BSE: 590072 | NSE: SUNDRMBRAK | Auto Ancillary | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Sundaram Brake Linings Ltd is a below average quality company.
The key valuation ratios of Sundaram Brake Linings Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Sundaram Brake Linings 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 % ⓘ | -4.1% | 2.7% | 4.4% | 5.9% | 8.2% | 4.9% | 3.3% | 2.2% | -0.6% | 11.4% | - |
| Value Creation Index ⓘ | -1.3 | -0.8 | -0.7 | -0.6 | -0.4 | -0.7 | -0.8 | -0.9 | -1.0 | -0.2 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 237 | 228 | 228 | 247 | 286 | 258 | 237 | 295 | 355 | 352 | 341 |
| Sales YoY Gr. | - | -3.8% | 0% | 8.6% | 15.9% | -9.8% | -8.3% | 24.6% | 20.2% | -0.7% | - |
| Adj EPS ⓘ | -37.9 | -4 | 2.9 | 7 | 14.4 | 3.7 | 13.5 | -6.6 | -15.5 | 21.7 | 17 |
| YoY Gr. | - | NA | NA | 136.4% | 106.5% | -74.6% | 269% | -148.6% | NA | NA | - |
| BVPS (₹) ⓘ | 177.5 | 176.5 | 180.4 | 189.7 | 208.4 | 213.4 | 229.2 | 230.3 | 217.1 | 241.6 | 247.1 |
| Adj Net Profit ⓘ | -14.9 | -1.6 | 1.2 | 2.7 | 5.7 | 1.4 | 5.3 | -2.6 | -6.1 | 8.5 | 7 |
| Cash Flow from Ops. ⓘ | -1 | 8.4 | 19.3 | 4.2 | 2.5 | 17.2 | -3.9 | -2.1 | 1.1 | 15.2 | - |
| Debt/CF from Ops. ⓘ | -54.1 | 5.7 | 1.7 | 7.2 | 13.3 | 1.4 | -7.7 | -20 | 45 | 2.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.5% | 4.2% | 14.2% | -0.7% | ||||
| Adj EPS ⓘ | NA | 8.6% | 17.2% | NA | ||||
| BVPSⓘ | 3.5% | 3% | 1.8% | 11.3% | ||||
| Share Price | 8.4% | 28.3% | 27% | 26.8% | ||||
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 % ⓘ | -19.1 | -2.3 | 1.7 | 3.8 | 7.2 | 1.7 | 6.1 | -2.9 | -6.9 | 9.5 | 7 |
| Op. Profit Mgn % ⓘ | 0.3 | 2.9 | 3.8 | 2.9 | 4 | 2.3 | 3.4 | 1.1 | 0.7 | 5.3 | 4.1 |
| Net Profit Mgn % ⓘ | -6.3 | -0.7 | 0.5 | 1.1 | 2 | 0.6 | 2.2 | -0.9 | -1.7 | 2.4 | 2 |
| Debt to Equity ⓘ | 0.7 | 0.7 | 0.5 | 0.4 | 0.4 | 0.3 | 0.3 | 0.5 | 0.6 | 0.5 | 0 |
| Working Cap Days ⓘ | 132 | 139 | 133 | 134 | 138 | 157 | 166 | 147 | 135 | 141 | 71 |
| Cash Conv. Cycle ⓘ | 74 | 61 | 63 | 74 | 76 | 86 | 89 | 82 | 75 | 72 | 18 |
Return on Equity has increased versus last 3 years average to 7.00%
Sales growth is growing at healthy rate in last 3 years 14.16%
Net Profit is growing at healthy rate in last 3 years 17.23%
Debt to equity has declined versus last 3 years average to 0.47
Sales growth is not so good in last 4 quarters at -4.62%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 17 | - |
| TTM Sales (₹ Cr.) | 341 | - |
| BVPS (₹.) ⓘ | 247.1 | - |
| Reserves (₹ Cr.) ⓘ | 93 | - |
| P/BV ⓘ | 3.05 | - |
| PE ⓘ | 44.24 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 573.30 / 1232.00 |
| All Time Low / High (₹) | 88.09 / 1232.00 |
| Market Cap (₹ Cr.) | 296 |
| Equity (₹ Cr.) | 3.9 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 51.1 |
| 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 | 237 | 228 | 228 | 247 | 286 | 258 | 237 | 295 | 355 | 352 |
| Operating Expenses ⓘ | 236 | 221 | 219 | 240 | 275 | 252 | 229 | 292 | 352 | 334 |
| Manufacturing Costs | 51 | 43 | 42 | 44 | 51 | 51 | 42 | 54 | 63 | 65 |
| Material Costs | 116 | 110 | 103 | 120 | 144 | 123 | 121 | 166 | 214 | 185 |
| Employee Cost | 39 | 40 | 47 | 47 | 52 | 47 | 41 | 42 | 43 | 48 |
