolio Revenue Split FY23
The Company primarily operates in the light commercial vehicle (LCV) and medium CV (MCV) segments of the automobile industry. [1]
Its key products include:
Cargo vehicles (trucks) - 26%
Passenger vehicles (buses)- 67% [2]

  • Market Cap 3,055 Cr.
  • Current Price 2,111
  • High / Low 2,480 / 990
  • Stock P/E 28.3
  • Book Value 197
  • Dividend Yield 0.00 %
  • ROCE 23.8 %
  • ROE 46.6 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 40.9% CAGR over last 5 years

Cons

  • Stock is trading at 10.7 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 4.58% over last 3 years.

* 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: Automobile Industry: Automobiles - LCVs / HCVs

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
258 100 233 250 342 500 410 328 583 632 499 386 680
264 117 249 259 340 483 405 312 540 585 459 364 608
Operating Profit -5 -17 -16 -10 2 17 6 16 43 47 39 22 71
OPM % -2% -17% -7% -4% 1% 3% 1% 5% 7% 7% 8% 6% 10%
1 0 4 1 1 0 0 1 2 2 0 1 2
Interest 5 5 6 6 4 5 4 7 9 5 7 8 11
Depreciation 11 11 11 11 10 11 11 11 10 12 12 12 12
Profit before tax -20 -33 -30 -26 -11 2 -9 -1 25 32 21 3 50
Tax % -1% 0% 2% 0% -0% 0% 0% 86% -7% 1% 0% 6% -4%
-20 -33 -29 -26 -11 2 -9 -0 27 32 21 3 52
EPS in Rs -13.90 -23.11 -20.12 -17.82 -7.89 1.62 -6.34 -0.09 18.51 21.97 14.57 1.85 36.15
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,002 881 1,106 1,166 1,356 1,135 1,409 1,154 591 924 1,822 2,196
932 850 1,036 1,079 1,246 1,090 1,335 1,142 660 965 1,740 2,017
Operating Profit 70 32 69 87 110 45 74 12 -69 -41 82 179
OPM % 7% 4% 6% 7% 8% 4% 5% 1% -12% -4% 4% 8%
9 5 5 6 4 3 4 5 5 6 3 5
Interest 19 6 6 5 6 11 16 15 23 22 25 30
Depreciation 12 13 20 20 24 28 38 41 46 44 42 48
Profit before tax 48 18 49 68 84 9 24 -38 -133 -100 17 106
Tax % 25% 2% 24% 25% 25% 10% 20% 45% -0% 1% -15% -1%
36 17 37 51 63 8 20 -21 -133 -100 20 108
EPS in Rs 25.17 12.02 25.53 35.35 43.54 5.87 13.52 -14.55 -92.24 -68.94 13.71 74.55
Dividend Payout % 32% 25% 24% 23% 18% 26% 22% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 10%
5 Years: 9%
3 Years: 55%
TTM: 21%
Compounded Profit Growth
10 Years: 20%
5 Years: 41%
3 Years: 41%
TTM: 444%
Stock Price CAGR
10 Years: 14%
5 Years: 23%
3 Years: 64%
1 Year: 83%
Return on Equity
10 Years: 2%
5 Years: -10%
3 Years: 5%
Last Year: 47%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 14 14 14 14 14 14 14 14 14 14 14 14
Reserves 250 262 288 326 389 384 399 370 241 147 163 271
162 0 22 55 41 212 246 185 261 298 265 421
233 274 350 332 341 377 435 289 279 357 494 506
Total Liabilities 659 551 675 727 785 987 1,095 859 796 816 937 1,213
139 143 138 171 215 365 380 426 389 349 356 349
CWIP 10 9 27 40 78 35 27 3 5 16 11 3
Investments 0 0 0 0 0 0 0 0 0 0 0 0
510 399 511 515 492 587 688 429 403 450 569 861
Total Assets 659 551 675 727 785 987 1,095 859 796 816 937 1,213

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-25 162 69 -12 121 -33 55 150 -47 -19 90 -50
-28 22 -103 -13 -89 -98 -58 -47 -28 -7 -42 -46
30 -182 11 17 -34 146 10 -97 60 17 -55 127
Net Cash Flow -24 2 -23 -8 -2 15 8 6 -15 -8 -7 31

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 55 34 34 32 31 38 38 12 24 31 15 28
Inventory Days 110 133 129 146 107 158 146 109 202 143 105 125
Days Payable 53 90 90 74 70 92 94 67 142 118 73 71
Cash Conversion Cycle 112 77 73 104 69 104 91 54 84 56 48 81
Working Capital Days 84 47 37 58 45 63 56 19 60 38 18 56
ROCE % 17% 7% 19% 20% 22% 4% 6% -4% -20% -16% 9%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96%
2.90% 1.61% 1.62% 1.70% 1.64% 1.76% 16.69% 16.68% 15.11% 15.28% 15.43% 15.81%
1.32% 1.28% 1.00% 0.94% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
51.81% 53.14% 53.41% 53.40% 54.39% 54.27% 39.35% 39.34% 40.92% 40.76% 40.59% 40.22%
No. of Shareholders 33,20832,26029,24530,31529,06927,55326,79425,68724,11324,88325,02325,447

* 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.

Documents

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