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×

gkn driveline india Limited

1,150.00
-0.95 %
Scrip Name
GKN DRIVE
ISIN No.
INE527A01014
PAN No.
AAACG4276B
Face Value
10
No. of Outstanding Shares
12,773,061
Market Capitalization
1,468.90 Crore

GKN DRIVELINE (INDIA) LIMITED UNLISTED SHARE


ABOUT GKN DRIVELINE (INDIA) LIMITED


GKN DRIVELINE (INDIA) LIMITED was incorporated in 1985 and is engaged in the manufacturing and sales of driveshafts to original equipment manufacturers in the automobile industry. The company has five manufacturing locations in India Faridabad, Dharuhera, Oragadam, Pune, and Kadi.


GKN Driveline (India) Limited is a subsidiary of GKN Driveline International GmbH, the world’s largest supplier of driveline technologies to the automotive industry. Around 50% of the new cars globally uses GKN automotive systems and solutions. GKN group has 54 manufacturing facilities and 6 technology centers across 20 countries. The GKN group was acquired by the Melrose Industries in 2018.


GKN Driveline (India) Limited maintains interaction with GKN Group internationally.GKN Driveline (India) Limited continuously imports technology from GKN Group, under the Technical CollaborationAgreementCompany is receiving support and guidance from GKN Group to improve functional excellence in marketing, application engineering, human resource, supply management, and information technology, among others, which helps Company to remain competitive and further step-up its overall business performance.


Since its commencement, the name of the company has been changed more than once and the latest change was from GKNDriveshafts (India) Limited to GKN Driveline(India) Limited in 2003.


The company is planning on cost rationalization through headcount optimization, fixed cost rationalization, re-negotiation with suppliers, reduction/deferment of Capex, implementation of solar power projects, product localization by expanding the manufacturing facility at its Pune and Kadi plant.


INCORPORATION DETAILS


CIN

U74999HR1985PLC034079

Registration Date

25 July 1985

Address of the Registered office and contact details

Plot No. 270, Sector 24,

Faridabad 121 005 Haryana, India

Tel : +91 129 4091100 / 6621300

Name, Address and Contact Details of

Registrar and Transfer Agent, if any

MCS Share Transfer Agent Limited

F-65, 1st Floor, Okhla Industrial Area,

Phase I, New Delhi 110 020

Tel No.: +91 11 4140619 / 41406151 / 52

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to total turnover of the Company

Drive Axle Assemblies including Constant

Velocity Joints

29301

100%

 

BOARD OF DIRECTORS

Mr. Anthony Bell (Additional Director & Chairman)

Mr. Sanjay Katyal(Managing Director)

Mr. Madan Singh Sisodia (Executive Director)

Mr. Rajeev Dogra (Executive Director)

Mr. Jonathon Colin Fyfe Crawford (Non-Executive Director)

Mr. Matthew Richard Nozemack(Non-Executive Director)

Ms. Monica Widhani(Additional Independent Director)

Mr. Subramaniam Ramaswamy (Additional Independent Director)


PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

GKN DRIVELINE (INDIA) LIMITED does not have any subsidiary or associate company.

 

GKN DRIVELINE (INDIA) LIMITED UNLISTED SHARE DETAILS


Total Available Shares:

1,27,73,061

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE527A01014

PAN No.

AAACG4276B

Lot Size:

50

Last Traded Price:

Rs. 1100

Market Cap:

Rs. 1405.04 Crore

 

SHAREHOLDING PATTERN

(As on 31-03-2020)

S. No.

Shareholders’ Name

Number of shares

% of total Shares of the company

1

GKN Driveline InternationalGmbH

1,23,93,808

97.03%

2

Others

3,79,253

2.97%


Total

1,27,73,061

100

 

INDUSTRY OUTLOOK

India is the 4th largest auto market in the world. India is expected to replace Japan as the third-largest auto market by 2021. In India, the two-wheeler segment dominates the automobile market in terms of volume. Apart from this, India is the largest Tractor manufacturer, 2nd largest bus manufacturer, and 3rd largest heavy trucks manufacturer in the world. India is also a big exporter of automobiles and automotive products and has very strong growth expectations in the future.


In FY 2020, India manufactured 2.63 Crore vehicles and sold 2.15 Crore vehicles. Automobile production at the domestic level increased at a CAGR of 2.36% from FY 2016 to FY 2020 and sales increased at a CAGR of 1.29% for the same period. The Electrical Vehicle market of India is projected to grow at a CAGR of 44% between 2020-2027 and is expected to touch annual sales of 63.4 lakh units by 2027. Indian automotive industry (including component manufacturing) is expected to reach Rs. 16-18trillion by 2026.


FY 2021 was one of the toughest years in the history of the Indian automotive industry due to the outbreak of the COVID 19 pandemic. The Automobile industry was already facing headwinds due to the slowing economy was stopped completely due to nationwide lockdown in 2020. The Indian automotive industry in FY 2021 registered a decline of 13.6%. However, the last 2 quarters have been relatively better than the first 2 quarters of FY 2021. 4th Quarter of FY 2021 registered an increase of 25.89% in total sales of automobiles when compared to the 3rd quarter of FY 2021. The Passenger Vehicle segment saw a total decline of 2.24% in FY 2021. However, the Passenger Vehicle segment performance in the 4th quarter improved strongly with a year-on-year increase of 42.4%.


