Studds Accessories Limited Unlisted Shares
STUDDS ACCESSORIES LIMITED
STUDDS ACCESSORIES LIMITED is one of the world’s largest manufacturer of two wheeler helmets. The company contain two brands STUDDS & SMK HELMETS. Our plants originated and sold 4.95 million helmets under the STUDDS brand in Fiscal 2018. We provide wide range of various accessories such as helmets and motorcycle which keep on evolving every year in terms of new design and graphics. Basically, We focus on style, design, quality as well as safety, makes us a lifestyle choice for our customers, and positions STUDDS and SMK as aspirational brands. Our brand STUDDS is marketed and sold in almost 21 countries across the globe, instead SMK is present in 23 countries, including Europe, Asia and Latin America (Fiscal 2018).
STUDDS ACCESSORIES LTD
Studds Accessories Ltd. was incorporated in the year 03-02-1983. Recently there share price is 0. currently market capitalisation stands at Rs 0 Cr.Latest news, company has reported Gross Sales of Rs. 3364.44 Cr and Total Income of Rs.3330.71 Cr. The company’s management includes Pankaj Duhan, Kanika Bhutani, Pallavi Saluja, Shanker Dev Choudhry, Sidhartha Bhushan Khurana, Madhu Bhushan Khurana, Madhu Bhushan Khurana. This is listed on the BSE with a BSE Code of , NSE with an NSE Symbol of and ISIN of . It’s Registered office is at 23/ 7, Mathura Road,Ballabgarh, Faridabad-121004, Haryana. Their Registrars are ACC Ltd. It’s auditors are AC Mehta & Co, Rajan Chhabra & Co.
| Assets and Liabilities (all figures in Million) | |||||||
| Year | Asset | Liabilities | Net Worth | Book Value | Debt | Debt/Equity | RONW |
| FY16 | 1,234 | 598 | 635 | 581 | 24.3 | 0.04 | 39% |
| FY17 | 1,416 | 546 | 870 | 796 | 24.75 | 0.03 | 27% |
| FY18 | 2,228 | 1,041 | 1,186 | 1086 | 3.51 | 0 | 28% |
| FY19 | 3,022 | 1,442 | 1,579 | 80 | 390 | 0.247 | 26% |
| FY20 | 3478 | 1318 | 2160 | 110 | 277 | 0.12 | 34% |
| FY21 | 4340 | 1445 | 2900 | 147 | 276 | 0.095 | 25% |
| Profit n Loss Key Parameters (all figures in Million) | ||||||
| Year | Revenue | PAT | EBITDA Margins | Profit Margins | Outstanding Shares | EPS |
| FY16 | 2,930 | 245 | 13.40% | 8.0% | 1.093 | 12.48 |
| FY17 | 3,111 | 236 | 11.90% | 8.0% | 1.093 | 12 |
| FY18 | 3,417 | 328 | 16.80% | 10.0% | 1.093 | 16 |
| FY19 | 3,972 | 404 | 18.53% | 10.2% | 19.676 | 20 |
| FY20 | 4369 | 745 | 23.72% | 17% | 19.676 | 37 |
| FY21 | 4842 | 740 | 23% | 15.2% | 19.676 | 37 |
Key Salient Points of FY18-19
1. The Company has shown 16% Revenue Growth in FY18-19 as compared to last year.
2. The Company has shown 23% PAT Growth in FY18-19 as compared to last year.
3. The Company has almost debt Free. D/E is 0.247
4. The Company has Excellent Return Ratios ROE and ROCE in the last 3 years.
Key Salient Points of FY19-20
1. Studds has clocked the revenue of 431 Crores in FY19-20 up by 10.8% as compared to last year.
2. Studds has clocked an EBITDA of 103 Crores in FY19-20 up by 41% as compared to last year.
3. Studds has clocked the PAT of 74 Crores in FY19-20 up by 84% as compared to last year.
4. EPS for the year 2019-20 stands at 37.
5. The total debt on books is 27 Crores and Net-worth of 216 Crores. So, D/E is 0.12.
6. RONW of FY19-20 is 34%.
Financial Analysis of FY20-21
1. In FY20-21, the revenue of Studds Accessories has increased by 15% despite problems in the economy due to COVID-19. In FY20-21, they clocked a revenue of Rs.484 Crores as compared to 420 Crores last year. 2. EBITDA for FY21 stands at 115 Crores as compared to 103 Crores in FY20. This translate into margins of 23.7% in FY21 as compared to 24.5% last year. 3. PAT remains flat at 73 Crores similar to last year. PAT remains same, due to high depreciation as they have added new manufacturing plants and increase of finance cost.
