Wheels India Ltd

wheelsindia.com BSE: 590073 NSE : WHEELS
About

Wheels India is engaged in the Business of Manufacture of Road Wheels , Parts & Accessories for Machinery / Equipments used by construction and mining industries and Wind Turbine Parts.
[1]

Key Points

Product Portfolio
The company's main business is to manufacture different kinds of wheel rims and sell it to OEMs in India.
It also produces various other products for e.g. windmill components, bogie frames and bogie bolsters, air suspension systems and a few others.[1]

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Website BSE NSE
  • Market Cap ₹ 1,904 Cr.
  • Current Price ₹ 791
  • High / Low ₹ 1,039 / 374
  • Stock P/E 34.4
  • Book Value ₹ 275
  • Dividend Yield 0.13 %
  • ROCE 4.47 %
  • ROE 0.27 %
  • Face Value ₹ 10.0
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Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 83.72%

Cons

  • Stock is trading at 2.88 times its book value
  • The company has delivered a poor sales growth of 3.96% over past five years.
  • Company has a low return on equity of 6.61% for last 3 years.
  • Debtor days have increased from 79.60 to 112.07 days.
  • Promoter holding has decreased over last 3 years: -17.47%

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
871.81 855.94 904.04 781.79 659.20 642.01 588.61 216.45 562.08 708.08 927.37 729.10
813.70 799.83 840.13 729.93 619.01 599.17 552.98 245.30 521.04 653.90 854.18 681.20
Operating Profit 58.11 56.11 63.91 51.86 40.19 42.84 35.63 -28.85 41.04 54.18 73.19 47.90
OPM % 6.67% 6.56% 7.07% 6.63% 6.10% 6.67% 6.05% -13.33% 7.30% 7.65% 7.89% 6.57%
Other Income 9.30 1.31 2.50 1.47 1.80 2.27 4.06 1.32 1.19 1.60 1.60 5.47
Interest 16.37 18.19 18.51 17.79 16.74 15.63 16.36 14.68 14.18 15.10 14.91 16.60
Depreciation 19.41 19.72 20.20 20.16 18.76 18.82 20.18 17.89 19.71 23.02 24.98 23.88
Profit before tax 31.63 19.51 27.70 15.38 6.49 10.66 3.15 -60.10 8.34 17.66 34.90 12.89
Tax % 24.79% 35.57% 27.55% 28.67% -292.91% 22.89% 11.75% 24.84% 21.10% 31.37% 23.81% 26.38%
Net Profit 23.75 13.52 19.75 11.30 25.81 8.69 3.41 -43.71 6.84 12.11 26.58 9.77
EPS in Rs 9.87 5.62 8.21 4.70 10.73 3.61 1.42 -18.16 2.84 5.03 11.05 4.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,987 2,173 2,563 3,441 2,672 2,413 2,927
1,815 1,987 2,364 3,196 2,500 2,270 2,710
Operating Profit 172 186 199 245 172 143 216
OPM % 9% 9% 8% 7% 6% 6% 7%
Other Income 2 4 23 8 8 2 10
Interest 58 48 45 66 67 59 61
Depreciation 60 64 70 79 78 86 92
Profit before tax 56 78 106 108 36 1 74
Tax % 29% 24% 29% 30% -33% 85%
Net Profit 41 59 75 77 49 2 55
EPS in Rs 17.07 24.58 31.15 31.79 20.39 0.76 22.98
Dividend Payout % 26% 26% 24% 25% 28% 198%
Compounded Sales Growth
10 Years:%
5 Years:4%
3 Years:-2%
TTM:39%
Compounded Profit Growth
10 Years:%
5 Years:-46%
3 Years:-70%
TTM:1053%
Stock Price CAGR
10 Years:28%
5 Years:4%
3 Years:-9%
1 Year:106%
Return on Equity
10 Years:%
5 Years:9%
3 Years:7%
Last Year:0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 12 12 24 24 24
Reserves 402 457 575 616 640 637
Borrowings 386 369 359 495 650 698
495 532 718 880 674 1,118
Total Liabilities 1,295 1,369 1,663 2,015 1,987 2,476
518 526 557 710 753 883
CWIP 17 22 65 65 198 114
Investments 17 19 21 23 23 23
743 802 1,019 1,216 1,013 1,456
Total Assets 1,295 1,369 1,663 2,015 1,987 2,476

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
148 155 131 184 184 148
-69 -75 -135 -230 -242 -118
-82 -75 9 38 70 -31
Net Cash Flow -2 5 5 -9 12 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 64 73 69 62 65 112
Inventory Days 84 71 78 66 81 119
Days Payable 104 108 103 97 99 195
Cash Conversion Cycle 44 37 44 31 46 36
Working Capital Days 51 51 50 40 51 58
ROCE % 15% 15% 17% 8% 4%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
75.00 74.99 75.00 75.00 60.77
0.06 0.06 0.06 0.06 0.06
8.77 8.95 8.96 8.98 8.98
16.17 15.99 15.98 15.96 30.19

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