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SML Isuzu Ltd. Stock Analysis

Small Cap
Evaluated by 849 users | BSE: 505192 | NSE: SMLISUZU |
Automobiles-Trucks/Lcv
SML ISUZU, earlier known as Swaraj Mazda, incorporated in 1983 as Swaraj Vehicles, is engaged in manufacturing of vehicles for goods and passenger applications. In 1984 the company entered in a joint venture with Punjab Tractors, Mazda Motor Corporation and Sumitomo Corporation, Japan for the...

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.
SML Isuzu Ltd. has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 15.37%16.46%12.87%6.14%13.62%15.23%16.04%2.93%4.91%-1.66%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 9101,0361,0028811,1061,1661,3561,1351,4091,154
Y-o-Y Gr. Rt.-13.8%-3.3%-12.1%25.5%5.5%16.3%-16.3%24.2%-18.1%
Adjusted EPS (Rs.) 25.3531.2125.1212.0525.535.3943.545.5813.76-14.07
Y-o-Y Gr. Rt.-23.1%-19.5%-52%111.6%38.8%23%-87.2%146.6%-202.3%
Book Value per Share (Rs.) 147.03166.67182.48191209.3235.03279.02275.05285.79265.94
Adjusted Net Profit 36.745.236.417.436.951.2638.119.9-20.4
Net Op. Cash Flow (Rs. Cr.) 36.474.5-25.416268.8-11.8121-32.855.2150
Debt to Cash Flow from Ops 2.341.34-6.3800.32-4.680.34-6.464.461.16
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.
SML Isuzu Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 2.7%0.9%-5.2%-18.1%
Adjusted EPS -193.7%-188.8%-168.6%-202.3%
Book Value per Share 6.84.9-1.6-7
Share Price -0% -19.7% -22.4% -18.1%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 18.2319.8914.396.4512.7415.9316.942.024.91-5.1
Operating Profit Margin (%) 7.467.697.023.65.937.458.114.015.321.13
Net Profit Margin (%) 4.034.363.631.983.344.394.650.711.41-1.76
Debt to Equity 0.40.410.6100.070.160.10.530.60.45
Working Capital Days 158150150167141142124163158164
Cash Conversion Cycle 53516675455643797460
Entity Percentage Holding
Promoters 43.96%
Institutions 4.88%
Non-Institutions 51.16%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of SML Isuzu Ltd. and arrived at the following conclusion:

Past 10 year's financial track record indicates that SML Isuzu Ltd. is a average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of SML Isuzu Ltd.'s performance infers:

SML Isuzu Ltd. earnings have declined by -188.8%, whereas share price has depreciated -19.7% 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 SML Isuzu Ltd. share prices over the last 10 years. Here is what we found out:

SML Isuzu Ltd. share price has depreciated 0.7% annually over the past ten years.

SML ISUZU, earlier known as Swaraj Mazda, incorporated in 1983 as Swaraj Vehicles, is engaged in manufacturing of vehicles for goods and passenger applications. In 1984 the company entered in a joint venture with Punjab Tractors, Mazda Motor Corporation and Sumitomo Corporation, Japan for the manufacture of light commercial vehicles (LCVs). Thus the name of the company was changed to Swaraj Mazda.

Swaraj Mazda manufactures a range of vehicles such as trucks, buses and ambulances. The

SML ISUZU, earlier known as Swaraj Mazda, incorporated in 1983 as Swaraj Vehicles, is engaged in manufacturing of vehicles for goods and passenger applications. In 1984 the company entered in a joint venture with Punjab Tractors, Mazda Motor Corporation and Sumitomo Corporation, Japan for the manufacture of light commercial vehicles (LCVs). Thus the name of the company was changed to Swaraj Mazda.

Swaraj Mazda manufactures a range of vehicles such as trucks, buses and ambulances. The company has launched products like 4WD, Samrat, Sartaj, Dual Cab, Supreme-8 tonner, Truck- Super 12, Super ALFD and many more.

Milestones

1983- Swaraj Vehicles was incorporated in July of that year.   

1984- The company entered in a joint venture with Punjab Tractors, Mazda Motor Corporation, Japan & Sumitomo Corporation, Japan. SVL was renamed as Swaraj Mazda.   

1985- The company established a project with a capacity of 5000 LCVs at capital investment of Rs 20 crore. The company commenced trail production and test marketing of Swaraj Mazda Truck WT-48, WT-49 and WT-50 LCVs. The company also developed a vendor base as per PMP approved by the Government of India.  

1986- The company commences commercial operations.   

1987- SML introduced indigenously developed bus.

1989- It set up an in-house tooling for local production of chassis long member.

1990- It launched its second truck model (Swaraj Mazda Super).

1991- Transmission components indigenised.

1992- The company started supply of trucks to the defence ministry. It supplied 500 vehicles to the defence sector. 

1993- The company launched its third truck model (Swaraj Mazda Premium).   

1994- SML was declared a sick company under SICA (due to rupee devaluation of 1991-93).

1995- BIFR approves rehabilitation scheme.

1996- The company developed a 4-wheel drive truck.   

1998- The company completes wipe off of accumulated losses.

2000- SML extended technical assistance agreement up to October 2004.     

2001- The company’s cumulative sales crossed 50,000 vehicles. In March SWL launched a 4-wheel drive ambulance. In August company launched an economy truck ‘Sartaj'. The company launched a CNG Bus for NCR Delhi in October.

2002- The company’s profit before tax for FY 2002 crosses Rs 100 million mark.   

2003- Profit before tax for FY-2003 grows 115% to Rs 225 million.    

2004- SWL’s profit before tax for FY-2004 grows 44% to Rs. 324 million.  

2005- The company’s cumulative sales crossed 86,000 vehicles. In June, Punjab Tractors sold off its 15% of equity stake in favour of Sumitomo Corporation, Japan. In August, Mazda Motor Corporation sold off its 15% of equity holding in favour of Sumitomo Corporation, Japan

2006- The company received approval from government for new manufacturing facilities at existing site in January. The company entered technical assistance agreement with Isuzu Motors. In August company started construction of buildings for vehicle expansion and new bus body plant. 

2007- The company conducted trial production of Isuzu bus LT134 in July.

2008- The company launched ultra luxury buses in July

2009- Sumitomo raised its stake in the company to 53.5% by purchasing the entire equity stake of Punjab Tractors in the company.  

2011- Swaraj Mazda renamed as SML ISUZU LIMITED

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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