Here are my notes from their AR21
- After the launch of Elite - Electrical range of vehicles, we are looking at L5 engines which will further help mark greater profits for our customers
- Company has launched its new range of Alternate Fuel 3W Atul Rik starting with the selected markets which is considered as best in class in terms of comfort and economy in 0.35 ton passenger segment
- Plan to develop Lithium ion Battery Packs from its Wholly Owned Subsidiary. All together new model with upgraded features is under development to be powered with Lithium-ion Battery
- More than 90% of 3-wheeler sales are financed by institutions and availability of credit credit was a major impediment in growth
- Average sales realization per vehicle increased by 22% to 1,63,506 on account of price hike due to introduction of BS VI vehicles
- KAFL:
o Disbursed loan of 64.47 cr. to 2’798 customers (2.3 lakhs/customer). AUM grew by 4.1% to 152.93 cr. (vs 146.86 cr. in FY20). Revenue grew by 3.5% to 33.80 cr. (vs 32.65 cr. in FY20). PBT increased by 60.4% to 7.01 cr. (vs 4.37 cr. in FY20). And PAT increased by 65.31% to 5.29 cr. (vs 3.20 cr. in FY20)
o Has presence in Gujarat, Haryana, Andhra Pradesh, Madhya Pradesh, Punjab, Uttar Pradesh, Kerala and Karnataka through Direct Branch Operations and Income Distribution Partners (IDPs)
o 29.54 cr. will be invested in KAFL in the form of Participative Preference Shares within due course of time to increase the capital base of KAFL - Atul Green Automotive Private Limited: Invested 44 lakhs (taking share capital to 45 lakhs from 1 lakh in FY18)
- Atul Greentech Private Limited: Invested 5 cr. to meet CAPEX requirements including employee remuneration and pre-business operation expenses (taking share capital to 5 cr. from 1 lakh in FY20)
- Term loan: Has been sanctioned a term loan of 90 cr. from EXIM Bank, for part financing the green field project at Bhayla (Ahmedabad) from which the company has utilized 15 cr. as on March 31, 2021. Total CAPEX incurred in Bhayla was 39.57 cr. in FY21
- Average decrease made in salaries of employees other than the managerial personnel was 16.19% whereas there was a decrease of 46.24% in the managerial remuneration as the Executive Directors have voluntarily forgone their fifty percent remuneration in June 01- 30, 2021 considering the COVID-19 pandemic
- Contractual employee: 335, Permanent: 809
Below are the detailed business metrics over the last 15 years.
| In crores | FY07 | FY08 | FY09 | FY10 | FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 121.77 | 80.39 | 116.81 | 119.85 | 201.59 | 298.29 | 362.86 | 429.25 | 490.07 | 528.00 | 472.19 | 551.22 | 661.35 | 617.51 | 290.27 |
| Raw material cost | 91.60 | 156.20 | 241.86 | 283.15 | 330.39 | 372.20 | 384.87 | 346.15 | 402.20 | 494.97 | 443.13 | 239.19 | |||
| Employee cost | 7.03 | 10.54 | 16.48 | 21.01 | 27.36 | 30.30 | 34.91 | 39.04 | 40.13 | 47.68 | 54.55 | 37.74 | |||
| EBITDA | 8.75 | 6.86 | 5.69 | 14.20 | 20.06 | 28.14 | 42.06 | 48.31 | 57.61 | 71.52 | 59.86 | 75.12 | 88.35 | 74.46 | -5.76 |
