India Nippon Electricals Ltd

India Nippon Electricals Ltd

₹ 601 -0.46%
03 Apr 1:15 p.m.
About

India Nippon Electricals is a manufacturer of Ignition Systems for two-wheelers, three-wheelers, and portable engines [1]
It was incorporated in 1984 and was converted into a joint venture in 1986 between Lucas Indian Service Ltd, a wholly-owned subsidiary of Lucas-TVS Ltd and MAHLE Electric Drives Japan Corporation(Japan) – a company of MAHLE Group [2]

Key Points

Product Portfolio[1]
1. Electronic Ignition System
The company offers modern ignition systems that replace conventional mechanical ignition in older vehicles. These systems ensure precise ignition of the air-fuel mixture in the engine’s cylinders, enhancing combustion efficiency and power generation.
2. Controllers
It develops electronic control units (ECUs) and modules that manage and regulate various vehicle systems.
3. Sensors
The company provides a range of sensors installed throughout vehicles to monitor critical operating conditions.
4. Electric Vehicles
Through its center in Tamil Nadu, the company focuses on developing EV technology products for emission control and compliance. They design mechatronic products with advanced software solutions for a wide range of applications.
5. Aftermarket
The company has a dedicated team for the aftermarket segment, working to strengthen its brand image, expand its product range, and enhance sales promotion efforts.

  • Market Cap 1,360 Cr.
  • Current Price 601
  • High / Low 867 / 545
  • Stock P/E 18.0
  • Book Value 294
  • Dividend Yield 2.08 %
  • ROCE 12.8 %
  • ROE 10.0 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 36.9%
  • Company's working capital requirements have reduced from 39.2 days to 29.4 days

Cons

  • The company has delivered a poor sales growth of 6.63% over past five years.
  • Company has a low return on equity of 9.20% over last 3 years.
  • Earnings include an other income of Rs.29.8 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
148 149 156 186 156 158 160 190 179 196 187 210 215
135 137 146 167 144 143 150 170 164 174 170 186 189
Operating Profit 13 12 10 19 12 15 10 20 15 22 17 24 26
OPM % 9% 8% 6% 10% 8% 9% 6% 10% 8% 11% 9% 11% 12%
2 15 3 5 6 5 6 5 6 8 11 9 2
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 4 4 4 4 4 4 4 4 4 4 4 6
Profit before tax 12 23 9 21 15 16 12 21 17 26 23 28 21
Tax % 19% 17% 58% 19% 9% 11% 21% 16% 30% 21% 22% 26% 25%
10 19 4 17 14 14 9 18 12 20 18 21 16
EPS in Rs 4.26 8.49 1.64 7.40 5.99 6.28 4.09 7.75 5.34 9.03 8.02 9.35 7.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
269 261 324 336 351 452 525 479 481 566 656 724 807
235 237 290 301 316 388 449 424 436 517 603 658 719
Operating Profit 34 24 33 35 35 64 76 55 45 50 53 66 88
OPM % 12% 9% 10% 10% 10% 14% 14% 11% 9% 9% 8% 9% 11%
8 9 7 9 14 13 15 26 16 25 23 25 30
Interest 0 0 0 0 0 0 0 1 1 0 0 0 0
Depreciation 6 6 8 4 4 6 8 9 10 13 15 15 18
Profit before tax 35 27 32 40 44 71 83 71 51 62 60 76 99
Tax % 19% 24% 29% 27% 33% 29% 29% 24% 22% 18% 20% 22%
29 21 23 29 30 50 59 54 40 50 48 59 76
EPS in Rs 12.93 9.39 10.21 12.80 13.08 22.01 25.88 24.02 17.52 22.21 21.32 26.21 33.46
Dividend Payout % 35% 48% 44% 35% 38% 30% 27% 28% 34% 28% 43% 39%
Compounded Sales Growth
10 Years: 11%
5 Years: 7%
3 Years: 15%
TTM: 18%
Compounded Profit Growth
10 Years: 11%
5 Years: 0%
3 Years: 14%
TTM: 43%
Stock Price CAGR
10 Years: 11%
5 Years: 25%
3 Years: 10%
1 Year: -17%
Return on Equity
10 Years: 11%
5 Years: 10%
3 Years: 9%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 193 202 212 245 264 331 389 408 440 494 549 612 654
0 0 0 0 0 0 0 5 5 4 4 3 3
40 51 55 70 86 103 109 105 137 132 154 211 209
Total Liabilities 245 264 278 326 362 445 510 529 593 641 718 837 877
42 45 47 50 57 64 66 81 91 130 134 143 147
CWIP 3 1 1 2 3 7 7 13 34 5 13 13 11
Investments 93 104 126 154 189 226 261 262 261 278 355 432 456
106 115 104 121 112 148 176 173 207 228 215 249 264
Total Assets 245 264 278 326 362 445 510 529 593 641 718 837 877

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
25 18 30 33 42 27 36 52 38 7 57 63
-16 -18 -17 -14 -36 -17 -17 -7 -34 28 -46 -39
-12 -12 -11 -17 -7 -8 -18 -38 -15 -15 -22 -25
Net Cash Flow -3 -12 1 2 -1 1 2 8 -10 20 -11 -1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 68 83 71 66 69 75 72 67 83 76 66 71
Inventory Days 30 34 29 39 35 38 38 45 49 46 45 51
Days Payable 59 63 48 60 97 94 80 88 103 83 77 101
Cash Conversion Cycle 38 54 52 45 7 20 30 24 29 39 35 21
Working Capital Days 43 60 40 26 9 23 32 34 36 49 39 29
ROCE % 18% 13% 14% 15% 14% 22% 22% 15% 12% 10% 11% 13%

Shareholding Pattern

Numbers in percentages

Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
70.39% 70.39% 70.38% 70.38% 70.38% 70.37% 70.37% 70.37% 70.37% 70.37% 70.37% 70.37%
0.19% 0.13% 0.14% 0.11% 0.09% 0.08% 0.12% 0.15% 0.13% 0.14% 0.21% 0.21%
29.43% 29.49% 29.47% 29.51% 29.53% 29.54% 29.51% 29.49% 29.50% 29.49% 29.43% 29.42%
No. of Shareholders 18,48618,78918,27018,10318,39918,21317,77217,87718,53319,12020,68921,376

* 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.

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