ELOFIC INDUSTRIES LIMITED UNLISTED SHARE
ABOUT ELOFIC INDUSTRIES LIMITED
ELOFIC INDUSTRIES LIMITED is one of the India’s largest filter manufacturer producing a wide range of filters and lubricants. Elofic industries was established in 1973.
Today, Elofic Industries Limited owns 6 state of art manufacturing plants in Faridabad (Haryana), Nalagarh (Himachal Pradesh), Hosur (Tamil Nadu) and Noida. The company boasts of its distribution network of 1,400 distributors and 55,000 dealers backed by branches in Ahmedabad, Faridabad, New Delhi, Nagpur, Zirakpur, Lucknow and Hosur. The company has a workforce of more than 1200 people.
Currently, the company has a capacity to produce 1100 Lakhs pieces of filters per annum. The product portfolio of Elofic industries include air filters, oil filters, fuel filters, coolants, hydraulic filters,and lubricants and grease. Elofic Industries Limited exports 35% of its total produce.
Some of the prominent names in the client portfolio of Elofic Industries Limited includes Bosch Limited, JCB India Limited, Mahindra & Mahindra, Maruti Suzuki India Limited, TATA motors, and many more.
Elofic Industries has its own R&D centre located at Faridabad. The company holds 9 patents in its name along with 11 patents approval pending.
INCORPORATION DETAILS
CIN | U74999HR1973PLC070262 |
Registration Date | 02 June 1973 |
Category/Sub-category of the Company | Company Limited by Shares |
Address of the Registered office and contact details | 14/4, Mathura Road, Faridabad – 121003, Haryana |
Name, Address and Contact Details of Registrar and Transfer Agent, if any | Alankit Assignments Limited, Alankit House, 3E/7, Jhandewalan Extn., New Delhi - 110055 |
PRINCIPAL BUSINESS ACTIVITES OF THE COMPANY
Name and Description of main products/services | % to total turnover of the Company |
Automobile Filters | 97.44% |
BOARD OF DIRECTORS
Mr. Mohan Bir Sahni (Chairman cum Managing Director)
Mr. Kanwal Deep Sahni (Vice Chairman cum Joint Managing Director)
Mr. Prem Arora (Director)
Mr. Mohanjit Singh (Director)
Maj. Gen. Jatinder Singh Bedi (Retired) (Director)
Mr. Subodh Kumar Jain (Non Executive Independent Director)
PARTICULARS OF SUBSIDIARY COMPANIES
Name of the Company | % of shares held |
Elofic USA, LLC, USA | 100% |
ELOFIC INDUSTRIESLIMITEDUNLISTED SHARE DETAILS
Total Available Shares: | 25,08,370 |
Face Value: | Rs. 10 Per Equity Share |
ISIN: | INE02YY01015 |
PAN No. | AAACE0425C |
Lot Size: | 50 Shares |
Last Traded Price: | Rs. 2500 |
Current Unlisted Share Price: | Rs. 627.09 Crore |
SHAREHOLDING PATTERN
(As on 31-03-2020)
S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
1 | Promoter Shareholding | 23,38,270 | 93.22% |
2 | Public Shareholding | 1,70,100 | 6.78% |
Total | 25,08,370 | 100% |
INDUSTRY OUTLOOK
The global automotive filters market is estimated to grow from US$ 21.4 billion in 2020 to US$ 23.6 billion by 2025, i.e. on a CAGR of 2.1%. The growth of automotive filters market can be mainly attributed to increasing stringency of vehicles emission and fuel economy regulations.
The outlook of Automotive filters market in India looks attractive with opportunities in passenger vehicles, light commercial vehicles and heavy commercial vehicles. It is projected that the automotive filters market will grow at a CAGR of more than 10% till 2023. The major drivers of growth in this industry are growing automobile sales, increased Kilo Metres drive per vehicle, increase in purchasing power of consumers in India and more stringent government & environmental regulations. Moreover, Government is supporting the industry in the form of various initiatives such as National Automotive Testing and R&D Infrastructure Project (NATRiP), Focus Market Scheme (FMS), Automotive Mission Plan 2016-2026, National Electric Mobility Mission Plan (NEMMP) 2020 and ‘Make in India’ program.
Emerging trends like penetration of diesel vehicles, innovation of engine air filter compact systems and the development of multi-filtration systems will have direct impact on the dynamics of the automotive filter industry. Diesel vehicles have shorter replacement period for vehicles when compared to petrol vehicles. In coming years, sales of diesel vehiclesis projected to grow.
