Igarashi Motors India Ltd

Igarashi Motors Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Igarashi Motors India Ltd

₹ 730 -0.85%
22 Nov - close price
igarashimotors.com BSE: 517380 NSE: IGARASHI
About

Igarashi Motors India Ltd is engaged in the production and export of Permanent Magnet DC Motors for the Automotive Sector especially for the passenger vehicle sector[1]
It was incorporated as CG Igarashi Motors Limited in 1992 as a JV between Crompton Greaves Ltd(India), Igarashi Electric Works Ltd, Japan, and International Components Corporation, USA.
Over a period, IEWL consolidated its stake in the Company by acquiring a stake of exited JV Partners. [2]

Key Points

Business Overview[1]
The company started as a contract manufacturer in 1992, and ventured into the design and development of critical automotive applications since 2000. IMIL has developed an actuator motor, a type of DC motor, for the Electronic Throttle Control (ETC) application. IMIL has a presence in Tier-2, Tier-3 and Tier-4 of auto business, with vertically integrated operations in a single company.
The Igarashi group of Japan- a global player in DC motors, along with its subsidiaries holds the majority stake in IMIL, and the India operations are overseen by a professional board.

Website BSE NSE
  • Market Cap ₹ 2,299 Cr.
  • Current Price ₹ 730
  • High / Low ₹ 817 / 402
  • Stock P/E 101
  • Book Value ₹ 146
  • Dividend Yield 0.14 %
  • ROCE 4.74 %
  • ROE 2.16 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 31.0%

Cons

  • Stock is trading at 5.00 times its book value
  • The company has delivered a poor sales growth of 3.65% over past five years.
  • Company has a low return on equity of 1.21% 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.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

Part of BSE Allcap BSE Consumer Discretionary BSE SmallCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
158.99 111.19 137.82 142.61 173.73 166.98 172.93 168.25 178.44 173.75 204.60 222.07 216.07
140.40 108.65 129.71 134.78 158.38 151.67 151.06 152.04 161.11 156.46 182.16 196.75 189.79
Operating Profit 18.59 2.54 8.11 7.83 15.35 15.31 21.87 16.21 17.33 17.29 22.44 25.32 26.28
OPM % 11.69% 2.28% 5.88% 5.49% 8.84% 9.17% 12.65% 9.63% 9.71% 9.95% 10.97% 11.40% 12.16%
1.85 3.88 0.46 0.31 0.59 3.80 3.33 0.90 0.46 0.73 0.34 1.37 0.33
Interest 1.94 1.12 1.66 2.50 3.11 3.35 3.18 3.07 3.38 3.51 2.78 3.38 3.55
Depreciation 11.31 11.04 11.11 11.26 12.07 11.88 11.94 12.12 12.41 12.41 12.13 12.39 12.64
Profit before tax 7.19 -5.74 -4.20 -5.62 0.76 3.88 10.08 1.92 2.00 2.10 7.87 10.92 10.42
Tax % 28.51% -23.00% -21.90% -25.27% 38.16% 65.46% 24.31% 26.04% 27.00% 25.71% 34.69% 25.27% 25.34%
5.14 -4.42 -3.28 -4.20 0.47 1.34 7.63 1.43 1.46 1.56 5.14 8.16 7.79
EPS in Rs 1.63 -1.40 -1.04 -1.33 0.15 0.43 2.42 0.45 0.46 0.50 1.63 2.59 2.47
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
291 361 385 445 516 671 606 534 533 556 656 725 816
237 292 305 337 394 513 490 456 458 509 595 650 725
Operating Profit 54 69 80 108 122 158 117 78 74 47 61 75 91
OPM % 19% 19% 21% 24% 24% 24% 19% 15% 14% 8% 9% 10% 11%
2 18 17 14 17 34 25 12 10 7 8 2 3
Interest 14 13 7 6 4 13 16 15 7 7 13 13 13
Depreciation 13 16 19 19 22 38 40 43 45 44 47 49 50
Profit before tax 29 58 72 97 114 141 86 32 32 2 9 14 31
Tax % 27% 21% 32% 35% 34% 32% 33% 8% 21% 48% 42% 31%
21 46 49 64 75 95 57 30 26 1 5 10 23
EPS in Rs 9.33 13.49 14.23 18.50 21.90 27.69 18.24 9.50 8.14 0.38 1.66 3.04 7.19
Dividend Payout % 0% 20% 28% 26% 27% 19% 27% 13% 18% 0% 60% 33%
Compounded Sales Growth
10 Years: 7%
5 Years: 4%
3 Years: 11%
TTM: 19%
Compounded Profit Growth
10 Years: -13%
5 Years: -30%
3 Years: -28%
TTM: 91%
Stock Price CAGR
10 Years: 11%
5 Years: 24%
3 Years: 13%
1 Year: 42%
Return on Equity
10 Years: 11%
5 Years: 3%
3 Years: 1%
Last Year: 2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 20 30 31 31 31 31 31 31 31 31 31 31 31
Reserves 102 189 220 264 335 368 398 391 408 407 408 416 428
78 51 58 44 22 140 118 124 95 100 121 138 150
70 89 132 133 117 266 122 126 165 138 166 189 162
Total Liabilities 271 360 440 471 504 805 670 673 700 677 726 774 772
122 126 121 138 158 320 383 394 370 378 379 366 382
CWIP 3 1 1 12 3 44 23 11 10 11 13 35 36
Investments 29 21 26 34 174 50 34 28 1 21 17 16 17
117 212 292 288 169 391 231 240 320 267 318 357 337
Total Assets 271 360 440 471 504 805 670 673 700 677 726 774 772

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
59 45 59 64 82 94 164 90 41 73 34 50
-42 -30 -14 20 -159 -69 -104 -41 6 -55 -32 -51
-18 20 -6 -49 -29 -27 -59 -49 -38 -24 -4 0
Net Cash Flow -1 35 39 34 -106 -1 0 0 9 -6 -1 -1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 78 70 74 70 73 92 85 94 114 88 98 104
Inventory Days 44 38 51 47 54 62 67 89 115 81 91 86
Days Payable 88 67 105 94 110 92 87 113 139 92 95 103
Cash Conversion Cycle 33 42 20 24 17 61 66 69 91 77 94 87
Working Capital Days 48 79 56 12 26 -6 34 56 104 85 90 89
ROCE % 22% 27% 27% 32% 32% 33% 19% 9% 7% 2% 4% 5%

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
0.14% 0.11% 0.11% 0.10% 0.08% 0.08% 0.24% 0.14% 0.86% 0.89% 0.82% 0.90%
2.44% 1.31% 1.22% 1.80% 1.68% 1.94% 2.40% 2.62% 1.90% 1.87% 2.05% 1.73%
22.42% 23.58% 23.67% 23.11% 23.23% 22.98% 22.36% 22.24% 22.23% 22.25% 22.13% 22.35%
No. of Shareholders 24,09826,11326,51125,31023,98723,46922,75722,83624,01124,10923,73027,505

* 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.

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