| Year | ROE | ROCE |
| 2016 | 39% | 52% |
| 2017 | 27% | 37% |
| 2018 | 28% | 32% |
| 2019 | 26% | 29% |
| 2020 | 34% | 40% |
- Studds Accessories Ltd. Annual Report 2020-2021
- Studds Accessories Ltd. Annual Report 2019-2020
- Studds Accessories Ltd Annual Report 2018-19
- Studds Accessories Ltd Annual Report 2017-18
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Studds Accessories Limited Unlisted Shares – Company Overview
Studds Limited is a leading manufacturer and exporter of helmets and other two-wheeler accessories in India. The company has been in operation for over three decades and has established itself as a reliable and trusted brand in the market.
Studds Limited is currently the largest helmet manufacturer in India and has a dominant market share in the domestic market. The company has a wide range of products that cater to different segments of the market, including economy, mid-range, and premium helmets. The company has also made significant strides in the international market, with its products being exported to over 40 countries worldwide. Studds Limited has manufacturing facilities in India, Spain, and China, and plans to expand its operations further in the coming years.
Studds Accessories Limited Details as of March 31, 2022
| Studds Accessories Outstanding Shares: | 19,676,700 |
| Face Value of Studds Accessories Unlisted Share: | Rs. 5 Per Equity Share |
| ISIN of Studds Accessories Limited Unlisted Share: | INE00Q601028 |
| Lot Size of Studds Accessories Limited Unlisted Share: | 50 Shares |
| Studds Accessories Share Price: | Best in Industry |
| PAN Number of Studds Accessories Limited: | AACCS4217Q |
Incorporation Details of Studds Accessories Limited
Studds Accessories Limited CIN Number | U25208HR1983PLC015135 |
Studds Accessories Limited Registration Date | 03-Feb-83 |
Category / Sub-Category of Studds Accessories | Company limited by Shares |
Studds Accessories Registered Office Address | 23/7 Mathura Road, Ballabgarh, Faridabad, Haryana – 121004 |
Studds Accessories Company Registrar & Transfer Agent Address and Contact Details | Link InTime India Private Limited C 101, 247 Park, 1st Floor L.B.S. Marg, Vikhroli West, Mumbai – 400083 |
Studds Accessories Limited Principal Business Activities
| Name and Description of main products/services | NIC Code of the product/services | % to the total turnover of the Company |
| Manufacturing and sale of helmets and two wheeler accessories | 45300 | 100% |
Studds Accessories Limited Board of Directors
Mr. Madhu Bhushan Khurana, Chairman & Managing Director
Mr. Sidhartha Bhushan Khurana, Managing Director
Mr. Shanker Dev Choudhry, Independent Director
Ms. Pallavi Saluja, Woman Independent Director
Mr. Pankaj Duhan, Independent Director
Studds Accessories Limited Particulars of Subsidiary and Associate Companies
| S. No. | Name of the Company | Holding/ Subsidiary/ Associate/ Joint Venture | % of Shares held |
| 1. | Smk Europe Unipessoal Ltd | Subsidiary | 100% |
Studds Accessories Limited Shareholding Pattern (As of 31-03-2022)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| 1. | Promoter Group | 1,37,07,360 | 69.66% |
| 2. | Public Shareholding | 59,69,340 | 30.34% |
| Total | 1,96,76,700 | 100.00% |
Industry Outlook of Studds Accessories
The two-wheeler market in India is expected to grow at a steady pace in the coming years, driven by rising disposable incomes and increased urbanization. This growth is expected to translate into higher demand for two-wheeler accessories, including helmets.
The global motorcycle helmet market size was valued at $2.5 billion in 2020 and is expected to grow at a CAGR of 6.7% from 2021 to 2028. The demand for motorcycle helmets is expected to increase due to the rise in the number of motorcycle riders and government regulations mandating the use of helmets.
