Sharda Motor Inds.

₹1465 9.1 | 0.6%

WEBSITE BSE:535602 NSE : SHARDA MOTOR 10 May, 16:01

Market Cap ₹4356 Cr.

Stock P/E 15.9

P/B 4.7

Current Price ₹1465

Book Value ₹ 308.5

Face Value 2

52W High ₹1644

Dividend Yield 1.18%

52W Low ₹ 730

Edit Ratio

Sharda Motor Inds. Research see more...

Overview Inc. Year: 1986Industry: Auto Ancillary

Sharda Motor Industries Ltd is engaged inside the manufacturing and assembly of Auto Components and White Goods Components. The Company's important products/offerings comprises Motor vehicles components, which include suspension, silencer, exhaust pipes, and Car seats frame and seats cover. The Company operates in two segments, which include automotive components and white items. The Company's manufacturing variety consists of Exhaust Systems, Catalytic Convertors, Suspension Systems, Sheet Metal Components and Plastic elements for the Automotive and White Goods Industries. The Company also manufactures products, inclusive of soft top canopies, plastic flexible hoses, front and rear axles, seat trims and pressed part-room air conditioners frame. The Company serves its products to diverse automobiles and electronics original system manufacturers (OEMs). The Company's production facilities are located throughout 13 places in seven states of India.

Sharda Motor Inds. Share Price

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Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Sharda Motor Inds. Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	587	579	618	628	698	686	688	654	763	689
Other Income	10	6	8	8	9	11	14	18	19	22
Total Income	597	584	625	636	707	697	702	673	781	711
Total Expenditure	526	517	554	567	622	622	607	586	663	595
Operating Profit	71	68	72	69	84	75	95	87	118	116
Interest	0	0	0	0	1	1	0	1	1	1
Depreciation	10	10	11	9	11	13	14	12	13	14
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	61	57	60	60	73	62	81	74	105	102
Provision for Tax	15	15	14	15	19	16	20	19	26	27
Profit After Tax	46	43	46	45	54	46	61	55	79	75
Adjustments	-4	-4	-2	1	1	0	2	0	1	1
Profit After Adjustments	42	39	44	45	55	46	62	55	80	76
Adjusted Earnings Per Share	14	13.1	14.8	15.2	18.4	15.6	20.9	18.6	26.9	25.6

Sharda Motor Inds. Profit & Loss

#(Fig in Cr.)	Mar 2011	Mar 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	700	751	927	1042	1155	1140	863	1737	2255	2700	2794
Other Income	3	5	13	13	17	21	24	21	30	46	73
Total Income	704	757	941	1055	1172	1161	887	1758	2285	2746	2867
Total Expenditure	645	687	831	912	1010	995	767	1607	2028	2422	2451
Operating Profit	59	70	110	143	162	166	120	151	257	323	416
Interest	8	9	12	8	2	0	1	1	1	2	3
Depreciation	24	31	44	50	44	41	40	44	41	46	53
Exceptional Income / Expenses	1	0	-4	-9	-1	0	0	0	0	0	0
Profit Before Tax	28	29	50	76	116	125	78	105	203	278	362
Provision for Tax	6	3	16	20	38	38	21	27	54	70	92
Profit After Tax	22	27	33	56	78	87	58	79	149	208	270
Adjustments	2	2	2	5	10	8	-5	-12	0	0	4
Profit After Adjustments	24	29	35	61	88	95	52	66	149	208	273
Adjusted Earnings Per Share	0	0	11.9	20.5	29.6	31.8	17.6	22.4	50.2	70.1	92

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	20%	46%	19%	0%
Operating Profit CAGR	26%	39%	15%	0%
PAT CAGR	40%	53%	22%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	97%	54%	41%	39%
ROE Average	31%	27%	23%	21%
ROCE Average	42%	37%	32%	26%

Sharda Motor Inds. Balance Sheet

#(Fig in Cr.)	Mar 2011	Mar 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	141	163	247	306	385	475	365	431	573	758
Minority's Interest	0	0	0	0	0	0	0	0	0	0
Borrowings	17	9	19	11	0	0	0	0	0	0
Other Non-Current Liabilities	21	20	51	48	90	115	143	13	209	248
Total Current Liabilities	240	257	259	241	220	235	243	525	473	599
Total Liabilities	419	450	576	605	694	825	750	969	1255	1604
Fixed Assets	181	229	243	204	179	194	186	179	156	221
Other Non-Current Assets	52	39	69	64	122	164	167	35	226	263
Total Current Assets	186	181	263	336	393	466	397	755	871	1120
Total Assets	419	450	576	605	694	825	750	969	1255	1604

Sharda Motor Inds. Cash Flow

#(Fig in Cr.)	Mar 2011	Mar 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	9	2	15	3	6	22	70	79	73	193
Cash Flow from Operating Activities	58	55	92	164	116	95	-64	148	192	-200
Cash Flow from Investing Activities	-62	-59	-61	-84	-30	-42	73	-152	-62	190
Cash Flow from Financing Activities	-2	5	-43	-77	-70	-5	-1	-1	-9	-27
Net Cash Inflow / Outflow	-7	1	-12	3	16	48	8	-6	120	-36
Closing Cash & Cash Equivalent	2	4	3	6	22	70	79	73	193	157

