Indian Metals & Ferro Alloys Ltd

Indian Metals and Ferro Alloys is a holding company. The Company is a producer of ferro chrome/ferro alloys.

Pros:
Company has reduced debt.
Stock is trading at 0.43 times its book value
Stock is providing a good dividend yield of 8.20%.
Company has good consistent profit growth of 24.91% over 5 years
Cons:
The company has delivered a poor growth of 6.76% over past five years.
Company has a low return on equity of 13.78% for last 3 years.
Contingent liabilities of Rs.162.66 Cr.

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

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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
250.46 381.57 452.12 588.20 422.65 416.03 483.65 443.27 412.53 394.77 392.42 434.06
250.64 281.99 309.22 315.17 246.77 373.82 330.49 389.43 328.58 347.47 294.84 392.82
Operating Profit -0.18 99.58 142.90 273.03 175.88 42.21 153.16 53.84 83.95 47.30 97.58 41.24
OPM % -0.07% 26.10% 31.61% 46.42% 41.61% 10.15% 31.67% 12.15% 20.35% 11.98% 24.87% 9.50%
Other Income 2.96 12.18 -2.34 36.55 12.66 8.01 6.79 8.48 3.05 16.48 0.55 -81.54
Interest 21.87 20.90 26.82 16.74 18.82 19.54 19.21 20.66 18.68 18.74 22.49 20.59
Depreciation 26.82 26.90 27.24 27.73 25.34 24.23 25.15 26.08 23.39 23.91 24.88 25.98
Profit before tax -45.91 63.96 86.50 265.11 144.38 6.45 115.59 15.58 44.93 21.13 50.76 -86.87
Tax % 33.89% 33.85% 26.16% 34.37% 30.79% -14.26% 35.34% 70.54% 36.03% -1.70% 31.68% 14.96%
Net Profit -30.35 42.31 63.87 174.00 99.92 7.37 74.74 4.59 28.74 21.49 34.68 -73.87
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
688.50 721.77 1,002.74 592.59 1,068.04 1,192.54 1,273.25 1,317.85 1,344.79 1,211.30 1,672.35 1,765.60 1,633.78
565.21 449.57 563.67 479.99 728.43 963.53 1,017.20 1,029.54 1,104.30 1,090.19 1,157.02 1,341.54 1,363.71
Operating Profit 123.29 272.20 439.07 112.60 339.61 229.01 256.05 288.31 240.49 121.11 515.33 424.06 270.07
OPM % 17.91% 37.71% 43.79% 19.00% 31.80% 19.20% 20.11% 21.88% 17.88% 10.00% 30.81% 24.02% 16.53%
Other Income 17.50 29.90 28.73 29.67 10.00 5.66 -1.11 22.03 23.41 1.24 49.35 37.33 -61.46
Interest 47.87 43.97 79.52 44.39 54.10 83.20 69.97 108.21 108.62 83.61 86.33 78.23 80.50
Depreciation 41.68 40.54 37.92 40.39 41.85 55.18 81.69 149.02 121.94 114.05 108.69 100.80 98.16
Profit before tax 51.24 217.59 350.36 57.49 253.66 96.29 103.28 53.11 33.34 -75.31 369.66 282.36 29.95
Tax % 60.99% 51.84% 25.61% 28.67% 34.78% 33.61% 47.82% 26.34% 64.07% 40.61% 32.42% 33.80%
Net Profit 19.99 104.80 260.64 41.01 165.44 63.93 53.89 39.12 11.98 -44.73 249.83 186.93 11.04
EPS in Rs 120.49 14.72 61.19 23.80 19.89 14.55 4.31 0.00 92.60 69.28
Dividend Payout % 32.01% 16.28% 8.18% 32.11% 15.92% 20.32% 24.10% 19.92% 32.53% -8.71% 21.60% 21.65%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.36%
5 Years:6.76%
3 Years:9.50%
TTM:-7.47%
Compounded Profit Growth
10 Years:5.65%
5 Years:24.91%
3 Years:144.51%
TTM:-94.08%
Return on Equity
10 Years:13.48%
5 Years:9.78%
3 Years:13.78%
Last Year:16.04%

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
21.33 21.33 21.33 26.34 26.33 25.98 25.98 25.98 25.98 25.98 26.98 26.98 26.98
Reserves 116.45 201.29 437.00 580.29 715.09 760.93 799.62 829.62 836.91 783.08 1,016.22 1,168.61 1,129.67
Borrowings 618.29 531.67 352.38 426.91 526.42 823.04 973.62 1,093.23 1,069.44 1,014.27 941.07 851.57 673.56
151.20 224.72 325.02 330.60 400.72 489.73 368.43 451.24 508.51 526.90 525.66 591.03 807.29
Total Liabilities 907.27 979.01 1,135.73 1,364.14 1,668.56 2,099.68 2,167.65 2,400.07 2,440.84 2,350.23 2,509.93 2,638.19 2,637.50
398.12 369.18 350.63 363.59 403.94 508.19 1,006.67 1,107.88 1,108.40 1,067.00 1,016.54 1,001.42 978.01
CWIP 4.90 38.12 98.97 272.10 341.30 602.56 235.02 82.06 44.72 60.46 56.45 89.66 118.05
Investments 15.07 45.07 93.10 137.79 144.74 139.37 188.55 179.46 167.77 201.57 326.92 313.47 180.88
489.18 526.64 593.03 590.66 778.58 849.56 737.41 1,030.67 1,119.95 1,021.20 1,110.02 1,233.64 1,360.56
Total Assets 907.27 979.01 1,135.73 1,364.14 1,668.56 2,099.68 2,167.65 2,400.07 2,440.84 2,350.23 2,509.93 2,638.19 2,637.50

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
125.21 168.01 361.61 145.62 179.79 115.43 213.66 228.97 183.65 230.50 423.26 299.37
-7.00 -70.19 -117.45 -178.46 -239.79 -371.85 -195.70 -257.83 -9.41 -124.85 -248.02 -86.46
-70.40 -134.21 -279.25 72.47 38.14 251.01 24.74 -14.04 -156.78 -137.34 -173.56 -203.44
Net Cash Flow 47.81 -36.39 -35.09 39.63 -21.86 -5.41 42.70 -42.90 17.46 -31.69 1.68 9.47

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 % 13.03% 34.33% 54.91% 11.05% 26.74% 12.44% 10.82% 8.51% 7.55% 1.25% 23.75% 17.33%
Debtor Days 13.97 14.75 12.28 12.63 4.06 11.15 13.28 15.73 14.42 4.46 14.55 13.48
Inventory Turnover 4.63 4.05 4.61 2.51 3.65 3.61 3.92 3.81 3.46 3.29 4.99 4.60