Maharashtra Seamless Ltd

Maharashtra Seamless Limited is an India-based company, which is engaged in manufacturing steel pipes and tubes. The Company operates through two segments: Steel Pipes & Tubes and Power - Electricity.

Pros:
Stock is trading at 0.90 times its book value
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 32.16%
Cons:
Company has a low return on equity of 4.48% for last 3 years.
Contingent liabilities of Rs.1841.45 Cr.

Peer Comparison Sector: Steel // Industry: Steel - Large

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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
288 305 382 453 450 484 564 631 607 703 786 965
259 245 323 380 389 424 503 507 464 575 629 730
Operating Profit 29 59 60 72 61 60 61 124 144 128 157 235
OPM % 10% 19% 16% 16% 14% 12% 11% 20% 24% 18% 20% 24%
Other Income 24 19 25 16 18 15 19 16 35 29 8 -150
Interest 1 1 2 6 2 2 5 -0 1 2 3 10
Depreciation 17 17 17 17 18 19 19 19 20 20 20 19
Profit before tax 35 60 65 65 58 54 57 121 158 136 143 57
Tax % 32% 35% 33% 40% 36% 37% 32% 27% 36% 35% 35% 134%
Net Profit 24 39 44 39 37 34 39 88 100 88 93 -19
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
1,390 1,491 2,039 1,593 1,761 2,292 1,722 1,206 1,355 1,015 1,428 2,129 3,061
1,049 1,212 1,696 1,193 1,338 1,900 1,551 1,118 1,246 979 1,208 1,823 2,397
Operating Profit 341 279 342 400 423 391 171 88 110 36 220 306 664
OPM % 25% 19% 17% 25% 24% 17% 10% 7% 8% 4% 15% 14% 22%
Other Income 31 44 72 53 92 77 70 63 83 95 85 67 -77
Interest 4 4 12 3 3 5 6 3 4 7 10 9 16
Depreciation 16 17 18 18 18 20 37 37 29 70 69 74 78
Profit before tax 353 302 385 431 494 443 198 111 160 54 226 290 493
Tax % 34% 35% 33% 34% 31% 30% 22% 13% 23% 42% 36% 32%
Net Profit 234 195 258 285 342 311 153 97 123 31 146 198 262
EPS in Rs 32.65 26.83 35.70 39.35 47.46 43.08 20.72 13.23 17.28 3.68 21.72 29.62
Dividend Payout % 16% 18% 14% 15% 12% 14% 28% 42% 27% 53% 23% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.63%
5 Years:4.34%
3 Years:16.26%
TTM:43.77%
Compounded Profit Growth
10 Years:0.21%
5 Years:9.72%
3 Years:29.57%
TTM:32.23%
Return on Equity
10 Years:7.15%
5 Years:3.79%
3 Years:4.48%
Last Year:6.86%

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
35 35 35 35 35 35 35 34 34 34 34 34 34
Reserves 889 1,058 1,275 2,252 2,504 2,725 2,787 2,757 2,769 2,654 2,779 2,938 3,153
Borrowings 108 102 82 80 8 31 11 15 1 7 18 15 489
127 234 222 217 323 376 273 360 311 452 454 468 656
Total Liabilities 1,159 1,430 1,614 2,584 2,870 3,167 3,106 3,167 3,114 3,147 3,285 3,455 4,332
280 268 284 1,017 999 1,323 1,254 1,231 1,164 1,110 1,086 1,222 1,162
CWIP 6 69 107 191 245 10 52 18 33 31 118 17 23
Investments 54 89 420 628 516 474 697 698 620 662 836 719 759
820 1,003 803 748 1,110 1,361 1,102 1,221 1,296 1,343 1,245 1,496 2,388
Total Assets 1,159 1,430 1,614 2,584 2,870 3,167 3,106 3,167 3,114 3,147 3,285 3,455 4,332

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
153 19 302 230 -34 82 286 73 -49 19 174 90
-29 -81 -378 -288 62 -48 -218 38 120 19 -151 -34
-120 -5 -69 -44 -27 -24 -80 -89 -84 -41 -20 -51
Net Cash Flow 4 -68 -144 -102 2 10 -12 21 -14 -3 3 4

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 % 37% 27% 30% 23% 18% 15% 6% 3% 4% 2% 9% 10%
Debtor Days 52 66 50 42 65 58 68 102 80 95 79 69
Inventory Turnover 5.28 4.72 5.57 3.68 3.34 3.64 2.80 2.54 2.93 2.05 2.91 4.29