For the Auto component, the scenario is the same as the automobiles. Sales of the automotive components sharply fell in the first 2 quarters of FY 2021. Later in the 3rd and 4th quarter of FY 2021, the market started picking up the sales.


The Indian automotive industry is expected to book growth in FY 2022. However, it is projected that the passenger vehicle segment will reach the levels of FY 2019 only in FY 2023-24. ICRA, a rating agency, expects domestic auto component industry revenue to grow by 16-18% in FY 2020. The outlook for the auto component industry has changed from Negative to Stable backed by an increase in demand across Original Equipment manufacturers, replacements, and exports.



KEY FINANCIALS OF GKN DRIVELINE (INDIA) LIMITED(In Rs. Crores)

 

Particulars

2020

2019

2018

2017

Revenue from Operations

941.51

1,077.58

1,096.98

1,053.46

EBITDA

127.85

99.14

169.36

141.69

EBITDA margin

13.58%

9.20%

15.44%

13.45%

Finance Cost

9.87

23.38

6.95

8.35

Depreciation

44.79

40.35

36.97

33.95

Other Income

10.34

15.05

2.49

28.28

Profit Before Tax

83.52

50.45

127.94

127.67

Total Tax

20.27

36.79

49.20

35.52

Profit After Tax (PAT)

63.25

13.66

78.74

92.14

PAT margin

6.64%

1.25%

7.16%

8.52%

EPS

48.17

11.24

61.58

71.78



BALANCE SHEET OF GKN DRIVELINE (INDIA) LIMITED(In Rs. Crores)

Particulars

2020

2019

ASSETS



NON CURRENT ASSETS



Tangible assets

359.31

376.01

Intangible assets

0.31

0.49

Financial assets

5.45

5.47

Other non current assets

8.32

18.70

TOTAL NON CURRENT ASSETS

373.38

400.67

CURRENT ASSETS



Inventories

90.53

117.34

Trade receivables

66.43

116.33

Cash and cash equivalents

161.14

120.98

Financial assets

1.95

27.83

Other current assets

4.25

8.87

TOTAL CURRENT ASSETS

324.29

391.36

TOTAL ASSETS

697.67

792.03

EQUITY AND LIABILITIES



EQUITY



Equity share capital

12.77

12.77

Other equity

436.10

470.04

TOTAL EQUITY

448.87

482.81

LIABILITIES



NON CURRENT LIABILITIES



Financial liabilities

9.79

0.88

Provisions

12.17

11.76

Deferred Tax liabilities

3.34

14.73

Other non current liabilities

0.48

0.73

TOTAL NON CURRENT LIABILITIES

25.77

28.09

CURRENT LIABILITIES



Trade payables

141.29

191.98

Other financial liabilities

9.53

12.17

Provisions

40.90

30.17

Current tax liabilities

26.00

38.25

Other current liabilities

5.31

8.57

TOTAL CURRENT LIABILITIES

223.03

281.13

TOTAL LIABILITIES

248.80

309.22

TOTAL EQUITY AND LIABILITIES

697.67

792.03

 

DIVIDEND HISTORY

Particulars

2020

2019

2018

Dividend (final + interim) (In Rs.)

146

Nil

Nil

Retained Earnings (Consolidated) (In Rs. Crores)

398.68

432.62

418.26

 

PERFORMANCE OF THE COMPANY

Revenue from Operations of GKN Driveline (India) Limited decreased by 12.63% from Rs. 1,077.58 Crores in FY 2019 to Rs. 941.51 Crores in FY 2020. According to the company, the decline in revenue from operations was mainly due to lower market demand.


Despite the decrease in revenue from the operation, EBITDA of the company increased by 28.96% from Rs. 99.14 Crores in FY 2019 to Rs. 127.85 Crores in FY 2020. The decrease in EBITDA was mainly on account of a reduction in Employee benefit expenses, business auxiliary service charges, and slow-moving inventory. EBITDA margins of the company went from 9.20% in FY 2019 to 13.58% in FY 2020.


Profit for the year increased by a whopping 363% in FY 2020 and reached Rs. 63.25 Crores from Rs. 13.66 Crores in FY 2019. This can be mainly attributed to one-off provisions created during the FY 2019 for contingencies and tax matters and reduction in finance cost. PAT margins of the company increased from 1.25% in FY 2019 to 6.64% in FY 2020.


The current ratio of the company as of 31st March 2020 was 1.45. This stated that the company is not facing any liquidity issues and are managing their working capital efficiently.


GKN Driveline (India) Limited does not have any Long-term or Short-term borrowings.


The total book value of the company as of 31st March 2020 was Rs. 448.87 Crores which translates into a book value of Rs.351.42 per share.


The company has given a total dividend of Rs. 146 per equity share for FY 2020.

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