JM Financial Ltd

JM Financial Ltd

₹ 80.8 1.32%
19 Apr - close price
About

JM Financial Ltd is an integrated and diversified financial services group. Its primary businesses include mortgage lending, distressed credit, asset management. It is also engaged in investment banking and the management of private equity funds. [1]

Key Points

Business Segments FY23

  • Market Cap 7,721 Cr.
  • Current Price 80.8
  • High / Low 115 / 59.8
  • Stock P/E 11.5
  • Book Value 88.1
  • Dividend Yield 2.23 %
  • ROCE 8.30 %
  • ROE 7.55 %
  • Face Value 1.00

Pros

  • Stock is trading at 0.92 times its book value
  • Company has been maintaining a healthy dividend payout of 23.9%

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.46% over past five years.
  • Company has a low return on equity of 9.09% over last 3 years.
  • Debtor days have increased from 80.5 to 135 days.

* 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.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
885 825 986 962 952 810 791 859 928 846 1,067 1,197 1,236
272 248 362 355 323 258 276 279 313 459 473 535 430
Operating Profit 613 577 624 607 629 552 515 580 615 387 594 663 806
OPM % 69% 70% 63% 63% 66% 68% 65% 67% 66% 46% 56% 55% 65%
6 16 7 7 13 30 14 18 19 26 14 17 25
Interest 278 271 261 287 283 250 261 270 301 347 366 388 400
Depreciation 10 10 9 9 9 10 10 10 10 12 12 13 14
Profit before tax 331 312 360 317 349 322 259 318 322 54 230 278 417
Tax % 24% 25% 24% 28% 25% 29% 24% 25% 25% 40% 24% 26% 23%
251 234 275 228 261 228 198 238 240 32 177 206 322
EPS in Rs 1.90 1.85 2.13 1.83 2.27 1.87 1.78 1.89 1.99 0.60 1.74 2.04 2.91
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
864 1,042 1,007 1,342 1,685 2,359 3,062 3,494 3,446 3,211 3,724 3,292 4,346
383 399 402 448 459 582 767 743 933 1,009 1,296 1,170 1,896
Operating Profit 482 643 605 895 1,225 1,777 2,295 2,751 2,513 2,202 2,429 2,122 2,449
OPM % 56% 62% 60% 67% 73% 75% 75% 79% 73% 69% 65% 64% 56%
9 -0 -1 61 -0 -0 35 6 8 15 39 51 82
Interest 296 377 308 420 512 782 1,139 1,446 1,386 1,111 1,082 1,179 1,501
Depreciation 11 12 15 18 20 23 26 27 41 40 38 42 51
Profit before tax 183 254 280 517 693 972 1,165 1,283 1,094 1,067 1,348 953 979
Tax % 33% 30% 29% 30% 32% 34% 33% 35% 29% 24% 26% 26%
131 199 225 379 526 649 785 837 778 808 992 709 737
EPS in Rs 2.43 2.77 4.22 5.08 5.92 7.17 6.81 6.48 6.19 8.10 6.26 7.29
Dividend Payout % 37% 37% 36% 32% 29% 25% 25% 15% 3% 8% 20% 43%
Compounded Sales Growth
10 Years: 12%
5 Years: 1%
3 Years: -2%
TTM: 28%
Compounded Profit Growth
10 Years: 13%
5 Years: 0%
3 Years: 3%
TTM: -7%
Stock Price CAGR
10 Years: 11%
5 Years: -2%
3 Years: 0%
1 Year: 33%
Return on Equity
10 Years: 11%
5 Years: 10%
3 Years: 9%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 75 75 76 78 79 79 84 84 84 95 95 95 96
Reserves 1,864 1,975 2,111 2,465 2,831 3,240 4,471 5,048 5,555 6,905 7,591 8,041 8,321
3,202 4,197 2,988 4,723 6,672 9,444 14,988 13,991 11,756 12,405 13,498 15,939 17,031
564 679 756 1,239 1,480 3,782 2,664 3,517 3,351 3,973 4,477 5,137 6,025
Total Liabilities 5,705 6,927 5,930 8,505 11,061 16,545 22,206 22,640 20,746 23,378 25,661 29,213 31,471
104 101 228 445 444 474 427 424 450 423 414 505 547
CWIP 0 0 1 2 1 2 3 1 1 1 3 7 12
Investments 570 568 495 640 772 2,156 2,388 2,933 4,014 5,802 3,639 3,584 4,167
5,030 6,258 5,207 7,418 9,844 13,913 19,388 19,282 16,280 17,153 21,605 25,116 26,745
Total Assets 5,705 6,927 5,930 8,505 11,061 16,545 22,206 22,640 20,746 23,378 25,661 29,213 31,471

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
376 -402 1,058 -1,717 -918 -2,546 -3,584 773 3,164 969 -3,458 -2,449
185 167 585 -281 264 -326 -708 -148 -901 -2,249 2,614 -443
-496 256 -1,594 1,783 1,305 2,424 4,540 -522 -2,205 1,296 1,281 2,153
Net Cash Flow 66 21 48 -215 651 -448 247 103 58 16 437 -739

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 67 63 71 62 77 182 102 72 34 58 49 135
Inventory Days
Days Payable
Cash Conversion Cycle 67 63 71 62 77 182 102 72 34 58 49 135
Working Capital Days 1,176 1,072 678 752 601 588 268 295 235 288 230 411
ROCE % 9% 11% 10% 14% 13% 15% 13% 13% 12% 10% 11% 8%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
54.75% 54.81% 55.27% 55.42% 55.41% 56.02% 56.02% 56.49% 56.48% 56.47% 56.44% 56.44%
21.75% 21.74% 21.41% 21.83% 21.13% 22.12% 22.14% 21.24% 20.72% 18.82% 17.92% 18.19%
11.80% 10.45% 9.72% 8.78% 8.79% 8.30% 7.35% 7.47% 7.61% 8.06% 8.46% 8.46%
11.71% 13.00% 13.60% 13.97% 14.67% 13.57% 14.49% 14.80% 15.19% 16.66% 17.17% 16.91%
No. of Shareholders 69,79192,69195,17299,22999,90398,30197,86596,9361,06,9891,19,3011,35,1031,58,446

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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