Ashok Leyland

Ashok Leyland's net profit fell 83.8% yoy to INR 3.37 bil in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland made a net profit of INR 3.37 bil with revenues of INR 217 bil in 2019, down by 83.8% and down by 33.6%, ...

Ashok Leyland's employees fell 4.20% yoy to 11,463 in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland employed 11,463 employees in 2019, down 4.2% compared to the previous year. Historically, between 2008 an...

Ashok Leyland's price/earnings (P/E) fell 7.79% yoy to 12.3 in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland stock traded at INR 87.1 per share at the end 2019 translating into a market capitalization of USD 3,866 mil. Since...

Profit Statement 2017 2018 2019
Sales INR bil 292 328 217
EBITDA INR bil 41.6 48.1 30.8
EBIT INR bil 36.0 42.3 24.8
Financing Cost INR bil 12.3 15.0 17.9
Pre-Tax Profit INR bil 25.6 28.7 7.39
Net Profit INR bil 17.6 20.8 3.37
Dividends INR bil ... ... 1.47
Balance Sheet 2017 2018 2019
Total Assets INR bil 335 391 381
Non-Current Assets INR bil 191 226 228
Current Assets INR bil 144 165 153
Working Capital INR bil -16.7 6.02 1.98
Shareholders' Equity INR bil 82.5 98.2 89.0
Liabilities INR bil 253 293 292
Total Debt INR bil 158 192 224
Net Debt INR bil 111 168 200
Ratios 2017 2018 2019
ROE % 23.1 23.0 3.60
ROCE % 10.5 10.2 1.46
EBITDA Margin % 14.2 14.7 14.2
EBIT Margin % 12.3 12.9 11.4
Net Margin % 6.02 6.35 1.55
Net Debt/EBITDA 2.68 3.48 6.49
Net Debt/Equity % 135 171 225
Cost of Financing % 8.48 8.59 8.62
Valuation 2017 2018 2019
Market Capitalisation USD mil 3,710 6,536 3,866
Enterprise Value (EV) USD mil 3,710 6,536 3,866
Number Of Shares mil 2,886 2,935 2,935
Share Price INR 78.0 80.0 87.1
EV/EBITDA 5.87 9.08 8.85
EV/Sales 0.837 1.33 1.25
Price/Earnings (P/E) 14.1 13.3 12.3
Price/Book Value (P/BV) 2.73 2.39 2.87
Dividend Yield % 1.22 1.95 2.79

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overview Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                        
Sales INR bil           115 153 213 229 292    
EBIT INR bil           -1.08 9.37 24.5 27.2 36.0    
Net Profit INR bil           -1.64 1.34 6.82 15.9 17.6    
                           
ROE %           -3.61 2.84 13.0 25.1 23.1    
EBIT Margin %           -0.940 6.11 11.5 11.9 12.3    
Net Margin %           -1.43 0.873 3.21 6.95 6.02    
Employees           11,552 11,204 10,352 11,906 11,835    
balance sheet                        
Total Assets INR bil           175 195 222 267 335    
Non-Current Assets INR bil           112 120 133 155 191    
Current Assets INR bil           63.2 75.7 88.7 112 144    
                           
Shareholders' Equity INR bil           46.4 47.7 56.8 69.8 82.5    
Liabilities INR bil           129 148 165 197 253    
Non-Current Liabilities INR bil           60.4 69.1 82.8 92.9 111    
Current Liabilities INR bil           68.5 78.4 82.4 104 142    
                           
