Maithan Alloys Ltd

Maithan Alloys Limited is a holding company. The Company is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys, including Ferro Silicon, Ferro Manganese and Silico Manganese, and has a captive power plant.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 46.59% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 35.03%
Cons:

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

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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
255 294 318 475 431 459 549 440 455 507 477 549
224 275 237 329 352 369 444 337 371 424 409 461
Operating Profit 31 19 81 146 79 90 105 103 84 83 68 88
OPM % 12% 6% 25% 31% 18% 20% 19% 23% 18% 16% 14% 16%
Other Income 2 2 14 -10 2 2 5 10 6 6 6 7
Interest 3 3 1 3 1 1 1 1 1 1 2 1
Depreciation 7 6 6 6 4 4 4 4 4 4 4 4
Profit before tax 24 12 87 126 76 87 104 108 85 84 68 90
Tax % 22% 22% 23% 29% 22% 25% 25% 18% 23% 21% 21% 22%
Net Profit 19 10 67 90 59 65 78 89 65 66 54 70
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
152 377 643 477 605 636 854 811 882 1,146 1,337 1,873 1,988
130 307 626 421 497 568 790 772 811 1,015 1,057 1,490 1,666
Operating Profit 23 70 17 56 108 68 64 39 71 132 279 384 322
OPM % 15% 19% 3% 12% 18% 11% 7% 5% 8% 11% 21% 20% 16%
Other Income 2 7 10 15 7 6 4 2 3 4 8 16 26
Interest 4 11 19 15 9 4 7 6 6 17 12 8 6
Depreciation 3 7 6 12 10 7 7 6 3 23 25 15 16
Profit before tax 17 60 1 44 96 62 54 29 64 96 250 376 327
Tax % 29% 34% 86% 31% 25% 24% 20% 22% 20% 17% 26% 22%
Net Profit 12 39 0 30 73 47 44 23 52 79 186 292 255
EPS in Rs 0.00 10.30 24.85 15.99 14.84 7.72 17.29 26.74 63.78 100.22
Dividend Payout % 8% 5% 694% 3% 4% 6% 7% 13% 6% 7% 4% 3%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:17.38%
5 Years:17.02%
3 Years:28.56%
TTM:5.80%
Compounded Profit Growth
10 Years:22.33%
5 Years:46.59%
3 Years:78.85%
TTM:-12.51%
Return on Equity
10 Years:27.60%
5 Years:28.92%
3 Years:35.03%
Last Year:40.07%

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
13 13 10 10 15 15 15 15 15 29 29 29 29
Reserves 44 82 79 107 172 216 256 276 320 366 563 846 1,091
Borrowings 38 99 142 104 38 7 23 39 25 139 81 45 7
28 97 105 141 127 191 211 178 191 271 261 299 399
Total Liabilities 120 287 336 363 352 428 505 507 551 805 934 1,219 1,526
55 52 48 109 83 72 62 57 55 260 238 233 219
CWIP 10 44 72 6 1 0 0 0 1 0 0 0 0
Investments 3 15 5 5 55 72 126 128 125 47 84 362 649
51 176 211 242 213 285 317 322 370 498 613 623 657
Total Assets 120 287 336 363 352 428 505 507 551 805 934 1,219 1,526

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
-3 -7 -14 72 92 68 8 -7 8 136 123 284
-38 -50 -19 -8 -28 -11 -42 2 4 -11 -8 -280
21 59 36 -39 -68 -35 7 7 -21 -101 -74 -55
Net Cash Flow -20 2 3 24 -4 22 -26 2 -8 25 41 -50

Ratios Standalone / 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 % 27% 49% 9% 26% 47% 29% 23% 11% 20% 25% 43% 49%
Debtor Days 23 36 22 47 27 49 49 46 78 63 62 47
Inventory Turnover 6.53 5.61 6.70 6.54 8.32 7.04 7.71 5.98 6.76 8.52 7.92 8.62