SML ISUZU Ltd

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
It operates in the LCV and medium commercial vehicle (MCV) segments of the automobile industry with a product portfolio of Goods Carrier Trucks (5.0 Ton to 13 ton GVW), Passenger Carrier Buses (13-60 seater) and Special Purpose Vehicles like Ambulances, Tipper, etc. [1]

It has launched 2 BS-VI compliant bus in FY20- Hiroi School Bus and Hiroi Staff Bus [2]
It launched Executive Lx 5100 XT Bus on 16th September 2019Commercial Bus category[3]
It has launched Sartaj GS HG75 on 8th July 2019 under the Commercial Truck category [4]

See full details
  • Market Cap 775 Cr.
  • Current Price 536
  • High / Low 697 / 365
  • Stock P/E
  • Book Value 177
  • Dividend Yield 0.00 %
  • ROCE -20.3 %
  • ROE -41.7 %
  • Face Value 10.0

Pros

Cons

  • Stock is trading at 3.03 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -12.70% over past five years.
  • Company has a low return on equity of -12.04% for last 3 years.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
295 232 430 471 234 177 272 29 120 184 258 100
294 239 389 435 249 195 264 64 139 193 264 117
Operating Profit 1 -8 41 36 -15 -18 9 -36 -18 -9 -5 -17
OPM % 0% -3% 10% 8% -6% -10% 3% -124% -15% -5% -2% -17%
Other Income 1 1 1 1 2 1 2 1 2 1 1 0
Interest 4 4 4 5 4 4 3 6 7 6 5 5
Depreciation 10 10 10 10 10 10 11 12 12 12 11 11
Profit before tax -11 -20 28 23 -27 -31 -3 -52 -35 -26 -20 -33
Tax % 29% 26% 22% 26% 33% 42% 39% -0% -0% -0% -1% -0%
Net Profit -8 -15 22 17 -18 -18 -2 -52 -35 -26 -20 -33
EPS in Rs -5.35 -10.23 15.20 11.51 -12.31 -12.36 -1.39 -36.11 -23.99 -18.24 -13.90 -23.11

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
717 910 1,036 1,002 881 1,106 1,166 1,356 1,135 1,409 1,154 591 663
664 842 956 932 850 1,036 1,079 1,246 1,090 1,335 1,142 660 713
Operating Profit 52 68 80 70 32 69 87 110 45 74 12 -68 -50
OPM % 7% 7% 8% 7% 4% 6% 7% 8% 4% 5% 1% -12% -8%
Other Income 6 3 2 9 5 5 6 4 3 4 5 4 4
Interest 19 10 11 19 6 6 5 6 11 16 15 23 23
Depreciation 9 9 10 12 13 20 20 24 28 38 41 46 46
Profit before tax 30 51 60 48 18 49 68 84 9 24 -38 -133 -115
Tax % 29% 29% 30% 25% 2% 24% 25% 25% 10% 20% 45% -0%
Net Profit 21 37 42 36 17 37 51 63 8 20 -21 -133 -115
EPS in Rs 14.83 25.26 28.93 25.17 12.02 25.53 35.35 43.54 5.87 13.52 -14.55 -92.24 -79.24
Dividend Payout % 27% 32% 28% 32% 25% 24% 23% 18% 26% 22% -0% -0%
Compounded Sales Growth
10 Years:-4%
5 Years:-13%
3 Years:-20%
TTM:-7%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-27%
Stock Price CAGR
10 Years:4%
5 Years:-16%
3 Years:-8%
1 Year:37%
Return on Equity
10 Years:4%
5 Years:-3%
3 Years:-12%
Last Year:-42%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
14 14 14 14 14 14 14 14 14 14 14 14
Reserves 175 198 227 250 262 288 326 389 384 399 370 241
Borrowings 85 101 100 162 -0 22 55 41 212 246 185 261
215 232 281 233 274 350 332 341 377 435 289 279
Total Liabilities 489 546 622 659 551 675 727 785 987 1,095 859 796
119 128 135 139 143 138 171 215 365 380 426 389
CWIP 6 8 8 10 9 27 40 78 35 27 3 5
Investments -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
364 411 479 510 399 511 515 492 587 688 429 403
Total Assets 489 546 622 659 551 675 727 785 987 1,095 859 796

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
108 36 74 -25 162 69 -12 121 -33 55 150 -47
-6 -27 -27 -28 22 -103 -13 -89 -98 -58 -47 -28
-78 -17 -9 30 -182 11 17 -34 146 10 -97 60
Net Cash Flow 24 -7 38 -24 2 -23 -8 -2 15 8 6 -15

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 70 47 43 55 34 34 32 31 38 38 12 24
Inventory Days 102 109 104 110 133 129 146 107 158 146 109 202
Days Payable 94 71 75 53 90 90 74 70 92 94 67 142
Cash Conversion Cycle 78 84 72 112 77 73 104 69 104 91 54 84
Working Capital Days 63 63 50 84 47 37 58 45 71 65 34 60
ROCE % 17% 21% 23% 17% 7% 19% 20% 22% 4% 6% -4% -20%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96
5.60 5.47 5.29 5.24 4.90 4.87 4.39 3.77 3.53 3.36 3.33 2.90
1.99 1.45 1.47 1.51 1.52 1.45 1.45 1.46 1.35 1.29 1.29 1.32
48.45 49.11 49.27 49.28 49.62 49.71 50.19 50.81 51.16 51.39 51.42 51.81

Documents