Net Debt/EBITDA           23.6 5.23 3.13 3.44 2.68    
Net Debt/Equity %           171 157 160 158 135    
Cost of Financing %           12.5 9.93 9.19 8.66 8.48    
cash flow                        
Total Cash From Operations INR bil           -5.55 -2.28 -15.1 1.02 13.1    
Total Cash From Investing INR bil           -4.25 -2.05 4.04 -17.3 -32.1    
Total Cash From Financing INR bil           9.60 11.8 19.5 9.39 21.0    
Net Change In Cash INR bil           -0.207 7.52 8.41 -6.88 2.05    
valuation                        
Market Capitalisation USD mil ...         1,067 1,051 3,348 4,672 3,710    
Enterprise Value (EV) USD mil ...         1,067 1,051 3,348 4,672 3,710    
Number Of Shares mil ...         2,661 2,661 2,798 2,846 2,886    
Share Price INR ...         19.2 21.4 66.4 99.1 78.0    
Price/Earnings (P/E) ...         11.8 -34.6 138 41.4 14.1    
Price/Cash Earnings (P/CE) ...         18.2 9.10 16.5 13.6 9.69    
EV/EBITDA ...         18.6 4.58 7.48 9.78 5.87    
Price/Book Value (P/BV) ...         1.10 1.19 3.27 4.04 2.73    
Dividend Yield % ...         5.21 2.80 0.903 0.454 1.22    
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                        
Sales INR bil           115 153 213 229 292    
Selling, General & Admin INR bil ... ... ... ...   3.67 3.87 2.84 5.22 9.69    
Research & Development INR bil           0.976 0.461 2.80 3.85 1.35    
Other Operating Expense INR bil ... ... ... ...   105 133 177 186 243    
Staff Cost INR bil           13.5 15.4 17.1 18.5 22.6    
Other Operating Cost (Income) INR bil     ... ...   0 0 0 0 3.95    
EBITDA INR bil           3.36 14.3 29.0 32.1 41.6    
Depreciation INR bil           4.44 4.93 4.42 4.87 5.62    
EBIT INR bil           -1.08 9.37 24.5 27.2 36.0    
Net Financing Cost INR bil           7.64 7.94 8.82 10.00 11.9    
Financing Cost INR bil           8.05 8.72 9.25 10.5 12.3    
Financing Income INR bil           0.412 0.782 0.431 0.492 0.403    
FX (Gain) Loss INR bil ... ... ... ...   0 0 -0.050 -0.186 -0.522    
(Income) / Loss from Affiliates INR bil   ... ... ... ... ... ... 0.785 0.099 -0.066    
Extraordinary Cost INR bil           -6.13 1.06 3.21 -1.61 -1.90    
Pre-Tax Profit INR bil           -3.00 -0.416 12.1 18.3 25.6    
Tax INR bil           -0.685 1.72 4.97 1.96 7.51    
Minorities INR bil           -0.577 -3.39 0.302 0.436 0.534    
Net Profit INR bil           -1.64 1.34 6.82 15.9 17.6    
Net Profit Avail. to Common INR bil           -1.64 1.34 6.82 15.9 17.6    
Dividends INR bil           ... ... ... ... ... ...  
growth rates                        
Total Revenue Growth % ...         -7.97 33.6 38.6 7.58 27.9    
Operating Cost Growth % ...         -3.26 24.2 30.6 7.15 29.2    
Staff Cost Growth % ...         25.1 14.5 11.1 8.14 22.0    
EBITDA Growth % ...         -58.4 325 103 10.8 29.8    
EBIT Growth % ...         -122 -968 162 10.8 32.4    
Pre-Tax Profit Growth % ...         -164 -86.2 -3,009 51.7 39.9    
Net Profit Growth % ...         -138 -182 409 133 10.8    
ratios                        
ROE %           -3.61 2.84 13.0 25.1 23.1    
ROA %           -1.07 0.723 3.27 6.50 5.85    
ROCE %           -1.55 1.15 5.29 10.5 10.5    
EBITDA Margin %           2.93 9.32 13.6 14.0 14.2    
EBIT Margin %           -0.940 6.11 11.5 11.9 12.3    
Net Margin %           -1.43 0.873 3.21 6.95 6.02    
Payout Ratio %           ... ... ... ... ... ...  
Cost of Financing %           12.5 9.93 9.19 8.66 8.48    
Net Debt/EBITDA           23.6 5.23 3.13 3.44 2.68    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                        
Cash & Cash Equivalents INR bil           5.81 15.9 19.8 21.5 46.5    
Receivables INR bil           13.8 13.4 14.6 12.4 11.8    
Unbilled Revenues INR bil ... ... ... ... ... 0.133 0.213 0.170 0.217 ...    
Inventories INR bil           15.4 15.7 19.2 29.0 22.1    
Other ST Assets INR bil           28.0 30.5 34.9 48.6 63.9    
Current Assets INR bil           63.2 75.7 88.7 112 144    
Property, Plant & Equipment INR bil           65.3 55.5 47.6 52.7 53.2    
LT Investments & Receivables INR bil           6.90 8.06 3.38 3.31 8.70    
Intangible Assets INR bil           13.4 11.9 12.2 15.7 17.1    
Goodwill INR bil ... ... ... ...   7.82 6.86 7.54 11.1 11.1    
Non-Current Assets INR bil           112 120 133 155 191    
Total Assets INR bil           175 195 222 267 335    
                           
