Mirza International Ltd

₹ 333 7.12%
18 Aug - close price
About

Founded in 1979, Mirza International Limited is India’s leading leather footwear manufacturer, marketer and exporter. It owns a portfolio of well recognized brands like Red Tape, oaktrak, MODE & Bond Street.
It is also the preferred supplier of leather footwear to leading international brands and one of the largest Indian suppliers of finished leather to overseas markets. [1]

Key Points

Geogrpahical Revenue Breakup
The company derives majority of its revenues from India at 58%, UK - 28%, US - 7% and ROW - 7%. It exports its products to a total of 29 countries. [1]
Out of the total 42% contribution of export sales, only 4% of it was attributable to company's own brand RED TAPE. The majority of export sales came from selling white-labeled footwear. [2]

  • Market Cap 4,001 Cr.
  • Current Price 333
  • High / Low 337 / 53.5
  • Stock P/E 28.2
  • Book Value 63.1
  • Dividend Yield 0.00 %
  • ROCE 22.3 %
  • ROE 16.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 5.27 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 8.67% for last 3 years.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
308 306 398 249 83 272 381 313 252 393 590 445 484
274 261 339 215 84 240 334 273 216 344 510 374 408
Operating Profit 34 45 59 34 -1 32 47 40 36 48 80 70 76
OPM % 11% 15% 15% 14% -1% 12% 12% 13% 14% 12% 14% 16% 16%
0 0 1 1 0 1 0 0 1 11 5 -11 2
Interest 10 14 11 10 10 11 12 7 6 7 6 7 5
Depreciation 9 21 16 17 12 16 18 20 15 18 17 10 18
Profit before tax 15 11 31 7 -24 6 17 13 16 34 61 42 55
Tax % 36% 11% 32% 0% 2% -9% 4% 32% 26% 21% 29% 28% 26%
Net Profit 10 10 21 7 -23 6 16 9 12 27 44 30 41
EPS in Rs 0.79 0.80 1.78 0.60 -1.93 0.53 1.34 0.74 0.96 2.22 3.65 2.51 3.41

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
225 287 289 936 972 1,152 1,261 1,049 1,679 1,911
207 258 286 775 797 1,009 1,089 930 1,444 1,636
Operating Profit 18 29 3 161 175 143 172 119 235 275
OPM % 8% 10% 1% 17% 18% 12% 14% 11% 14% 14%
15 21 27 1 -1 3 2 0 6 7
Interest 7 14 15 26 25 34 46 41 27 26
Depreciation 7 8 9 29 32 35 63 67 60 63
Profit before tax 19 28 6 107 118 76 64 12 153 193
Tax % 37% 37% 44% 33% 33% 36% 26% 30% 26%
Net Profit 12 18 3 72 78 49 48 8 113 142
EPS in Rs 1.27 1.89 0.35 5.96 6.52 4.06 3.97 0.69 9.38 11.79
Dividend Payout % 39% 26% 86% 15% 14% 22% 23% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 13%
TTM: 57%
Compounded Profit Growth
10 Years: %
5 Years: 9%
3 Years: 33%
TTM: 231%
Stock Price CAGR
10 Years: 34%
5 Years: 16%
3 Years: 80%
1 Year: 482%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 9%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
19 19 19 24 24 24 24 24 24
Reserves 98 107 113 478 548 588 604 614 735
107 112 113 156 283 357 288 140 78
51 62 63 106 146 147 344 393 586
Total Liabilities 274 300 308 764 1,002 1,115 1,260 1,170 1,423
111 118 124 354 357 409 585 565 593
CWIP 13 18 30 2 25 5 11 11 21
Investments 6 2 6 1 1 1 1 2 2
145 163 148 408 619 701 663 593 807
Total Assets 274 300 308 764 1,002 1,115 1,260 1,170 1,423

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-4 29 114 -24 35 228 238 193
-18 -19 -36 -59 -67 -63 -41 -81
12 -10 -82 89 26 -157 -201 -102
Net Cash Flow -10 -1 -5 6 -6 8 -3 10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 44 45 39 26 50 49 41 28 34
Inventory Days 292 218 180 192 291 240 214 264 203
Days Payable 57 59 58 29 65 45 50 68 98
Cash Conversion Cycle 279 204 161 189 275 244 206 224 139
Working Capital Days 179 150 123 120 177 176 134 132 95
ROCE % 18% 9% 19% 12% 12% 6% 22%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
70.19 70.19 70.42 70.45 70.45 70.29 67.66 67.66 67.79 67.91 67.91 67.91
0.06 0.06 0.06 0.06 0.04 0.04 0.04 0.04 1.65 2.82 3.00 3.42
0.18 0.09 0.14 0.12 0.04 0.04 0.04 0.04 0.04 0.04 0.04 3.11
29.58 29.66 29.37 29.36 29.47 29.63 32.26 32.26 30.52 29.23 29.05 25.56

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