BSE: 505893 | NSE: | Auto Ancillary | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Hindustan Hardy Ltd is a average quality company.
The key valuation ratios of Hindustan Hardy Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Hindustan Hardy Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -7.8% | 11.5% | 0.3% | 11.4% | 15.9% | 3.4% | 33.8% | 29.2% | 25.9% | 27.5% | - |
| Value Creation Index ⓘ | -1.6 | -0.2 | -1.0 | -0.2 | 0.1 | -0.8 | 1.4 | 1.1 | 0.9 | 1.0 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 52.4 | 55.2 | 36.9 | 37.9 | 46.6 | 39.1 | 44.6 | 62.6 | 63.1 | 67.8 | 71 |
| Sales YoY Gr. | - | 5.4% | -33.2% | 2.9% | 22.9% | -16.1% | 14.1% | 40.3% | 0.8% | 7.5% | - |
| Adj EPS ⓘ | -6.8 | 1 | -3.9 | 2.8 | 3 | -0.6 | 21.5 | 24.3 | 23.8 | 32 | 34.4 |
| YoY Gr. | - | NA | -490.9% | NA | 5% | -121.6% | NA | 13.4% | -2.1% | 34.3% | - |
| BVPS (₹) ⓘ | 52.4 | 55.5 | 49 | 54.4 | 57.7 | 56.4 | 76.8 | 99.8 | 123.7 | 155.5 | 172 |
| Adj Net Profit ⓘ | -1 | 0.2 | -0.6 | 0.4 | 0.4 | -0.1 | 3.2 | 3.7 | 3.6 | 4.8 | 5 |
| Cash Flow from Ops. ⓘ | 2.4 | 2.6 | 1.1 | 2 | 0.4 | 3.6 | 1.7 | 0.8 | 5 | 6.4 | - |
| Debt/CF from Ops. ⓘ | 3 | 2.4 | 4.9 | 2 | 13.6 | 1 | 2.2 | 8.5 | 0.8 | 0.6 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 2.9% | 7.8% | 15% | 7.5% | ||||
| Adj EPS ⓘ | NA | 61% | 14.3% | 34.3% | ||||
| BVPSⓘ | 12.9% | 21.9% | 26.5% | 25.7% | ||||
| Share Price | 27.1% | 73.2% | 60.5% | 115.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -11.6 | 1.8 | -7.4 | 5.5 | 5.3 | -1.1 | 32.2 | 27.6 | 21.3 | 22.9 | 21 |
| Op. Profit Mgn % ⓘ | 3.5 | 3.7 | 2.5 | 2.7 | 5.7 | 2 | 11.7 | 9.4 | 9.5 | 11.2 | 11.1 |
| Net Profit Mgn % ⓘ | -1.9 | 0.3 | -1.6 | 1.1 | 1 | -0.3 | 7.2 | 5.8 | 5.7 | 7.1 | 7.2 |
| Debt to Equity ⓘ | 0.9 | 0.8 | 0.7 | 0.5 | 0.6 | 0.4 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 |
| Working Cap Days ⓘ | 132 | 129 | 189 | 181 | 160 | 181 | 171 | 143 | 149 | 147 | 79 |
| Cash Conv. Cycle ⓘ | 33 | 19 | 40 | 57 | 64 | 79 | 69 | 69 | 76 | 74 | 34 |
Sales growth is growing at healthy rate in last 3 years 15.00%
Net Profit is growing at healthy rate in last 3 years 14.25%
Return on Equity has declined versus last 3 years average to 21.00%
Sales growth is not so good in last 4 quarters at 5.67%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 34.4 | - |
| TTM Sales (₹ Cr.) | 71.4 | - |
| BVPS (₹.) ⓘ | 172 | - |
| Reserves (₹ Cr.) ⓘ | 25 | - |
| P/BV ⓘ | 6.54 | - |
| PE ⓘ | 32.70 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 380.00 / 1277.10 |
| All Time Low / High (₹) | 7.10 / 1277.10 |
| Market Cap (₹ Cr.) | 169 |
| Equity (₹ Cr.) | 1.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 50.3 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 52 | 55 | 37 | 38 | 47 | 39 | 45 | 63 | 63 | 68 |
| Operating Expenses ⓘ | 51 | 53 | 36 | 37 | 44 | 38 | 39 | 57 | 57 | 60 |
| Manufacturing Costs | 4 | 4 | 5 | 5 | 6 | 5 | 5 | 8 | 8 | 8 |
| Material Costs | 32 | 33 | 20 | 20 | 25 | 20 | 22 | 34 | 34 | 36 |
| Employee Cost | 8 | 8 | 7 | 8 | 9 | 9 | 8 | 10 | 9 | 10 |
| Other Costs ⓘ | 7 | 7 | 4 | 4 | 4 | 5 | 4 | 5 | 6 | 7 |
| Operating Profit ⓘ | 1 | 2 | 1 | 1 | 3 | 1 | 5 | 6 | 6 | 8 |
| Operating Profit Margin (%) | 1.9% | 3.7% | 1.7% | 2.7% | 5.5% | 2.0% | 11.5% | 9.4% | 9.5% | 11.1% |
| Other Income ⓘ | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Interest ⓘ | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | -2 | 1 | -1 | 1 | 2 | 0 | 4 | 5 | 5 | 7 |
| Tax ⓘ | -1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 2 |
| Profit After Tax | -2 | 1 | -1 | 1 | 0 | 0 | 3 | 4 | 4 | 5 |
| PAT Margin (%) | -3.0% | 1.0% | -2.1% | 2.4% | 0.8% | 0.1% | 7.1% | 5.9% | 6.1% | 7.2% |
| Adjusted EPS (₹) | -10.5 | 3.7 | -5.2 | 6.1 | 2.6 | 0.2 | 21.3 | 24.6 | 25.6 | 32.5 |
| Dividend Payout Ratio (%) | 0% | 13% | 0% | 0% | 46% | 0% | 9% | 8% | 9% | 8% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 8 | 8 | 7 | 8 | 9 | 8 | 12 | 15 | 19 | 23 |
