SML ISUZU Ltd

₹ 775 -1.03%
23 Sep - 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
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]

  • Market Cap 1,121 Cr.
  • Current Price 775
  • High / Low 849 / 471
  • Stock P/E
  • Book Value 112
  • Dividend Yield 0.00 %
  • ROCE -16.2 %
  • ROE -47.9 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 6.94 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.38% over past five years.
  • Company has a low return on equity of -27.4% for last 3 years.
  • Company might be capitalizing the interest cost

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
471.43 234.04 176.52 272.17 28.74 120.45 183.85 258.15 99.97 232.70 249.51 342.35 500.19
434.94 248.77 195.01 263.55 64.42 138.83 193.06 263.52 117.25 248.75 259.43 339.94 483.29
Operating Profit 36.49 -14.73 -18.49 8.62 -35.68 -18.38 -9.21 -5.37 -17.28 -16.05 -9.92 2.41 16.90
OPM % 7.74% -6.29% -10.47% 3.17% -124.15% -15.26% -5.01% -2.08% -17.29% -6.90% -3.98% 0.70% 3.38%
0.66 2.12 0.85 1.51 0.77 2.14 0.59 1.28 0.35 3.73 0.62 0.90 0.47
Interest 4.67 3.73 3.50 2.73 5.74 6.77 6.12 4.71 5.41 6.27 5.55 4.28 4.51
Depreciation 9.96 10.20 9.89 10.67 11.61 11.71 11.65 11.20 11.10 11.04 10.94 10.44 10.52
Profit before tax 22.52 -26.54 -31.03 -3.27 -52.26 -34.72 -26.39 -20.00 -33.44 -29.63 -25.79 -11.41 2.34
Tax % 26.02% 32.86% 42.35% 38.53% 0.00% 0.00% 0.00% -0.60% 0.00% 1.75% 0.00% -0.09% 0.00%
Net Profit 16.66 -17.82 -17.89 -2.01 -52.26 -34.72 -26.39 -20.12 -33.44 -29.11 -25.79 -11.42 2.34
EPS in Rs 11.51 -12.31 -12.36 -1.39 -36.11 -23.99 -18.24 -13.90 -23.11 -20.12 -17.82 -7.89 1.62
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
910 1,036 1,002 881 1,106 1,166 1,356 1,135 1,409 1,154 591 924 1,325
842 956 932 850 1,036 1,079 1,246 1,090 1,335 1,142 660 965 1,331
Operating Profit 68 80 70 32 69 87 110 45 74 12 -69 -41 -7
OPM % 7% 8% 7% 4% 6% 7% 8% 4% 5% 1% -12% -4% -0%
3 2 9 5 5 6 4 3 4 5 5 6 6
Interest 10 11 19 6 6 5 6 11 16 15 23 22 21
Depreciation 9 10 12 13 20 20 24 28 38 41 46 44 43
Profit before tax 51 60 48 18 49 68 84 9 24 -38 -133 -100 -64
Tax % 29% 30% 25% 2% 24% 25% 25% 10% 20% 45% -0% 1%
Net Profit 37 42 36 17 37 51 63 8 20 -21 -133 -100 -64
EPS in Rs 25.26 28.93 25.17 12.02 25.53 35.35 43.54 5.87 13.52 -14.55 -92.24 -68.94 -44.21
Dividend Payout % 32% 28% 32% 25% 24% 23% 18% 26% 22% 0% 0% 0%
Compounded Sales Growth
10 Years: -1%
5 Years: -7%
3 Years: -13%
TTM: 100%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 44%
Stock Price CAGR
10 Years: 7%
5 Years: -3%
3 Years: 11%
1 Year: 45%
Return on Equity
10 Years: -1%
5 Years: -13%
3 Years: -27%
Last Year: -48%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
14 14 14 14 14 14 14 14 14 14 14 14
Reserves 198 227 250 262 288 326 389 384 399 370 241 147
101 100 162 0 22 55 41 212 246 185 261 298
232 281 233 274 350 332 341 377 435 289 279 357
Total Liabilities 546 622 659 551 675 727 785 987 1,095 859 796 816
128 135 139 143 138 171 215 365 380 426 389 349
CWIP 8 8 10 9 27 40 78 35 27 3 5 16
Investments 0 0 0 0 0 0 0 0 0 0 0 0
411 479 510 399 511 515 492 587 688 429 403 450
Total Assets 546 622 659 551 675 727 785 987 1,095 859 796 816

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
36 74 -25 162 69 -12 121 -33 55 150 -47 -19
-27 -27 -28 22 -103 -13 -89 -98 -58 -47 -28 -7
-17 -9 30 -182 11 17 -34 146 10 -97 60 17
Net Cash Flow -7 38 -24 2 -23 -8 -2 15 8 6 -15 -8

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 47 43 55 34 34 32 31 38 38 12 24 31
Inventory Days 109 104 110 133 129 146 107 158 146 109 202 143
Days Payable 71 75 53 90 90 74 70 92 94 67 142 118
Cash Conversion Cycle 84 72 112 77 73 104 69 104 91 54 84 56
Working Capital Days 63 50 84 47 37 58 45 63 56 19 60 38
ROCE % 21% 23% 17% 7% 19% 20% 22% 4% 6% -4% -20% -16%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96 43.96
4.90 4.87 4.39 3.77 3.53 3.36 3.33 2.90 1.61 1.62 1.70 1.64
1.52 1.45 1.45 1.46 1.35 1.29 1.29 1.32 1.28 1.00 0.94 0.01
49.62 49.71 50.19 50.81 51.16 51.39 51.42 51.81 53.14 53.41 53.40 54.39

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