Kirloskar Oil Engines
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1 For private circulation only Volume No. VII Issue No. 17 Kirloskar Oil Engines Emerging stronger Rs 255 Sensex: 26,636 Nifty: 8,170 FINANCIAL SUMMARY SALES OPM (%) OP OTHER PBIDT INTEREST PBDT DEP. PBT EO PBT TAX PAT EPS* INC. AFTER EO 1203 (12) % (12) % (12) % (12) % (12) % (12P) % * Annualised on current equity of Rs crore of face value of Rs 2 each. EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax. Figures in Rs crore (P): Projections. Source: Capitaline Database Incorporated in 1994, Kirloskar Oil Engines (KOEL) is a flagship company of Kirloskar group. KOEL is a leader in the manufacturing of diesel engines, agricultural pump sets and generating sets. It operates with 4 plants each in Pune, Rajkot, Nashik and Kagal. The company has an extensive network of more than 362 well-equipped service outlets spread across India to ensure prompt and timely after sales service. KOEL also supplies engines and generators to over 30 countries, be it Middle-east and Africa and has a strong market presence with double-digit market-shares in specific markets such as Dubai, Nepal, Lebanon, Zambia, South Africa, Sri Lanka, Qatar and Kenya. Strong recovery visible in the financials For Mar 16 quarter, net sales of the company grew by 9% to Rs crore. The net sales were higher despite 37% drop in large engine sales to Rs 33 crore. The company had completed the Nuclear Power Corporation Large Engine orders in FY 15 and no new orders were tendered out. Higher Agricultural segment (up by 29% YoY to Rs 121 crore) and Industrial segment sale (up by 18% to Rs 114 crore) have helped higher sales and margins. OPM of the company stood at 13.2%, up by 400 bps YoY, largely due to lower raw material costs, better product mix and control on costs. With other income up by 1% to Rs crore and a 21% increase in depreciation to Rs crore, PBT stood at Rs crore, up by 80%. There was an EO expense of Rs 15 crore towards stamp duty registration fees on account of merger of KBIL for Mar 16 quarter as compared to Nil for Mar 15 quarter. Thus PBT after EO stood at Rs crore, up by 44%. Due to higher R&D expenditure, tax was lower by 16% YoY and thus, PAT for Mar 16 quarter stood at Rs crore, up by 78%. Net sales was lower by around 2% for 12 months ended Mar 16 due to 54% drop in net sales of large engines to Rs 111 crore. OPM stood at 9.8%, thus resulting in a 4% fall in OP. with a 25% higher other income of Rs crore, PBIDT was up by 2%. Depreciation was up by 9% resulting in a 2% fall in PBT to Rs crore. There was an EO expenditure of Rs crore comprising of VRS expenditure and one time stamp duty fees resulting in a 14% fall in PBT to Rs crore. After providing total tax of Rs crore, PAT stood at Rs crore, down by 2%. STOCK DATA BSE Code : BSE Group : B NSE Code : KIRLOSENG Bloomberg : KOEL.IN Reuters : KIRO.BO Par Value : Rs 2 52-week High/Low : Rs 348 / Rs 199 Sector : Engines SHAREHOLDING PATTERN* Category % of equity Foreign : Institutions : 8.82 Govt Holding : 0 Corp Holding : 0.92 Promoters : Public & Others : * as on 31/03/2016 Source: Capitaline Databases
2 The company is a Zero Debt company and has cash and cash equivalent of Rs 825 crore as on Mar 16. Outlook for major business segments is encouraging Broadly the business of the company is divided into 4 segments 1) Power Gensets KOEL is a market leader in the small and medium segments of the Indian genset market, with approximately 33% market share across these two segments. It specialises in the manufacture of both air-cooled and liquidcooled diesel engines and generating sets across a wide range of power output from 5kVA to 3000kVA. It also offers engines operating on alternative fuels such as bio-diesel, natural gas, biogas and straight vegetable oil (SVO). The Kirloskar Green Genset is the market leader and most preferred brand among customers in the power generation and telecom industry in India. Industries served by the company s product includes telecom, IT/ITES, BPO, shopping malls, hotels, hospitals, and banks; educational and financial institutions. Engineering, manufacturing, FMCG, automobile and auto ancillaries, textile, pharmaceuticals, dairy, and food processing and also defense agencies such as air force, army, navy and coast guard. Overall