India Nippon Electricals Ltd
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]
- Market Cap ₹ 1,727 Cr.
- Current Price ₹ 763
- High / Low ₹ 867 / 462
- Stock P/E 25.3
- Book Value ₹ 276
- Dividend Yield 1.34 %
- ROCE 12.8 %
- ROE 10.0 %
- Face Value ₹ 5.00
Pros
- 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
- Stock is trading at 2.77 times its book value
- 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.
Peer comparison
Sector: Auto Ancillaries Industry: Auto Ancillaries
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 751 | |
235 | 237 | 290 | 301 | 316 | 388 | 449 | 424 | 436 | 517 | 603 | 658 | 678 | |
Operating Profit | 34 | 24 | 33 | 35 | 35 | 64 | 76 | 55 | 45 | 50 | 53 | 66 | 73 |
OPM % | 12% | 9% | 10% | 10% | 10% | 14% | 14% | 11% | 9% | 9% | 8% | 9% | 10% |
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 | 15 |
Profit before tax | 35 | 27 | 32 | 40 | 44 | 71 | 83 | 71 | 51 | 62 | 60 | 76 | 87 |
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 | 68 | |
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 | 30.14 |
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: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 0% |
3 Years: | 14% |
TTM: | 27% |
Stock Price CAGR | |
---|---|
10 Years: | 15% |
5 Years: | 18% |
3 Years: | 28% |
1 Year: | 55% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 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 |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 5 | 4 | 4 | 3 | |
40 | 51 | 55 | 70 | 86 | 103 | 109 | 105 | 137 | 132 | 154 | 211 | |
Total Liabilities | 245 | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 |
42 | 45 | 47 | 50 | 57 | 64 | 66 | 81 | 91 | 130 | 134 | 143 | |
CWIP | 3 | 1 | 1 | 2 | 3 | 7 | 7 | 13 | 34 | 5 | 13 | 13 |
Investments | 93 | 104 | 126 | 154 | 189 | 226 | 261 | 262 | 261 | 278 | 355 | 432 |
106 | 115 | 104 | 121 | 112 | 148 | 176 | 173 | 207 | 228 | 215 | 249 | |
Total Assets | 245 | 264 | 278 | 326 | 362 | 445 | 510 | 529 | 593 | 641 | 718 | 837 |
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% |
Documents
Announcements
- Closure of Trading Window 27 Sep
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 19 Sep
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
18 Sep - 39th Annual General Meeting proceedings of India Nippon Electricals.
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 16 Sep
- Book Closure For The Purpose Of Annual General Meeting 30 Aug
Annual reports
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Product Portfolio[1]
INEL produces ignition system parts for OEMs in the vehicle industry and enjoys market leadership in the electronic ignition system products. They have recently entered the market for EVs. Company continues to expand its product portfolio with sensors, controllers, converters and engine control units etc.
The products are Electronic Ignition
System, Controllers, Sensors, Electric Vehicles and After Market.[2]