ZF Commercial Vehicle Control System India Ltd

₹ 9,356 -0.12%
05 Dec 4:01 p.m.
About

Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India.
It also provides software development and other services. Its headquarter is in Chennai, India

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]

  • Market Cap 17,739 Cr.
  • Current Price 9,356
  • High / Low 10,994 / 6,823
  • Stock P/E 80.8
  • Book Value 1,173
  • Dividend Yield 0.13 %
  • ROCE 8.70 %
  • ROE 6.30 %
  • Face Value 5.00

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 7.98 times its book value
  • The company has delivered a poor sales growth of 4.23% over past five years.
  • Company has a low return on equity of 6.10% over last 3 years.

* 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

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
446 441 405 166 419 566 712 492 617 653 782 798 793
393 381 353 195 356 479 629 450 554 594 693 700 685
Operating Profit 53 60 52 -29 63 88 83 42 63 59 89 99 108
OPM % 12% 14% 13% -17% 15% 15% 12% 9% 10% 9% 11% 12% 14%
15 16 18 13 11 8 7 12 8 9 9 11 12
Interest 1 0 1 1 1 0 0 1 0 0 1 1 2
Depreciation 21 22 25 23 22 22 23 23 25 24 21 23 27
Profit before tax 46 53 45 -39 51 73 67 31 45 43 77 86 90
Tax % 26% 27% 29% 19% 31% 28% 29% 31% 28% 26% 26% 28% 24%
Net Profit 34 39 32 -31 35 52 48 21 32 32 57 62 69
EPS in Rs 17.85 20.40 16.61 -16.53 18.51 27.64 25.11 11.27 17.00 16.79 29.84 32.90 36.19
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
892 1,045 965 1,110 1,347 1,832 2,067 2,573 2,854 1,930 1,864 2,543 3,026
691 825 771 944 1,144 1,546 1,741 2,174 2,443 1,676 1,658 2,291 2,672
Operating Profit 201 220 194 166 203 287 326 399 411 254 206 253 354
OPM % 22% 21% 20% 15% 15% 16% 16% 16% 14% 13% 11% 10% 12%
5 12 13 27 20 40 36 46 72 62 39 38 41
Interest 0 0 0 0 0 0 0 2 0 2 2 2 4
Depreciation 14 16 22 32 47 56 62 62 71 90 90 92 95
Profit before tax 191 216 185 161 177 270 300 382 411 223 152 196 296
Tax % 33% 29% 29% 27% 32% 25% 29% 29% 31% 29% 32% 27%
Net Profit 127 153 131 117 121 203 213 273 282 159 104 142 219
EPS in Rs 67.18 80.87 68.95 61.94 63.61 107.22 112.55 143.84 148.76 83.73 54.72 74.90 115.72
Dividend Payout % 7% 6% 7% 8% 8% 6% 6% 6% 6% 12% 20% 16%
Compounded Sales Growth
10 Years: 9%
5 Years: 4%
3 Years: -4%
TTM: 27%
Compounded Profit Growth
10 Years: -2%
5 Years: -8%
3 Years: -21%
TTM: 43%
Stock Price CAGR
10 Years: 19%
5 Years: 6%
3 Years: 15%
1 Year: 17%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 6%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 377 520 639 746 854 1,058 1,257 1,516 1,770 1,885 1,987 2,105 2,216
1 1 0 0 0 0 0 0 0 0 0 0 37
121 148 144 202 250 455 471 643 556 286 500 523 502
Total Liabilities 509 678 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 2,764
180 230 264 306 324 335 318 359 440 471 432 536 555
CWIP 10 13 25 11 18 37 62 52 19 30 50 20 43
Investments 12 23 25 50 39 218 298 446 313 542 640 399 1
306 412 479 589 733 932 1,059 1,312 1,563 1,137 1,374 1,682 2,165
Total Assets 509 678 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 2,764

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
49 155 90 143 124 242 180 311 150 224 138 138
-26 -76 -61 -76 -45 -241 -120 -205 -429 -165 -24 -178
-6 -11 -11 -11 -11 -12 -14 -18 -18 -48 -19 -28
Net Cash Flow 17 69 18 56 68 -10 46 88 -297 11 96 -69

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 70 55 72 76 81 87 91 92 81 69 115 96
Inventory Days 59 74 96 65 54 58 43 30 30 36 37 32
Days Payable 62 69 72 87 82 115 96 121 83 50 110 79
Cash Conversion Cycle 67 60 95 54 53 30 38 1 29 55 41 49
Working Capital Days 73 65 93 82 73 50 51 37 49 56 61 56
ROCE % 57% 47% 31% 23% 21% 27% 24% 26% 23% 11% 7% 9%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
75.00 75.00 75.00 93.11 93.11 80.43 77.01 75.00 75.00 75.00 75.00 75.00
2.76 2.66 2.63 0.23 0.20 0.35 0.62 0.67 0.78 0.71 0.94 1.23
9.14 8.84 9.06 0.15 0.14 11.22 14.05 16.24 16.30 16.45 16.23 15.80
13.10 13.50 13.31 6.51 6.55 7.99 8.33 8.09 7.92 7.84 7.83 7.96

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

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

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