Maithan Alloys Ltd

About [ edit ]

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)

Key Points [ edit ]
  • Market Cap 2,263 Cr.
  • Current Price 777
  • High / Low 880 / 345
  • Stock P/E 9.80
  • Book Value 523
  • Dividend Yield 0.77 %
  • ROCE 20.9 %
  • ROE 16.4 %
  • Face Value 10.0

Pros

  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 7.16% over past five years.
  • Debtor days have increased from 67.34 to 98.31 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
455 507 477 549 486 470 469 406 266 409 446 499
371 424 409 461 417 417 415 352 224 338 376 389
Operating Profit 84 83 68 88 68 53 54 54 41 71 70 111
OPM % 18% 16% 14% 16% 14% 11% 12% 13% 16% 17% 16% 22%
Other Income 6 6 6 7 6 5 28 30 8 4 6 6
Interest 1 1 2 1 1 1 1 0 0 0 0 1
Depreciation 4 4 4 4 4 4 4 4 4 4 4 4
Profit before tax 85 84 68 90 70 53 77 79 45 71 72 112
Tax % 23% 21% 21% 22% 25% 21% 17% 19% 22% 22% 22% 25%
Net Profit 65 65 54 70 52 42 64 64 35 55 55 85
EPS in Rs 22.44 22.44 18.53 24.10 17.92 14.40 21.95 21.99 12.08 18.87 19.05 29.30

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
477 605 673 948 957 1,103 1,146 1,337 1,873 1,979 1,816 1,620
421 499 607 861 904 990 1,015 1,064 1,488 1,655 1,581 1,327
Operating Profit 56 106 66 86 53 114 132 273 386 325 235 292
OPM % 12% 18% 10% 9% 6% 10% 11% 20% 21% 16% 13% 18%
Other Income 15 7 7 5 3 1 4 8 14 26 66 24
Interest 15 7 4 19 21 22 17 12 8 8 6 1
Depreciation 12 10 10 19 23 27 23 25 15 16 16 16
Profit before tax 44 96 60 54 12 66 96 244 376 327 279 299
Tax % 31% 25% 25% 19% 9% 21% 18% 26% 22% 22% 20% 23%
Net Profit 30 73 45 44 11 53 79 180 292 255 222 231
EPS in Rs 24.98 15.59 15.25 3.91 18.08 27.09 61.72 100.24 87.67 76.27 79.29
Dividend Payout % 3% 4% 6% 7% 26% 6% 7% 4% 3% 7% 8% 8%
Compounded Sales Growth
10 Years:10%
5 Years:7%
3 Years:-5%
TTM:-11%
Compounded Profit Growth
10 Years:12%
5 Years:24%
3 Years:-8%
TTM:4%
Stock Price CAGR
10 Years:27%
5 Years:23%
3 Years:1%
1 Year:111%
Return on Equity
10 Years:23%
5 Years:25%
3 Years:20%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
10 15 15 15 15 15 29 29 29 29 29 29
Reserves 107 171 213 254 262 308 364 556 839 1,083 1,263 1,492
Borrowings 113 86 206 211 258 214 139 81 45 7 10 49
162 162 258 255 254 246 266 236 303 399 213 328
Total Liabilities 392 434 691 735 788 783 799 902 1,215 1,519 1,516 1,898
128 121 225 297 293 280 267 242 238 229 217 203
CWIP 12 66 65 1 5 1 0 0 0 0 1 0
Investments 0 12 15 38 38 36 36 70 343 628 6 795
252 235 386 399 452 466 496 590 635 662 1,292 900
Total Assets 392 434 691 735 788 783 799 902 1,215 1,519 1,516 1,898

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
48 86 48 42 -4 58 136 126 284 315 -45 117
-6 -82 -121 -47 -22 -4 -11 -11 -280 -276 696 -761
-14 -4 114 -39 26 -65 -101 -74 -49 -54 -43 37
Net Cash Flow 28 -0 41 -45 1 -11 24 41 -44 -15 609 -607

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 25% 41% 18% 16% 7% 17% 21% 43% 49% 33% 20% 21%
Debtor Days 47 27 47 48 54 68 63 62 47 47 56 98
Inventory Turnover 5.26 6.30 4.49 4.68 4.31 4.69 5.59 5.37 6.14 5.89 5.31 3.75

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
2.75 2.96 2.96 2.72 2.37 1.70 1.95 2.01 1.87 0.88 0.76 1.25
0.44 0.13 0.05 0.30 0.56 0.57 0.64 0.73 0.83 1.26 0.89 0.91
21.82 21.92 22.01 22.00 22.08 22.74 22.43 22.27 22.32 22.88 23.36 22.85

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