MBL Infrastructure Ltd

₹ 53.0 -1.85%

19 Apr - close price

About

MBL Infrastructures Ltd (MBL), incorporated in 1995, is engaged in the execution of civil engineering projects in various business segments namely: Highways (EPC, BOT, O&M), Building, Housing & Urban Infrastructure, Railways/Metro and Other Infrastructure. ^[1]

Key Points

Revenue Split FY23^[1]
Construction and Project: 37.5%
User fee (toll): 62%
User fee (fast tag): 0.5%

Website BSE NSE

Market Cap ₹ 555 Cr.
Current Price ₹ 53.0
High / Low ₹ 62.4 / 17.6
Stock P/E
Book Value ₹ 73.2
Dividend Yield 0.00 %
ROCE 6.40 %
ROE -6.23 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.72 times its book value

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -20.8% over past five years.
Company has a low return on equity of 0.15% over last 3 years.
Earnings include an other income of Rs.179 Cr.
Company has high debtors of 287 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Construction

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	56.93	76.97	31.73	52.89	44.65	35.12	24.32	52.49	39.46	43.12	44.75	20.94	32.68
	59.79	70.55	42.50	52.00	45.33	72.83	47.82	53.49	36.20	108.82	61.03	41.72	55.60
Operating Profit	-2.86	6.42	-10.77	0.89	-0.68	-37.71	-23.50	-1.00	3.26	-65.70	-16.28	-20.78	-22.92
OPM %	-5.02%	8.34%	-33.94%	1.68%	-1.52%	-107.37%	-96.63%	-1.91%	8.26%	-152.37%	-36.38%	-99.24%	-70.13%
	24.48	39.44	25.97	19.78	30.19	20.14	34.22	8.99	21.39	76.96	35.23	31.44	35.57
Interest	16.21	-5.96	8.93	8.90	8.89	8.96	8.76	8.41	8.09	7.96	7.53	7.19	6.96
Depreciation	16.05	52.79	15.61	15.16	15.98	20.37	18.84	15.10	18.34	19.87	19.08	14.57	14.98
Profit before tax	-10.64	-0.97	-9.34	-3.39	4.64	-46.90	-16.88	-15.52	-1.78	-16.57	-7.66	-11.10	-9.29
Tax %	831.39%	-5,887.63%	101.28%	479.35%	82.54%	70.87%	0.06%	-13.66%	-517.42%	69.70%	0.00%	0.09%	0.00%
	77.82	-58.08	0.12	12.86	0.81	-13.66	-16.87	-17.64	-10.99	-5.02	-7.66	-11.09	-9.29
EPS in Rs	7.43	-5.54	0.01	1.23	0.08	-1.30	-1.61	-1.68	-1.05	-0.48	-0.73	-1.06	-0.89
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,265	1,356	1,766	1,962	2,343	2,281	511	154	213	203	164	159	141
	1,094	1,209	1,574	1,718	2,079	2,259	454	224	267	99	133	102	267
Operating Profit	171	146	192	243	263	22	57	-70	-54	104	32	58	-126
OPM %	14%	11%	11%	12%	11%	1%	11%	-46%	-25%	51%	19%	36%	-89%
	2	1	4	3	19	38	230	-197	387	129	96	142	179
Interest	56	60	80	107	138	159	252	19	67	162	116	178	30
Depreciation	11	11	14	20	33	27	23	20	55	96	67	72	68
Profit before tax	106	76	103	119	112	-126	12	-306	212	-25	-55	-51	-45
Tax %	31%	26%	25%	31%	22%	49%	-58%	14%	-25%	357%	100%	0%
	72	57	77	82	87	-64	19	-264	265	63	0	-51	-33
EPS in Rs	20.71	16.19	22.00	19.66	20.95	-15.48	5.47	-25.19	25.32	6.05	0.01	-4.82	-3.16
Dividend Payout %	7%	9%	7%	8%	7%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-19%
5 Years:	-21%
3 Years:	-9%
TTM:	-7%

Compounded Profit Growth
10 Years:	%
5 Years:	11%
3 Years:	%
TTM:	44%

Stock Price CAGR
10 Years:	-5%
5 Years:	32%
3 Years:	47%
1 Year:	187%

Return on Equity
10 Years:	1%
5 Years:	0%
3 Years:	0%
Last Year:	-6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	18	18	18	21	41	41	41	105	105	105	105	105	105
Reserves	330	380	451	636	700	633	654	387	652	715	732	681	663
	467	678	828	1,104	1,433	1,934	1,379	1,437	1,253	1,248	1,204	1,139	1,116
	187	248	381	458	460	299	770	1,035	993	955	975	1,031	1,040
Total Liabilities	1,001	1,323	1,677	2,219	2,635	2,907	2,844	2,963	3,003	3,023	3,016	2,956	2,923
	167	189	214	217	247	224	180	964	910	837	770	698	712
CWIP	70	209	376	541	761	860	725	0	14	17	34	47	0
Investments	0	20	20	24	24	0	0	0	0	0	0	0	0
	764	906	1,068	1,437	1,603	1,823	1,939	1,999	2,079	2,169	2,212	2,211	2,211
Total Assets	1,001	1,323	1,677	2,219	2,635	2,907	2,844	2,963	3,003	3,023	3,016	2,956	2,923

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	7	62	122	-63	102	-322	83	277	-6	34	-16	77
	-83	-191	-206	-193	-337	-78	-60	-78	-13	-26	-16	-11
	117	142	78	265	164	392	-22	-203	27	3	52	-74
Net Cash Flow	41	13	-6	9	-71	-8	0	-3	8	11	20	-8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	49	68	66	74	102	39	74	227	127	91	124	287
Inventory Days	171	188	148	195	152	5	62	51	94	38
Days Payable	8	37	48	55	63	22	444	551	915	519
Cash Conversion Cycle	212	219	166	213	191	21	-307	-273	-694	-389	124	287
Working Capital Days	150	166	135	171	166	23	-59	-643	-610	-395	-430	-611
ROCE %	23%	14%	15%	15%	13%	1%	4%	-0%	-0%	6%	3%	6%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	68.49%	68.49%	68.49%	68.49%	68.49%	68.48%	68.48%	68.48%	68.27%	68.27%	68.25%	67.39%
	1.04%	1.03%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%
	30.47%	30.48%	31.51%	31.51%	31.50%	31.52%	31.51%	31.52%	31.73%	31.73%	31.74%	32.60%
No. of Shareholders	18,659	18,599	22,676	21,840	21,801	22,087	21,746	21,283	20,549	18,977	18,301	19,887

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	47.90%	26.29%	21.74%	68.49%	68.49%	68.49%	68.49%	68.48%	67.39%
	11.92%	8.70%	0.00%	0.00%	0.00%	1.03%	0.01%	0.00%	0.00%
	22.27%	7.97%	0.16%	0.06%	0.01%	0.00%	0.00%	0.00%	0.00%
	17.90%	57.04%	78.10%	31.45%	31.51%	30.48%	31.51%	31.52%	32.60%
No. of Shareholders	9,795	20,992	22,644	20,830	18,769	18,096	21,840	21,283	19,887

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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