Maharashtra Scooters Ltd

Maharashtra Scooters Ltd

₹ 8,942 7.60%
24 Jun - close price
About

Maharashtra Scooters Ltd. (MSL) is a manufacturing & and an unregistered core investment company. It is engaged in the business of manufacturing dies, Jigs, fixtures and die casting components primarily for the automobiles industry, etc. [1]

Key Points

Company Overview
Maharashtra Scooters Ltd. is an unregistered Core Investment Company (‘CIC’). As a CIC, a minimum of 90% of its assets stand invested in the Bajaj group and the balance in debt and other instruments.
The Company manufactures pressure die casting dies, castings, jigs, and fixtures, primarily meant for the two-three-wheeler industry. [1]

  • Market Cap 10,220 Cr.
  • Current Price 8,942
  • High / Low 9,178 / 5,375
  • Stock P/E 51.3
  • Book Value 23,640
  • Dividend Yield 1.90 %
  • ROCE 0.88 %
  • ROE 0.87 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is trading at 0.38 times its book value
  • Company has delivered good profit growth of 22.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 65.6%
  • Company's median sales growth is 16.3% of last 10 years

Cons

  • Tax rate seems low
  • Company has a low return on equity of 0.85% over 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.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
7.53 2.70 166.57 10.47 10.37 7.25 192.39 7.47 9.24 5.26 205.92 6.37 5.18
7.92 3.32 3.46 5.78 7.69 4.72 6.33 4.11 7.49 4.05 5.61 5.16 4.49
Operating Profit -0.39 -0.62 163.11 4.69 2.68 2.53 186.06 3.36 1.75 1.21 200.31 1.21 0.69
OPM % -5.18% -22.96% 97.92% 44.79% 25.84% 34.90% 96.71% 44.98% 18.94% 23.00% 97.28% 19.00% 13.32%
3.72 3.99 0.07 0.25 0.04 0.06 0.04 1.24 0.06 0.00 0.11 0.70 0.00
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 0.49 0.50 0.49 0.49 0.49 0.49 0.49 0.51 0.53 0.52 0.52 0.51 0.52
Profit before tax 2.84 2.87 162.69 4.45 2.23 2.10 185.61 4.09 1.28 0.69 199.90 1.40 0.17
Tax % 1.06% 25.44% 16.59% 25.84% 29.60% 31.90% -2.38% 26.41% 35.94% 30.43% 1.09% 28.57% 41.18%
2.81 2.14 135.70 3.30 1.57 1.43 190.03 3.01 0.82 0.48 197.73 1.00 0.10
EPS in Rs 2.46 1.87 118.74 2.89 1.37 1.25 166.28 2.63 0.72 0.42 173.01 0.87 0.09
Raw PDF
Upcoming result date: 22 July 2024

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
7 4 7 9 8 82 95 211 30 194 216 223
10 9 12 15 14 20 20 20 20 20 23 19
Operating Profit -3 -5 -5 -6 -6 61 75 191 11 174 194 203
OPM % -50% -115% -72% -72% -69% 75% 79% 90% 35% 90% 90% 91%
53 53 63 108 21 1 1 3 0 0 1 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 3 1 1 1 2 2 2 2 2 2
Profit before tax 49 48 55 101 14 61 74 192 9 172 193 202
Tax % 0% 0% 0% 0% 9% 1% 2% 6% 3% 17% -1% 1%
49 48 55 101 13 61 73 180 9 143 195 199
EPS in Rs 42.73 41.65 47.91 88.37 11.44 53.16 63.70 157.45 7.71 124.87 170.88 174.40
Dividend Payout % 47% 60% 63% 34% 262% 62% 52% 32% 649% 64% 35% 97%
Compounded Sales Growth
10 Years: 49%
5 Years: 19%
3 Years: 94%
TTM: 3%
Compounded Profit Growth
10 Years: 16%
5 Years: 23%
3 Years: 184%
TTM: 2%
Stock Price CAGR
10 Years: 30%
5 Years: 14%
3 Years: 33%
1 Year: 62%
Return on Equity
10 Years: 1%
5 Years: 1%
3 Years: 1%
Last Year: 1%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 213 227 241 301 6,541 8,214 11,312 8,199 16,232 22,842 19,031 27,005
0 0 0 0 0 0 0 0 0 0 0 0
58 62 66 25 20 18 391 14 1,036 1,846 1,355 2,377
Total Liabilities 283 300 318 337 6,572 8,243 11,714 8,225 17,280 24,699 20,398 29,394
7 7 4 7 7 13 15 15 14 13 12 10
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 223 260 271 280 6,511 8,196 11,680 8,080 17,189 24,654 20,364 29,362
52 33 43 50 54 34 20 130 76 33 22 22
Total Assets 283 300 318 337 6,572 8,243 11,714 8,225 17,280 24,699 20,398 29,394

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-8 -6 -10 -8 -33 1 1 -7 -6 119 209 206
33 15 41 81 35 40 45 195 -68 -62 -3 -12
-1 -26 -33 -80 -2 -41 -45 -113 -1 -58 -205 -194
Net Cash Flow 24 -17 -2 -6 0 0 -0 75 -75 -0 0 0

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 138 114 137 99 95 15 14 8 82 19 11 3
Inventory Days 75 88 134 42 111 57 72 163
Days Payable 100 214 27 37 40 40 8 99
Cash Conversion Cycle 113 -13 243 104 166 33 78 8 146 19 11 3
Working Capital Days -1,232 -2,797 -2,141 -203 -43 1 4 4 103 31 10 8
ROCE % 21% 20% 20% 35% 0% 1% 1% 2% 0% 1% 1%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
51.00% 51.00% 51.00% 51.00% 51.05% 51.05% 51.00% 51.00% 51.00% 51.00% 51.00% 51.00%
4.41% 4.30% 4.23% 3.73% 3.61% 3.66% 3.90% 3.93% 4.06% 4.16% 4.39% 4.42%
3.09% 3.08% 3.10% 3.67% 4.47% 4.53% 4.53% 4.78% 4.89% 5.15% 5.10% 5.08%
0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
41.50% 41.62% 41.67% 41.60% 40.87% 40.74% 40.55% 40.29% 40.05% 39.68% 39.50% 39.47%
No. of Shareholders 18,83419,48920,40122,91422,61621,70121,18720,68119,66220,57320,07320,715

* 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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