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 0.75 times its book value
Company is expected to give good quarter
Company has good consistent profit growth of 39.66% over 5 years
Company has been maintaining a healthy dividend payout of 19.53%
Cons:
Company has a low return on equity of 7.84% for last 3 years.
Contingent liabilities of Rs.1841.22 Cr.

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

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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
305 382 453 450 484 564 631 604 703 786 960 690
245 323 380 389 424 503 507 460 575 629 724 536
Operating Profit 59 60 72 61 60 61 124 144 128 157 235 154
OPM % 19% 16% 16% 14% 12% 11% 20% 24% 18% 20% 25% 22%
Other Income 19 25 16 18 15 19 16 35 29 8 -150 18
Interest 1 2 6 2 2 5 -0 1 2 3 10 13
Depreciation 17 17 17 18 19 19 19 20 20 20 19 19
Profit before tax 60 65 65 58 54 57 121 158 136 143 57 140
Tax % 35% 33% 40% 36% 37% 32% 27% 36% 35% 35% 134% 34%
Net Profit 39 44 39 37 34 39 88 100 88 93 -19 91
EPS in Rs 5.79 6.51 5.84 5.56 5.07 5.79 13.20 14.98 13.21 13.85 -2.87 13.64
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
1,491 2,039 1,593 1,761 2,292 1,722 1,206 1,355 1,015 1,428 2,130 3,061 3,139
1,212 1,696 1,193 1,338 1,900 1,551 1,118 1,246 979 1,208 1,824 2,397 2,464
Operating Profit 279 342 400 423 391 171 88 110 36 220 306 664 674
OPM % 19% 17% 25% 24% 17% 10% 7% 8% 4% 15% 14% 22% 21%
Other Income 44 72 53 92 77 70 63 83 95 85 67 -77 -94
Interest 4 12 3 3 5 6 3 4 7 10 9 16 28
Depreciation 17 18 18 18 20 37 37 29 70 69 74 78 78
Profit before tax 302 385 431 494 443 198 111 160 54 226 290 493 475
Tax % 35% 33% 34% 31% 30% 22% 13% 23% 42% 36% 32% 47%
Net Profit 195 258 285 342 311 153 97 123 31 146 198 262 253
EPS in Rs 26.83 35.70 39.35 47.46 43.08 20.72 13.23 17.28 3.68 21.72 29.62 39.16 37.83
Dividend Payout % 18% 14% 15% 12% 14% 28% 42% 27% 53% 23% 20% 15%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:4.15%
5 Years:20.48%
3 Years:44.50%
TTM:37.51%
Compounded Profit Growth
10 Years:3.05%
5 Years:39.66%
3 Years:121.00%
TTM:-3.09%
Stock Price CAGR
10 Years:0.62%
5 Years:2.94%
3 Years:18.21%
1 Year:-24.30%
Return on Equity
10 Years:6.98%
5 Years:5.66%
3 Years:7.84%
Last Year:11.05%

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
35 35 35 35 35 35 34 34 34 34 34 34
Reserves 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 102 82 80 8 31 11 15 1 7 18 15 489
234 222 217 323 376 273 360 311 452 454 472 666
Total Liabilities 1,430 1,614 2,584 2,870 3,167 3,106 3,167 3,114 3,147 3,285 3,459 4,341
268 284 1,017 999 1,323 1,254 1,231 1,164 1,110 1,086 1,222 1,162
CWIP 69 107 191 245 10 52 18 33 31 118 17 23
Investments 89 420 628 516 474 697 698 620 662 836 719 759
1,003 803 748 1,110 1,361 1,102 1,221 1,296 1,343 1,245 1,500 2,398
Total Assets 1,430 1,614 2,584 2,870 3,167 3,106 3,167 3,114 3,147 3,285 3,459 4,341

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
19 302 230 -34 82 286 73 -49 19 174 87 -183
-81 -378 -288 62 -48 -218 38 120 19 -151 -34 -181
-5 -69 -44 -27 -24 -80 -89 -84 -41 -20 -49 415
Net Cash Flow -68 -144 -102 2 10 -12 21 -14 -3 3 4 51

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 % 27% 30% 23% 18% 15% 6% 3% 4% 2% 9% 10% 20%
Debtor Days 66 50 42 65 58 68 102 80 95 79 68 59
Inventory Turnover 4.72 5.57 3.68 3.34 3.64 2.80 2.54 2.93 2.05 2.91 4.29 4.79