BSE: 533023 | NSE: ZFCVINDIA | Auto Ancillary | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that ZF Commercial Vehicle Control Systems India Ltd is a good quality company.
The key valuation ratios of ZF Commercial Vehicle Control Systems India 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 ZF Commercial Vehicle Control Systems India 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 % ⓘ | 21.9% | 28% | 25.8% | 27.5% | 24.9% | 12.3% | 7.9% | 9.6% | 19.1% | 21.1% | - |
| Value Creation Index ⓘ | 0.6 | 1.1 | 0.9 | 1.0 | 0.8 | -0.1 | -0.4 | -0.3 | 0.4 | 0.9 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,348 | 1,832 | 2,067 | 2,573 | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 | 3,687 |
| Sales YoY Gr. | - | 35.9% | 12.8% | 24.5% | 10.9% | -32.4% | -3.4% | 36.5% | 35.4% | 9.9% | - |
| Adj EPS ⓘ | 66.6 | 100.6 | 108.8 | 131.9 | 134.4 | 70.9 | 47.6 | 69.6 | 162.1 | 210.3 | 215.8 |
| YoY Gr. | - | 51% | 8.2% | 21.2% | 1.9% | -47.3% | -32.8% | 46.2% | 133.1% | 29.7% | - |
| BVPS (₹) ⓘ | 455 | 561.9 | 665.3 | 800.4 | 938.4 | 998.8 | 1,052.5 | 1,114.6 | 1,270.1 | 1,470.2 | 1,561.5 |
| Adj Net Profit ⓘ | 126 | 191 | 206 | 250 | 255 | 134 | 90.2 | 132 | 308 | 399 | 409 |
| Cash Flow from Ops. ⓘ | 124 | 242 | 180 | 311 | 150 | 224 | 138 | 138 | 299 | 193 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12.2% | 5.8% | 26.6% | 9.9% | ||||
| Adj EPS ⓘ | 13.6% | 9.4% | 64.1% | 29.7% | ||||
| BVPSⓘ | 13.9% | 9.4% | 11.8% | 15.8% | ||||
| Share Price | 12.7% | 18.4% | 20.6% | -10.7% | ||||
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 % ⓘ | 15.6 | 19.8 | 17.7 | 17.9 | 15.4 | 7.3 | 4.6 | 6.4 | 13.6 | 15.4 | 14.2 |
| Op. Profit Mgn % ⓘ | 15.9 | 15.6 | 16.2 | 15.5 | 14.4 | 13.2 | 11.1 | 10.1 | 13.7 | 14.9 | 15.1 |
| Net Profit Mgn % ⓘ | 9.4 | 10.4 | 10 | 9.7 | 8.9 | 7 | 4.8 | 5.2 | 8.9 | 10.5 | 11.1 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 118 | 112 | 122 | 122 | 126 | 160 | 152 | 134 | 108 | 112 | 125 |
| Cash Conv. Cycle ⓘ | 42 | 32 | 33 | 27 | 30 | 57 | 59 | 52 | 46 | 55 | 99 |
Return on Equity has increased versus last 3 years average to 14.20%
Sales growth is growing at healthy rate in last 3 years 26.63%
Net Profit is growing at healthy rate in last 3 years 64.11%
Sales growth is not so good in last 4 quarters at -2.72%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 215.8 | 215.9 |
| TTM Sales (₹ Cr.) | 3,687 | 3,714 |
| BVPS (₹.) ⓘ | 1,561.5 | 1,562.4 |
| Reserves (₹ Cr.) ⓘ | 2,952 | 2,954 |
| P/BV ⓘ | 9.58 | 9.58 |
| PE ⓘ | 69.35 | 69.30 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 12978.50 / 18100.05 |
| All Time Low / High (₹) | 100.00 / 18100.05 |
| Market Cap (₹ Cr.) | 28,382 |
| Equity (₹ Cr.) | 9.5 |
| Face Value (₹) | 5 |
| Industry PE ⓘ | 51.2 |
| 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 | 1,348 | 1,832 | 2,067 | 2,573 | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 |
| Operating Expenses ⓘ | 1,145 | 1,546 | 1,741 | 2,175 | 2,444 | 1,678 | 1,658 | 2,291 | 2,974 | 3,221 |
| Manufacturing Costs | 95 | 130 | 153 | 190 | 189 | 128 | 112 | 143 | 187 | 204 |
| Material Costs | 793 | 1,100 | 1,238 | 1,602 | 1,822 | 1,149 | 1,134 | 1,643 | 2,197 | 2,321 |
| Employee Cost | 143 | 175 | 191 | 229 | 254 | 266 | 290 | 329 | 377 | 464 |
| Other Costs ⓘ | 114 | 141 | 159 | 153 | 179 | 136 | 121 | 176 | 213 | 232 |
| Operating Profit ⓘ | 203 | 287 | 326 | 399 | 410 | 251 | 206 | 253 | 470 | 563 |
| Operating Profit Margin (%) | 15.1% | 15.6% | 15.8% | 15.5% | 14.4% | 13.0% | 11.0% | 9.9% | 13.7% | 14.9% |
| Other Income ⓘ | 20 | 40 | 36 | 47 | 72 | 64 | 39 | 38 | 67 | 96 |
| Interest ⓘ | 0 | 0 | 0 | 2 | 0 | 2 | 2 | 2 | 6 | 5 |
