Mangalam Cement Ltd

About

Mangalam Cement Limited, incorporated in 1976, is engaged in the manufacturing of Cement in India and is a professionally run company, managed by Smt. Vidula Jalan of the B.K. Birla group. The Co. has its own manufacturing plants in Morak (Rajasthan) and Aligarh (Uttar Pradesh). The company markets and sells its product under the brand name of Birla Uttam Cement.[1][2]

Key Points

Products
The Co. sells regular OPC, PPC cements and clinker under the brand Birla Uttam.[1]

See full details
  • Market Cap 1,189 Cr.
  • Current Price 446
  • High / Low 544 / 186
  • Stock P/E 8.80
  • Book Value 255
  • Dividend Yield 0.34 %
  • ROCE 19.1 %
  • ROE 17.3 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 47.13% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 9.05% over past five years.
  • Promoter holding is low: 24.50%
  • Company has a low return on equity of 10.27% for last 3 years.

Peer comparison

Sector: Cement Industry: Cement - North India

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
289 337 318 333 289 309 297 226 321 340 411 355
272 323 298 265 245 268 251 180 266 262 332 273
Operating Profit 17 14 20 68 45 41 46 46 55 78 78 82
OPM % 6% 4% 6% 20% 15% 13% 16% 21% 17% 23% 19% 23%
Other Income 3 6 12 8 7 7 7 7 9 8 8 6
Interest 13 7 18 14 16 16 17 16 16 16 17 14
Depreciation 12 12 11 11 12 12 13 16 16 14 13 13
Profit before tax -5 1 2 51 24 19 23 21 33 57 57 62
Tax % 163% 0% 25% 35% 38% 36% 34% 35% 35% 35% 36% 35%
Net Profit 3 1 2 33 15 12 16 14 21 37 36 40
EPS in Rs 1.17 0.29 0.63 12.44 5.52 4.66 5.81 5.17 7.99 14.03 13.64 14.96

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
614 496 631 706 697 922 842 1,045 1,080 1,200 1,228 1,298 1,428
423 433 527 575 642 831 797 927 997 1,142 1,029 1,040 1,133
Operating Profit 190 63 104 131 56 90 45 118 82 57 200 259 294
OPM % 31% 13% 16% 19% 8% 10% 5% 11% 8% 5% 16% 20% 21%
Other Income 21 8 6 7 5 0 6 21 28 24 30 33 32
Interest 2 2 3 5 9 38 46 47 47 51 63 65 62
Depreciation 25 28 32 25 28 34 37 40 44 46 49 59 56
Profit before tax 184 41 75 108 24 19 -31 50 19 -16 117 168 209
Tax % 35% 8% 25% 28% -24% 6% 31% 27% 40% 39% 35% 35%
Net Profit 119 38 56 77 30 18 -21 37 11 -10 76 109 135
EPS in Rs 44.51 14.33 20.97 28.98 11.09 6.71 -8.04 13.72 4.26 -3.65 28.43 40.83 50.62
Dividend Payout % 13% 42% 29% 21% 27% 30% -6% 5% 12% -14% 4% 4%
Compounded Sales Growth
10 Years:10%
5 Years:9%
3 Years:6%
TTM:27%
Compounded Profit Growth
10 Years:11%
5 Years:47%
3 Years:114%
TTM:139%
Stock Price CAGR
10 Years:16%
5 Years:5%
3 Years:26%
1 Year:131%
Return on Equity
10 Years:8%
5 Years:8%
3 Years:10%
Last Year:17%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
27 27 27 27 27 27 27 27 27 27 27 27
Reserves 360 368 406 466 480 491 447 479 488 477 549 655
Borrowings 10 14 0 211 368 382 428 391 372 518 585 600
245 232 201 265 267 312 291 316 333 393 432 561
Total Liabilities 642 640 633 969 1,142 1,212 1,192 1,213 1,220 1,414 1,593 1,842
258 351 352 349 515 757 744 814 831 821 915 889
CWIP 63 8 19 214 255 31 71 49 5 73 21 111
Investments 20 1 1 36 36 36 20 28 36 33 65 104
301 280 260 370 337 388 358 323 348 487 591 738
Total Assets 642 640 633 969 1,142 1,212 1,192 1,213 1,220 1,414 1,593 1,842

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
128 -3 87 106 63 48 75 163 86 84 216 256
-68 -38 -40 -242 -226 -50 -62 -91 -17 -176 -156 -181
-34 -17 -22 187 116 -18 -13 -77 -67 83 3 -55
Net Cash Flow 26 -58 25 52 -46 -20 -0 -5 2 -9 63 20

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 5 9 17 16 12 11 15 12 12 11 8 10
Inventory Days 303 306 203 654 266 305 202 216 210 200 421 386
Days Payable 248 130 154 271 158 200 194 269 270 286 463 425
Cash Conversion Cycle 61 184 66 398 120 116 23 -40 -47 -75 -34 -29
Working Capital Days 21 76 59 56 62 57 43 15 19 43 33 32
ROCE % 52% 11% 19% 20% 4% 7% 2% 11% 7% 3% 17% 19%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
16.51 16.54 18.21 18.69 20.66 20.66 20.83 22.08 23.61 23.99 24.50 24.50
9.56 8.16 8.16 7.46 7.46 12.03 11.77 4.59 4.59 4.59 4.89 5.36
2.91 2.91 3.02 3.10 2.89 2.91 2.94 2.93 2.88 2.88 2.88 2.87
71.02 72.38 70.61 70.76 68.99 64.39 64.46 70.40 68.92 68.54 67.73 67.27

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