SML ISUZU Ltd

SML ISUZU Ltd

₹ 1,715 2.94%
21 Feb - 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 2,485 Cr.
  • Current Price 1,715
  • High / Low 1,727 / 658
  • Stock P/E 30.2
  • Book Value 159
  • Dividend Yield 0.00 %
  • ROCE 9.39 %
  • ROE 11.7 %
  • Face Value 10.0

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 10.8 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.

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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
Raw PDF

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: 21%
5 Years: 26%
3 Years: 52%
1 Year: 143%
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

5 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96% 43.96%
3.33% 2.90% 1.61% 1.62% 1.70% 1.64% 1.76% 16.69% 16.68% 15.11% 15.28% 15.43%
1.29% 1.32% 1.28% 1.00% 0.94% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
51.42% 51.81% 53.14% 53.41% 53.40% 54.39% 54.27% 39.35% 39.34% 40.92% 40.76% 40.59%
No. of Shareholders 32,79633,20832,26029,24530,31529,06927,55326,79425,68724,11324,88325,023

* 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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