Mercator Ltd

₹ 0.85 None%

10 Mar 2023

About

Mercator Ltd along with its subsidiaries is a diversified group engaged in shipping, gas, coal mining and E&P activities. It commenced business as a shipping company in 1984 and has over the years, through its subsidiaries, diversified into various other sectors like coal mining and logistics, E&P and dredging. ^[1]

Key Points

Segment Revenue in FY21
Coal Mining, Trading and Logistics - 98% vs (78% in FY 20)
Shipping & Dredging - 2% vs (21% in FY 20)
Revenue in FY21 decreased drastically mainly due to decrease in revenue of Shipping business from 132 Cr in FY20 to 7 Cr in FY21 ^[1]

Website BSE

Market Cap ₹ 25.7 Cr.
Current Price ₹ 0.85
High / Low ₹ 1.75 / 0.80
Stock P/E
Book Value ₹ -47.2
Dividend Yield 0.00 %
ROCE %
ROE %
Face Value ₹ 1.00

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Pros

Company has reduced debt.

Cons

Company has low interest coverage ratio.
Promoter holding is low: 4.45%
Contingent liabilities of Rs.258 Cr.
Promoters have pledged 88.1% of their holding.
Promoter holding has decreased over last 3 years: -15.1%

* 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: Shipping Industry: Shipping

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	165.62	114.63	110.30	144.88	3.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	-95.24	107.17	118.19	125.17	33.65	6.36	-3.80	4.08	1.05	0.64	0.66	0.55	0.45
Operating Profit	260.86	7.46	-7.89	19.71	-29.68	-6.36	3.80	-4.08	-1.05	-0.64	-0.66	-0.55	-0.45
OPM %	157.51%	6.51%	-7.15%	13.60%	-747.61%
	-372.93	10.00	14.89	6.75	4.91	0.05	0.08	0.02	0.25	0.00	0.01	0.03	0.02
Interest	72.21	68.61	66.46	74.99	80.73	12.66	0.51	0.08	0.02	0.02	0.03	0.04	0.04
Depreciation	70.83	12.23	12.38	14.22	0.62	0.02	0.02	0.03	0.03	0.02	0.02	0.02	0.02
Profit before tax	-255.11	-63.38	-71.84	-62.75	-106.12	-18.99	3.35	-4.17	-0.85	-0.68	-0.70	-0.58	-0.49
Tax %	-0.29%	-3.36%	-1.99%	-4.11%	-8.90%	5.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	-255.84	-65.51	-73.27	-65.33	-115.56	-17.86	3.35	-4.17	-0.85	-0.68	-0.70	-0.58	-0.49
EPS in Rs	-8.57	-2.27	-2.50	-2.39	-3.82	-0.59	0.11	-0.14	-0.03	-0.02	-0.02	-0.02	-0.02
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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
	3,699.91	3,733.35	3,457.78	3,091.63	2,706.75	2,115.39	932.02	867.35	638.61	373.78	0.00	0.00
	3,117.00	3,315.29	2,827.11	2,981.42	2,657.98	1,529.19	818.09	1,367.79	765.17	382.48	7.69	2.30
Operating Profit	582.91	418.06	630.67	110.21	48.77	586.20	113.93	-500.44	-126.56	-8.70	-7.69	-2.30
OPM %	15.75%	11.20%	18.24%	3.56%	1.80%	27.71%	12.22%	-57.70%	-19.82%	-2.33%
	64.82	-204.83	25.44	-100.67	-429.59	14.87	-32.68	-15.58	-372.68	36.54	0.39	0.05
Interest	212.95	245.04	205.14	225.30	273.42	232.42	144.09	153.70	260.75	292.49	13.27	0.13
Depreciation	382.41	447.48	440.87	474.56	427.46	318.64	154.46	176.89	141.42	39.45	0.10	0.08
Profit before tax	52.37	-479.29	10.10	-690.32	-1,081.70	50.01	-217.30	-846.61	-901.41	-304.10	-20.67	-2.46
Tax %	42.45%	-2.75%	247.52%	-2.40%	-0.94%	42.41%	-27.72%	-3.84%	-1.23%	-5.12%	5.47%	0.00%
Net Profit	30.14	-492.48	-14.90	-706.90	-1,091.89	28.80	-277.54	-879.09	-912.46	-319.68	-19.54	-2.46
EPS in Rs	0.84	-15.19	1.31	-18.36	-44.59	0.91	-9.76	-30.04	-30.62	-10.98	-0.65	-0.08
Dividend Payout %	0.00%	0.00%	7.61%	-1.09%	-0.22%	5.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	%

