Steel Strips Wheels Ltd

About

Company Overview
Steel Strips Wheels Ltd was incorporated in 1985 and started its operations in 1991. It designs, manufactures, and supplies Steel Wheel Rims and Alloy Wheels for a wide range of domestic and global automobile makers. It is Headquarter in Chandigarh. [1]

Key Points

Leader in automotive wheel rims
It is a leader in Designing, Manufacturing & Supplying automotive wheel rims – both under the steel & alloy category. [1]
It has a broad customer base, some of which are Tata Motors, BMW, Honda, Maruti Suzuki, and a few others [2]

See full details
  • Market Cap 2,846 Cr.
  • Current Price 1,823
  • High / Low 1,990 / 454
  • Stock P/E 20.6
  • Book Value 480
  • Dividend Yield 0.11 %
  • ROCE 8.69 %
  • ROE 6.73 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 3.80 times its book value
  • The company has delivered a poor sales growth of 8.26% over past five years.
  • Company has a low return on equity of 7.63% for last 3 years.
  • Promoters have pledged 37.10% of their holding.
  • Dividend payout has been low at 4.64% of profits over 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
531 483 527 471 362 344 387 120 405 525 700 678
467 421 470 415 321 301 356 118 355 459 614 580
Operating Profit 64 62 57 56 41 43 31 2 50 66 86 98
OPM % 12% 13% 11% 12% 11% 12% 8% 2% 12% 12% 12% 14%
Other Income 5 4 7 4 7 4 8 1 5 4 6 2
Interest 25 23 23 23 23 21 22 23 22 20 19 20
Depreciation 16 16 15 18 18 18 18 17 18 18 19 18
Profit before tax 28 27 26 19 8 7 -1 -37 15 31 54 63
Tax % 25% 27% 22% 23% -2% 15% -310% -4% 9% 7% 18% 19%
Net Profit 21 20 20 15 8 6 -5 -38 14 29 45 51
EPS in Rs 13.66 12.59 12.78 9.44 4.93 4.03 -3.37 -24.43 8.99 18.42 28.55 32.72

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
416 652 953 968 1,056 1,148 1,177 1,330 1,518 2,041 1,563 1,749 2,307
355 565 859 873 957 1,041 1,031 1,165 1,318 1,795 1,392 1,546 2,008
Operating Profit 61 87 93 95 99 108 145 165 200 246 171 204 299
OPM % 15% 13% 10% 10% 9% 9% 12% 12% 13% 12% 11% 12% 13%
Other Income 1 2 10 11 19 21 19 20 13 17 22 16 18
Interest 17 20 28 30 41 41 43 51 64 93 89 84 81
Depreciation 25 33 43 50 53 38 42 48 53 62 72 72 72
Profit before tax 20 36 33 27 25 49 79 86 97 109 33 64 163
Tax % 26% 16% 13% 6% 3% 19% 23% 35% 23% 24% 28% 23%
Net Profit 15 30 29 25 24 39 61 56 75 82 23 49 138
EPS in Rs 10.66 20.08 19.38 16.47 16.00 25.82 40.09 35.85 48.27 52.83 15.04 31.55 88.68
Dividend Payout % 9% 7% 8% 9% 9% 8% 7% 8% 8% 8% 0% 6%
Compounded Sales Growth
10 Years:10%
5 Years:8%
3 Years:5%
TTM:90%
Compounded Profit Growth
10 Years:5%
5 Years:-4%
3 Years:-13%
TTM:571%
Stock Price CAGR
10 Years:24%
5 Years:20%
3 Years:21%
1 Year:295%
Return on Equity
10 Years:9%
5 Years:9%
3 Years:8%
Last Year:7%

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
13 15 15 15 15 15 15 16 16 16 16 16
Reserves 170 268 294 327 349 383 444 496 569 644 682 734
Borrowings 300 424 505 612 658 631 674 870 1,103 988 1,001 937
126 130 145 131 162 170 196 349 489 506 480 690
Total Liabilities 610 837 959 1,086 1,184 1,200 1,329 1,732 2,176 2,153 2,179 2,377
338 496 564 574 571 542 705 745 1,029 1,329 1,307 1,259
CWIP 85 37 50 97 120 154 52 352 323 53 85 109
Investments 0 0 0 0 0 0 0 0 0 0 0 0
187 303 344 414 492 504 572 635 823 771 787 1,008
Total Assets 610 837 959 1,086 1,184 1,200 1,329 1,732 2,176 2,153 2,179 2,377

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
50 33 76 78 115 152 95 121 233 184 104 169
-88 -142 -123 -104 -62 -34 -91 -375 -299 -80 -69 -37
56 112 43 67 -71 -63 18 253 76 -113 -64 -171
Net Cash Flow 18 2 -4 41 -18 55 22 -1 10 -10 -29 -39

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 55 51 53 56 74 52 52 56 75 35 49 54
Inventory Days 106 130 75 71 74 67 77 81 107 95 124 165
Days Payable 126 73 59 51 66 59 66 68 131 72 81 137
Cash Conversion Cycle 36 109 69 76 83 60 63 69 51 57 93 82
Working Capital Days 50 93 75 90 104 81 84 87 79 62 104 97
ROCE % 8% 9% 8% 6% 6% 9% 11% 11% 10% 12% 7% 9%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
57.89 58.79 60.08 61.10 61.65 62.85 62.85 62.85 62.77 62.77 62.77 62.77
0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.80 0.63 0.69 0.84 0.26
1.07 0.44 0.43 0.44 0.44 0.44 0.40 0.71 0.71 0.70 0.44 0.32
40.46 40.19 38.90 37.89 37.32 36.14 36.17 35.64 35.89 35.84 35.96 36.66

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