In India, the two-wheeler helmet market was valued at Rs 2,317 crore in 2020 and is expected to grow at a CAGR of 14.5% from 2021 to 2026. The market growth is driven by the increasing awareness about road safety and government regulations mandating the use of helmets.
Studds Accessoriess Limited Balance Sheet (In Rs. Crores)
| Particulars | As at 31 March 2023 | As at 31 March 2022 |
| ASSETS | ||
| Non-Current Assets | ||
| Property Plant & Equipment | 307.28 | 304.80 |
| Capital Work in Process ( Tangible) | 10.21 | 10.24 |
| Right of use Assets | 0.94 | 2.24 |
| Intangible Assets | 3.26 | 2.73 |
| Intangible Assets under development | 1.59 | 2.54 |
| Financial Assets | – | – |
| (i) Non-Current Investments | 0.00 | 0.00 |
| (ii) Other Financial Assets | 29.64 | 4.27 |
| Total Non-Current Assets | 352.93 | 326.81 |
| Current Assets | – | – |
| Inventories | 35.01 | 42.43 |
| Financial Assets | – | – |
| Trade Receivables | 31.27 | 28.15 |
| Cash & Cash Equivalents | 24.87 | 19.04 |
| Other Bank Balances | 4.84 | 20.26 |
| Other Financial Assets | 0.10 | 0.10 |
| Other Current Assets | 12.05 | 18.70 |
| Total Current Assets | 108.14 | 128.68 |
| Total Assets | 461.07 | 455.49 |
| EQUITY AND LIABILITIES | – | – |
| Equity | – | – |
| Equity Share Capital | 9.84 | 9.84 |
| Other Equity | 328.18 | 301.05 |
| Total Equity | 338.02 | 310.89 |
| Liabilities | ||
| Non-Current Liabilities | ||
| Financial Liabilities | ||
| Non-Current Borrowings | 19.93 | 29.76 |
| Lease Liabilities | 0.40 | 0.39 |
| Other Non-Current Financial Liabilities | 2.67 | 2.70 |
| Non-Current Provisions | 4.10 | 3.13 |
| Deferred Tax Liability (Net) | 15.54 | 13.39 |
| Total Non-Current Liabilities | 42.63 | 49.38 |
| Current Liabilities | ||
| Financial Liabilities | ||
| Current Borrowings | 10.65 | 13.92 |
| Lease Liabilities | 0.62 | 2.10 |
| Trade Payables | – | – |
| Total outstanding dues of MSME | 2.63 | 3.59 |
| Total outstanding dues of creditors other than MSME | 32.08 | 46.42 |
| Other Current Financial Liabilities | 17.80 | 16.29 |
| Other Current Liabilities | 12.63 | 9.05 |
| Current Provisions | 1.77 | 1.75 |
| Current Tax Liabilities (Net) | 2.26 | 2.10 |
| Total Current Liabilities | 80.42 | 95.22 |
| Total Liabilities | 123.05 | 144.60 |
| Total Equity and Liabilities | 461.07 | 455.49 |
Studds Accessories Limited Profit & Loss Statement (In Rs. Crores)
| PARTICULARS | 2023 | 2022 |
| Revenue from Operations | ||
| Revenue | 499.17 | 462.51 |
| Other Income | 7.31 | 5.48 |
| Total Income | 506.48 | 467.98 |
| EXPENSES | ||
| Cost of Material Consumed | 258.92 | 260.29 |
| (Increase)/decrease in Inventories of Finished Goods and Work-in- Progress | 2.84 | -9.25 |
| Employee Benefit Expense | 65.35 | 58.23 |
| Finance Cost | 2.82 | 3.06 |
| Depreciation and Amortisation Expense | 18.10 | 16.63 |
| Other Expenses | 112.02 | 99.01 |
| Total Expenses | 460.04 | 427.97 |
| Profit before Tax | 46.44 | 40.02 |
| Tax Expense: | ||
| Current Tax | 10.63 | 8.05 |
| Deferred Tax | 2.15 | 2.63 |
| Tax relating to earlier periods | 0.52 | 0.70 |
| Total Tax Expense | 13.29 | 11.38 |
