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Studds Accessories which has started its journey in 1972 from manufacturing first helmet in a garage is today manufacturing 7 million helmets and motorcycle luggage every year. Studds Accessories Limited has today grown to become the largest two wheeler helmet manufacturer in the world. UNIQUE- Their laboratory is the only one in the industry (in India) to be certified by European Safety Agency, and Safety - They use one of the best technologies in the world to produce certified products. In FY19-20, they have manufactured 66 Lakhs helmets up from 58 Lakhs last year.
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 480 | 463 | 499 | 529 |
| Cost of Material Consumed | 226 | 260 | 259 | 243 |
| Gross Margins | 52.92 | 43.84 | 48.1 | 54.06 |
| Change in Inventory | -5 | -9 | 3 | -4 |
| Employee Benefit Expenses | 56 | 58 | 65 | 71 |
| Other Expenses | 90 | 99 | 112 | 129 |
| EBITDA | 113 | 55 | 60 | 90 |
| OPM | 23.54 | 11.88 | 12.02 | 17.01 |
| Other Income | 4.5 | 5.5 | 7 | 7 |
| Finance Cost | 3 | 3 | 3 | 1.6 |
| D&A | 13 | 17 | 18 | 19 |
| EBIT | 100 | 38 | 42 | 71 |
| EBIT Margins | 20.83 | 8.21 | 8.42 | 13.42 |
| PBT | 98 | 40 | 46 | 76 |
| PBT Margins | 20.42 | 8.64 | 9.22 | 14.37 |
| Tax (2021) | 24 | 11 | 13 | 19 |
| PAT | 74 | 29 | 33 | 57 |
| NPM | 15.42 | 6.26 | 6.61 | 10.78 |
| EPS | 37.76 | 14.8 | 16.84 | 29.08 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 23.54 | 11.88 | 12.02 | 17.01 |
| Net Profit Margin | 15.42 | 6.26 | 6.61 | 10.78 |
| Earning Per Share (Diluted) | 37.76 | 14.8 | 16.84 | 29.08 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 261 | 305 | 307 | 324 |
| CWIP | 6 | 10 | 12 | 10 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 27 | 28 | 31 | 28 |
| Inventory | 29 | 42 | 35 | 40 |
| Other Assets | 111 | 70 | 76 | 83 |
| Total Assets | 434 | 455 | 461 | 485 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 9.8 | 9.8 | 9.8 | 9.8 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | 280 | 301 | 328 | 377 |
| Borrowings | 28 | 44 | 31 | 0.6 |
| Trade Payables | 63 | 50 | 35 | 31 |
| Other Liabilities | 54 | 51 | 57.2 | 66.6 |
| Total Liabilities | 434.8 | 455.8 | 461 | 485 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 98 | 40 | 46 | 76 |
| OPBWC | 111 | 55 | 63 | 93 |
| Change in Receivables | -20 | 2 | -22 | 29 |
| Change in Inventories | -10 | -13 | 7 | -5 |
| Change in Payables | 13 | -19 | -10 | -2 |
| Other Changes | 0 | 0 | 0 | 0 |
| Working Capital Change | -17 | -30 | -25 | 22 |
| Cash Generated From Operations | 94 | 25 | 38 | 115 |
| Tax | -21 | -13 | -11 | -18 |
| Cash Flow From Operations | 73 | 12 | 27 | 97 |
| Purchase of PPE | -36 | -57 | -19 | -40.7 |
| Sale of PPE | 0 | 0.1 | 0 | 0.2 |
| Cash Flow From Investment | -34 | -39.9 | 1 | -54 |
| Borrowing | -12 | 16 | -13 | -30 |
| Divided | 0.2 | -7.8 | -6 | -8 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -6 | -5 | -4 | 6 |
| Cash Flow from Financing | -17.8 | 3.2 | -23 | -32 |
| Net Cash Generated | 21.2 | -24.7 | 5 | 11 |
| Cash at the Start | 22 | 44 | 19 | 25 |
| Cash at the End | 43.2 | 19.3 | 24 | 36 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Madhu Bhushan Khurana | 55.23% | 55.23% | 55.23% | 55.23% |
| Sidhartha Bhushan Khurana | 14.46% | 14.46% | 14.46% | 14.46% |
| Chand Khurana | - | - | - | 8.35% |
| Others | 30.34% | 30.34% | 30.34% | 21.96% |