| Other Costs ⓘ | 30 | 29 | 27 | 29 | 28 | 32 | 24 | 30 | 32 | 36 |
| Operating Profit ⓘ | 1 | 7 | 9 | 7 | 11 | 6 | 8 | 3 | 3 | 19 |
| Operating Profit Margin (%) | 0.3% | 2.9% | 3.8% | 2.9% | 4.0% | 2.3% | 3.4% | 1.1% | 0.7% | 5.3% |
| Other Income ⓘ | 1 | 2 | 2 | 3 | 3 | 5 | 1 | 3 | 3 | 3 |
| Interest ⓘ | 4 | 3 | 3 | 2 | 3 | 2 | 2 | 3 | 5 | 4 |
| Depreciation ⓘ | 7 | 6 | 5 | 4 | 5 | 5 | 6 | 6 | 6 | 6 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 |
| Profit Before Tax ⓘ | -9 | 0 | 1 | 4 | 6 | 3 | 2 | 0 | -5 | 12 |
| Tax ⓘ | 6 | 1 | 0 | 0 | -1 | 0 | -4 | 0 | -1 | 1 |
| Profit After Tax | -15 | 0 | 2 | 4 | 7 | 3 | 6 | 0 | -5 | 10 |
| PAT Margin (%) | -6.2% | -0.2% | 0.8% | 1.5% | 2.5% | 1.0% | 2.5% | 0.0% | -1.3% | 2.9% |
| Adjusted EPS (₹) | -37.0 | -1.0 | 4.5 | 9.6 | 17.9 | 6.4 | 15.3 | 0.2 | -12.2 | 25.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 | 70 | 69 | 71 | 75 | 82 | 84 | 90 | 91 | 85 | 95 |
| Share Capital ⓘ | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves ⓘ | 66 | 66 | 67 | 71 | 78 | 80 | 86 | 87 | 81 | 91 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 45 | 43 | 30 | 30 | 33 | 24 | 26 | 40 | 48 | 42 |
| Long Term Debt | 8 | 3 | 0 | 0 | 0 | 0 | 1 | 0 | 5 | 5 |
| Short Term Debt | 38 | 40 | 30 | 30 | 33 | 24 | 25 | 40 | 43 | 37 |
| Trade Payables | 34 | 36 | 25 | 30 | 33 | 33 | 35 | 42 | 48 | 44 |
| Others Liabilities ⓘ | 28 | 23 | 34 | 35 | 40 | 38 | 30 | 24 | 25 | 25 |
| Total Liabilities ⓘ | 177 | 172 | 160 | 170 | 189 | 179 | 182 | 197 | 206 | 206 |
Fixed Assets | ||||||||||
| Gross Block | 175 | 80 | 81 | 82 | 87 | 92 | 97 | 107 | 106 | 111 |
| Accumulated Depreciation | 94 | 6 | 11 | 15 | 20 | 25 | 31 | 39 | 39 | 45 |
| Net Fixed Assetsⓘ | 81 | 74 | 71 | 67 | 67 | 67 | 66 | 68 | 67 | 65 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 1 | 1 | 3 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Inventories | 29 | 26 | 30 | 33 | 39 | 38 | 34 | 48 | 56 | 45 |
| Trade Receivables | 54 | 53 | 44 | 53 | 62 | 53 | 65 | 64 | 69 | 69 |
| Cash Equivalents | 3 | 4 | 4 | 4 | 4 | 3 | 0 | 0 | 0 | 0 |
| Others Assetsⓘ | 10 | 14 | 12 | 13 | 17 | 13 | 12 | 14 | 12 | 23 |
| Total Assets ⓘ | 177 | 172 | 160 | 170 | 189 | 179 | 182 | 197 | 206 | 206 |
| 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 ⓘ | -1 | 8 | 19 | 4 | 3 | 17 | -4 | -2 | 1 | 15 |
| PBT ⓘ | -9 | 0 | 1 | 4 | 6 | 3 | 2 | 0 | -5 | 12 |
| Adjustment ⓘ | 10 | 8 | 8 | 4 | 6 | 5 | 6 | 4 | 8 | 8 |
| Changes in Working Capital ⓘ | -2 | 4 | 6 | -6 | -9 | 10 | -6 | -6 | -2 | -2 |
| Tax Paid ⓘ | 0 | -4 | 4 | 2 | -1 | -1 | -6 | -1 | 0 | -2 |
| Cash Flow From Investing Activity ⓘ | -2 | -2 | -1 | 1 | -4 | -6 | -4 | -8 | -6 | -6 |
| Capex | -3 | -2 | -2 | -1 | -4 | -6 | -4 | -8 | -6 | -6 |
| Net Investments | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 2 | -9 | -18 | -5 | 2 | -12 | 5 | 10 | 5 | -9 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -5 | -6 | -5 | -3 | 0 | 0 | 5 | -4 | 6 | 0 |
| Interest Paid ⓘ | -4 | -3 | -3 | -2 | -2 | -1 | -1 | -2 | -4 | -3 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 10 | 0 | -10 | 0 | 4 | -10 | 1 | 15 | 3 | -6 |
| Net Cash Flow ⓘ | -1 | -2 | 0 | 0 | 0 | 0 | -3 | 0 | 0 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -18.6 | -0.59 | 2.51 | 5.17 | 9.01 | 3.03 | 6.89 | 0.09 | -5.43 | 11.19 |