Trade Payables INR bil           25.9 30.8 27.0 34.5 50.5    
Short-Term Debt INR bil           30.1 28.5 35.3 42.9 55.6    
Other ST Liabilities INR bil           4.75 10.5 14.9 20.2 29.1    
Current Liabilities INR bil           68.5 78.4 82.4 104 142    
Long-Term Debt INR bil           54.9 62.2 75.3 88.8 102    
Other LT Liabilities INR bil           5.48 6.90 7.49 4.11 8.53    
Non-Current Liabilities INR bil           60.4 69.1 82.8 92.9 111    
Liabilities INR bil           129 148 165 197 253    
Preferred Equity and Hybrid Capital INR bil           0 0 0 0 0    
Share Capital INR bil           10.3 17.5 17.5 22.6 22.8    
Treasury Stock INR bil           0 0 0 0 0    
Equity Before Minority Interest INR bil           39.9 45.1 52.6 63.9 74.2    
Minority Interest INR bil           6.52 2.63 4.17 5.89 8.25    
Equity INR bil           46.4 47.7 56.8 69.8 82.5    
growth rates                        
Total Asset Growth % ...         33.9 11.4 13.7 20.1 25.7    
Shareholders' Equity Growth % ...         4.18 2.87 19.0 22.9 18.1    
Net Debt Growth % ...         82.1 -5.57 21.4 21.4 1.11    
Total Debt Growth % ...         95.2 6.70 21.9 19.1 19.9    
ratios                        
Total Debt INR bil           85.0 90.7 111 132 158    
Net Debt INR bil           79.2 74.8 90.8 110 111    
Working Capital INR bil           3.33 -1.77 6.83 6.89 -16.7    
Capital Employed INR bil           115 118 140 162 174    
Net Debt/Equity %           171 157 160 158 135    
Current Ratio           0.922 0.965 1.08 1.07 1.02    
Quick Ratio           0.286 0.374 0.417 0.325 0.410    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                        
Net Profit INR bil           -1.64 1.34 6.82 15.9 17.6    
Depreciation INR bil           4.44 4.93 4.42 4.87 5.62    
Non-Cash Items INR bil           -7.65 1.76 4.98 0.295 2.70    
Change in Working Capital INR bil           -1.55 -11.2 -32.2 -20.9 -13.7    
Total Cash From Operations INR bil           -5.55 -2.28 -15.1 1.02 13.1    
                           
Capital Expenditures INR bil ... ... ... ...   -2.93 0.668 -0.562 -4.36 -6.40    
Net Change in LT Investment INR bil           0 0 0 -4.53 -0.998    
Net Cash From Acquisitions INR bil ... ... ... ...   -0.092 -0.016 0 0 -2.25    
Other Investing Activities INR bil           -1.23 -2.71 4.60 -8.38 -22.4    
Total Cash From Investing INR bil           -4.25 -2.05 4.04 -17.3 -32.1    
                           
