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 0.30 times its book value

Stock is providing a good dividend yield of 4.07%.

Company has been maintaining a healthy dividend payout of 18.26%

Cons:

Promoter holding has decreased by -1.38% over last quarter

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

Contingent liabilities of Rs.645.14 Cr.

Promoters have pledged 41.56% of their holding.

Earnings include an other income of Rs.45.50 Cr.

Company's cost of borrowing seems high

Peer comparison Sector: Steel // Industry: Steel - Medium / Small

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	291	318	284	481	489	633	803	516	265	239	306	533
	280	294	269	459	428	570	718	494	255	216	279	474
Operating Profit	11	24	16	22	62	62	84	22	9	22	27	59
OPM %	4%	8%	5%	5%	13%	10%	10%	4%	3%	9%	9%	11%
Other Income	21	10	17	23	5	4	-29	27	18	6	13	8
Interest	7	10	9	10	14	18	18	16	14	13	14	15
Depreciation	10	10	10	10	10	11	12	11	12	12	12	13
Profit before tax	15	14	14	24	43	38	25	22	2	3	14	39
Tax %	23%	27%	32%	30%	38%	33%	40%	30%	15%	18%	31%	25%
Net Profit	11	10	9	17	26	25	15	16	2	3	10	29
EPS in Rs	1.99	1.76	1.64	2.98	4.63	4.39	2.66	2.72	0.28	0.47	1.69	5.14
	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	1,342
	1,332	1,732	1,350	1,505	1,514	1,264	950	1,249	1,274	1,015	1,450	2,038	1,224
Operating Profit	115	127	124	84	188	198	55	115	118	46	123	178	118
OPM %	8%	7%	8%	5%	11%	14%	5%	8%	8%	4%	8%	8%	9%
Other Income	53	24	51	86	29	27	31	38	69	74	54	21	46
Interest	31	45	37	30	27	44	42	46	56	36	43	65	56
Depreciation	28	35	37	40	40	39	32	42	37	40	39	46	49
Profit before tax	109	71	101	99	149	142	12	64	93	43	95	87	58
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	43
EPS in Rs	6.57	4.33	12.24	16.30	18.12	16.51	1.39	9.08	14.76	5.41	11.01	10.05	7.58
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	Sep 2019
	27	27	27	28	28	30	29	29	29	29	29	29	29
Reserves	340	381	437	522	617	682	635	460	541	572	625	673	677
Borrowings	310	364	308	1,103	409	536	438	443	353	447	374	251	203
	625	946	738	257	448	379	474	517	327	313	679	643	815
Total Liabilities	1,301	1,718	1,509	1,910	1,502	1,628	1,576	1,448	1,249	1,361	1,706	1,596	1,723
	283	435	415	386	348	393	403	354	347	343	355	396	375
CWIP	105	13	8	0	1	3	2	3	19	5	63	3	3
Investments	33	43	34	184	302	30	21	102	105	105	129	131	131
	880	1,228	1,053	1,339	851	1,202	1,150	989	780	908	1,158	1,066	1,213
Total Assets	1,301	1,718	1,509	1,910	1,502	1,628	1,576	1,448	1,249	1,361	1,706	1,596	1,723

	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