Madhav Infra Projects Ltd

Madhav Infra Projects Ltd

₹ 12.4 -5.00%
14 May - close price
About

Incorporated in 2010, Madhav Infra
Projects Ltd is in the business of
Infrastructure Development and
Solar Power generation[1]

Key Points

Business Overview:[1][2]
MIPL is part of Vadodara-based Madhav group and is the EPC arm of the group. Company operates in fields of Energy, Real Estate, Highways and Urban Infrastructure. It undertakes large-scale self-financed BOT projects like road and water supply, industrial projects for core sectors or lump sum turnkey projects for utilities and urban infrastructure like bus stands, solar, PV and small hydro power projects

  • Market Cap 333 Cr.
  • Current Price 12.4
  • High / Low 15.0 / 3.80
  • Stock P/E 17.8
  • Book Value 6.90
  • Dividend Yield 0.00 %
  • ROCE 12.2 %
  • ROE 10.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 44.5% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.66% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 10.2% over last 3 years.
  • Contingent liabilities of Rs.232 Cr.
  • Promoter holding has decreased over last 3 years: -3.84%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
139.42 67.86 100.06 74.32 144.44 59.37 81.62 73.93 107.04 61.52 89.06 80.57 126.87
117.36 54.86 87.64 63.05 131.30 50.06 70.84 63.76 91.07 43.92 79.99 69.54 117.83
Operating Profit 22.06 13.00 12.42 11.27 13.14 9.31 10.78 10.17 15.97 17.60 9.07 11.03 9.04
OPM % 15.82% 19.16% 12.41% 15.16% 9.10% 15.68% 13.21% 13.76% 14.92% 28.61% 10.18% 13.69% 7.13%
1.39 0.65 0.68 0.52 0.62 0.61 1.08 0.91 26.11 0.66 3.00 0.67 0.74
Interest 9.11 7.33 6.84 5.71 7.12 5.72 4.99 5.79 5.64 5.62 5.41 5.25 4.53
Depreciation 5.95 4.60 3.78 3.33 3.33 2.76 2.80 2.80 2.76 2.60 2.61 2.81 2.80
Profit before tax 8.39 1.72 2.48 2.75 3.31 1.44 4.07 2.49 33.68 10.04 4.05 3.64 2.45
Tax % -38.26% 15.70% 15.73% 15.64% 52.87% 15.28% 15.72% -30.92% 28.21% 15.64% 15.56% 40.11% -88.57%
11.61 1.44 2.09 2.32 1.56 1.21 3.44 3.26 24.18 8.47 3.42 2.19 4.62
EPS in Rs 0.45 0.06 0.08 0.09 0.06 0.04 0.13 0.12 0.90 0.31 0.13 0.08 0.17
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
109 131 261 206 335 307 299 200 270 387 322 358
101 113 236 167 261 250 237 156 236 337 276 311
Operating Profit 8 18 26 39 74 57 62 45 34 50 46 47
OPM % 7% 14% 10% 19% 22% 19% 21% 22% 13% 13% 14% 13%
1 2 1 2 3 12 3 29 3 2 29 5
Interest 3 8 7 18 33 36 35 34 32 27 22 21
Depreciation 1 5 9 9 34 27 26 23 20 15 11 11
Profit before tax 4 7 12 14 10 6 4 16 -15 10 42 20
Tax % 32% 26% 32% 34% 23% -8% 19% 72% 21% 28% 23% 7%
3 5 8 9 8 7 3 5 -12 7 32 19
EPS in Rs 0.36 0.30 0.27 0.13 0.18 -0.47 0.29 1.19 0.69
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 11%
5 Years: 4%
3 Years: 10%
TTM: 11%
Compounded Profit Growth
10 Years: 14%
5 Years: 44%
3 Years: 53%
TTM: 44%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 43%
1 Year: 210%
Return on Equity
10 Years: 7%
5 Years: 6%
3 Years: 10%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 6 6 6 6 6 6 6 6 26 26 27 27
Reserves 37 40 48 57 69 75 79 83 52 59 138 159
Preference Capital 0 0 0 35 45 51 51 51 51 38 8
47 66 71 201 234 254 265 281 249 195 175 130
11 69 127 108 172 186 194 119 169 188 130 132
Total Liabilities 102 182 253 373 481 522 544 489 496 468 470 447
15 35 44 163 183 167 184 169 158 81 94 89
CWIP 0 0 0 0 0 25 0 0 0 0 7 3
Investments 26 29 53 87 72 82 44 40 45 48 42 32
60 117 157 123 226 248 316 281 293 339 327 323
Total Assets 102 182 253 373 481 522 544 489 496 468 470 447

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
0 29 41 21 59 48 2 -13 89 24 27 63
0 -26 -39 -162 -52 -37 30 3 -8 50 15 5
0 9 -1 147 -9 -10 -28 3 -73 -80 -35 -74
Net Cash Flow 0 12 1 6 -3 1 4 -7 9 -7 7 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 27 115 10 95 66 81 134 148 126 89 169 99
Inventory Days 50 109 102 15 197 205 229 339 277 220 152 173
Days Payable 25 140 178 93 303 230 212 210 183 201 183 207
Cash Conversion Cycle 52 84 -66 17 -41 56 150 277 220 108 138 65
Working Capital Days 81 34 -3 -11 9 27 119 281 210 161 189 146
ROCE % 9% 14% 15% 15% 13% 11% 10% 12% 4% 11% 11%

Shareholding Pattern

Numbers in percentages

6 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
72.65% 72.65% 72.65% 72.60% 69.00% 69.00% 69.00% 69.00% 69.00% 69.00% 68.98% 68.81%
27.35% 27.35% 27.35% 27.40% 30.99% 30.99% 31.00% 31.00% 31.00% 31.00% 31.01% 31.18%
No. of Shareholders 3,8785,6899,47324,53022,90322,90324,16623,24524,54030,63240,18251,175

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