Indian Metals & Ferro Alloys Ltd

Indian Metals & Ferro Alloys is a leading, fully integrated producer of ferro chrome in India. Located in the State of Odisha known for its natural resources, IMFA is Indias largest producer of ferro chrome with 190 MVA installed furnace capacity backed up by 262.50 MW captive power facilities and extensive chrome ore mining tracts. The Companys ferro chrome output is primarily exported to Korea, China, Japan and Taiwan.(Source : 201903 Annual Report Page No: 69)

Pros:
Stock is trading at 0.44 times its book value
Company has been maintaining a healthy dividend payout of 55.16%
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of 4.39% over past five years.
Company has a low return on equity of 13.77% for last 3 years.
Contingent liabilities of Rs.157.61 Cr.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
381.57 452.12 588.20 422.65 416.03 483.65 443.27 412.53 394.77 392.42 434.06 445.93
281.99 309.22 315.17 246.77 373.82 330.49 389.43 328.58 347.47 294.84 392.82 386.28
Operating Profit 99.58 142.90 273.03 175.88 42.21 153.16 53.84 83.95 47.30 97.58 41.24 59.65
OPM % 26.10% 31.61% 46.42% 41.61% 10.15% 31.67% 12.15% 20.35% 11.98% 24.87% 9.50% 13.38%
Other Income 12.18 -2.34 36.55 12.66 8.01 6.79 8.48 3.05 16.48 0.55 -81.54 1.87
Interest 20.90 26.82 16.74 18.82 19.54 19.21 20.66 18.68 18.74 22.49 20.59 19.45
Depreciation 26.90 27.24 27.73 25.34 24.23 25.15 26.08 23.39 23.91 24.88 25.98 24.10
Profit before tax 63.96 86.50 265.11 144.38 6.45 115.59 15.58 44.93 21.13 50.76 -86.87 17.97
Tax % 33.85% 26.16% 34.37% 30.79% -14.26% 35.34% 70.54% 36.03% -1.70% 31.68% 14.96% 40.68%
Net Profit 42.31 63.87 174.00 99.92 7.37 74.74 4.59 28.74 21.49 34.68 -73.87 10.66
EPS in Rs 16.29 24.35 64.50 37.04 2.73 27.71 1.70 22.00 7.97 12.85 -56.56 3.95
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
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 1,667.18
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 1,332.23 1,387.53 1,421.41
Operating Profit 272.20 439.07 112.60 339.61 229.01 256.05 288.31 240.49 121.11 515.33 433.37 246.25 245.77
OPM % 37.71% 43.79% 19.00% 31.80% 19.20% 20.11% 21.88% 17.88% 10.00% 30.81% 24.55% 15.07% 14.74%
Other Income 29.90 28.73 29.67 10.00 5.66 -1.11 22.03 23.41 1.24 49.35 27.66 -37.64 -62.64
Interest 43.97 79.52 44.39 54.10 83.20 69.97 108.21 108.62 83.61 86.33 78.23 80.50 81.27
Depreciation 40.54 37.92 40.39 41.85 55.18 81.69 149.02 121.94 114.05 108.69 100.80 98.16 98.87
Profit before tax 217.59 350.36 57.49 253.66 96.29 103.28 53.11 33.34 -75.31 369.66 282.00 29.95 2.99
Tax % 51.84% 25.61% 28.67% 34.78% 33.61% 47.82% 26.34% 64.07% 40.61% 32.42% 33.82% 63.14%
Net Profit 104.80 260.64 41.01 165.44 63.93 53.89 39.12 11.98 -44.73 249.83 186.62 11.04 -7.04
EPS in Rs 120.49 14.72 61.19 23.80 19.89 14.55 4.31 0.00 92.60 69.17 4.09 -31.79
Dividend Payout % 16.28% 8.18% 32.11% 15.92% 20.32% 24.10% 19.92% 32.53% -8.71% 21.60% 21.69% 122.19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.00%
5 Years:4.39%
3 Years:10.49%
TTM:-5.03%
Compounded Profit Growth
10 Years:-23.74%
5 Years:-14.78%
3 Years:37.29%
TTM:-106.10%
Return on Equity
10 Years:9.30%
5 Years:8.67%
3 Years:13.77%
Last Year:1.47%

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
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 201.29 437.00 580.29 715.09 760.93 799.62 829.62 836.91 783.08 1,016.22 1,169.05 1,129.67
Borrowings 531.67 352.38 426.91 526.42 823.04 973.62 1,093.23 1,069.44 1,014.27 941.07 853.03 795.91
224.72 325.02 330.60 400.72 489.73 368.43 451.24 508.51 526.90 525.66 591.04 700.32
Total Liabilities 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 2,640.10 2,652.88
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 1,001.46 978.01
CWIP 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 45.07 93.10 137.79 144.74 139.37 188.55 179.46 167.77 201.57 326.92 313.51 180.88
526.64 593.03 590.66 778.58 849.56 737.41 1,030.67 1,119.95 1,021.20 1,110.02 1,235.47 1,375.94
Total Assets 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 2,640.10 2,652.88

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
168.01 361.61 145.62 179.79 115.43 213.66 228.97 183.65 230.50 423.26 290.16 213.78
-70.19 -117.45 -178.46 -239.79 -371.85 -195.70 -257.83 -9.41 -124.85 -248.02 -86.46 -24.30
-134.21 -279.25 72.47 38.14 251.01 24.74 -14.04 -156.78 -137.34 -173.56 -192.93 -190.30
Net Cash Flow -36.39 -35.09 39.63 -21.86 -5.41 42.70 -42.90 17.46 -31.69 1.68 10.77 -0.82

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 % 34.33% 54.91% 11.05% 26.74% 12.44% 10.82% 8.51% 7.55% 1.25% 23.75% 17.31% 8.81%
Debtor Days 14.75 12.28 12.63 4.06 11.15 13.28 15.73 14.42 4.46 14.55 13.48 11.10
Inventory Turnover 4.05 4.61 2.51 3.65 3.61 3.92 3.81 3.46 3.29 4.99 4.60 3.36