SML ISUZU Ltd

₹ 2,255 -3.24%

26 Apr - 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]

Website BSE NSE

Market Cap ₹ 3,270 Cr.
Current Price ₹ 2,255
High / Low ₹ 2,480 / 890
Stock P/E 39.7
Book Value ₹ 159
Dividend Yield 0.00 %
ROCE 9.39 %
ROE 11.7 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 18.7% CAGR over last 5 years
Debtor days have improved from 23.5 to 15.2 days.
Company's working capital requirements have reduced from 38.7 days to 18.3 days

Cons

Stock is trading at 14.2 times its book value
Company has a low return on equity of -30.6% 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	183.85	258.15	99.97	232.70	249.52	342.35	500.19	410.43	327.75	583.22	631.61	498.59	386.13
	193.06	263.52	117.25	248.75	259.43	339.94	483.29	404.84	311.85	539.97	584.90	459.39	364.33
Operating Profit	-9.21	-5.37	-17.28	-16.05	-9.91	2.41	16.90	5.59	15.90	43.25	46.71	39.20	21.80
OPM %	-5.01%	-2.08%	-17.29%	-6.90%	-3.97%	0.70%	3.38%	1.36%	4.85%	7.42%	7.40%	7.86%	5.65%
	0.59	1.28	0.35	3.73	0.61	0.90	0.47	0.41	0.60	1.64	2.20	0.22	0.97
Interest	6.12	4.71	5.41	6.27	5.55	4.28	4.51	4.33	6.82	9.39	5.22	6.53	7.88
Depreciation	11.65	11.20	11.10	11.04	10.94	10.44	10.52	10.84	10.64	10.43	11.64	11.74	12.04
Profit before tax	-26.39	-20.00	-33.44	-29.63	-25.79	-11.41	2.34	-9.17	-0.96	25.07	32.05	21.15	2.85
Tax %	0.00%	-0.60%	0.00%	1.75%	0.00%	-0.09%	0.00%	0.00%	86.46%	-6.86%	0.81%	0.28%	5.96%
	-26.39	-20.12	-33.44	-29.11	-25.79	-11.42	2.34	-9.17	-0.13	26.79	31.79	21.09	2.68
EPS in Rs	-18.24	-13.90	-23.11	-20.12	-17.82	-7.89	1.62	-6.34	-0.09	18.51	21.97	14.57	1.85
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Profit & Loss

Figures in Rs. Crores

	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
	1,036	1,002	881	1,106	1,166	1,356	1,135	1,409	1,154	591	924	1,822	2,100
	956	932	850	1,036	1,079	1,246	1,090	1,335	1,142	660	965	1,740	1,949
Operating Profit	80	70	32	69	87	110	45	74	12	-69	-41	82	151
OPM %	8%	7%	4%	6%	7%	8%	4%	5%	1%	-12%	-4%	4%	7%
	2	9	5	5	6	4	3	4	5	5	6	3	5
Interest	11	19	6	6	5	6	11	16	15	23	22	25	29
Depreciation	10	12	13	20	20	24	28	38	41	46	44	42	46
Profit before tax	60	48	18	49	68	84	9	24	-38	-133	-100	17	81
Tax %	30%	25%	2%	24%	25%	25%	10%	20%	45%	-0%	1%	-15%
	42	36	17	37	51	63	8	20	-21	-133	-100	20	82
EPS in Rs	28.93	25.17	12.02	25.53	35.35	43.54	5.87	13.52	-14.55	-92.24	-68.94	13.71	56.90
Dividend Payout %	28%	32%	25%	24%	23%	18%	26%	22%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	10%
3 Years:	16%
TTM:	33%

Compounded Profit Growth
10 Years:	-6%
5 Years:	19%
3 Years:	43%
TTM:	548%

Stock Price CAGR
10 Years:	20%
5 Years:	23%
3 Years:	70%
1 Year:	136%

Return on Equity
10 Years:	-1%
5 Years:	-14%
3 Years:	-31%
Last Year:	12%

Balance Sheet

Figures in Rs. Crores

	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	14	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	227	250	262	288	326	389	384	399	370	241	147	163	215
	100	162	0	22	55	41	212	246	185	261	298	265	255
	281	233	274	350	332	341	377	435	289	279	357	494	435
Total Liabilities	622	659	551	675	727	785	987	1,095	859	796	816	937	920
	135	139	143	138	171	215	365	380	426	389	349	356	350
CWIP	8	10	9	27	40	78	35	27	3	5	16	11	10
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
	479	510	399	511	515	492	587	688	429	403	450	569	560
Total Assets	622	659	551	675	727	785	987	1,095	859	796	816	937	920

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	74	-25	162	69	-12	121	-33	55	150	-47	-19	90
	-27	-28	22	-103	-13	-89	-98	-58	-47	-28	-7	-42
	-9	30	-182	11	17	-34	146	10	-97	60	17	-55
Net Cash Flow	38	-24	2	-23	-8	-2	15	8	6	-15	-8	-7

Ratios

Figures in Rs. Crores

	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	43	55	34	34	32	31	38	38	12	24	31	15
Inventory Days	104	110	133	129	146	107	158	146	109	202	143	105
Days Payable	75	53	90	90	74	70	92	94	67	142	118	73
Cash Conversion Cycle	72	112	77	73	104	69	104	91	54	84	56	48
Working Capital Days	50	84	47	37	58	45	63	56	19	60	38	18
ROCE %	23%	17%	7%	19%	20%	22%	4%	6%	-4%	-20%	-16%	9%

Shareholding Pattern

Numbers in percentages

7 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 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	33,208	32,260	29,245	30,315	29,069	27,553	26,794	25,687	24,113	24,883	25,023	25,447

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%
	4.19%	5.79%	5.29%	4.39%	3.33%	1.70%	16.68%	15.81%
	3.23%	2.77%	1.47%	1.45%	1.29%	0.94%	0.00%	0.00%
	48.61%	47.48%	49.27%	50.19%	51.42%	53.40%	39.34%	40.22%
No. of Shareholders	31,883	34,570	31,647	32,845	32,796	30,315	25,687	25,447

* 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.

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