Rane Brake Lining Ltd Ltd

Rane Brake Lining Ltd Ltd
Auto Parts & Equipments
FV – Rs 10; 52wks H/L –405.9/265 ; TTQ – 110 ; CMP – Rs 325(As On November 16th 2015; 11:40) ;                        

    Market Cap – Rs 257 Crs

Standalone Financials and Valuations for FY15 (Amt in Rs Crs unless specified)


Equity Capital
Net worth		 Long Term Debt
Total
Sales		 PAT
BV
(Rs)
EPS (Rs)
P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
7.91 121.7 10.5 418.5 16.1 154 20.4 15.9 32.4 2.1 66.5 0.84

 

Standalone Financials and Valuations for H1 FY16


Equity Capital
Net worth
Total
Sales		 PAT
BV
(Rs)
TTM EPS (Rs)
TTM P/E
Industry P/E
P/BV
Promoter’s
Stake		 Beta
7.91 130.4 109.3 3.9 165  

24.64

  

13.2

  

32.4

  

2

  

66.5

 0.84

 

Debt to Equity – 0.28

Return on Equity % – 13.3

Overwiew:

  • Rane Brake Lining Ltd (RBL) is part of the Rane group of companies, a leading auto component group based out of Chennai.
  • The company is a manufacturer of friction material products like Brake linings, Disc pads, Clutch facings, Clutch buttons, Brake shoes and Railway Brake blocks.
  • It is market leader in India and global player in friction material.
  • The company has a technical collaboration with Nisshinbo Brakes Inc, Japan.
  • The company is a supplier of composite brake blocks to Indian railways, with presence in passenger, Electric Multiple Unit (EMU), Freight, Locomotive and Metro Rail.
  • Manufacturing plants are located in Chennai, Hyderabad, Puducherry and Trichi.
Domestic Sales (Rs. In Crores) Growth in %
2014-15 2013-14
Brake Linings 176.54 160.72 9.84
Disc Pads 164.19 145.71 12.68
Other Products 47.58 50.74 -6.24
  • The exports of the company were at Rs.27.58 Crs registering a growth of 4.7% over the previous year. 

Management:

  • L Ganesh – Chairman
  • M A P Sridhar Kumar – CFO

Major Non-Promoter Holdings:

Sr.No Non – Promoters No. of Shares held % of shares held
1 United India Insurance Company Ltd 479030 6.05
2 General Insurance Corporation of India 291498 3.68
  Total 770528 9.74

 

Standalone Financial Trends (In Rs. Crs) :

Particulars FY15 FY14 FY13 FY12 FY11
Equity Paid Up 7.91 7.91 7.91 7.91 7.91
Networth 121.7 112.3 102 96.6 86.8
Total Debt 34.6 61.8 74 63.6 54.2
Net Sales 418.5 386.5 379.7 363.5 308.3
Other Income 2.1 2.4 3.2 4.4 2.5
PAT 16.1 17.2 9.1 16.2 15.3
Book Value (Rs) 154 142 129 122 110
EPS (Rs) 20.4 21.7 11.5 20.5 19.3

Net sales were up by 8.4% as compared to previous year with new products generating 11% (i.e Rs.45.8 Crs) of the revenues.

Company has reduced its debt over the years and maintains a healthy dividend payout.