WABCO India Ltd

About

WABCO India is a subsidiary of WABCO Holding Inc, USA. The Company is engaged in the business of manufacturing and marketing conventional braking products, advanced braking systems, and other related air-assisted products and systems. It also provides software development and other services. Its headquarter is in Chennai, India[1]

Key Points

Brand
It is the market leader for advanced braking systems, conventional braking products, and related air-assisted technologies and systems in India. [1]
It has a strong customer base, some of which are TATA, Ashok Leyland, Audi, and some more. [2]

See full details
  • Market Cap 14,195 Cr.
  • Current Price 7,487
  • High / Low 7,872 / 4,750
  • Stock P/E 90.7
  • Book Value 1,053
  • Dividend Yield 0.15 %
  • ROCE 6.85 %
  • ROE 4.64 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 7.11 times its book value
  • The company has delivered a poor sales growth of 0.34% over past five years.
  • Company has a low return on equity of 8.99% for last 3 years.
  • Dividend payout has been low at 12.69% of profits over last 3 years
  • Debtor days have increased from 88.17 to 114.67 days.
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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
743 700 663 638 446 441 405 166 419 566 712 492
620 599 578 551 393 381 353 195 356 479 629 450
Operating Profit 123 100 85 87 53 60 52 -29 63 88 83 42
OPM % 17% 14% 13% 14% 12% 14% 13% -17% 15% 15% 12% 9%
Other Income 26 10 13 15 15 16 18 13 11 8 7 12
Interest -0 -0 -0 0 1 0 1 1 1 0 0 1
Depreciation 17 18 21 22 21 22 25 23 22 22 23 23
Profit before tax 132 92 78 80 46 53 45 -39 51 73 67 31
Tax % 28% 35% 33% 31% 26% 27% 29% 19% 31% 28% 29% 31%
Net Profit 96 60 52 55 34 39 32 -31 35 52 48 21
EPS in Rs 50.36 31.52 27.47 28.87 17.85 20.40 16.61 -16.53 18.51 27.64 25.11 11.27

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
591 892 1,045 965 1,110 1,347 1,832 2,067 2,573 2,854 1,930 1,864 2,189
473 691 825 771 944 1,144 1,546 1,741 2,174 2,443 1,676 1,658 1,913
Operating Profit 118 201 220 194 166 203 287 326 399 411 254 206 276
OPM % 20% 22% 21% 20% 15% 15% 16% 16% 16% 14% 13% 11% 13%
Other Income 18 5 12 13 27 20 40 36 46 72 62 39 37
Interest 3 0 0 0 0 0 0 0 2 -0 2 2 2
Depreciation 14 14 16 22 32 47 56 62 62 71 90 90 90
Profit before tax 118 191 216 185 161 177 270 300 382 411 223 152 222
Tax % 34% 33% 29% 29% 27% 32% 25% 29% 29% 31% 29% 32%
Net Profit 78 127 153 131 117 121 203 213 273 282 159 104 157
EPS in Rs 41.22 67.18 80.87 68.95 61.94 63.61 107.22 112.55 143.84 148.76 83.73 54.72 82.53
Dividend Payout % 6% 7% 6% 7% 8% 8% 6% 6% 6% 6% 12% 20%
Compounded Sales Growth
10 Years:8%
5 Years:0%
3 Years:-10%
TTM:50%
Compounded Profit Growth
10 Years:-3%
5 Years:-14%
3 Years:-29%
TTM:115%
Stock Price CAGR
10 Years:19%
5 Years:5%
3 Years:5%
1 Year:49%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:9%
Last Year:5%

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
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 261 377 520 639 746 854 1,058 1,257 1,516 1,770 1,885 1,987
Borrowings 7 1 1 -0 -0 -0 -0 -0 -0 -0 -0 -0
111 121 148 144 202 250 455 471 643 556 286 500
Total Liabilities 389 509 678 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496
180 180 230 264 306 324 335 318 359 440 471 432
CWIP 7 10 13 25 11 18 37 62 52 19 30 50
Investments 2 12 23 25 50 39 218 298 446 313 542 640
200 306 412 479 589 733 932 1,059 1,312 1,563 1,137 1,374
Total Assets 389 509 678 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496

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
53 49 155 90 143 124 242 180 311 150 224 138
1 -26 -76 -61 -76 -45 -241 -120 -205 -429 -165 -24
-25 -6 -11 -11 -11 -11 -12 -14 -18 -18 -48 -19
Net Cash Flow 29 17 69 18 56 68 -10 46 88 -297 11 96

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 81 70 55 72 76 81 87 91 92 81 69 115
Inventory Days 51 59 74 96 65 54 58 43 30 30 36 37
Days Payable 95 62 69 72 87 82 115 96 121 83 50 110
Cash Conversion Cycle 37 67 60 95 54 53 30 38 1 29 55 41
Working Capital Days 55 73 65 93 79 74 50 51 37 49 56 62
ROCE % 45% 57% 47% 31% 23% 21% 27% 24% 26% 23% 11% 7%

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
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 93.11 93.11 80.43 77.01
2.55 2.58 2.66 0.00 2.68 2.76 2.66 2.63 0.23 0.20 0.35 0.62
9.06 9.33 9.54 12.19 9.51 9.14 8.84 9.06 0.15 0.14 11.22 14.05
13.39 13.09 12.80 12.81 12.81 13.10 13.50 13.31 6.51 6.55 7.99 8.33

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