DG market declined by around 1.5% in FY 16. Ex-Telecom sector, the DG market even declined by around 6%. However Mar 16 quarter showed some healthy traction of the industry, with market increased by 6% on QoQ basis. For KOEL, Power genset segment grew by around 1% to Rs 1109 crore. The new product like 750 KVA Gensets and KOEL Chhota Chilli range of 2-5 KWA petrol and diesel variants were introduced during FY 16. The company successfully implemented the CPCB II emission norms for engines. KOEL s new portfolio is optimized for fuel efficiency across the usage range of the product. KOEL has also chosen to build on proven engine platforms, thereby continuing the promise of reliability & durability associated with its products. This also assures low running cost to users. With a supply of more than 10,000 engines complying to new norms, the new range of engines not only stabilized in terms of design, ramp-up and quality but also led to marginal increase in the market share of the company as well. 2) Large Engines The Large Engines business group (LEBG) manufactures and markets diesel engines from 2,400 hp to 11,000 hp. The main applications of these engines are captive power plants (base load / critical standby - AMF or black start) and marine main propulsion. LEBG division caters to the needs of various organizations such as the Nuclear Power Corporation of India Ltd., Bharat Heavy Electricals Ltd. and consultants like Engineers India Ltd., MECON, DCPL, PDIL, Bechtel, Fichtner etc. The company has historically been a dominant supplier to marquee clients such as Nuclear Power Corporation of India Limited (NPCIL) and the Indian Navy. The Company also competes in marine engines, where it also has a KOEL also supplies engines and generators to over 30 countries, be it Middle-east and Africa and has a strong market presence with double-digit market-shares in specific markets such as Dubai, Nepal, Lebanon, Zambia, South Africa, Sri Lanka, Qatar and Kenya KOEL is a market leader in the small and medium segments of the Indian genset market, with approximately 33% market share across these two segments. It specialises in the manufacture of both aircooled and liquid-cooled diesel engines and generating sets 2
3 technology tie-up with MAN Diesel and Turbo SAS, (Erstwhile SEMT Pielstick, France). The company has successfully completed the 16 DG set orders received from NPCIL in FY 14 and in FY 15. The company has the requisite technical skills backed by sound project execution skills to execute large orders within defined time frames and hence revival of the economy will provide the necessary fillip to the business. After successfully completing the NPCIL large orders in FY 15, there was no NPCIL order which resulted the sales from this segment down by 54% to Rs 111 crore. NPCIL is expected to issue its tenders in FY 17 and KOEL is expected to receive good orders given its track record and past performance. Also the company has developed new products for defence and marine sectors. The company has developed compact DG set upto 100 KVA required for Army projects. It also entered in to technical collaboration with Bio Cube corp, Canada for sales and service business. 3) Agriculture engines In Agri space, the company provides variety of diesel engines and pump set range from 3 hp to 130 hp in the entire global agri space including India, Egypt, Africa, and Latin and Central America and others. The Company is the market leader in diesel-pump sets with 17% market share. Apart from a strong brand, the company s key competitive advantage lies in its extensive reach across the far corners of the country. KOEL s agri range is available in over 3000 locations across 3400 retailers, along with the ability to deliver prompt and reliable service in all these areas. New products, increase in market share etc led the Agriculture segment grew by 13% for FY 16 on a lower base of FY 15. The company successfully launched 1500 Mega T products for sugarcane special and deluxe variants. In the first year of operation, the 1500 Mega T product crossed Rs 100 crore of sales. New high discharge pumps and range of adhesives and sealants under Agri Crop were introduced in FY 16. With expectation of normal monsoon by IMD/Skymet, agricultural segment is expected to continue to do well in FY 17 