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Industry : Auto ANC

Uniparts India Limited View all IPOs

Price Band

Rs. 548 - Rs. 577

UNIPARTS INDIA is going public with an Offer for Sale. The issue opens on 30th November 2022.

MOJO CALL

Why

MOJO CALL

Avoid

Neutral

Strong Financials

Uniparts India has shown strong financial growth with sales and net profit improving smartly.
For FY 2022, the company enjoys a healthy net profit margin of 13.6%.
The company's borrowings are relatively low at Rs 127 crore.

Unique Business Model

Almost 75% of revenue is generated by the agricultural sector, which is relatively recession-free.
Almost 72% of the company's revenue is generated outside of India, where it has developed strong client relationships.

Valuations

Based on FY2022 earnings, the company has an attractive valuation with a P/E of less than 16x.
We believe that the company's innovative business model warrants higher valuations, hence, we recommend subscribing to the issue.

This analysis takes into account the company's future rather than listing gains. It is also not based on our big data analysis.

Issue Details

Issue Opens	30th November 2022
Issue Closes	2nd December 2022
Price Band	Rs. 548 - Rs. 577
Issue size (Upper Band)	Rs. 836 Cr
Issue Type	OFFER FOR SALE
Market cap (based on upper band)	Rs. 2604 Cr.
Sales- March 2022 (Rs./Crs)	1227
Net Profit - March 2022 (Rs./Crs)	167
Industry	Auto ANC
Promoters	Gurdeep Soni
Lead Manager	Axis Capital Limited

Objective of the Issue

Details

The Objectives of the Offer are to:

1. Offer existing shareholders a partial exit and listing on the exchange.

List of Shareholders Selling Their Stake

NAME	TYPE	Number of Equity Shares for OFS	% of Total Offering (OFS)
The Karan Soni Nevada Trust	Promoter	1100000	7.7%
The Mehar Soni Nevada Trust	Promoter	1100000	7.7%
Pamela Soni	Promoter	2200000	15.3%
Ashoka Investment Holdings Limited	Institutional Investor	7180642	50.0%
Ambadevi Mauritius Holding Limited	Institutional Investor	2154192	15.0%
Andrew Warren Code	Institutional Investor	177378	1.2%
James Norman Hallene	Institutional Investor	177378	1.2%
Kevin John Code	Institutional Investor	177378	1.2%
Dennis Francis DeDecker	Institutional Investor	57420	0.4%
Melvin Keith Gibbs	Institutional Investor	41730	0.3%

Business Operations

About Company

Uniparts India Limited is a leading global provider of engineered systems and solutions to off-road vehicles

It is a leading supplier of off-highway systems and components to the agriculture, construction, forestry, and mining industries.

The company has a presence in more than 25 countries.

The company's core products are three-point linkage systems ("3 PL") attached to agricultural tractors and precision machined parts ("PMP") used in precision machined components such as pins, bushes, and bosses.

In FY 22, the company had a 16.7% market share of the global 3 PL market and a 5.9% market share of the global PMP market.

Revenue from Operations Based on Geography
	Q1 FY23	FY 22	FY 21	FY 20
Within India	30%	28%	33%	30%
Outside India	70%	72%	67%	70%

Financials

Financial Overview

In Q1 FY23, the company reported a revenue of Rs. 347 crore and a net profit of Rs. 51 crore.

In FY22, the company reported a revenue of Rs. 1227 crore and a net profit of Rs. 167 crore.

The company enjoys heathy net profit margin of 16% as of March 2022. Despite an increase in input costs, the margin is increasing.

Financial Performance (Rs/crore)

(Rs/cr)	Quarter	Annual	Annual	Annual
	June-22	Mar-22	Mar-21	Mar-20
Sales	347	1227	903	907
Net profit	51	167	93	63