Man Industries (India) Ltd

About [ edit ]

Man Industries Ltd. is one of the largest Manufacturers and Exporters of LSAW and HSAW pipes in India with a total installed capacity of 1 million tonnes. MIL has two plants: one plant in Anjar, Kutch District of Gujarat and other in Pithampur, Madhya Pradesh. Anjar plant facilitates easy transportation to two major ports Kandla and Mundra as well as provides good
connectivity to the road network. Both facilities put together spread across ~150 acres of land.

Key Points [ edit ]
  • Market Cap 556 Cr.
  • Current Price 97.5
  • High / Low 99.5 / 29.6
  • Stock P/E 6.32
  • Book Value 138
  • Dividend Yield 3.08 %
  • ROCE 13.3 %
  • ROE 7.89 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.71 times its book value
  • Company is expected to give good quarter

Cons

  • Company has a low return on equity of 8.98% for last 3 years.
  • Contingent liabilities of Rs.985.69 Cr.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2013 Mar 2014 Jun 2018 Sep 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
315 364 633 803 271 239 306 533 682 398 587 555
298 351 570 719 260 216 279 474 623 355 535 487
Operating Profit 17 14 62 84 11 23 27 59 58 43 52 67
OPM % 5% 4% 10% 10% 4% 10% 9% 11% 9% 11% 9% 12%
Other Income 6 12 4 -29 18 6 13 8 -13 12 8 -6
Interest 12 13 18 18 14 13 14 15 22 20 13 9
Depreciation 8 8 11 12 12 12 12 13 15 11 12 12
Profit before tax 3 5 38 25 4 4 14 39 7 24 35 41
Tax % 32% 20% 33% 40% 8% 14% 30% 25% -69% 28% 22% 25%
Net Profit 2 4 25 15 3 4 10 29 12 17 27 31
EPS in Rs 0.37 0.66 4.38 2.65 0.58 0.64 1.76 5.13 2.19 3.00 4.78 5.35

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,859 1,474 1,604 1,751 1,514 1,005 1,364 1,392 1,060 1,608 2,222 1,759 2,222
1,736 1,353 1,529 1,573 1,323 950 1,250 1,272 1,012 1,483 2,044 1,591 2,000
Operating Profit 123 121 75 177 190 55 114 120 48 124 178 168 222
OPM % 7% 8% 5% 10% 13% 5% 8% 9% 5% 8% 8% 10% 10%
Other Income 25 32 87 11 -3 31 35 67 72 53 21 14 0
Interest 67 37 34 27 44 42 46 56 36 43 64 64 64
Depreciation 35 37 41 41 40 32 43 37 40 39 46 52 51
Profit before tax 46 79 86 120 104 12 60 93 44 95 88 65 107
Tax % 53% 43% 6% 41% 40% 27% 17% 7% 24% 33% 33% 15%
Net Profit 21 45 84 71 62 9 50 86 34 64 59 56 87
EPS in Rs 3.93 8.41 15.16 12.85 10.41 1.58 8.82 15.14 5.88 11.15 10.30 9.72 15.32
Dividend Payout % 38% 21% 13% 16% 19% 63% 17% 10% 26% 13% 15% 10%
Compounded Sales Growth
10 Years:2%
5 Years:5%
3 Years:18%
TTM:65%
Compounded Profit Growth
10 Years:2%
5 Years:3%
3 Years:20%
TTM:90%
Stock Price CAGR
10 Years:1%
5 Years:13%
3 Years:-3%
1 Year:197%
Return on Equity
10 Years:10%
5 Years:10%
3 Years:9%
Last Year:8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
27 27 28 28 30 29 29 29 29 29 29 29 29
Reserves 359 390 467 584 625 632 454 538 570 624 673 718 760
Borrowings 506 502 1,333 592 536 438 495 353 447 368 244 294 45
976 784 310 482 399 474 522 323 311 678 648 787 769
Total Liabilities 1,867 1,703 2,138 1,686 1,590 1,573 1,499 1,243 1,356 1,698 1,594 1,827 1,603
494 462 435 434 428 405 416 349 346 355 396 368 346
CWIP 13 9 0 1 3 2 3 19 5 63 3 4 6
Investments 6 8 159 237 15 20 3 104 104 103 102 102 104
1,353 1,223 1,544 1,014 1,144 1,147 1,077 771 902 1,176 1,093 1,353 1,147
Total Assets 1,867 1,703 2,138 1,686 1,590 1,573 1,499 1,243 1,356 1,698 1,594 1,827 1,603

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
60 164 -358 690 -443 247 64 205 -75 132 137 214
-96 57 -67 -129 194 -29 -61 2 21 -105 0 -46
111 -54 299 -687 310 -208 -35 -188 41 -115 -138 -37
Net Cash Flow 75 167 -126 -126 61 10 -31 19 -13 -88 -1 131

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 13% 9% 10% 17% 5% 10% 16% 8% 14% 16% 13%
Debtor Days 102 39 81 68 80 109 130 70 117 87 91 93
Inventory Turnover 3.97 2.62 1.92 2.14 2.38 3.00 5.65 5.44 7.09 4.70 5.48 4.32

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
43.51 42.69 42.90 41.92 41.81 43.59 43.58 42.21 42.37 42.37 42.57 42.57
4.83 4.87 4.34 4.58 4.53 4.43 5.47 5.36 5.01 4.29 4.25 5.54
0.22 0.61 0.28 0.28 0.35 0.35 0.45 0.49 0.48 0.21 0.21 0.21
51.44 51.83 52.48 53.21 53.31 51.63 50.50 51.94 52.14 53.13 52.97 51.69

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