Man Industries (India) Ltd

Man Industries (India) is engaged in the business of manufacturing, processing and trading of submerged arc welded pipes & steel products.

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Pros:

Company has reduced debt.

Stock is trading at 0.42 times its book value

Company is expected to give good quarter

Company has been maintaining a healthy dividend payout of 18.26%

Cons:

Company has low interest coverage ratio.

Promoter's stake has decreased

Company has a low return on equity of 8.19% for last 3 years.

Contingent liabilities of Rs.645.14 Cr.

Peer Comparison Sector: Steel // Industry: Steel - Large

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Detailed Comparison with:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	252	211	291	318	284	481	489	633	803	516	265	239
	235	207	280	294	269	459	428	570	718	494	255	216
Operating Profit	18	4	11	24	16	22	62	62	84	22	9	22
OPM %	7%	2%	4%	8%	5%	5%	13%	10%	10%	4%	3%	9%
Other Income	17	19	21	10	17	23	5	4	-29	27	18	6
Interest	12	12	7	10	9	10	14	18	18	16	14	13
Depreciation	10	11	10	10	10	10	10	11	12	11	12	12
Profit before tax	13	1	15	14	14	24	43	38	25	22	2	3
Tax %	28%	-206%	23%	27%	32%	30%	38%	33%	40%	30%	15%	18%
Net Profit	9	3	11	10	9	17	26	25	15	16	2	3
EPS in Rs	1.62	0.47	1.98	1.75	1.63	2.96	4.60	4.36	2.64	2.70	0.28	0.47
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	1,447	1,859	1,474	1,588	1,702	1,462	1,005	1,364	1,392	1,060	1,572	2,215	1,822
	1,332	1,732	1,350	1,505	1,514	1,264	950	1,249	1,274	1,015	1,450	2,038	1,684
Operating Profit	115	127	124	84	188	198	55	115	118	46	123	178	138
OPM %	8%	7%	8%	5%	11%	14%	5%	8%	8%	4%	8%	8%	8%
Other Income	53	24	51	86	29	27	31	38	69	74	54	21	22
Interest	31	45	37	30	27	44	42	46	56	36	43	65	60
Depreciation	28	35	37	40	40	39	32	42	37	40	39	46	47
Profit before tax	109	71	101	99	149	142	12	64	93	43	95	87	53
Tax %	34%	33%	33%	7%	32%	29%	27%	17%	7%	25%	34%	34%
Net Profit	71	47	67	92	102	101	9	54	86	33	63	57	35
EPS in Rs	13.01	8.59	12.14	16.18	17.99	16.40	1.38	9.01	14.65	5.37	10.93	9.98	6.09
Dividend Payout %	11%	17%	14%	12%	11%	12%	64%	16%	10%	26%	14%	15%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	27	27	27	28	28	30	29	29	29	29	29	29
Reserves	340	381	437	522	617	682	635	460	541	572	625	673
Borrowings	310	364	308	1,103	409	536	438	443	353	447	374	251
	625	946	738	260	451	379	475	528	332	315	681	643
Total Liabilities	1,301	1,718	1,509	1,912	1,505	1,628	1,577	1,459	1,255	1,363	1,708	1,596
	283	435	415	386	348	393	403	354	347	343	355	396
CWIP	105	13	8	0	1	3	2	3	19	5	63	3
Investments	33	43	34	184	302	30	21	102	105	105	129	131
	880	1,228	1,053	1,341	854	1,202	1,151	1,001	785	910	1,160	1,066
Total Assets	1,301	1,718	1,509	1,912	1,505	1,628	1,577	1,459	1,255	1,363	1,708	1,596

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	194	151	221	-377	864	-467	225	112	208	-76	160	138
	-111	-82	49	-71	-91	185	-7	-60	3	20	-107	-19
	19	4	-103	322	-896	342	-209	-82	-191	43	-140	-138
Net Cash Flow	102	73	167	-126	-123	61	10	-30	19	-13	-88	-19

	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 %	23%	16%	18%	11%	13%	21%	5%	11%	16%	8%	14%	15%
Debtor Days	55	102	39	81	64	74	103	125	65	111	85	88
Inventory Turnover	6.32	7.26	5.82	3.97	4.94	8.78	6.98	10.85	10.56	8.97	5.96	6.98