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Harita Seating Systems Ltd Stock Analysis

Small Cap
Evaluated by 491 users | BSE: 590043 | NSE: HARITASEAT |
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Harita Seating Systems Ltd. was incorporated as Harita Grammer Ltd through a joint venture with Grammer AG of Germany and promoted by Harita group and Grammer group in 1986 and started commercial production in 1989.Harita Seating Systems specializes in manufacture & supply of safe,...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed -0.68%20.46%16.38%8.57%11.8%29.33%28.08%27.3%16.01%3.12%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 241307276250274308347471525369
Y-o-Y Gr. Rt.-27.4%-9.9%-9.4%9.5%12.4%12.6%36%11.4%-29.7%
Adjusted EPS (Rs.) -7.3512.913.135.629.4928.4730.7439.7228.322.98
Y-o-Y Gr. Rt.-NA1.8%-57.2%68.9%200%8%29.2%-28.7%-89.5%
Book Value per Share (Rs.) 30.140.9951.8456.3462.2888.64115.19148.91172.4174.61
Adjusted Net Profit -5.71010.24.47.422.123.930.9222.3
Net Op. Cash Flow (Rs. Cr.) 16.3-18.620.814-1.225.37.513.746.720.9
Debt to Cash Flow from Ops 2.18-2.842.283.78-30.60.21.511.230.681
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Harita Seating Systems Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 4.9%6.1%2.1%-29.7%
Adjusted EPS NA-20.7%-54.1%-89.5%
Book Value per Share 21.622.914.91.3
Share Price 23.1% 9.5% -8% 113.6%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) -22.0136.328.2910.3916.0137.7330.1630.0817.631.72
Operating Profit Margin (%) 1.836.977.494.883.986.67.647.955.283.39
Net Profit Margin (%) -2.373.273.691.752.697.196.896.554.190.63
Debt to Equity 1.511.661.181.210.740.070.130.150.240.15
Working Capital Days 10979901041039290101107130
Cash Conversion Cycle -14-328131013211919
Entity Percentage Holding
Promoters 66.22%
Institutions 2.31%
Non-Institutions 31.46%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Harita Seating Systems Ltd's performance infers:

Harita Seating Systems Ltd earnings have declined by -20.7%, whereas share price has appreciated 9.5% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Harita Seating Systems Ltd share prices over the last 10 years. Here is what we found out:

Harita Seating Systems Ltd share price has appreciated 26.9% annually over the past ten years.

Harita Seating Systems Ltd. was incorporated as Harita Grammer Ltd through a joint venture with Grammer AG of Germany and promoted by Harita group and Grammer group in 1986 and started commercial production in 1989.

Harita Seating Systems specializes in manufacture & supply of safe, comfortable, durable seats for various types of vehicles. They provide seating solutions to the commercial vehicles, buses/coaches, agriculture tractors, construction machinery, two wheelers, three

Harita Seating Systems Ltd. was incorporated as Harita Grammer Ltd through a joint venture with Grammer AG of Germany and promoted by Harita group and Grammer group in 1986 and started commercial production in 1989.

Harita Seating Systems specializes in manufacture & supply of safe, comfortable, durable seats for various types of vehicles. They provide seating solutions to the commercial vehicles, buses/coaches, agriculture tractors, construction machinery, two wheelers, three wheelers, cars, multi-utility vehicles etc. Their leadership in Indian market comes from years of experience in design, development and manufacture of these products. On the basis of vast experience together with state of the art technology and manufacturing techniques, Harita Seating Systems has also developed public seating for auditoriums and theatres. Harita Seating Systems has three manufacturing locations in India. The headquarter is located at Hosur (near Bangalore). It has established manufacturing facility at Ranjangaon (near Pune) to cater to the needs of customers in Western India. Another major unit is at Nalagarh (Himachal Pradesh) for its business improvement in northern area.

Products range of the company includes:

The company is engaged in manufacturing of seats for various types of vehicles:

  • Commercial Vehicles Driver & assistant seat for commercial vehicles - Tata Motors & Ashok Leyland
  • Tractor seats - Driver seats for agriculture tractors, construction machines & forklifts - Mahindra & Mahindra, Tafe, John Deere, New Holland, TMTL, Escorts, Caterpillar, BEML, Telcon, L & T Komatsu, Voltas
  • Construction Machinery
  • Two Wheelers- TVS Motor Company
  • Bus Passenger Seats State Transports Undertakings : KSRTC, APSRTC, MSRTC, UPSRTC, BSRTC, KLSRTC, RSRTC, UTC, OSRTC etc.  OEMs : Volvo, Tata Motors, Ashok Leyland & Eicher 
  • Auditorium
  • Cars & MUVs
  • LFI 
  • MCU 
  • Railways - ICF, RCF, DLW

Milestones:

  • 1986 - Harita Grammer Ltd incorporated as a Joint Venture with Grammer AG of Germany
  • 1989 - Commenced commercial production during 1988, first to launch foam-in-place technology in India
  • 1990 - First to launch tractor seats in India with foam-in-place technology, static driver seats for commercial vehicles launched
  • 1991 - Suspended driver seats for off-road & commercial vehicles launched, car seats & MUV seats launched during 1991 (Tata Estate, Tata Sierra and Tatamobile)
  • 1992 - First to launch deluxe bus passenger seats in India
  • 1994  - Launched Multi Utility Vehicle seats
  • 1995 - Commenced production from second plant in Ranjangaon near Pune
  • 1996  -Adopted cellular manufacturing techniques to improve productivity
  • 1997 - Roloforms Polymer merged operations with Harita Grammer Ltd, launched range of driver seats suitable to semi-arid climate conditions
  • 1998 - Opened R&D center
  • 1999 - Launched new platform for deluxe bus seats, launched millennium series of deluxe bus passenger seats with new features
  • 2000 - Launched 2X1 series of bus seats, QS9000 certification
  • 2001 - Commenced direct exports (Direct exports - Decathlon started during 2002), ISO 14001 certification
  • 2002 - Renamed as Harita Seating Systems Limited after terminating JV with Grammer AG, Entered Railways segment for luxury passenger  & driver seats
  • 2003 - Launched “Innova”  plastic seats for city buses for first time in India
  • 2004 - Launched new generation of suspension platform for driver seats, ISO/TS16949 certification
  • 2005 - Crossed annual turnover of Rs 1 billion, launched new platform for deluxe bus passenger seats, launched “Elite” series of bus seat with new features 

Achievements/ recognition:

  • 2005 Water management excellent water efficient unit
  • 2005 Energy management Energy conservation award
  • 2005 Occupational Health and Safety OHSAS 18000
  • 2004 Energy management Energy conservation award
  • 2003 Manufacturing System ACMA manufacturing excellence
  • 2003 Quality management system ISO/TS 16949
  • 2001 Quality management ACMA Quality Award
  • 2001 Environmental Management ISO 140001
  • 2000 Management System EFQM-CII EXIM
  • 1999 Quality management system QS 9000
  • 1999 Manufacturing System ACMA - Productivity Award
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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