| Profit for the Period | 33.15 | 28.64 |
| Other Comprehensive Income | ||
| Items that will not be reclassified to profit or loss | ||
| Re-measurement gains/(losses) on defined benefit plans | -0.26 | 0.20 |
| Income tax effect | 0.07 | -0.05 |
| Foreign Currency Translation Reserve | 0.08 | -0.11 |
| Total other comprehensive income | -0.11 | 0.04 |
| Total Comprehensive Income for the year | 33.03 | 28.68 |
| Earnings per share | ||
| Basic | 16.85 | 14.55 |
| Diluted | 16.85 | 14.55 |
Studds Accessoriess Limited’s Cash Flow Statement (In Rs. Crores)
| Particulars | 31st March 2023 | 31 March 2022 |
| A. Cash Flow from Operating Activities | ||
| Profit before Tax | 46.44 | 40.02 |
| Adjustments for: | ||
| Depreciation and Amortisation Expense | 18.10 | 16.63 |
| Foreign Currency Translation Reserve | 0.08 | -0.11 |
| Finance Cost | 2.82 | 3.06 |
| Rent Income | -0.03 | -0.04 |
| Interest Income | -1.89 | -2.04 |
| Provision for doubtful debts | – | 0.15 |
| Profit on Sale of Investments | – | – |
| Profit on sale of Property, Plant and Equipment | – | – |
| Loss on sale of Property, Plant and Equipment | 0.21 | 0.03 |
| Other Income | -2.18 | -2.69 |
| Operating Profit before Working Capital changes | 63.55 | 55.02 |
| Working Capital Adjustments: | ||
| Movement in trade & other payables | -9.95 | -19.19 |
| Movement in trade & other receivables | -21.85 | 2.01 |
| Movement in inventories | 7.42 | -13.44 |
| Cash Generated from Operations | 39.17 | 24.40 |
| Direct Taxes Paid and Taxes earlier years | -10.92 | -12.87 |
| Net Cash Flow from Operating Activities (A) | 28.25 | 11.53 |
| B. Cash Flow from Investing Activities | ||
| Purchases of Property, Plant and Equipment (PPE) | -18.96 | -56.56 |
| Sale proceeds from sale of PPE | 0.33 | 0.14 |
| Investment in Fixed Deposits/Maturity | 15.42 | 11.78 |
| Rent Received | 0.03 | 0.04 |
| Investment in Non Current Investments | ||
| Interest Received | 1.89 | 2.04 |
| Other Income Received | 2.18 | 2.69 |
| Net Cash Flow from Investing Activities (B) | 0.89 | -39.88 |
| C. Cash Flow from Financing Activities | ||
| Proceeds/(Repayment) from Non-Current Borrowings (Net) | -13.10 | 15.95 |
| Dividend | -5.91 | -7.82 |
| Repayment of Lease Liabilities | -1.47 | -1.86 |
| Interest Paid | -2.82 | -3.06 |
| Net Cash Flow from Financing Activities ( C) | -23.31 | 3.21 |
| Net increase in Cash and Cash Equivalents (A+B+C) | 5.83 | -25.14 |
| Cash and Cash Equivalent at the beginning of the year | 19.04 | 44.19 |
| Cash and Cash Equivalents as at end | 24.87 | 19.04 |
Studds Accessoriess Limited Key Financial Ratios
| Particulars | 31-Mar-23 | 31-Mar-22 |
| Current Ratio (in times) | 1.34 | 1.35 |
| Debt-Equity Ratio (in times) | 0.36 | 0.47 |
| Return on Equity Ratio (in %) | 10.18% | 9.55% |
| Inventory Turnover Ratio (in times) | 6.76 | 7.03 |
| Trade Receivables Turnover Ratio (in times) | 4.19 | 5.27 |
| Trade Payable Turnover Ratio (in times) | 6.00 | 4.69 |
| Net Capital Turnover Ratio (in times) | 16.32 | 12.47 |
| Net Profit Ratio (in %) | 6.52% | 6.13% |
| Return on Capital Employed Ratio (in %) | 17.70% | 16.57% |