KEY FINANCIALS OF ELOFIC INDUSTRIES LIMITED(In Rs. Lakhs)
Particulars | 2020 | 2019 | 2018 | 2017 |
Revenue from Operations | 22,679.92 | 22,969.74 | 21,513.24 | 18,845.96 |
EBITDA | 3,271.60 | 3,653.27 | 3,082.83 | 2,197.78 |
EBITDA margin | 14.43% | 15.90% | 14.33% | 11.66% |
Finance Cost | 178.27 | 247.72 | 232.77 | 324.70 |
Depreciation | 954.44 | 938.70 | 966.93 | 991.96 |
Other Income | 271.91 | 287.44 | 56.14 | 39.57 |
Profit Before Exceptional items and Tax | 2,410.80 | 2,754.29 | 1,939.26 | 920.69 |
Exceptional Items | 0.00 | 0.00 | 22.43 | 11.98 |
Total Tax | 674.76 | 718.80 | 763.95 | 332.67 |
Profit After Tax (PAT) | 1,736.04 | 2,035.49 | 1,197.75 | 600.00 |
PAT margin | 7.56% | 8.75% | 5.55% | 3.18% |
EPS | 69.21 | 81.15 | 47.75 | 23.92 |
BALANCE SHEET OF ELOFIC INDUSTRIES LIMITED(In Rs. Lakhs)
Particulars | 2020 | 2019 |
ASSETS | ||
NON CURRENT ASSETS | ||
Property, Plant and Equipment | 5,216.40 | 5,068.67 |
Non current investments | 0.00 | 0.09 |
Long term loans and advances | 327.36 | 194.01 |
Other non current assets | 0.10 | 28.24 |
TOTAL NON CURRENT ASSETS | 5,543.85 | 5,291.01 |
CURRENT ASSETS | ||
Inventories | 4,542.24 | 4,657.25 |
Trade receivables | 2,277.66 | 3,025.41 |
Cash and Cash equivalents | 977.19 | 649.42 |
Short term loans and advances | 1,068.96 | 1,138.98 |
Other current assets | 526.54 | 377.27 |
TOTAL CURRENT ASSETS | 9,392.60 | 9,848.34 |
TOTAL ASSETS | 14,936.45 | 15,139.34 |
EQUITY AND LIABILITIES | ||
EQUITY | ||
Equity share capital | 250.84 | 250.84 |
Reserves and Surplus | 10,551.88 | 8,859.53 |
TOTAL EQUITY | 10,802.71 | 9,110.37 |
LIABILITIES | ||
NON CURRENT LIABILITIES | ||
Borrowings | 27.33 | 21.43 |
Tax liabilities | 45.69 | 42.04 |
Long term provisions | 27.83 | 21.26 |
TOTAL NON CURRENT LIABILITIES | 100.84 | 84.73 |
CURRENT LIABILITIES | ||
Borrowings | 964.08 | 2,295.18 |
Trade payables | 2,336.28 | 2,845.89 |
Other current liabilities | 652.60 | 682.29 |
Short term provisions | 79.94 | 120.89 |
TOTAL CURRENT LIABILITIES | 4,032.90 | 5,944.25 |
TOTAL LIABILITIES | 4,133.74 | 6,028.98 |
TOTAL EQUITY AND LIABILITIES | 14,936.45 | 15,139.34 |
DIVIDEND HISTORY
Particulars | 2020 | 2019 | 2018 |
Dividend (final + interim) (In Rs.) | 2 | 3 | 3 |
PERFORMANCE OF THE COMPANY
Revenue from operations of Elofic Industries Limited saw a modest change from Rs. 22,969.74 Lakhs in FY 2019 to Rs. 22,679.92 Lakhs in FY 2020. The domestic sales of the company remained same as it was in the previous year, but the export sales decreased from Rs. 8,131 Lakhs in FY 2019 to Rs. 7,040 Lakhs. The main cause of decrease in sales was due to COVID 19 pandemic and consequent lockdown in the last quarter of FY 2020.
EBITDA of the company reduced by 10% from Rs. 3,653.27 Lakhs in FY 2019 to Rs. 3,271.60 Lakhs in FY 2020. EBITDA margins fell from 15.9% in FY 2019 to 14.4% in FY 2020.
Profit after Tax of the company declines by around 15% in FY 2020 and touched Rs. 1,736.04 Lakhs from Profit after tax of Rs. 2,035.49 Lakhs in FY 2019.
Current ratio of the company as on 31st March 2020 was 2.35. That means the company is not facing any liquidity issues and has sufficient current assets to pay off all the current liabilities.
Return on net worth of Elofic Industries Limited for FY 2020 was 16%. The Debt to Equity ratio of the company as of 31st March 2020 was 0.09.
Elofic Industries Limited has continuously given dividend from the past three years. For FY 2020, the company has given a dividend of Rs. 2 per equity shares.
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