| ROCE (%) | -4.14 | 2.69 | 4.43 | 5.92 | 8.19 | 4.89 | 3.34 | 2.17 | -0.57 | 11.36 |
| Asset Turnover Ratio | 1.41 | 1.4 | 1.48 | 1.52 | 1.6 | 1.4 | 1.31 | 1.56 | 1.76 | 1.71 |
| PAT to CFO Conversion(x) | N/A | N/A | 9.5 | 1 | 0.43 | 5.67 | -0.67 | N/A | N/A | 1.5 | Working Capital Days |
| Receivable Days | 80 | 80 | 72 | 70 | 73 | 81 | 90 | 80 | 69 | 72 |
| Inventory Days | 37 | 41 | 41 | 46 | 46 | 54 | 55 | 51 | 54 | 52 |
| Payable Days | 89 | 116 | 108 | 84 | 80 | 99 | 103 | 85 | 77 | 91 |
Established in 1976 as a joint venture with a world famous friction materials manaufacturer, Sundaram Brake Linings (SBL) a TVS Group company is now a fully Indian owned company manufacturing automotive, non-automotive and industrial friction materials. SBL products are extensivley used in commercial vehicles, passenger cars, tractors (agricultural) and motor cycles.
Nine decades ago (1912), TVS - T.V. Sundaram Iyengar started one of the earliest rural bus services in India. Today, the TVS group has 30 companies with a combined turnover of US$ 2.5 billion with 25,000 employees. All the companies are professionally run under the TVS Board's guidelines. The core strength of TVS is manufacture of auto components for the automobile / tractor Industry. TVS has diverse activities such as commercial vehicle & passenger car distribution / servicing, cargo transportation & logistics, spare parts distribution through more than 140 fully-owned outlets spread throughout India. TVS also manufactures motor cycles, sewing needles and computer peripherals.
SBL has four manufacturing plants with two plants dedicated exclusively to manufacturing asbestos-free brake linings and pads. The combined production capacity of all four manufacturing plants exceeds 1.2 million brake blocks per month. SBL also manufactures asbestos-free woven clutch facings, disc pads, flexible rolls, and insitu bonded shoes
All manufacturing plants are strategically located near major Indian ports to improve the turnaround time in servicing global customers. SBL exports to more than 69 countries catering to the after market needs of international applications like Mercedes Benz, Volvo, Scania, Renault etc. SBL is also the preferred supplier to some of the well known axle manufacturers as original equipment
SBL products have been tested to meet European ECE-R90, American FMVSS 121, Australian ADR 35/38, South African SABS 1506 requirements besides the Indian IS 11852.
SBL has the singular distinction of being the first friction material manufacturer in the world to win the coveted Deming Application Prize for practising Total Quality Management (TQM). Besides SBL, the other group companies that have received the Deming Application Prize are Sundaram Clayton, TVS Motor Company, Brakes India (Foundry Division) and Lucas – TVS.
Product range of the company includes:Sundaram Brake Linings Limited is mainly engaged in manufacture of friction materials.
Achievements/ recognition:
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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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