Dividends Paid INR bil           -1.87 0 -1.54 -3.25 -5.49    
Issuance Of Shares INR bil           3.34 6.67 0 0 0.046    
Issuance Of Debt INR bil           8.22 4.75 21.6 12.6 24.6    
Other Financing Activities INR bil           -0.089 0.420 -0.589 0.085 1.86    
Total Cash From Financing INR bil           9.60 11.8 19.5 9.39 21.0    
                           
Effect of FX Rates INR bil ... ... ... ...   -0.007 0.012 0.023 -0.014 0.033    
Net Change In Cash INR bil           -0.207 7.52 8.41 -6.88 2.05    
ratios                        
Days Sales Outstanding days           43.9 31.9 25.1 19.8 14.7    
Cash Earnings INR bil           2.80 6.27 11.2 20.8 23.2    
Free Cash Flow INR bil           -9.80 -4.33 -11.1 -16.3 -19.0    
Capital Expenditures (As % of Sales) %           2.55 -0.435 0.264 1.91 2.19    
other ratios Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                         
Employees           11,552 11,204 10,352 11,906 11,835    
Cost Per Employee USD per month           1,657 1,835 2,129 1,929 2,411    
Cost Per Employee (Local Currency) INR per month           97,067 114,555 137,708 129,486 158,955    
Employee Turnover % ... ... ... ... ... ... ... ... 3.21 1.79   ...
Women (As % of Workforce) % ... ... ... ... ... ... ... ... 2.29 ...   ...
Women (As % of Management) % ... ... ... ... ... ... ... ... 0.878 ... ... ...
Operating Cost (As % of Sales) %           101 93.9 88.5 88.1 89.0    
Research & Development (As % of Sales) %           0.850 0.301 1.32 1.68 0.461    
Staff Cost (As % of Sales) %           11.7 10.0 8.05 8.09 7.72    
Effective Tax Rate %           22.8 -415 41.1 10.7 29.3    
Total Revenue Growth (5-year average) % ... ... ... ... ... 13.9 16.2 13.7 12.1 18.6    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...    
valuation Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                         
Market Capitalisation USD mil ...         1,067 1,051 3,348 4,672 3,710    
Enterprise Value (EV) USD mil ...         1,067 1,051 3,348 4,672 3,710    
Number Of Shares mil ...         2,661 2,661 2,798 2,846 2,886    
Share Price INR ...         19.2 21.4 66.4 99.1 78.0    
EV/EBITDA ...         18.6 4.58 7.48 9.78 5.87    
Price/Earnings (P/E) ...         11.8 -34.6 138 41.4 14.1    
Price/Cash Earnings (P/CE) ...         18.2 9.10 16.5 13.6 9.69    
P/FCF ...         -5.21 -13.2 -16.8 -17.3 -11.9    
Price/Book Value (P/BV) ...         1.10 1.19 3.27 4.04 2.73    
Dividend Yield % ...         5.21 2.80 0.903 0.454 1.22    
Free Cash Flow Yield % ...         < -0.001 < -0.001 < -0.001 < -0.001 < -0.001    
Earnings Per Share (EPS) INR ...         1.63 -0.620 0.480 2.40 5.51    
Cash Earnings Per Share INR ...         1.05 2.36 4.02 7.30 8.05    
Free Cash Flow Per Share INR ...         -3.68 -1.63 -3.96 -5.71 -6.57    
Book Value Per Share INR ...         17.4 17.9 20.3 24.5 28.6    
Dividend Per Share INR ...         1.00 0.600 0.600 0.450 0.950    
EV/Sales ...         0.544 0.428 1.02 1.37 0.837    
EV/EBIT ...         -57.9 7.00 8.82 11.5 6.79    
EV/Free Cash Flow ...         -6.38 -15.1 -19.5 -19.3 -12.9    
EV/Capital Employed ...         0.571 0.562 1.58 1.96 1.36    
Earnings Per Share Growth % ... ...       -23.5 -138 -177 399 130    
Cash Earnings Per Share Growth % ... ...       -62.4 124 70.4 81.7 10.3    
Book Value Per Share Growth % ... ...       4.18 2.87 13.1 20.8 16.5    
sales of vehicles Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                         
Price Per Vehicle Sold INR ... ... ... ... ... ... 1,660,950 1,669,770 1,716,210 1,843,530    
EBIT Per Vehicle Sold INR ... ... ... ... ... ... 101,473 192,817 204,192 227,129    
Net Profit Per Vehicle Sold INR ... ... ... ... ... ... 14,496 53,560 119,264 110,987    
Price Per Vehicle Sold (USD) USD ... ... ... ... ... ... 26,609 25,814 25,562 27,957    
EBIT Per Vehicle Sold (USD) USD ... ... ... ... ... ... 1,626 2,981 3,041 3,444    
Net Profit Per Vehicle Sold (USD) USD ... ... ... ... ... ... 232 828 1,776 1,683    
Market Value per Vehicle Sold (USD) USD ... ... ... ... ... ... 11,375 26,295 35,061 23,388    
Sales of Vehicles vehicles ... ... ... ... ... ... 92,362 127,322 133,264 158,612    