Compounded Profit Growth
10 Years:	7%
5 Years:	15%
3 Years:	26%
TTM:	87%

Stock Price CAGR
10 Years:	-23%
5 Years:	-49%
3 Years:	4%
1 Year:	-50%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	%

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
	24.49	24.49	24.49	24.49	24.49	26.99	30.25	30.25	30.25	30.25	30.25	30.25
Reserves	2,471.01	2,171.76	2,318.77	1,954.43	862.02	964.92	922.43	-86.85	-1,088.45	-1,399.30	-1,438.41	-1,457.18
	3,578.12	3,465.44	3,714.66	3,886.06	2,631.82	1,838.94	1,728.02	1,680.02	1,614.79	1,627.00	1,641.33	699.75
	1,009.35	1,202.47	1,220.85	1,793.16	1,301.64	1,111.23	535.13	568.72	736.96	960.80	876.85	1,870.04
Total Liabilities	7,082.97	6,864.16	7,278.77	7,658.14	4,819.97	3,942.08	3,215.83	2,192.14	1,293.55	1,218.75	1,110.02	1,142.86
	5,714.80	5,032.23	5,439.52	4,983.64	2,658.56	1,864.37	1,642.08	841.43	331.71	283.67	196.65	212.80
CWIP	31.29	35.88	2.58	620.33	687.80	694.07	292.31	281.47	3.18	2.75	3.35	3.63
Investments	40.72	35.05	35.67	5.36	2.14	185.86	205.73	180.38	86.03	61.04	63.24	68.48
	1,296.16	1,761.00	1,801.00	2,048.81	1,471.47	1,197.78	1,075.71	888.86	872.63	871.29	846.78	857.95
Total Assets	7,082.97	6,864.16	7,278.77	7,658.14	4,819.97	3,942.08	3,215.83	2,192.14	1,293.55	1,218.75	1,110.02	1,142.86

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
	452.51	198.44	424.48	1,013.91	570.05	520.16	324.84	109.61	-35.10	34.82	-37.97
	13.61	386.42	-409.08	-746.50	1,069.89	368.68	-207.44	102.88	270.47	0.98	87.56
	-595.38	-491.05	-171.80	-172.88	-1,808.12	-879.52	-188.82	-221.66	-217.17	-40.48	-47.83
Net Cash Flow	-129.26	93.81	-156.40	94.54	-168.18	9.32	-71.42	-9.17	18.20	-4.68	1.77

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
Debtor Days	50.19	64.24	66.73	96.23	78.04	67.34	126.00	46.42	57.47	133.50
Inventory Days
Days Payable
Cash Conversion Cycle	50.19	64.24	66.73	96.23	78.04	67.34	126.00	46.42	57.47	133.50
Working Capital Days	-12.14	-1.53	-0.18	-78.80	-93.88	-66.50	1.60	-195.49	-586.28	-1,186.79
ROCE %	4.52%	-0.07%	3.72%	-5.87%	-7.67%	9.18%	-0.15%	-23.72%	-23.17%	-2.32%	-3.01%

Shareholding Pattern

Numbers in percentages

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
19.57	11.11	10.99	10.83	7.11	7.11	6.84	6.84	6.84	4.45	4.45	4.45
4.11	3.84	3.84	3.74	3.21	3.21	0.00	0.00	0.00	0.01	0.02	0.00
0.03	0.03	0.03	0.03	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.00
76.30	85.03	85.14	85.40	89.66	89.66	93.16	93.16	93.16	95.53	95.51	95.55

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
34.33	30.73	29.68	19.57	10.83	6.84	4.45
14.14	17.16	13.65	4.12	3.74	0.00	0.00
0.93	0.03	0.05	0.03	0.03	0.00	0.00
50.61	52.08	56.62	76.29	85.40	93.16	95.55

* 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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