ASAHI INDIA GLASS LTD - Q3 FY 21 RESULTS ANALYSIS

 

ASAHI INDIA GLASS LTD

Q3 FY 21 RESULTS ANALYSIS

It manufactures 3 types of Glass (1) Automotive Glass (2) Architectural Glass (3) Consumer Glass

Board of Directors

Mr. B. M. LabrooChairman

Mr. Sanjay Labroo Managing Director & C.E.O

Mr. Satoshi Ogata Dy. Managing Director & C.T.O. (Auto)

In a span of over three decades, AIS’s Automotive Glass SBU has grown  from  a  single-location  manufacturing  to  five  state-of-art  manufacturing  facilities  across  India  including  a  facility  each  at  Bawal,  Haryana;  Roorkee,  Uttarakhand;  Chennai,  Tamil  Nadu;  Taloja,  Maharashtra  and  the  latest  plant  being  built  at  Patan,  Gujarat.    

These   strategically   located   manufacturing   facilities   ensure seamless QCDDM to all automotive OEMs across India.  AIS’s  strong  focus  on  R&D  and  its  penchant  for  state-of-the-art  technologies   helps   it   deliver   breakthrough   solutions   to   its   customers,  even  as  it  easily  meets  the  most  stringent  quality  norms of both global and domestic OEMs. With  a  market  share  of  approx.  73%  in  the  passenger  vehicle  segment,  AIS’s  Auto  Glass  is  with  nearly  three  out  of  every  four cars, SUVs and MUVs manufactured in India. 

During the financial year, AIS saw its auto glass products on most of the new launches including S-Presso from Maruti Suzuki; Venue, Grand i10 Nios and Aura  from  Hyundai  Motors;  Seltos  from  Kia  Motors;  Altroz  from  Tata Motors; Triber from Renault and Hector from MG Motors.

QUARTERLY RESULTS

Asahi India Glass (in Rs. Cr.)	Dec '20	Sep '20	Jun '20	Mar '20	Dec '19	YOY	QOQ
Net Sales	747	634	227	595	684	9.2	17.8
Raw Materials	214.57	209.64	45.13	210.24	226.48	-5.26	2.35
TOTAL EXPENSES	646	589			641	0.88	9.79
Interest	35.05	38.64	36.93	34.95	36.85	-4.88	-9.29
P B T	109	55	-97	19.2	44	147	99
Tax	38.83	20.73	-33.58	-31.39	15.3	153.79	87.31
Net Profit	69.9	33.9	-63.4	50.6	28.8	143	106
FINAL NPT	73.91	37.29	-62.7	52.53	32.17	129.75	98.2
Equity	24.31	24.31	24.31	24.31	24.31	0	0
Basic EPS(FV:1)	3.04	1.53	-2.58	2.16	1.3	133.85	98.69

 

MP  290.85  

PE   23.92    

52 Week Range  L  119   H 302       

Volume  85,312   NSE

Book Value Per Share  53.01

3 year CAGR growth          

Revenue 3.80%   

Net Profit      0.90%   

Operating Profit   1.60%   

             

Price Performance             

1 Week         -1.29%

1 Month         0.33%   

3 Months       29.38% 

1 Year           10.51% 

3 Years         -19.64%

 

Yearly Results	Mar '20	Mar '19	Mar '18	Mar '17	Mar '16
Net Sales	2,638.60	2,904.51	2,628.02	2,372.99	2,207.37
Raw Materials	875.99	960.5	888.36	824.66	759.47
P B T	160.97	272.99	264.7	192.19	142.06
Tax	19.45	92.12	92.99	57.54	60.02
N P T	141.52	180.87	171.71	127.52	82.04
FINAL NPT	153.72	190.18	177.38	131.33	86.95
Equity	24.31	24.31	24.31	24.31	24.31
Reserves	1,277.9	1,191.4	1,051.3	902.41	329.74
Basic EPS	6.32	7.82	7.3	5.4	3.58

 

Shareholding Pattern

Promoters unpledged 0.44% of shares in last quarter. Total pledge stands at 10.67% of promoter holdings

Promoters holding remains unchanged at 54.27% in Dec 2020 qtr

Mutual Funds have decreased holdings from 1.24% to 0.72% in Dec 2020 qtr

Number of MF schemes increased from 24 to 25 in Dec 2020 qtr.

FII/FPI have decreased holdings from 1.16% to 1.15% in Dec 2020 qtr

 

STRENGTHS

Growth in Net Profit with increasing Profit Margin (QoQ)

Increasing Revenue every quarter for the past 2 quarters

Increasing profits every quarter for the past 2 quarters

Book Value per share Improving for last 2 years

Company with decreasing Promoter pledge

Near 52 Week High

Strong Momentum: Price above short, medium and long term moving averages

WEAKNESSES

MFs decreased their shareholding last quarter

RoCE declining in the last 2 years

ROE declining in the last 2 years

ROA declining in the last 2 years

Declining Cash Flow from Operations for last 2 years

Degrowth in Revenue and Profit

Declining Net Cash Flow : Companies not able to generate net cash

Major fall in TTM Net Profit

OPPORTUNITIES

Highest Recovery from 52 Week Low

RSI indicating price strength

THREATS

Upcoming Results for Nifty500 with Declining Share Price Over the Week

Stocks with high PE (PE > 23)