as well. 4) Industrial engines KOEL manufactures a variety of quality diesel engines powering more than 85 Industrial Engine applications across seven sectors be it earth moving, construction, mining, fluid handling, material handling equipments and marine applications. The company s industrial engines cater to two broad segments construction equipment and tractors. The company is the market leader in engines for construction equipment, with a market share of 30%. A wide range of products back-hoe loaders, excavators, motor graders, concrete pumps seen on Indian roads and project sites are powered by the company s engines. The company is a niche player in tractor engines, as most tractor manufacturers use captive engines. Significant turnaround was seen in Mar 16 quarter for the Off-Highway segment of the Industrial engine business which largely comprises of Construction equipment, Mining equipments, Fluid handling equipments, Compressor segment, Railways etc. Lot of action has been taken by the The Large Engines business group (LEBG) manufactures and markets diesel engines from 2,400 hp to 11,000 hp. The main applications of these engines are captive power plants (base load / critical standby - AMF or black start) and marine main propulsion In Agri space, the company provides variety of diesel engines and pump set range from 3 hp to 130 hp in the entire global agri space including India, Egypt, Africa, and Latin and Central America and others. The Company is the market leader in diesel-pump sets with 17% market share 3
4 Government in off highway segment and is visible at the ground level. Segments like Roads, construction, mining, railways are working at significantly higher level than work happening at prior government level. In Mar 16 quarter Compressor grew by 33% YoY, Mining was flat to positive and construction grew by 10% YoY and Railways grew by 25%, Thus, the demand from off-highway segment which accounts for around 80% of the total industrial engine business is expected to do well in FY 17. Demand from tractor segment should also do well if monsoon turns out to be good as expected by by IMD/Skymet. Exports continue to rise Exports stood at around 10% of total sales in FY 16 as compared to around 5-6% in FY 14. Exports grew by around 12% in FY 16. Although international markets continued to remain competitive, the company was able to enter new markets and newer products were launched in FY 16 which helped the growth. KOEL America was incorporated in FY 16 to tap the sales and service business in US. The company also received a major breakthrough for large engine in UAE. Significant turnaround was seen in Mar 16 quarter for the Off-Highway segment of the Industrial engine business which largely comprises of Construction equipment, Mining equipments, Fluid handling equipments, Compressor segment, Railways etc Outlook The company is a Zero Debt company and has cash and cash equivalent of Rs 825 crore as on Mar 16. After 2 years of back to back below normal monsoon, IMD and Skymet have expected an above normal monsoon for FY 17. With a good visibility of many of its end-user segments likely to do well in FY 17, the company s net sales and margins are expected to improve significantly. The company continues to operate at negative working capital for consecutive 8 quarters. Thus entire benefits of operating level will come to the PAT level and earnings are thus expected to improve. Once economic growth recovers completely, all the business segments will grow at a decent rate in future. Valuation For FY 2017, we expect the company to register net sales and PAT of Rs crore and Rs crore. This gives an EPS of Rs At current market price of Rs 255, the scrip trades at 19.1 times its FY 2017 projected earnings. 4
5 KIRLOSKAR OIL ENGINES: RESULTS 1603(03) 1503(03) VAR. (%) 1603 (12) 1503 (12) VAR. (%) Sales % % OPM (%) 13.2% 8.2% 9.8% 9.9% OP % % Other income % % PBIDT % % Interest % % PBDT % % Depreciation % % PBT % % EO % % PBT after EO % % Current tax % % PAT % % EPS* (Rs) # # * Annualised on current equity of Rs crore. Face Value: Rs 2. EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax. # EPS can not be annualised due to seasonality in business. Figures in Rs crore. Source: Capitaline Database 5
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