Sharda Motor Inds. Ratios

#	Mar 2011	Mar 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0	0	11.88	20.48	29.59	31.84	17.62	22.42	50.19	70.07
CEPS(Rs)	15.47	19.5	26.14	35.56	40.89	43.01	32.95	41.23	63.86	85.64
DPS(Rs)	2	2	2.5	2.5	2.5	0	0	2.64	8.15	17.28
Book NAV/Share(Rs)	0	0	83	102.75	129.33	159.64	122.62	144.91	192.69	254.9
Core EBITDA Margin(%)	5.64	6.15	7.38	10.59	12.08	12.75	11.11	7.44	10.1	10.29
EBIT Margin(%)	3.66	3.67	4.73	6.85	9.8	11	9.2	6.14	9.06	10.38
Pre Tax Margin(%)	2.83	2.79	3.8	6.23	9.63	11	9.09	6.06	9	10.3
PAT Margin (%)	2.22	2.53	2.56	4.57	6.46	7.62	6.69	4.53	6.62	7.72
Cash Profit Margin (%)	4.68	5.5	5.95	8.63	10.1	11.22	11.35	7.06	8.42	9.43
ROA(%)	5.57	6.15	6.51	9.48	11.98	11.45	7.33	9.14	13.42	14.58
ROE(%)	16.43	17.54	16.29	20.26	22.55	20.23	13.76	19.76	29.73	31.31
ROCE(%)	15.4	14.45	18.82	22.92	31.53	29.19	18.92	26.83	40.73	42.1
Receivable days	28.65	29.52	27.43	31.29	34.93	40.75	52.69	46.39	48.58	41.07
Inventory Days	21.2	22.11	20.26	23.04	23.86	30.22	44.42	25.8	21.85	22.68
Payable days	70.81	72.85	66.01	73.88	80.19	87.94	123.88	87.15	89.6	78.54
PER(x)	0	0	13.29	20.15	13.06	9.38	6.29	17.53	14.87	7.98
Price/Book(x)	0	0	1.9	4.02	2.99	1.87	0.9	2.71	3.87	2.19
Dividend Yield(%)	0	0	1.58	0.61	0.65	0	0	0.67	1.09	3.09
EV/Net Sales(x)	0.16	0.17	0.6	1.18	0.93	0.66	0.21	0.52	0.81	0.56
EV/Core EBITDA(x)	1.86	1.83	5.04	8.58	6.62	4.49	1.53	6.01	7.08	4.64
Net Sales Growth(%)	18.5	7.31	23.41	12.35	10.9	-1.35	-24.29	101.22	29.87	19.71
EBIT Growth(%)	-21.93	7.51	59.56	35.87	40.69	6.21	-36.68	34.39	91.55	37.06
PAT Growth(%)	-13.86	22.36	25.04	67.55	39.07	11.72	-33.55	36.08	89.86	39.62
EPS Growth(%)	0	0	23.88	72.47	44.46	7.6	-44.65	27.22	123.88	39.62
Debt/Equity(x)	0.75	0.77	0.49	0.19	0	0	0	0	0	0
Current Ratio(x)	0.78	0.71	1.01	1.4	1.79	1.98	1.64	1.44	1.84	1.87
Quick Ratio(x)	0.5	0.46	0.69	1.1	1.4	1.54	1.2	1.17	1.56	1.53
Interest Cover(x)	4.41	4.15	5.09	11.05	55.43	2731.89	85.55	74.78	138.57	146.5
Total Debt/Mcap(x)	0	0	0.26	0.05	0	0	0	0	0	0

Sharda Motor Inds. Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	73.2	73.2	73.2	73.2	73.2	73.2	73.2	73.2	73.2	73.2
FII	0.38	0.53	0.61	0.57	0.77	1.11	1.21	1.64	1.79	1.55
DII	0.12	0.12	0.12	0	0	0.12	0.24	0.29	0.3	0.42
Public	26.3	26.15	26.08	26.23	26.03	25.57	25.35	24.88	24.71	24.83
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.18	2.18	2.18	2.18	2.18	2.18	2.18	2.18	2.18	2.18
FII	0.01	0.02	0.02	0.02	0.02	0.03	0.04	0.05	0.05	0.05
DII	0	0	0	0	0	0	0.01	0.01	0.01	0.01
Public	0.78	0.78	0.78	0.78	0.77	0.76	0.75	0.74	0.73	0.74
Others	0	0	0	0	0	0	0	0	0	0
Total	2.97	2.97	2.97	2.97	2.97	2.97	2.97	2.97	2.97	2.97

Pros

Company has delivered good profit growth of 21% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27%
Debtor days have improved from 89.6 to 78.54days.
Company is almost debt free.

Cons

Stock is trading at 4.7 times its book value.

* 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.