| Share Capital ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves ⓘ | 6 | 7 | 6 | 7 | 7 | 7 | 10 | 13 | 17 | 22 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 7 | 6 | 5 | 4 | 5 | 4 | 4 | 6 | 4 | 4 |
| Long Term Debt | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 2 |
| Short Term Debt | 6 | 5 | 5 | 4 | 5 | 3 | 3 | 4 | 2 | 2 |
| Trade Payables | 10 | 11 | 7 | 8 | 8 | 8 | 10 | 9 | 10 | 11 |
| Others Liabilities ⓘ | 3 | 4 | 3 | 4 | 4 | 3 | 5 | 2 | 3 | 4 |
| Total Liabilities ⓘ | 27 | 29 | 23 | 24 | 26 | 23 | 30 | 33 | 36 | 43 |
Fixed Assets | ||||||||||
| Gross Block | 20 | 20 | 5 | 6 | 6 | 8 | 8 | 11 | 12 | 12 |
| Accumulated Depreciation | 13 | 14 | 1 | 2 | 2 | 3 | 3 | 4 | 5 | 6 |
| Net Fixed Assetsⓘ | 6 | 6 | 4 | 4 | 4 | 5 | 5 | 7 | 7 | 7 |
| CWIP ⓘ | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 4 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 5 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 7 |
| Trade Receivables | 11 | 11 | 9 | 12 | 13 | 10 | 17 | 19 | 20 | 20 |
| Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 4 |
| Others Assetsⓘ | 4 | 6 | 6 | 4 | 3 | 2 | 2 | 1 | 1 | 1 |
| Total Assets ⓘ | 27 | 29 | 23 | 24 | 26 | 23 | 30 | 33 | 36 | 43 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 2 | 3 | 1 | 2 | 0 | 4 | 2 | 1 | 5 | 6 |
| PBT ⓘ | -2 | 1 | -1 | 1 | 2 | 0 | 4 | 5 | 5 | 7 |
| Adjustment ⓘ | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Changes in Working Capital ⓘ | 2 | -0 | 0 | -0 | -2 | 3 | -3 | -4 | -0 | 1 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | -1 | 0 | -1 | -1 | -1 | -2 |
| Cash Flow From Investing Activity ⓘ | -1 | -1 | 1 | 0 | -1 | -1 | -1 | -2 | -1 | -4 |
| Capex | -1 | 0 | 1 | 0 | -1 | -1 | -1 | -2 | -1 | -4 |
| Net Investments | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -2 | -1 | -2 | -2 | 1 | -3 | 0 | 2 | -3 | 0 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Interest Paid ⓘ | -1 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | -1 | -1 | 1 | -2 | -1 | 3 | -3 | 0 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -17.98 | 6.9 | -9.99 | 11.81 | 4.66 | 0.37 | 31.92 | 27.82 | 22.91 | 23.28 |
| ROCE (%) | -7.81 | 11.46 | 0.26 | 11.4 | 15.94 | 3.41 | 33.83 | 29.24 | 25.88 | 27.49 |
| Asset Turnover Ratio | 1.98 | 2.13 | 1.51 | 1.62 | 1.85 | 1.59 | 1.68 | 1.98 | 1.82 | 1.73 |
| PAT to CFO Conversion(x) | N/A | 3 | N/A | 2 | N/A | N/A | 0.67 | 0.25 | 1.25 | 1.2 | Working Capital Days |
| Receivable Days | 67 | 67 | 94 | 101 | 100 | 109 | 111 | 105 | 112 | 107 |
| Inventory Days | 34 | 30 | 40 | 36 | 37 | 49 | 43 | 29 | 31 | 34 |
| Payable Days | 102 | 114 | 168 | 144 | 123 | 146 | 147 | 106 | 108 | 109 |
Hindustan Hardy Spicer (HINDHARD) was incorporated in 1982 and got its present name in 1994. It is engaged in manufacturing propeller shafts and components under technical license from Hardy Spicer, UK and Gelenkwellenbau, Germany.
The registered office of the company is located at Bombay Footwear Building, Deonar Village Road, Mumbai-400088.
The company entered into a technical licence agreement with Glenkwellenban GmbH (GWB), for a period of 10 years. The collaboration agreement provided that, GWB would invest upto a maximum of 26% in the total equity capital i.e., upto a maximum of Rs 39.00 lakh.
Business area of the company:
It manufactures propeller shafts in the range of 1100 to 1800 series for the construction and agriculture equipment manufacturers, automotive and other sectors with an installed capacity of 245,000 propeller shafts. It has developed products like a two-piece propeller shaft for Mahindra Allwyn Nissan`s Cabston, US kit for Bajaj Tempo Matador FAS, journal and bearing races for Telco.
Clientele of the company includes:
Ashok Leyland, Bajaj Tempo, Hindustan Motors, Volvo India, Eicher, Tata Iron & Steel Company, Apex Innovation, Laxmi Machine Works, and Jindal Iron & Steel Company, among others. Exports to UK, Sri Lanka and Nepal have picked up, which contribute around 40% to the turnover.
Awards and recognition:
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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