Metro Brands Ltd

Metro Brands Ltd

₹ 1,253 8.92%
18 Jun 4:10 p.m.
About

The company is one of the largest Indian footwear & accessories specialty retailers and are among the aspirational Indian brands in the footwear category.Its a one-stop shop for of branded products for the entire family, including men, women, unisex, and children, and for every occasion, including casual and formal events.[1]

Key Points

Network as of 9MFY24[1]
Store Formats : 5
Stores : 826 (87 added in FY24)
States : 31
Cities : 192
Loyalty membership : 13+ mn
Vendors : 250

  • Market Cap 34,060 Cr.
  • Current Price 1,253
  • High / Low 1,441 / 929
  • Stock P/E 82.6
  • Book Value 68.5
  • Dividend Yield 0.32 %
  • ROCE 19.6 %
  • ROE 24.2 %
  • Face Value 5.00

Pros

  • Company has delivered good profit growth of 22.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.6%

Cons

  • Stock is trading at 18.3 times its book value
  • Tax rate seems low
  • Working capital days have increased from 111 days to 189 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: Leather Industry: Leather / Leather Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
304 319 325 484 403 508 476 599 544 583 556 636 583
206 234 228 316 273 325 329 394 401 396 400 437 424
Operating Profit 98 85 97 168 130 183 147 205 144 187 155 199 159
OPM % 32% 27% 30% 35% 32% 36% 31% 34% 26% 32% 28% 31% 27%
17 10 17 12 13 9 12 15 19 14 16 16 24
Interest 10 11 12 12 15 13 15 17 18 18 20 20 20
Depreciation 30 30 34 34 35 39 41 50 50 54 57 59 59
Profit before tax 75 54 68 133 94 140 103 152 95 128 95 136 104
Tax % 13% 23% 19% 24% 27% 25% 25% 26% 28% 28% 29% 28% -49%
66 41 55 102 70 106 78 113 69 94 68 99 156
EPS in Rs 4.86 1.62 1.99 3.73 2.53 3.86 2.81 4.12 2.52 3.42 2.45 3.60 5.71
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
668 732 803 910 1,075 1,217 1,285 800 1,343 2,127 2,357
546 600 663 758 848 880 930 625 930 1,447 1,657
Operating Profit 122 132 140 152 227 337 355 175 412 680 700
OPM % 18% 18% 17% 17% 21% 28% 28% 22% 31% 32% 30%
3 6 7 9 8 19 23 76 55 53 71
Interest 1 1 1 0 0 34 40 45 50 63 79
Depreciation 11 12 13 16 20 94 121 122 134 181 229
Profit before tax 113 125 133 144 215 228 218 85 283 489 462
Tax % 34% 34% 34% 35% 34% 34% 27% 23% 25% 26% 11%
75 82 87 95 142 153 161 65 214 365 415
EPS in Rs 50.63 55.83 57.67 61.80 94.39 11.13 11.80 2.57 7.79 13.30 15.17
Dividend Payout % 22% 21% 22% 22% 21% 22% 25% 58% 29% 30% 33%
Compounded Sales Growth
10 Years: 13%
5 Years: 14%
3 Years: 43%
TTM: 11%
Compounded Profit Growth
10 Years: 18%
5 Years: 23%
3 Years: 87%
TTM: 15%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 27%
Return on Equity
10 Years: 22%
5 Years: 21%
3 Years: 24%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 15 15 15 15 15 133 133 133 136 136 136
Reserves 260 318 381 449 562 517 675 695 1,129 1,412 1,728
7 8 3 3 6 424 549 567 692 943 1,098
118 114 118 170 189 247 261 265 348 437 391
Total Liabilities 399 455 517 636 772 1,322 1,617 1,659 2,305 2,927 3,353
68 122 135 172 185 593 708 724 848 1,302 1,484
CWIP 2 0 1 4 6 4 13 5 6 18 7
Investments 78 37 76 83 185 210 348 400 401 478 750
251 296 305 377 397 515 548 532 1,050 1,130 1,111
Total Assets 399 455 517 636 772 1,322 1,617 1,659 2,305 2,927 3,353

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
82 155 196 273 265 220 381 590
-83 -94 -67 -163 -122 -301 -52 -251
-1 -50 -132 -112 -127 116 -359 -323
Net Cash Flow -1 10 -4 -1 16 35 -30 16

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 10 11 10 13 13 16 20 23 13 22 12
Inventory Days 209 230 218 221 214 243 241 293 284 276 262
Days Payable 85 92 82 89 108 129 129 207 141 120 95
Cash Conversion Cycle 134 148 146 145 119 129 132 109 155 177 179
Working Capital Days 59 79 75 66 57 68 69 61 67 78 189
ROCE % 39% 36% 32% 40% 31% 21% 9% 20% 24%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
74.27% 74.27% 74.27% 74.26% 74.20% 74.20% 74.20% 74.20% 74.17% 74.16%
3.57% 3.38% 3.24% 3.28% 3.22% 2.80% 2.61% 2.33% 2.69% 2.68%
3.53% 4.58% 4.88% 4.73% 4.93% 5.29% 5.72% 6.10% 5.98% 6.02%
18.64% 17.77% 17.61% 17.73% 17.65% 17.72% 17.45% 17.36% 17.16% 17.13%
No. of Shareholders 1,19,15574,79467,28267,73266,86067,78563,45162,69058,87262,653

* 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.

Click on the line-items to see the names of individual entities.

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