| Depreciation ⓘ | 47 | 56 | 62 | 62 | 71 | 90 | 90 | 92 | 105 | 109 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 177 | 270 | 300 | 382 | 411 | 223 | 152 | 196 | 427 | 544 |
| Tax ⓘ | 56 | 67 | 87 | 109 | 129 | 65 | 48 | 54 | 109 | 140 |
| Profit After Tax | 121 | 203 | 213 | 273 | 282 | 159 | 104 | 142 | 318 | 405 |
| PAT Margin (%) | 9.0% | 11.1% | 10.3% | 10.6% | 9.9% | 8.2% | 5.6% | 5.6% | 9.2% | 10.7% |
| Adjusted EPS (₹) | 63.6 | 107.2 | 112.6 | 143.8 | 148.8 | 83.7 | 54.7 | 74.9 | 167.5 | 213.4 |
| Dividend Payout Ratio (%) | 8% | 6% | 6% | 6% | 6% | 12% | 20% | 16% | 8% | 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 | 863 | 1,066 | 1,262 | 1,518 | 1,780 | 1,895 | 1,996 | 2,114 | 2,409 | 2,789 |
| Share Capital ⓘ | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves ⓘ | 854 | 1,056 | 1,252 | 1,509 | 1,770 | 1,885 | 1,987 | 2,105 | 2,400 | 2,779 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Trade Payables | 178 | 346 | 326 | 532 | 412 | 157 | 342 | 346 | 359 | 374 |
| Others Liabilities ⓘ | 73 | 111 | 149 | 118 | 143 | 129 | 151 | 158 | 230 | 178 |
| Total Liabilities ⓘ | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,180 | 2,490 | 2,618 | 2,998 | 3,340 |
Fixed Assets | ||||||||||
| Gross Block | 538 | 391 | 435 | 534 | 686 | 789 | 848 | 1,044 | 1,177 | 1,345 |
| Accumulated Depreciation | 214 | 56 | 117 | 175 | 246 | 318 | 416 | 508 | 592 | 692 |
| Net Fixed Assetsⓘ | 324 | 335 | 318 | 359 | 440 | 471 | 432 | 536 | 586 | 654 |
| CWIP ⓘ | 18 | 37 | 62 | 52 | 19 | 30 | 50 | 20 | 77 | 83 |
| Investmentsⓘ | 39 | 218 | 298 | 446 | 313 | 542 | 640 | 399 | 101 | 26 |
| Inventories | 118 | 176 | 145 | 132 | 151 | 113 | 114 | 145 | 155 | 167 |
| Trade Receivables | 299 | 437 | 518 | 648 | 634 | 364 | 585 | 666 | 758 | 935 |
Cash Equivalents  ⓘ
| 223 | 213 | 267 | 356 | 550 | 461 | 462 | 669 | 1,169 | 1,292 |
| Others Assetsⓘ | 93 | 107 | 129 | 175 | 228 | 199 | 207 | 183 | 153 | 185 |
| Total Assets ⓘ | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,180 | 2,490 | 2,618 | 2,998 | 3,340 |
| 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 ⓘ | 124 | 242 | 180 | 311 | 150 | 224 | 138 | 138 | 299 | 193 |
| PBT ⓘ | 177 | 270 | 300 | 382 | 411 | 223 | 152 | 196 | 427 | 544 |
| Adjustment ⓘ | 34 | 58 | 31 | 31 | 33 | 33 | 57 | 58 | 59 | 23 |
| Changes in Working Capital ⓘ | -31 | -8 | -51 | 6 | -160 | 36 | -30 | -45 | -76 | -197 |
| Tax Paid ⓘ | -55 | -79 | -101 | -107 | -134 | -68 | -41 | -70 | -111 | -178 |
| Cash Flow From Investing Activity ⓘ | -45 | -241 | -120 | -205 | -429 | -165 | -24 | -178 | -271 | -136 |
| Capex | -73 | -84 | -73 | -95 | -119 | -92 | -70 | -176 | -128 | -195 |
| Net Investments | 14 | -171 | -61 | -122 | -327 | -95 | 22 | -17 | -182 | -12 |
| Others ⓘ | 13 | 14 | 15 | 12 | 18 | 22 | 24 | 15 | 38 | 72 |
| Cash Flow From Financing Activityⓘ | -11 | -12 | -14 | -18 | -18 | -48 | -19 | -28 | -31 | -34 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | -4 | -5 |
| Dividend Paid ⓘ | -11 | -9 | -11 | -13 | -15 | -36 | 0 | -21 | -23 | -25 |
| Others ⓘ | 0 | -2 | -2 | -3 | -3 | -12 | -19 | -7 | -4 | -5 |
| Net Cash Flow ⓘ | 68 | -10 | 46 | 88 | -297 | 11 | 96 | -69 | -3 | 23 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 14.91 | 21.09 | 18.33 | 19.63 | 17.11 | 8.64 | 5.34 | 6.91 | 14.05 | 15.58 |
| ROCE (%) | 21.87 | 28.02 | 25.78 | 27.46 | 24.86 | 12.26 | 7.93 | 9.62 | 19.13 | 21.14 |
| Asset Turnover Ratio | 1.41 | 1.52 | 1.39 | 1.34 | 1.27 | 0.85 | 0.81 | 1.01 | 1.24 | 1.2 |
| PAT to CFO Conversion(x) | 1.02 | 1.19 | 0.85 | 1.14 | 0.53 | 1.41 | 1.33 | 0.97 | 0.94 | 0.48 | Working Capital Days |
