Modison Metals Ltd

Modison Metals Limited is an India-based holding company. The Company is engaged in the manufacture of electrical contacts/high voltage capacitors (hvc)/Sulfur Hexafluoride (SF6) contacts used in transmission, distribution and utilization of power.

Pros:
Stock is trading at 0.99 times its book value
Stock is providing a good dividend yield of 3.58%.
Company has been maintaining a healthy dividend payout of 27.46%
Cons:
The company has delivered a poor growth of 4.80% over past five years.
Company has a low return on equity of 12.08% for last 3 years.

Peer Comparison Sector: Capital Goods - Electrical Equipment // Industry: Electric Equipment

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
40.24 46.56 49.63 54.29 44.01 48.20 45.85 63.11 47.60 55.90 57.04 59.75
34.17 35.46 42.69 47.51 37.81 41.11 40.82 54.34 42.35 48.84 50.69 49.52
Operating Profit 6.07 11.10 6.94 6.78 6.20 7.09 5.03 8.77 5.25 7.06 6.35 10.23
OPM % 15.08% 23.84% 13.98% 12.49% 14.09% 14.71% 10.97% 13.90% 11.03% 12.63% 11.13% 17.12%
Other Income -1.62 0.14 2.05 -0.29 2.00 0.56 0.72 1.27 0.19 1.79 0.48 1.69
Interest 0.71 0.74 0.66 0.58 0.71 0.41 0.28 0.45 0.58 0.53 0.47 0.63
Depreciation 1.55 1.58 1.62 1.65 1.52 1.54 1.55 1.68 1.55 1.59 1.61 1.61
Profit before tax 2.19 8.92 6.71 4.26 5.97 5.70 3.92 7.91 3.31 6.73 4.75 9.68
Tax % 35.16% 35.31% 36.51% 34.27% 34.51% 34.91% 36.99% 20.35% 29.91% 29.57% 30.95% 34.40%
Net Profit 1.42 5.77 4.26 2.81 3.92 3.71 2.46 6.31 2.32 4.74 3.28 6.35
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
81.95 105.28 77.23 96.54 126.91 162.60 159.11 183.58 171.49 168.18 190.71 201.17 220.29
61.76 78.77 60.56 74.53 97.43 130.55 139.86 157.86 154.86 142.06 159.35 173.86 191.40
Operating Profit 20.19 26.51 16.67 22.01 29.48 32.05 19.25 25.72 16.63 26.12 31.36 27.31 28.89
OPM % 24.64% 25.18% 21.58% 22.80% 23.23% 19.71% 12.10% 14.01% 9.70% 15.53% 16.44% 13.58% 13.11%
Other Income 0.23 0.48 0.24 0.86 0.28 -0.13 0.42 2.06 0.32 1.03 0.13 4.56 4.15
Interest 2.27 2.39 1.94 1.18 1.45 2.99 3.35 3.10 3.68 3.59 3.01 2.08 2.21
Depreciation 2.64 2.65 3.51 3.97 4.61 5.26 6.05 6.22 6.63 6.37 6.40 6.28 6.36
Profit before tax 15.51 21.95 11.46 17.72 23.70 23.67 10.27 18.46 6.64 17.19 22.08 23.51 24.47
Tax % 35.01% 35.85% 35.17% 33.41% 33.16% 32.49% 36.22% 34.02% 30.72% 36.65% 35.42% 30.20%
Net Profit 10.08 14.08 7.43 11.80 15.84 15.98 6.56 12.18 4.60 10.88 14.26 16.40 16.69
EPS in Rs 3.06 4.26 2.22 3.51 4.71 4.76 1.85 3.54 1.27 3.15 4.39 5.05
Dividend Payout % 8.06% 9.23% 17.50% 20.66% 20.52% 20.34% 49.54% 33.35% 52.99% 29.87% 22.79% 29.73%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.69%
5 Years:4.80%
3 Years:5.46%
TTM:9.50%
Compounded Profit Growth
10 Years:0.32%
5 Years:16.68%
3 Years:46.94%
TTM:1.77%
Return on Equity
10 Years:13.37%
5 Years:10.82%
3 Years:12.08%
Last Year:12.04%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25
Reserves 29.47 41.84 49.54 58.41 70.39 82.53 85.22 92.60 94.11 101.09 111.22 123.69 134.37
Borrowings 20.01 14.66 11.61 9.96 8.30 21.52 23.84 25.62 26.80 20.84 18.24 13.33 20.85
23.72 29.44 26.83 33.62 22.98 25.26 31.61 25.90 23.58 19.76 19.82 22.29 21.67
Total Liabilities 76.45 89.19 91.23 105.24 104.92 132.56 143.92 147.37 147.74 144.94 152.53 162.56 180.14
28.05 38.12 40.94 43.93 46.14 53.30 60.82 60.13 57.41 60.76 60.18 59.72 58.30
CWIP 2.93 0.58 0.09 0.12 0.49 1.44 1.27 0.51 1.60 1.22 0.85 0.83 0.91
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.15 0.15 0.15 0.00
45.47 50.49 50.20 61.19 58.29 77.82 81.83 86.73 88.58 82.81 91.35 101.86 120.93
Total Assets 76.45 89.19 91.23 105.24 104.92 132.56 143.92 147.37 147.74 144.94 152.53 162.56 180.14

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
8.14 16.90 21.20 7.31 7.93 6.09 23.82 2.56 12.71 26.41 12.47 18.62
-5.48 -8.31 -6.03 -6.46 -6.95 -14.13 -12.16 -5.87 -6.38 -11.02 -3.43 -7.84
-2.21 -8.89 -6.52 -4.04 -5.65 7.31 -4.32 -4.12 -6.25 -15.43 -8.93 -10.31
Net Cash Flow 0.45 -0.30 8.65 -3.19 -4.67 -0.73 7.34 -7.43 0.08 -0.04 0.11 0.47

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 37.12% 43.24% 22.78% 27.78% 32.78% 28.98% 12.63% 17.81% 8.38% 16.67% 19.83% 16.60%
Debtor Days 42.18 54.08 35.26 43.40 39.92 36.16 45.35 64.86 65.09 62.55 75.18 76.00
Inventory Turnover 5.10 5.74 4.80 4.86 4.08 3.69 3.31 4.06 3.85 3.96 4.67 4.53