Indian Metals & Ferro Alloys Ltd

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Indian Metals & Ferro Alloys is engaged in the business of leading, fully integrated producer of ferro chrome in India.

  • Market Cap 1,144 Cr.
  • Current Price 424
  • High / Low 560 / 129
  • Stock P/E 22.9
  • Book Value 427
  • Dividend Yield 0.71 %
  • ROCE 0.05 %
  • ROE -5.88 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.99 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 3.69% over past five years.
  • Company has a low return on equity of 3.22% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
413 395 392 434 446 389 398 379 405 438 425
330 349 297 399 390 394 362 379 343 361 357
Operating Profit 83 45 96 35 56 -5 36 0 62 76 68
OPM % 20% 12% 24% 8% 13% -1% 9% 0% 15% 17% 16%
Other Income 3 15 1 -85 7 6 8 2 17 16 5
Interest 16 20 22 18 18 27 17 34 16 10 12
Depreciation 23 24 25 26 24 25 26 29 25 26 26
Profit before tax 47 17 49 -94 20 -51 1 -61 38 56 35
Tax % 35% -1% 33% 14% 37% 34% -332% 18% 35% 23% 7%
Net Profit 30 17 33 -82 13 -34 5 -50 24 43 32
EPS in Rs 11.22 6.27 12.29 -30.26 4.67 -12.51 1.69 -18.53 9.06 15.94 12.02

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
994 593 1,068 1,193 1,273 1,318 1,345 1,211 1,672 1,766 1,634 1,612 1,647
555 480 731 965 1,019 1,031 1,105 1,090 1,159 1,333 1,384 1,523 1,440
Operating Profit 439 113 337 227 254 287 240 121 513 432 250 89 207
OPM % 44% 19% 32% 19% 20% 22% 18% 10% 31% 24% 15% 6% 13%
Other Income 29 30 9 6 -0 17 14 0 48 27 -39 21 40
Interest 80 44 54 83 69 105 106 81 83 75 94 97 72
Depreciation 38 40 42 56 82 149 122 114 109 101 98 104 107
Profit before tax 350 57 250 94 102 50 26 -73 369 283 19 -90 68
Tax % 26% 29% 35% 34% 48% 30% 84% 40% 33% 34% 103% 27%
Net Profit 261 41 162 62 53 35 4 -44 249 186 -1 -66 50
EPS in Rs 122.26 15.57 61.63 23.72 20.33 13.44 1.42 -16.95 92.28 68.98 -0.38 -24.58 18.49
Dividend Payout % 8% 32% 16% 21% 25% 22% 106% -12% 22% 22% -1,323% 0%
Compounded Sales Growth
10 Years:11%
5 Years:4%
3 Years:-1%
TTM:-1%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:151%
Stock Price CAGR
10 Years:-1%
5 Years:28%
3 Years:-1%
1 Year:207%
Return on Equity
10 Years:7%
5 Years:6%
3 Years:3%
Last Year:-6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
21 26 26 26 26 26 26 26 27 27 27 27 27
Reserves 437 580 712 761 824 855 855 807 1,037 1,189 1,143 1,057 1,126
Borrowings 352 475 565 970 1,100 1,088 1,128 1,060 910 822 766 713 606
303 330 500 504 390 467 539 501 530 614 719 617 715
Total Liabilities 1,113 1,412 1,803 2,261 2,340 2,436 2,548 2,394 2,504 2,652 2,655 2,414 2,474
351 497 554 722 1,233 1,341 1,372 1,330 1,275 1,256 1,177 1,216 1,175
CWIP 99 276 415 679 342 217 193 226 236 273 304 264 261
Investments 93 55 6 2 24 12 0 35 161 148 69 33 120
571 584 828 858 741 866 983 803 832 974 1,104 901 917
Total Assets 1,113 1,412 1,803 2,261 2,340 2,436 2,548 2,394 2,504 2,652 2,655 2,414 2,474

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
362 144 152 110 212 226 174 218 485 290 217 221
-117 -189 -325 -436 -244 -107 -43 -101 -162 -88 -31 -49
-279 86 169 319 70 -162 -113 -161 -322 -191 -187 -182
Net Cash Flow -35 41 -4 -7 38 -43 18 -44 2 10 -2 -11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 55% 11% 26% 12% 10% 8% 7% 1% 23% 17% 9% 0%
Debtor Days 12 13 4 11 13 16 14 4 15 13 11 7
Inventory Turnover 0.19 -0.04 1.45 1.77 2.10 1.82 1.84 1.91 2.25 2.42 1.82 2.13

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
58.69 58.69 58.69 58.69 58.69 58.69 58.69 58.69 58.69 58.69 58.69 58.69
0.81 0.33 0.29 0.17 0.48 0.73 0.71 0.58 0.65 0.61 0.67 0.36
0.14 0.17 0.16 0.09 0.10 0.12 0.11 0.15 0.16 0.35 0.45 0.46
40.36 40.82 40.86 41.06 40.73 40.46 40.49 40.58 40.51 40.35 40.19 40.50

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