Mirza International Ltd

₹ 333 7.12%
18 Aug - close price
About

Founded in 1979, Mirza International Limited is India’s leading leather footwear manufacturer, marketer and exporter. It owns a portfolio of well recognized brands like Red Tape, oaktrak, MODE & Bond Street.
It is also the preferred supplier of leather footwear to leading international brands and one of the largest Indian suppliers of finished leather to overseas markets. [1]

Key Points

Geogrpahical Revenue Breakup
The company derives majority of its revenues from India at 58%, UK - 28%, US - 7% and ROW - 7%. It exports its products to a total of 29 countries. [1]
Out of the total 42% contribution of export sales, only 4% of it was attributable to company's own brand RED TAPE. The majority of export sales came from selling white-labeled footwear. [2]

  • Market Cap 4,001 Cr.
  • Current Price 333
  • High / Low 337 / 53.5
  • Stock P/E 28.8
  • Book Value 62.8
  • Dividend Yield 0.00 %
  • ROCE 21.9 %
  • ROE 15.9 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.30 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 8.51% for last 3 years.

* 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

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
308 306 397 249 83 272 380 312 251 393 585 443 482
274 261 339 215 84 239 334 273 216 344 507 373 407
Operating Profit 34 45 59 34 -1 32 46 39 35 48 78 69 75
OPM % 11% 15% 15% 14% -1% 12% 12% 13% 14% 12% 13% 16% 15%
0 0 1 1 0 1 0 0 1 11 5 -11 2
Interest 10 14 11 10 10 11 12 7 6 7 6 7 5
Depreciation 9 21 16 17 12 16 18 20 14 18 17 10 17
Profit before tax 15 11 32 7 -24 6 16 13 15 34 60 41 54
Tax % 36% 11% 32% 0% 2% -9% 2% 29% 25% 21% 28% 27% 26%
Net Profit 10 10 22 7 -23 6 15 9 11 27 43 30 40
EPS in Rs 0.79 0.79 1.79 0.58 -1.94 0.53 1.29 0.74 0.94 2.23 3.54 2.47 3.32

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
484 557 643 707 918 926 936 972 1,152 1,260 1,047 1,672 1,902
400 469 527 582 775 755 775 797 1,009 1,088 930 1,441 1,632
Operating Profit 84 88 116 125 143 171 161 175 143 172 117 231 270
OPM % 17% 16% 18% 18% 16% 18% 17% 18% 12% 14% 11% 14% 14%
4 6 -0 -3 -1 3 1 -1 3 2 0 6 7
Interest 17 27 32 32 39 32 26 25 34 46 41 27 26
Depreciation 14 15 20 22 25 26 29 32 35 63 66 60 63
Profit before tax 57 52 64 68 79 116 107 118 76 64 10 149 188
Tax % 32% 32% 33% 36% 35% 33% 33% 33% 36% 26% 29% 26%
Net Profit 39 35 43 43 51 78 72 78 49 48 7 110 139
EPS in Rs 4.23 3.81 4.69 4.68 5.52 6.49 5.96 6.52 4.05 3.96 0.61 9.18 11.56
Dividend Payout % 12% 13% 11% 11% 9% 7% 15% 14% 22% 23% 0% 0%
Compounded Sales Growth
10 Years: 12%
5 Years: 12%
3 Years: 13%
TTM: 57%
Compounded Profit Growth
10 Years: 13%
5 Years: 9%
3 Years: 32%
TTM: 231%
Stock Price CAGR
10 Years: 34%
5 Years: 16%
3 Years: 80%
1 Year: 482%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 9%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
19 19 19 19 19 24 24 24 24 24 24 24
Reserves 160 188 233 268 294 422 478 548 588 604 613 731
131 170 167 212 218 205 156 283 357 288 140 78
72 82 87 117 127 113 106 146 147 344 391 584
Total Liabilities 381 459 506 616 657 762 764 1,002 1,115 1,260 1,168 1,417
188 225 252 308 308 336 349 357 409 585 563 592
CWIP 16 17 30 7 3 9 2 25 5 11 11 21
Investments 1 1 1 1 1 1 4 1 1 2 3 3
177 217 224 300 346 416 410 619 701 663 591 801
Total Assets 381 459 506 616 657 762 764 1,002 1,115 1,260 1,168 1,417

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
36 50 89 48 97 90 114 -24 35 228 234 188
-38 -46 -58 -54 -59 -34 -36 -59 -67 -63 -39 -80
5 3 -39 8 -39 -51 -82 89 26 -157 -201 -102
Net Cash Flow 3 7 -8 2 -1 6 -5 6 -6 8 -5 5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 24 24 18 22 17 25 26 50 49 41 28 34
Inventory Days 138 143 136 175 151 191 192 291 240 215 264 203
Days Payable 40 39 48 61 56 40 29 65 45 50 68 97
Cash Conversion Cycle 122 129 107 135 113 175 189 275 244 206 224 140
Working Capital Days 80 78 80 92 79 119 120 177 176 134 132 96
ROCE % 26% 21% 24% 23% 23% 25% 20% 19% 12% 12% 6% 22%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
70.19 70.19 70.42 70.45 70.45 70.29 67.66 67.66 67.79 67.91 67.91 67.91
0.06 0.06 0.06 0.06 0.04 0.04 0.04 0.04 1.65 2.82 3.00 3.42
0.18 0.09 0.14 0.12 0.04 0.04 0.04 0.04 0.04 0.04 0.04 3.11
29.58 29.66 29.37 29.36 29.47 29.63 32.26 32.26 30.52 29.23 29.05 25.56

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