Man Industries (India) Ltd

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

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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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

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

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

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
Compounded Sales Growth
10 Years:1.77%
5 Years:17.12%
3 Years:16.76%
TTM:-3.45%
Compounded Profit Growth
10 Years:1.92%
5 Years:46.27%
3 Years:-12.67%
TTM:-55.05%
Return on Equity
10 Years:11.92%
5 Years:9.81%
3 Years:8.19%
Last Year:8.47%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

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

Ratios Standalone Figures in Rs. Crores / View Consolidated

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