SML ISUZU Ltd

₹ 2,074 -2.12%

04 Jul 11:51 a.m.

About

SML ISUZU LIMITED was incorporated as Swaraj Vehicles Ltd in 1983 and was promoted by Punjab Tractors Ltd with technical collaboration Mazda Motor Corporation, Japan, and Sumitomo Corporation, Japan. In 2004, the technical collaboration agreement with Mazda expired 2004 and sold its entire stake to Sumitomo Corporation and in the same time, it signed a technical assistance agreement with Isuzu Motors.
In 2011, it was renamed as SML ISUZU and Sumitomo Corporation(Japan) and Isuzu Motors(Japan) own 44% and 15% stake, respectively ^[1]

Key Points

Product Portfolio Revenue Split FY23
The Company primarily operates in the light commercial vehicle (LCV) and medium CV (MCV) segments of the automobile industry. ^[1]
Its key products include:
Cargo vehicles (trucks) - 26%
Passenger vehicles (buses)- 67% ^[2]

Website BSE NSE

Market Cap ₹ 3,001 Cr.
Current Price ₹ 2,074
High / Low ₹ 2,480 / 990
Stock P/E 27.8
Book Value ₹ 197
Dividend Yield 0.00 %
ROCE 23.8 %
ROE 46.6 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 40.9% CAGR over last 5 years

Cons

Stock is trading at 10.5 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company has a low return on equity of 4.58% 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: Automobile Industry: Automobiles - LCVs / HCVs

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Quarterly Results

Figures in Rs. Crores

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	258	100	233	250	342	500	410	328	583	632	499	386	680
	264	117	249	259	340	483	405	312	540	585	459	364	608
Operating Profit	-5	-17	-16	-10	2	17	6	16	43	47	39	22	71
OPM %	-2%	-17%	-7%	-4%	1%	3%	1%	5%	7%	7%	8%	6%	10%
	1	0	4	1	1	0	0	1	2	2	0	1	2
Interest	5	5	6	6	4	5	4	7	9	5	7	8	11
Depreciation	11	11	11	11	10	11	11	11	10	12	12	12	12
Profit before tax	-20	-33	-30	-26	-11	2	-9	-1	25	32	21	3	50
Tax %	-1%	0%	2%	0%	-0%	0%	0%	86%	-7%	1%	0%	6%	-4%
	-20	-33	-29	-26	-11	2	-9	-0	27	32	21	3	52
EPS in Rs	-13.90	-23.11	-20.12	-17.82	-7.89	1.62	-6.34	-0.09	18.51	21.97	14.57	1.85	36.15
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Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1,002	881	1,106	1,166	1,356	1,135	1,409	1,154	591	924	1,822	2,196
	932	850	1,036	1,079	1,246	1,090	1,335	1,142	660	965	1,740	2,017
Operating Profit	70	32	69	87	110	45	74	12	-69	-41	82	179
OPM %	7%	4%	6%	7%	8%	4%	5%	1%	-12%	-4%	4%	8%
	9	5	5	6	4	3	4	5	5	6	3	5
Interest	19	6	6	5	6	11	16	15	23	22	25	30
Depreciation	12	13	20	20	24	28	38	41	46	44	42	48
Profit before tax	48	18	49	68	84	9	24	-38	-133	-100	17	106
Tax %	25%	2%	24%	25%	25%	10%	20%	45%	-0%	1%	-15%	-1%
	36	17	37	51	63	8	20	-21	-133	-100	20	108
EPS in Rs	25.17	12.02	25.53	35.35	43.54	5.87	13.52	-14.55	-92.24	-68.94	13.71	74.55
Dividend Payout %	32%	25%	24%	23%	18%	26%	22%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	10%
5 Years:	9%
3 Years:	55%
TTM:	21%

Compounded Profit Growth
10 Years:	20%
5 Years:	41%
3 Years:	41%
TTM:	444%

Stock Price CAGR
10 Years:	12%
5 Years:	24%
3 Years:	65%
1 Year:	97%

Return on Equity
10 Years:	2%
5 Years:	-10%
3 Years:	5%
Last Year:	47%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	14	14	14	14	14	14	14	14	14	14	14	14
Reserves	250	262	288	326	389	384	399	370	241	147	163	271
	162	0	22	55	41	212	246	185	261	298	265	421
	233	274	350	332	341	377	435	289	279	357	494	506
Total Liabilities	659	551	675	727	785	987	1,095	859	796	816	937	1,213
	139	143	138	171	215	365	380	426	389	349	356	349
CWIP	10	9	27	40	78	35	27	3	5	16	11	3
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	510	399	511	515	492	587	688	429	403	450	569	861
Total Assets	659	551	675	727	785	987	1,095	859	796	816	937	1,213

Cash Flows

Figures in Rs. Crores

	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	162	69	-12	121	-33	55	150	-47	-19	90	-50
	-28	22	-103	-13	-89	-98	-58	-47	-28	-7	-42	-46
	30	-182	11	17	-34	146	10	-97	60	17	-55	127
Net Cash Flow	-24	2	-23	-8	-2	15	8	6	-15	-8	-7	31

Ratios

Figures in Rs. Crores

	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	55	34	34	32	31	38	38	12	24	31	15	28
Inventory Days	110	133	129	146	107	158	146	109	202	143	105	125
Days Payable	53	90	90	74	70	92	94	67	142	118	73	71
Cash Conversion Cycle	112	77	73	104	69	104	91	54	84	56	48	81
Working Capital Days	84	47	37	58	45	63	56	19	60	38	18	56
ROCE %	17%	7%	19%	20%	22%	4%	6%	-4%	-20%	-16%	9%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%
	2.90%	1.61%	1.62%	1.70%	1.64%	1.76%	16.69%	16.68%	15.11%	15.28%	15.43%	15.81%
	1.32%	1.28%	1.00%	0.94%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	51.81%	53.14%	53.41%	53.40%	54.39%	54.27%	39.35%	39.34%	40.92%	40.76%	40.59%	40.22%
No. of Shareholders	33,208	32,260	29,245	30,315	29,069	27,553	26,794	25,687	24,113	24,883	25,023	25,447

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%	43.96%
	4.19%	5.79%	5.29%	4.39%	3.33%	1.70%	16.68%	15.81%
	3.23%	2.77%	1.47%	1.45%	1.29%	0.94%	0.00%	0.00%
	48.61%	47.48%	49.27%	50.19%	51.42%	53.40%	39.34%	40.22%
No. of Shareholders	31,883	34,570	31,647	32,845	32,796	30,315	25,687	25,447

* 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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