Scrip Watch

Pricol Ltd

Scrip Sanctuaries for protection from the wildlife in this jungle of Indian Equities

Pricol Ltd

Pricol Ltd
Autoparts & Equipment
FV – Rs 1; 52wks H/L –132.15/34; TTQ – 65 K; CMP – Rs 78.65 (As On November 22nd 2016; 12.30);                                  

Market Cap – Rs 746 Crs

Consolidated Financials and Valuations for FY16 (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
9.48 266 39 1462 1.27 28 0.13 605 20.15 2.81 40.67 1.58

 

Standalone Financials and Valuations for H1 FY17


Equity Capital

Net worth
Long Term Debt
Total
Sales
PAT
BV
(Rs)

TTM EPS (Rs)

TTM P/E

Industry P/E

P/BV

Promoter’s
Stake
Beta
9.48 341 5 652 41.74 36 4.40 17.9 20.15 2.18 40.67 1.58

 

Valuation Parameters:

  1. Long Term Debt to Equity – 0.2
  2. ROE % – 5
  3. Market Cap/Sales – 0.5
  • With reference to the earlier letter dated November 01, 2016, Pricol Ltd has now informed BSE that the name of the Company has been changed from “Pricol Pune Limited” to “Pricol Limited” with effect from November 18, 2016 pursuant to the order received from Hon’ble High Court, Madras approving the scheme of amalgamation of Pricol Limited with Pricol Pune Limited and compliance with the filing requirements under Companies Act, 2013.
  • Pricol being market leader in Speed Limiting Devices hopes to benefit from the recent notifications in some of the States on retro-fitting of speed limiters in used commercial vehicles.
  • Pricol is expected to outgrow the auto industry on account of large basket of products that serve different segments within the industry.

Overview:

  • Pricol Ltd offers oil pumps and auto components for motor vehicles, motor cycles and three wheelers.
  • The Company operates through automotive components segment.
  • It offers products for Two Wheelers, such as Auto Fuel Cocks, Chain Tensioners, Fuel Level Sensors, Instrument Clusters and Speed Sensors; Four Wheelers, including Analog Clocks, Brake Light Switches, Temperature Sensors and Top Dash Tachometers; Tractors, Construction & Industrial, including Neutral Safety Switches, Gauges, Hour Meters, Pressure Sensors and Warning Indicators; Commercial Vehicles, including Vacuum Switches, Vehicle Tracking System, Hydraulic Cab Tilt System and Digital Tachograph; Fleet Management Solutions, such as Road Speed Warning System, Journey Risk Management and Centralised Lubrication System; Tooling Solutions, such as Mould & Press Tool Design, Mould Testing, and FAI Report and Documentation, and Sintered Components, such as Hubs, Valve Plates, Oil-less Bearings and Ferrous Carbon based Alloys.

 

Subsidiaries:

  1. PT Pricol Surya Indonesia – The Company’s customers are 2 Wheeler manufacturers to whom Instrument Clusters are supplied. The company has achieved a sales 85 Crs as against the previous year sales 96 Crs. The sales drop in INR terms was 12% mainly due depreciation of Indonesian Rupiah.
  2. Pricol Asia Pte Limited, Singapore – This purchasing arm of the Company mainly assists in global procurement of raw materials and components to supply our Company and associate companies. During the year the company achieved sales of 124 Crs as against the previous year sales of 104 Crs. The company made a profit of 2 Crs during the year 2015 – 16 as against 1 Cr in 2014 – 15.
  3. Pricol Espana Sociedad Limitada, Spain – It is an investment arm of Pricol to acquire companies in Europe and America. During the financial year, the company has incurred a loss of 0.3 Crs mainly due to bank charges. It is a one time charge. Its income mainly from interest from Pricol do Brasil stood at 1 Cr.
  4. Pricol do Brasil Componentes Automotivos LtdA, Brazil – Pricol do Brasil Componentes Automotivos LtdA (PdB) serves wide range of Domestic and International customers such as Volkswagen, Fiat, Fiat Powertrain, General Motors, Harley Davidson, Mack Trucks etc. PdB has a strong backward integrated facility with diverse manufacturing capabilities (Die Casting, Machining and Assembly) and extensive Testing and Validation facilities to provide end to end solution and add value to the Customer. The sales went down from previous year 171 Crs to 130 Crs a drop of 13.08% and ended with a loss of 46 Crs.
  5. Pricol Pune Limited (Formerly, Johnson Controls Pricol Private Limited) – The Wholly Owned Subsidiary Company supplies Instrument Clusters to 2 Wheelers by Bajaj Auto in the Western Region and Personal Passenger Car and Utility Vehicles manufactured by Renault Nissan, Tata Motors, Mahindra & Mahindra, General Motors India and FIAT India. The sales increased from 97 Crs to 122 Crs due to better market conditions as well as sales to Kwid model of Renault and made a net profit of 9 Crs during the financial year 2015-16 against the net loss of 13 Crs.

 Management:

  • Mr. Viajy Mohan  – Chairman
  • Mr. Vikram Mohan – MD

Major Non – Promoter Holdings:

Sr. No Non – Promoters No. of shares held % of shares held
1 UTI Midcap Fund 1569050 1.66
2 PHI Capital Trust -Phi Capital Growth Fund 1192106 1.26
3 Rajesh Madhavan Unni 1947701 2.05
4 Pricol Ltd  – Unclaimed Shares Suspense Account 959260 1.01
5 Phi Capital Solutions LLP 4500000 4.75
6 Vramath Financial Services Pvt Ltd 4567761 4.82

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars FY16 FY15 FY14 FY13 FY12 FY11
Equity Paid Up 9.48 9.48 9.45 9 9 9
Networth 266 271 342 280 267 181
Total Debt 77 83 66 66 107 205
Net Sales 1462 1151 1101 1059 1085 895
Other Income 1 7 4 5 2 6
PAT 1.27 -36.01 37.28 17.66 62.97 21.26
Book Value (Rs) 28 29 36 31 30 20
EPS (Rs) 0.13 -3.80 3.94 1.96 7.00 2.36

 

 

 

 

 

 

 

 

 

 

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