| Receivable Days | 66 | 67 | 77 | 81 | 82 | 94 | 91 | 89 | 74 | 81 |
| Inventory Days | 29 | 27 | 26 | 19 | 18 | 25 | 22 | 18 | 16 | 15 |
| Payable Days | 76 | 87 | 99 | 98 | 95 | 90 | 80 | 76 | 59 | 58 |
WABCO-TVS (INDIA) is a joint venture between TVS Group and WABCO Holdings Inc. The company has pioneered the manufacture of air-assisted and air brake systems for commercial vehicles in India. With a commitment of total satisfaction to customers, their company has achieved a share of business in the OE (Original Equipment) segment greater than 85% and a market share in the after-market greater than 75%.
WABCO-TVS (INDIA) Limited is the leading provider for air brake actuation systems for commercial vehicles.
WABCO, one of the leading providers of electronic braking, stability, suspension and transmission control systems to the global commercial vehicle industry, and TVS Group, a leading producer of automotive components, two-wheelers, electronic hardware and a major distributor of automotives and spare parts in addition to operating goods transport and financial services, in May 2007 announced their intention to transfer the brakes business of their Indian joint-venture Sundaram Clayton Ltd (SCL) to a new wholly-owned subsidiary, WABCO-TVS (INDIA) Ltd., (WABCO-TVS) through a demerger plan.
The company's Research and Development center is full-fledged and state-of-the-art to facilitate design, development, simulation and testing. A team of professional engineers powered with the best production facilities gear us up to translate design competence into excellence in manufacturing through concepts such as cellular manufacturing and operation standards.
WABCO-TVS has a solid foundation in its domestic market leadership and pioneering R&D efforts. Comprehensive TQM (Total Quality Management) practices enable the company in being a competitive world-class manufacturer in terms of quality, cost and timely delivery of products.
Cellular manufacturing gives it the flexibility to respond in tune to customer needs. Comprehensive integration of the supply chain through implementation of ERP (Enterprise-Wide Resource Planning) programme has further enhanced WABCO-TVS (INDIA) responsiveness.
WABCO-TVS has a solid foundation in its domestic market leadership and pioneering R&D efforts. Comprehensive TQM (Total Quality Management) practices enables WABCO-TVS in being a competitive world-class manufacturer in terms of quality, cost and timely delivery of products.
With intensive R&D efforts and high quality standards, its products have found global acceptance. Today Australia, Malaysia, UK, Singapore, South Asia, North America, Venezuela and the Middle East are part of its export network.
In 2014, WABCO in order to improve thesafety and efficiency of commercial vehicle opened a new ApplicationEngineering Center in Pune, India. The new center, WABCO’s second of its kindin India, allows WABCO’s engineers to work closely with global commercialvehicle manufacturers in India to jointly develop customized products andsolutions across a broad range of vehicle platforms.
Product:
The company is the leading provider for air brake actuation systems for commercial vehicles.
Clientele:
WABCO-TVS (INDIA) Limited supplies original equipment fitments for vehicles manufactured by Ashok Leyland, TATA Motors, Vehicle Factory (Jabalpur), Bharat Earthmovers, TAFE, Volvo, SUTLEJ, CATERPILLAR, Eicher Motors, Swaraj Mazda, Force Motors, Mahindra & Mahindra, Tata Cummins (Engines) and a host of other trailer manufacturers.
Awards/ 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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