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Ashok Leyland's Capital Expenditures fell 20.8% yoy to INR 13.2 bil in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland invested a total of INR 13.2 bil in 2019, up 20.8% compared to the previous year. Historically, between 2012 - 2019, the company's investments stood at a high of INR 13.2 bil in 2019 and a low of INR -0.668 bil in 2014. ...

Ashok Leyland's Net Margin fell 75.6% yoy to 1.55% in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland made a net profit of INR 3.37 bil with revenues of INR 217 bil in 2019, down by 83.8% and down by 33.6%, respectively, compared to the previous year. This translates into a net margin of 1.55%. Historically, between 2008 and 2019, the ...

Ashok Leyland's Share Price rose 8.81% yoy to INR 87.1 in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland stock traded at INR 87.1 per share at the end 2019 implying a market capitalization of USD 3,866 mil. Since the end of 2014, stock has appreciated by 306% implying an annual average growth of 32.3% In absolute terms, the value of the company ...

Ashok Leyland's ROCE fell 85.8% yoy to 1.46% in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland made a net profit of INR 3.37 bil in 2019, down 83.8% compared to the previous year. Historically, between 2008 and 2019, the company's net profit reached a high of INR 20.8 bil in 2018 and a low of INR -1.64 bil in 2013. The result implies ...

Ashok Leyland's P/FCF fell 69.4% yoy to -20.0 in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland stock traded at INR 87.1 per share at the end 2019 translating into a market capitalization of USD 3,866 mil. Since the end of 2014, the stock has appreciated by 306% representing an annual average growth of 32.3%. At the end of 2019, the f...

Ashok Leyland's Net Debt/EBITDA rose 86.3% yoy to 6.49 in 2019

By Helgi Analytics - October 2, 2020

Ashok Leyland's net debt stood at INR 200 bil and accounted for 225% of equity at the end of 2019. The ratio is up 54.2 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 225% in 2019 and a low of ...

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Finance

Ashok Leyland has been growing its sales by 7.23% a year on average in the last 5 years. EBITDA has grown on average by 16.6% a year during that time to total of INR 30.8 bil in 2019, or 14.2% of sales. That’s compared to 14.2% average margin seen in last five years.

The company netted INR 3.37 bil in 2019 implying ROE of 3.60% and ROCE of 1.46%. Again, the average figures were 17.6% and 7.59%, respectively when looking at the previous 5 years.

Ashok Leyland’s net debt amounted to INR 200 bil at the end of 2019, or 225% of equity. When compared to EBITDA, net debt was 6.49x, up when compared to average of 3.84x seen in the last 5 years.

Valuation

Ashok Leyland stock traded at INR 87.1 per share at the end of 2019 resulting in a market capitalization of USD 3,866 mil. Over the previous five years, stock price grew by 306% or 32.3% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.85x and price to earnings (PE) of 12.3x as of 2019.

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