Ferro Alloys Corporation Ltd

Ferro Alloys Corporation is one of the India's largest producers and exporters of Ferro Alloys, an essential ingredient for manufacture of Steel and Stainless Steel. FACOR is also engaged in Chrome Ore exploration, mining and beneficiation in the state of Odisha.

Pros:
Stock is trading at 0.22 times its book value
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of -2.44% over past five years.
Contingent liabilities of Rs.142759.69 Cr.
Promoters have pledged 29.64% of their holding.
Company's cost of borrowing seems high

Peer Comparison Sector: Mining & Mineral products // Industry: Mining / Minerals / Metals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
143.55 208.70 138.42 143.13 140.89 116.64 152.97 139.93 134.83 147.65 128.28 121.84
131.48 174.01 112.59 144.88 125.41 106.29 132.11 124.49 122.04 143.59 122.26 124.18
Operating Profit 12.07 34.69 25.83 -1.75 15.48 10.35 20.86 15.44 12.79 4.06 6.02 -2.34
OPM % 8.41% 16.62% 18.66% -1.22% 10.99% 8.87% 13.64% 11.03% 9.49% 2.75% 4.69% -1.92%
Other Income 1.66 2.98 26.46 1.93 1.83 0.37 1.44 1.22 0.86 1.06 1.02 2.08
Interest 4.26 3.81 2.89 2.01 2.77 2.20 2.63 2.33 2.24 2.08 2.10 0.92
Depreciation 1.63 1.32 1.43 1.43 1.44 1.44 1.43 1.44 1.46 1.44 1.35 1.37
Profit before tax 7.84 32.54 47.97 -3.26 13.10 7.08 18.24 12.89 9.95 1.60 3.59 -2.55
Tax % 24.36% 48.34% 20.66% 41.72% 24.89% -33.76% 37.55% 33.36% 26.53% 52.50% 29.53% 17.25%
Net Profit 5.94 16.82 38.06 -1.90 9.84 9.46 11.39 8.60 7.31 0.76 2.52 -2.10
EPS in Rs 0.32 0.91 2.05 -0.10 0.53 0.51 0.61 0.46 0.39 0.04 0.14 -0.11
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
312.57 310.23 348.58 494.51 486.92 534.21 651.14 602.70 569.33 611.44 539.09 575.38 532.60
226.52 255.29 326.19 432.13 470.73 482.97 585.44 560.09 560.32 556.50 489.19 522.38 512.07
Operating Profit 86.05 54.94 22.39 62.38 16.19 51.24 65.70 42.61 9.01 54.94 49.90 53.00 20.53
OPM % 27.53% 17.71% 6.42% 12.61% 3.32% 9.59% 10.09% 7.07% 1.58% 8.99% 9.26% 9.21% 3.85%
Other Income 3.69 4.01 14.35 9.14 5.37 4.04 1.60 3.46 5.66 5.66 30.59 4.73 5.02
Interest 4.85 2.45 3.04 2.85 13.88 15.14 15.07 16.55 17.89 16.02 9.86 9.28 7.34
Depreciation 9.23 9.91 10.24 9.98 9.76 9.19 9.27 4.96 4.68 6.63 5.75 5.78 5.62
Profit before tax 75.66 46.59 23.46 58.69 -2.08 30.95 42.96 24.56 -7.90 37.95 64.88 42.67 12.59
Tax % 34.91% 38.61% 40.24% 36.21% -63.46% 16.67% 27.00% 22.39% 47.72% 42.11% 14.47% 34.26%
Net Profit 49.25 28.60 14.02 37.44 -3.40 25.79 31.36 19.07 -4.13 21.97 55.48 28.06 8.49
EPS in Rs 2.57 1.50 0.72 1.98 0.00 1.39 1.69 1.03 0.00 1.19 2.99 1.51 0.46
Dividend Payout % 18.81% 16.20% 26.43% 12.37% -0.00% 0.00% 0.00% 0.00% -0.00% 0.00% 0.00% 0.00%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.37%
5 Years:-2.44%
3 Years:0.35%
TTM:-3.24%
Compounded Profit Growth
10 Years:-0.45%
5 Years:-2.77%
3 Years:105.22%
TTM:-78.32%
Stock Price CAGR
10 Years:-12.94%
5 Years:-16.58%
3 Years:-25.28%
1 Year:-46.81%
Return on Equity
10 Years:10.00%
5 Years:9.13%
3 Years:14.45%
Last Year:12.72%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53 18.53
Reserves 102.30 125.48 135.18 167.24 163.84 189.63 221.00 240.06 235.93 127.45 182.37 209.80 209.88
Borrowings 25.04 27.48 21.10 46.69 109.30 139.62 112.21 100.76 83.84 111.26 39.31 40.92 40.63
59.58 60.74 75.83 91.00 109.22 90.41 127.89 125.20 135.14 130.03 99.64 99.50 88.85
Total Liabilities 205.45 232.23 250.64 323.46 400.89 438.19 479.63 484.55 473.44 387.27 339.85 368.75 357.89
70.39 72.02 88.10 84.48 77.22 77.47 87.00 87.16 98.24 194.20 176.96 171.01 168.03
CWIP 3.99 2.39 1.20 4.75 15.26 15.48 10.23 14.80 9.66 9.58 7.00 6.99 7.00
Investments 2.16 4.77 21.85 64.20 143.97 161.52 187.34 219.21 219.18 0.33 0.29 64.60 71.83
128.91 153.05 139.49 170.03 164.44 183.72 195.06 163.38 146.36 183.16 155.60 126.15 111.03
Total Assets 205.45 232.23 250.64 323.46 400.89 438.19 479.63 484.55 473.44 387.27 339.85 368.75 357.89

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
54.99 6.80 39.93 29.33 66.95 6.95 82.47 69.97 32.16 0.51 49.85 58.95
-3.51 -10.68 -40.28 -46.15 -90.99 -26.42 -38.97 -40.32 -10.13 -6.51 39.36 -64.09
-21.51 -11.67 -9.82 8.85 31.27 12.57 -43.39 -29.08 -20.92 8.10 -79.94 -4.80
Net Cash Flow 29.97 -15.55 -10.17 -7.97 7.23 -6.90 0.11 0.56 1.11 2.11 9.27 -9.94

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 59.99% 30.88% 14.83% 27.79% 4.50% 14.40% 16.61% 11.53% 2.87% 18.00% 20.03% 19.94%
Debtor Days 9.60 12.14 10.39 18.76 19.88 31.78 22.66 9.30 9.32 33.34 5.76 8.87
Inventory Turnover 11.78 7.84 6.74 7.63 6.53 7.17 8.47 7.18 7.32 8.34 7.12 8.46