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.
Company has good consistent profit growth of 85.89% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 32.80%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
455 549 486
371 461 417
Operating Profit 84 88 68
OPM % 18% 16% 14%
Other Income 6 7 6
Interest 1 1 1
Depreciation 4 4 4
Profit before tax 85 90 70
Tax % 23% 22% 25%
Net Profit 65 70 52
EPS in Rs 22.44 24.10 17.92
Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
377 643 477 605 673 948 957 1,103 1,146 1,337 1,873 1,979
307 626 421 499 607 861 904 990 1,015 1,064 1,488 1,655
Operating Profit 70 17 56 106 66 86 53 114 132 273 386 325
OPM % 19% 3% 12% 18% 10% 9% 6% 10% 11% 20% 21% 16%
Other Income 7 10 15 7 7 5 3 1 4 8 14 26
Interest 11 19 15 7 4 19 21 22 17 12 8 8
Depreciation 7 6 12 10 10 19 23 27 23 25 15 16
Profit before tax 60 1 44 96 60 54 12 66 96 244 376 327
Tax % 34% 88% 31% 25% 25% 19% 9% 21% 18% 26% 22% 22%
Net Profit 39 0 30 73 45 44 11 53 79 180 292 255
EPS in Rs 0.00 10.26 24.80 15.41 15.07 3.75 17.66 26.68 61.72 100.24 87.67
Dividend Payout % 5% 883% 3% 4% 6% 7% 26% 6% 7% 4% 3% 7%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.90%
5 Years:15.64%
3 Years:19.96%
TTM:5.64%
Compounded Profit Growth
10 Years:123.80%
5 Years:85.89%
3 Years:47.31%
TTM:-13.88%
Return on Equity
10 Years:27.63%
5 Years:29.95%
3 Years:32.80%
Last Year:25.46%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 81 78 107 171 213 254 262 308 364 556 839 1,083
Borrowings 99 147 113 86 206 211 258 214 139 81 45 7
97 105 163 163 258 270 276 269 275 237 303 400
Total Liabilities 287 340 392 434 692 750 811 805 807 903 1,216 1,520
54 74 128 121 225 297 293 280 267 242 238 229
CWIP 44 73 12 66 65 1 5 1 0 0 0 0
Investments 11 0 0 12 15 38 38 36 36 70 343 628
176 194 252 235 387 415 474 488 504 591 636 663
Total Assets 287 340 392 434 692 750 811 805 807 903 1,216 1,520

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

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 4 48 86 48 42 -4 58 136 126 284 315
-50 -41 -6 -82 -121 -47 -22 -4 -11 -11 -280 -276
59 40 -14 -4 114 -39 26 -65 -101 -74 -49 -54
Net Cash Flow 2 3 28 -0 41 -45 1 -11 24 41 -44 -15

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 25% 41% 18% 16% 7% 17% 21% 43% 49% 33%
Debtor Days 36 22 47 27 47 48 54 68 63 62 47 47
Inventory Turnover 5.59 6.69 6.52 8.29 5.42 5.60 4.98 5.78 7.03 7.92 8.62 7.77