Maithan Alloys Ltd

Maithan Alloys is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys- Ferro Manganese, Silico Manganese and Ferro Silicon. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant.(Source : 201903 Annual Report Page No: 88)

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 1.20 times its book value
Promoter's stake has increased
Company has good consistent profit growth of 61.53% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 32.79%
Cons:

Peer Comparison Sector: Mining & Mineral products // Industry: Mining / Minerals / Metals

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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
294 318 475 431 459 549 440 455 507 477 549 486
275 237 329 352 369 444 337 371 424 409 461 417
Operating Profit 19 81 146 79 90 105 103 84 83 68 88 68
OPM % 6% 25% 31% 18% 20% 19% 23% 18% 16% 14% 16% 14%
Other Income 2 14 -10 2 2 5 10 6 6 6 7 6
Interest 3 1 3 1 1 1 1 1 1 2 1 1
Depreciation 6 6 6 4 4 4 4 4 4 4 4 4
Profit before tax 12 87 126 76 87 104 108 85 84 68 90 70
Tax % 22% 23% 29% 22% 25% 25% 18% 23% 21% 21% 22% 25%
Net Profit 10 67 90 59 65 78 89 65 66 54 70 52
EPS in Rs 3.34 22.88 31.05 20.33 22.41 26.91 30.56 22.48 22.60 18.53 24.08 17.91
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
377 643 477 605 636 854 811 882 1,146 1,337 1,873 1,979 2,018
307 626 421 497 568 790 772 811 1,015 1,057 1,488 1,654 1,712
Operating Profit 70 17 56 108 68 64 39 71 132 279 386 325 307
OPM % 19% 3% 12% 18% 11% 7% 5% 8% 11% 21% 21% 16% 15%
Other Income 7 10 15 7 6 4 2 3 4 8 13 26 26
Interest 11 19 15 9 4 7 6 6 17 12 8 8 6
Depreciation 7 6 12 10 7 7 6 3 23 25 15 16 16
Profit before tax 60 1 44 96 62 54 29 64 96 250 376 327 311
Tax % 34% 86% 31% 25% 24% 20% 22% 20% 17% 26% 22% 22%
Net Profit 39 0 30 73 47 44 23 52 79 186 292 255 242
EPS in Rs 0.00 10.30 24.85 15.99 14.84 7.73 17.29 26.74 63.78 100.22 87.68 83.12
Dividend Payout % 5% 694% 3% 4% 6% 7% 13% 6% 7% 4% 3% 7%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.90%
5 Years:19.53%
3 Years:19.96%
TTM:6.05%
Compounded Profit Growth
10 Years:114.91%
5 Years:61.53%
3 Years:47.22%
TTM:-18.80%
Stock Price CAGR
10 Years:30.81%
5 Years:40.78%
3 Years:20.47%
1 Year:-9.58%
Return on Equity
10 Years:27.62%
5 Years:29.64%
3 Years:32.79%
Last Year:25.29%

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
13 10 10 15 15 15 15 15 29 29 29 29
Reserves 82 79 107 172 216 256 276 320 366 563 846 1,091
Borrowings 99 142 104 38 7 23 39 25 139 81 45 7
97 105 141 127 191 211 178 191 271 261 303 400
Total Liabilities 287 336 363 352 428 505 507 551 805 934 1,223 1,526
52 48 109 83 72 62 57 55 260 238 233 219
CWIP 44 72 6 1 0 0 0 1 0 0 0 0
Investments 15 5 5 55 72 126 128 125 47 84 362 649
176 211 242 213 285 317 322 370 498 613 627 658
Total Assets 287 336 363 352 428 505 507 551 805 934 1,223 1,526

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
-7 -14 72 92 68 8 -7 8 136 123 284 315
-50 -19 -8 -28 -11 -42 2 4 -11 -8 -280 -270
59 36 -39 -68 -35 7 7 -21 -101 -74 -55 -54
Net Cash Flow 2 3 24 -4 22 -26 2 -8 25 41 -50 -9

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 % 49% 9% 26% 47% 29% 23% 11% 20% 25% 43% 48% 32%
Debtor Days 36 22 47 27 49 49 46 78 63 62 47 47
Inventory Turnover 5.61 6.70 6.54 8.32 7.04 7.71 5.98 6.76 8.52 7.92 8.62 7.77