Uniparts posted total revenues of Rs 347.76 crore for Q1FY23 and PAT of Rs 50.52 crore for the same period. During FY22, the total revenues increased by 30% to 1231.04 crore from Rs 947.69 crore in FY21. PAT increased to 166.89 crore in FY22 from 93.15 crore in FY21. The profitability margins are strong and increasing throughout the last three fiscals as can be seen from the table.
Debt to Equity ratio is low at 0.20x as on 31st March 2022 which is another strength of the Issuer.
|Financials and Ratios||Amount in INR Crores|
|Q1FY22||FY22||FY 21||FY 20|
|Rev from operations||346.84||1227.42||903.14||907.22|
|Net Cash generated from operations||55.23||84.88||152.76||130.5|
The IPO is valued at 12.63x times with annualized EPS of 45.68 for Q2FY22, calculated at the upper price band of Rs 577. However, with FY22 EPS of 37.74, P/E is 15.29x. The industry average P/E is 27.26x. It peers and their (respective P/E) are Balkrishna Industries (26.44), Bharat Forge (36.73), Ramkrishna Forgings (18.60) as per RHP. P/BV is 3.80 (Q1FY22) and 3.65 (FY22). On comparing the P/E, it seems that valuations are reasonable.
|Particulars||Balkrishna Industries>||Bharat Forge||Ramkrishna Forgings||Uniparts India|
|Revenue from operations for FY22 (INR Crores)||8295.12||10461.08||2320.25||1227.42|
|NAV per share||358.63||142.33||67.45||151.82|
|Return on net worth||20.70%||16.25%||18.36%||24.35%|
|Debt to equity ratio (in times)||0.36||0.86||1.48||0.20|
|CMP (as on 29th Nov 2022)>||2035||846.5||221.1||NA|
Uniparts India IPO (Rs 835.61 crore) opens on 30th Nov- 2nd Dec 2022 with a price band of 548-577 per share. Retail quota is 35% and investors can apply with minimum bid of 25 shares (Rs 14,425). Maximum lot size is 325 shares (Rs 1,99,080).The issue is wholly OFS by promoter shareholder group and investors, Ashoka Investments Holdings Limited and AmbaDevi Mauritius Holding Limited. The Issue is expected to list on 12th Dec 2022.
Uniparts is an Indian based global manufacturer of engineered systems and solutions. The Group is a leading supplier of systems and components for the off highway market and operate out of six manufacturing facilities and four warehousing locations across US, Europe and India with its products reaching 25 countries.
Review By CA Priyanka Choudhary on 10th Oct 2022
About CA Priyanka Choudhary
Priyanka Choudhary Jain is a Chartered Accountant and an experienced credit analyst. She has worked with CRISIL as Senior Credit Analyst on ratings assignments including business and financial analysis in Corporates as well as the Public Finance Sector.
Email: [email protected]
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at own risk. Investors should bear in mind that any investment in stock markets are subject to unpredictable market related risks. Above information is based on RHP and other documents available as of date coupled with market perception. Author has no plans to invest in this offer.
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