| Depreciation | 1.95 | 2.29 | 2.46 | 3.87 | 4.25 | 4.26 | 4.44 | 5.21 | 5.60 | 5.29 | 5.28 | 5.26 | 5.54 | 6.40 | 6.56 |
| Exceptional items | - | - | 0.23 | - | - | 0.13 | - | - | 1.65 | - | - | - | - | - | - |
| Interest | 2.78 | 1.71 | 0.76 | 0.40 | 0.35 | 0.59 | 0.78 | 0.58 | 0.42 | 0.86 | 1.03 | 0.88 | |||
| PBT | 7.15 | 14.06 | 23.24 | 37.22 | 42.75 | 59.25 | 71.53 | 56.52 | 69.43 | 81.95 | 67.03 | -13.20 | |||
| Tax | 2.61 | 4.64 | 8.40 | 11.30 | 12.95 | 19.20 | 24.35 | 19.20 | 23.24 | 28.83 | 14.64 | -3.00 | |||
| Cash tax | 1.22 | 4.94 | 6.96 | 12.19 | 13.37 | 16.47 | 25.36 | 19.53 | 23.20 | 27.10 | 19.40 | 0.29 | |||
| PAT | 3.15 | 1.27 | 0.46 | 4.54 | 9.42 | 15.59 | 25.92 | 29.79 | 40.57 | 47.40 | 37.32 | 46.19 | 53.12 | 52.39 | -10.20 |
| Dividend | 0.54 | 0.29 | 0.29 | 1.17 | 2.34 | 3.66 | 6.58 | 8.23 | 10.98 | 11.51 | 11.51 | 9.33 | 11.52 | 6.03 | - |
| Dividend tax | 0.38 | 0.59 | 1.12 | 1.40 | 2.22 | 2.35 | 2.35 | 1.90 | 2.37 | 1.24 | - | ||||
| Equity share capital | 5.58 | 5.58 | 6.08 | 6.08 | 6.08 | 7.55 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 | 10.97 |
| Reserves | 20.52 | 21.08 | 24.39 | 27.56 | 34.27 | 48.54 | 63.10 | 83.27 | 109.86 | 143.40 | 169.50 | 208.42 | 247.63 | 292.28 | 282.26 |
| Net worth | 26.10 | 26.67 | 30.48 | 33.65 | 40.36 | 56.09 | 74.07 | 94.47 | 121.07 | 154.60 | 180.70 | 219.39 | 258.60 | 303.25 | 293.23 |
| Gross fixed asset | 40.51 | 50.23 | 57.34 | 59.28 | 63.30 | 61.13 | 68.63 | 83.45 | 146.84 | 149.64 | 152.25 | ||||
| Net fixed asset | 32.32 | 39.80 | 44.78 | 42.82 | 42.65 | 41.54 | 48.07 | 53.33 | 93.36 | 92.10 | 88.77 | ||||
| Market cap | 41.31 | 28.10 | 12.84 | 26.19 | 67.88 | 83.93 | 162.38 | 394.59 | 1’221.25 | 1’139.50 | 1’024.64 | 968.13 | 745.96 | 305.78 | 392.23 |
| CAPEX | 4.03 | 8.47 | 9.60 | 10.57 | 33.59 | 10.79 | 7.91 | 6.85 | 69.83 | 143.47 | 39.57 | ||||
| Outstanding shares | 5’851’520.00 | 7’314’400.00 | 10’971’600.00 | 10’971’600.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | 21’943’200.00 | ||||
| Low price | 42.55 | 86.00 | 89.95 | 143.15 | 328.35 | 330.00 | 391.00 | 389.30 | 266.95 | 116.80 | 130.85 | ||||
| High price | 159.90 | 155.00 | 226.90 | 379.75 | 834.80 | 635.00 | 567.95 | 512.00 | 466.75 | 372.90 | 203.40 | ||||
| Total shareholders | 1’537.00 | 1’905.00 | 2’833.00 | 3’555.00 | 14’764.00 | 19’007.00 | 21’653.00 | 21’573.00 | 21’108.00 | 21’342.00 | 35’247.00 | ||||
| Disputed taxes | 1.06 | 1.06 | 1.52 | 1.56 | 1.80 | 2.87 | 3.30 | 2.44 | 1.86 | 1.37 | 1.36 | ||||
| CFO | 9.58 | 16.73 | 18.79 | 40.66 | 30.71 | 35.79 | 10.86 | 72.30 | 26.11 | 34.55 | 57.40 | 52.09 | |||
| Director remuneration | 1.79 | 1.41 | 1.74 | 2.17 | 2.51 | 2.88 | 2.95 | 3.21 | 3.76 | 1.98 | |||||
| Auditor remuneration | 0.07 | 0.09 | 0.10 | 0.12 | 0.12 | 0.17 | 0.15 | 0.18 | 0.06 | 0.07 | 0.07 | 0.06 | |||
| Employees | 951.00 | 919.00 | 808.00 | 868.00 | 927.00 | 993.00 | 809.00 | ||||||||
| Median employee salary | 116’808.00 | 142’836.00 | 166’416.00 | 179’712.00 | 192’072.00 | 202’680.00 | 171’089.00 |
Disclosure: Invested (position size here)