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:
Stock is trading at 0.34 times its book value
Stock is providing a good dividend yield of 3.91%.
Cons:
Promoter's stake has decreased
The company has delivered a poor growth of 1.21% over past five years.
Company has a low return on equity of 10.73% for last 3 years.
Contingent liabilities of Rs.511.02 Cr.
Earnings include an other income of Rs.53.38 Cr.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Jun 2013 Sep 2013 Dec 2013 Mar 2014
248 168 161 315 364
222 153 151 298 351
Operating Profit 26 15 10 17 14
OPM % 11% 9% 6% 5% 4%
Other Income 6 4 9 6 12
Interest 9 9 9 12 13
Depreciation 10 8 8 8 8
Profit before tax 13 2 2 3 5
Tax % 75% 29% 36% 32% 20%
Net Profit 3 2 1 2 4
Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
1,513 1,859 1,474 1,604 1,751 1,514 1,005 1,364 1,392 1,060 1,608
1,341 1,736 1,353 1,529 1,573 1,323 950 1,250 1,272 1,012 1,483
Operating Profit 172 123 121 75 177 190 55 114 120 48 124
OPM % 11% 7% 8% 5% 10% 13% 5% 8% 9% 5% 8%
Other Income 0 25 32 87 11 -3 31 35 67 72 53
Interest 33 67 37 34 27 44 42 46 56 36 43
Depreciation 28 35 37 41 41 40 32 43 37 40 39
Profit before tax 111 46 79 86 120 104 12 60 93 44 95
Tax % 35% 53% 43% 6% 41% 40% 27% 17% 7% 24% 33%
Net Profit 72 21 45 84 71 62 9 50 86 34 64
EPS in Rs 13.19 3.64 8.05 14.72 12.44 10.00 1.40 8.46 15.03 5.84 11.07
Dividend Payout % 11% 38% 21% 13% 16% 19% 63% 17% 10% 26% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:0.61%
5 Years:1.21%
3 Years:5.63%
TTM:51.58%
Compounded Profit Growth
10 Years:-0.90%
5 Years:-6.77%
3 Years:9.90%
TTM:98.17%
Return on Equity
10 Years:10.41%
5 Years:8.25%
3 Years:10.73%
Last Year:10.54%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
27 27 27 28 28 30 29 29 29 29 29
Reserves 340 359 390 467 584 625 632 454 538 570 624
Borrowings 310 506 502 1,333 592 536 438 495 353 447 368
631 976 784 315 485 399 475 534 328 313 679
Total Liabilities 1,307 1,867 1,703 2,143 1,689 1,590 1,574 1,511 1,248 1,358 1,699
333 494 462 435 434 428 405 416 349 346 355
CWIP 105 13 9 0 1 3 2 3 19 5 63
Investments 32 6 8 159 237 15 20 3 104 104 103
838 1,353 1,224 1,549 1,017 1,144 1,148 1,089 776 904 1,178
Total Assets 1,307 1,867 1,703 2,143 1,689 1,590 1,574 1,511 1,248 1,358 1,699

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
194 60 164 -358 690 -443 247 64 205 -75 132
-111 -96 57 -67 -129 194 -29 -61 2 21 -105
19 111 -54 299 -687 310 -208 -35 -188 41 -115
Net Cash Flow 102 75 167 -126 -126 61 10 -31 19 -13 -88

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 14% 13% 9% 10% 17% 5% 10% 16% 8% 14%
Debtor Days 52 102 39 81 68 80 109 130 70 117 87
Inventory Turnover 4.96 3.37 2.59 2.90 3.44 3.64 7.04 6.96 8.97 6.10