Maithan Alloys Ltd

Maithan Alloys Ltd

₹ 851 -0.67%
24 Mar - close price
About

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

Maithan is India’s largest Manganese Alloy Producer[1]

  • Market Cap 2,478 Cr.
  • Current Price 851
  • High / Low 1,596 / 777
  • Stock P/E 3.43
  • Book Value 904
  • Dividend Yield 0.70 %
  • ROCE 54.9 %
  • ROE 42.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.94 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 35.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.7%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
469 406 266 409 446 499 566 666 923 837 975 690 685
415 352 224 338 376 389 425 445 529 526 631 584 639
Operating Profit 54 54 41 71 70 111 141 222 394 311 345 106 46
OPM % 12% 13% 16% 17% 16% 22% 25% 33% 43% 37% 35% 15% 7%
28 30 8 4 6 6 10 7 5 11 -60 39 51
Interest 1 0 0 0 0 1 0 0 0 0 0 0 0
Depreciation 4 4 4 4 4 4 4 4 4 5 5 5 5
Profit before tax 77 79 45 71 72 112 147 224 394 317 280 139 92
Tax % 17% 19% 22% 22% 22% 25% 24% 27% 24% 24% 22% 22% 21%
Net Profit 64 64 35 55 55 84 112 164 300 242 219 109 73
EPS in Rs 21.95 21.99 12.08 18.87 19.05 29.30 38.50 56.31 103.09 83.11 75.21 37.51 25.00
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
605 673 948 957 1,103 1,146 1,337 1,873 1,979 1,816 1,615 2,987 3,187
499 607 861 904 989 1,015 1,064 1,489 1,654 1,581 1,321 1,912 2,380
Operating Profit 106 66 86 53 114 132 273 384 325 235 294 1,075 807
OPM % 18% 10% 9% 6% 10% 11% 20% 21% 16% 13% 18% 36% 25%
7 7 5 3 1 4 8 15 26 66 24 27 41
Interest 7 4 19 21 22 17 12 8 8 6 3 3 1
Depreciation 10 10 19 23 27 23 25 15 16 16 16 17 20
Profit before tax 96 60 54 12 66 96 244 376 327 279 299 1,082 827
Tax % 25% 25% 19% 9% 21% 18% 26% 22% 22% 20% 23% 24%
Net Profit 73 45 44 11 53 79 180 292 255 222 230 818 643
EPS in Rs 24.98 15.59 15.25 3.91 18.08 27.09 61.72 100.24 87.67 76.27 79.29 281.01 220.83
Dividend Payout % 4% 6% 7% 26% 6% 7% 4% 3% 7% 8% 8% 2%
Compounded Sales Growth
10 Years: 16%
5 Years: 17%
3 Years: 15%
TTM: 20%
Compounded Profit Growth
10 Years: 34%
5 Years: 35%
3 Years: 47%
TTM: 9%
Stock Price CAGR
10 Years: 36%
5 Years: 1%
3 Years: 39%
1 Year: -37%
Return on Equity
10 Years: 27%
5 Years: 28%
3 Years: 27%
Last Year: 42%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
15 15 15 15 15 29 29 29 29 29 29 29 29
Reserves 180 216 254 262 308 364 556 839 1,083 1,263 1,492 2,294 2,604
86 206 211 258 214 139 81 45 7 10 49 5 6
154 254 255 254 246 266 236 303 399 213 328 422 521
Total Liabilities 434 691 735 788 783 799 902 1,215 1,519 1,516 1,898 2,751 3,159
121 225 297 293 280 267 242 238 229 217 203 276 270
CWIP 66 65 1 5 1 0 0 0 0 1 0 0 2
Investments 12 15 38 38 36 36 70 343 628 6 795 824 839
235 386 399 452 466 496 590 635 662 1,292 900 1,651 2,047
Total Assets 434 691 735 788 783 799 902 1,215 1,519 1,516 1,898 2,751 3,159

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
86 48 42 -4 58 136 126 284 315 -45 117 237
-82 -121 -47 -22 -4 -11 -11 -280 -276 696 -761 -105
-4 114 -39 26 -65 -101 -74 -49 -54 -43 37 -62
Net Cash Flow -0 41 -45 1 -11 24 41 -44 -15 609 -607 70

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 27 47 48 54 68 63 62 47 47 56 99 84
Inventory Days 90 146 118 137 109 92 109 93 85 95 151 214
Days Payable 118 194 83 74 77 81 40 55 80 26 80 63
Cash Conversion Cycle 0 -1 83 117 99 74 130 85 52 125 170 236
Working Capital Days 36 42 39 49 49 44 59 49 38 87 122 132
ROCE % 39% 18% 16% 7% 17% 21% 43% 49% 33% 20% 20% 55%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.98 74.98
2.01 1.87 0.88 0.76 1.25 0.32 0.67 1.02 2.54 1.77 1.68 1.54
0.73 0.83 1.26 0.89 0.91 0.61 0.48 0.51 0.62 0.62 0.59 0.59
22.27 22.32 22.88 23.36 22.85 24.08 23.86 23.48 21.86 22.62 22.75 22.90

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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