Scrip Watch

JK Tyre & Industries Ltd

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JK Tyre & Industries Ltd

JK Tyre & Industries Ltd
Auto Tyres & Rubber Products
FV – Rs 2; 52wks H/L –162.95/78.25 ; TTQ – 66 K; CMP – Rs 102.25 (As On September 28th 2015; 10:20) ;                       

     Market Cap – Rs 2329 Crs

Consolidated 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
45.36 1401 1503 7400 330 62 14.6 7 16.8 1.6 52.34

1.6

 *On 18th Dec, 2014 Stock Split from Rs.10 to Rs.2.

Consolidated Financials and Valuations for Q1 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
45.36 1519 1777 118 67 18 5.7 16.8 1.5 52.34 1.6

 

Key Updates:

  • JK Tyre has has signed a binding agreement withBK Birla flagship Kesoram Industries to acquire 100% equity in a tyre unit in Haridwar for Rs.2200 Crs.
  • The company has established 17 Truck Radial Tyre Care centres, which operate along all major National Highways on 365 day, 24*7 basis.
  • It has also established 16 truck radial total solution showrooms branded “truck Wheels”.
  • The first company to introduce unique concepts like “Dial-a-Tyre” and only company to launch 24*7 on-road tyre assistance initiative called “Fix-a-Tyre”.
  • JK Tyre is expecting its Rs.1430 crore expansion plan near Chennai and is expected to be completed by mid-2015.

 

Overwiew:

Part of the JK Organisation, JK Tyre & Industries Ltd is a leading tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the four wheeler automobile industry. The company has global presence in 100 countries across six continents with six plants in India and three in Mexico. Currently, the capacity across 9 plants exceeds 20 million tyres per annum. The company is the leader in Truck Bus Radial Segment. JK Tyre offers tyres for –

  • Truck/Bus
  • LCV
  • Passenger Cars
  • MUV
  • Tractors

The company is the manufacturer of India’s largest OTR tyre weighing 3.7 tons and 12 feet high. The nationwide network comprises of 143 selling locations, 4000 dealers and over 120 retail outlets.

Clientele & Partners :

  • Maruti Suzuki
  • Honda
  • Ashok Leyland
  • General Motors
  • Eicher
  • Volvo
  • Volkswagon
  • Nisaan
  • Caterpillar India

        Bulk Deals:    

   

Deal Date Client Name Deal Type Quantity Price (Rs.)
28-Nov-13 Crrosses Capital Services Pvt.Ltd S 272796 153.58
28-Nov-13 Crrosses Capital Services Pvt.Ltd P 273469 153.1
03-Sep-10 Harsh Stock Portfolio Pvt.Ltd S 294253 189.03
03-Sep-10 Harsh Stock Portfolio Pvt.Ltd P 294253 189.73
03-Sep-10 Govinda Shares & Securities Pvt.Ltd S 259640 187.6
03-Sep-10 Govinda Shares & Securities Pvt.Ltd P 259640 188.11

 

Management:

  • Raghupati Singhania – CMD.
  • Bakul Jain – Director.
  • Ashok Kumar Kinra – CFO.

 

The Equity Capital is @ Rs.45.36  Crs consisting of 226813480 equity Shares of FV Rs 2 currently held as under

None Of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Sr.No Non – Promoters No. of Shares held % Of shares held
1 Morgan Stanley Asia (Singapore) Pte 3323012 1.47
2 LSV Emerging Markets Equity Fund LP 2540900 1.12
3 Ultima Finvest Ltd 2481873 1.09
4 Edgefield Securities Ltd 17437500 7.69
  Total 25783285 11.37

 

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY15 FY14 FY13 FY12 FY11
Equity Paid Up 45.36 41.06 41.06 41.06 41.06
Networth 1401 1097 907 755 858
Total Debt 2708 2505 2533 2021 1528
Net Sales 7400 7670 6999 6951 5986
Other Income 17 18 13 4 7
PAT 330 263 203 -32 66
Book Value (Rs) 62 53 44 37 42
EPS (Rs) 14.6 12.8 9.9 -1.6 3.2

 

Peer Comparison:

FY15 JK Tyre Ltd MRF Ltd Ceat Ltd Goodyear Ltd
Net Sales 7400 13396 5824 1611
EBITDA 948 698 252 122
EBIT 1106 1122 345 150
Net PAT 330 908 314 101
Equity Cap 45.36 4.24 40.45 23.07
Net Worth 1401 4540 1682 496
Debt 2708 1815 625 _
Cash & Equivalents 191 727 126 365
Capital Employed 3635 7211 2228 536
EV 4846 18731 5628 913
CMP 102.25 41560 1270 554
FV 2 10 10 10
Mrkt Cap 2329 17643 5129 1278
EPS 14.6 2141.5 77.6 43.8
BV 62 10708 416 215
P/E 7 19.4 16.4 12.7
P/BV 1.7 3.9 3.1 2.6
EV/EBITDA 5.1 26.8 22.3 7.5
EV/Sales 0.7 1.4 1.0 0.6
Market Cap /Sales 0.3 1.3 0.9 0.8
RoE (%) 23.6 20.0 18.7 20.4
RoCE (%) 30.4 15.6 15.5 28.0
Shareholding as of June  2015
Promoter Holding% 52.34 27.34 50.76 74
FII% 12.32 8.97 21.28 0.8
DII% 2.6 9.52 8.15 8.19
Others% 32.74 54.17 19.81 17.01

 

 

 

 

 

 

 

 

 

 

 

 

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