Tube Investments of India Ltd

Tube Investments of India Ltd

₹ 4,301 1.51%
14 Jun 4:01 p.m.
About

Tube Investments of India Limited (TII) is one of India’s leading manufacturers of a wide range of products for major industries such as Automotive, Railway, Construction, Mining, Agriculture, etc. The Company’s 3 main verticals are Engineering, Metal Formed Products and Bicycles. In line with its growth strategies, the Company has forayed into TMT bars and Truck Body Building business and is additionally exploring opportunities in optic lens and other vision systems for the Auto industry. [1]

Key Points

Engineering Division (~29% in FY22 v/s 44% in FY20) ** [1] [2]
The Engineering Segment of the Company consists of cold rolled steel strips and precision steel tubes viz., Cold Drawn Welded tubes (CDW) and Electric Resistance Welded tubes (ERW). It is also engaged in the manufacture of large diameter welded tubes mainly for non-auto applications which are largely imported. [3]
It is the market leader and preferred Indian supplier in CDW Tubes.** [4]

  • Market Cap 83,219 Cr.
  • Current Price 4,301
  • High / Low 4,327 / 2,729
  • Stock P/E 101
  • Book Value 264
  • Dividend Yield 0.08 %
  • ROCE 26.0 %
  • ROE 18.3 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 28.4% CAGR over last 5 years

Cons

  • Stock is trading at 16.3 times its book value
  • Earnings include an other income of Rs.787 Cr.

* 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: Steel Industry: Steel - Large

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,733 2,437 3,263 3,410 3,393 3,776 3,767 3,643 3,778 3,898 4,306 4,197 4,490
2,456 2,157 2,883 2,969 3,042 3,379 3,256 3,174 3,288 3,431 3,744 3,728 4,039
Operating Profit 277 281 380 441 351 397 511 469 489 467 562 469 451
OPM % 10% 12% 12% 13% 10% 11% 14% 13% 13% 12% 13% 11% 10%
12 25 26 46 37 29 7 95 188 42 59 609 77
Interest 25 24 21 22 20 9 12 11 11 11 13 13 15
Depreciation 97 97 91 91 76 85 92 95 124 109 118 122 119
Profit before tax 166 185 294 374 292 332 414 460 542 389 490 943 395
Tax % 14% 27% 21% -4% 23% 26% 33% 29% 12% 27% 30% 13% 31%
143 135 232 390 225 247 277 324 477 284 341 825 271
EPS in Rs 7.01 6.22 9.65 14.46 9.27 10.08 11.08 12.19 16.14 11.12 13.62 27.50 9.80
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
0 4,479 5,000 5,773 4,750 6,083 12,447 14,965 16,890
0 4,073 4,626 5,240 4,169 5,442 10,997 13,081 14,942
Operating Profit 0 406 374 533 582 641 1,450 1,883 1,949
OPM % 9% 7% 9% 12% 11% 12% 13% 12%
0 41 55 62 40 70 147 318 787
Interest 0 77 62 56 34 47 99 58 52
Depreciation 0 149 154 162 185 251 347 396 465
Profit before tax 0 221 214 378 403 412 1,152 1,748 2,218
Tax % 21% 27% 34% 22% 26% 14% 24% 22%
0 174 156 251 313 305 991 1,325 1,723
EPS in Rs 7.86 12.81 16.31 14.85 39.85 49.48 62.08
Dividend Payout % 0% 17% 20% 21% 24% 9% 7% 6%
Compounded Sales Growth
10 Years: %
5 Years: 24%
3 Years: 41%
TTM: 13%
Compounded Profit Growth
10 Years: %
5 Years: 28%
3 Years: 43%
TTM: -13%
Stock Price CAGR
10 Years: %
5 Years: 61%
3 Years: 48%
1 Year: 45%
Return on Equity
10 Years: %
5 Years: 22%
3 Years: 24%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 0 19 19 19 19 19 19 19 19
Reserves -0 1,169 1,254 1,457 1,715 2,152 3,052 3,931 5,080
0 851 776 611 414 1,972 871 726 896
0 1,097 1,263 1,263 932 4,892 4,932 5,543 7,183
Total Liabilities 0 3,135 3,312 3,349 3,080 9,036 8,874 10,220 13,179
0 1,306 1,358 1,429 1,515 3,477 3,324 3,593 4,449
CWIP 0 34 90 69 58 135 128 191 348
Investments 0 202 134 132 186 369 542 729 1,370
0 1,593 1,730 1,719 1,321 5,054 4,880 5,707 7,012
Total Assets 0 3,135 3,312 3,349 3,080 9,036 8,874 10,220 13,179

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-0 383 409 493 596 268 896 1,386 675
0 316 -181 -196 -246 -63 -79 -850 -1,658
0 -685 -291 -280 -284 286 -921 -75 645
Net Cash Flow 0 14 -63 17 66 491 -104 461 -338

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 50 51 41 40 77 52 52 59
Inventory Days 101 93 84 75 111 58 50 59
Days Payable 107 117 96 94 226 103 86 92
Cash Conversion Cycle 44 26 29 22 -38 8 16 26
Working Capital Days 33 18 21 18 -90 -17 18 54
ROCE % 26% 13% 20% 21% 14% 27% 32%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
46.66% 46.49% 46.48% 46.46% 46.45% 46.45% 46.44% 46.21% 46.13% 46.12% 45.11% 45.11%
25.82% 25.21% 26.09% 26.06% 25.90% 26.30% 28.82% 28.92% 29.41% 30.42% 28.83% 28.33%
14.82% 15.68% 14.95% 14.34% 14.70% 14.06% 11.76% 11.79% 12.25% 11.47% 14.14% 14.80%
0.00% 0.00% 0.00% 0.00% 0.00% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
12.70% 12.61% 12.48% 13.13% 12.95% 12.74% 12.55% 12.64% 11.77% 11.55% 11.48% 11.32%
No. of Shareholders 38,77140,45649,19058,98054,97277,07191,12283,88975,34376,47279,16880,778

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls