Modi Rubber Ltd

₹ 104 -0.67%

23 Apr - close price

modigroup.net BSE: 500890 NSE - BE : MODIRUBBER

About

Incorporated in 1971, Modi Rubber Ltd manufactures automobile tyres, tubes & flaps, resin coated sand and operates salons^[1]

Key Points

Business Overview:^[1]^[2]
a) MRL is a part of Modi Group. It manufactures and sells tyres for trucks and bus.
b) It has 62 depots and 20 C&F agents, with a network of over 3000 dealers
c) Company sells products under the brand MARATHAN
d) Company also manufactures resin coated sand and operates Salons

Website BSE NSE - BE

Market Cap ₹ 259 Cr.
Current Price ₹ 104
High / Low ₹ 120 / 59.0
Stock P/E 11.8
Book Value ₹ 152
Dividend Yield 0.00 %
ROCE 3.24 %
ROE 2.21 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 0.68 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -14.4% over past five years.
Company has a low return on equity of 3.27% over last 3 years.
Contingent liabilities of Rs.99.2 Cr.
Earnings include an other income of Rs.49.5 Cr.
Debtor days have increased from 95.8 to 141 days.
Promoter holding has decreased over last 3 years: -3.19%

* 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: Miscellaneous Industry: Miscellaneous

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	0.51	0.94	0.27	0.68	0.70	0.52	0.56	0.56	0.41	1.19	0.64	0.63	0.71
	4.30	5.15	3.26	4.98	5.27	9.63	4.83	5.44	5.79	5.44	5.39	5.30	5.30
Operating Profit	-3.79	-4.21	-2.99	-4.30	-4.57	-9.11	-4.27	-4.88	-5.38	-4.25	-4.75	-4.67	-4.59
OPM %	-743.14%	-447.87%	-1,107.41%	-632.35%	-652.86%	-1,751.92%	-762.50%	-871.43%	-1,312.20%	-357.14%	-742.19%	-741.27%	-646.48%
	0.99	7.92	1.57	17.61	1.94	10.25	1.05	27.41	1.93	2.26	13.27	30.46	3.50
Interest	0.06	0.37	0.15	0.14	0.11	0.19	0.13	0.12	0.11	0.11	0.11	0.11	0.17
Depreciation	0.68	0.67	0.65	0.66	0.64	0.66	0.53	0.52	0.54	0.54	0.47	0.65	0.79
Profit before tax	-3.54	2.67	-2.22	12.51	-3.38	0.29	-3.88	21.89	-4.10	-2.64	7.94	25.03	-2.05
Tax %	0.56%	-17.23%	-0.00%	-1.04%	-66.57%	-48.28%	11.86%	21.20%	29.51%	-12.50%	26.45%	8.39%	-81.46%
	-3.52	3.12	-2.22	12.64	-5.62	0.43	-3.42	17.25	-2.89	-2.98	5.83	22.93	-3.72
EPS in Rs	-1.41	1.25	-0.89	5.05	-2.24	0.17	-1.37	6.89	-1.15	-1.19	2.33	9.16	-1.49
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	-7	9	4	5	5	5	6	5	5	3	2	3	3
	27	24	19	18	19	19	24	21	20	16	23	22	21
Operating Profit	-34	-14	-14	-13	-13	-14	-18	-16	-15	-13	-21	-19	-18
OPM %		-153%	-318%	-243%	-244%	-276%	-299%	-299%	-286%	-439%	-971%	-691%	-576%
	73	44	18	16	18	20	40	25	27	24	31	33	49
Interest	2	0	0	0	0	0	0	1	1	1	1	0	0
Depreciation	2	2	1	2	1	1	3	3	3	3	3	2	2
Profit before tax	36	28	3	1	4	4	19	5	8	7	7	11	28
Tax %	-38%	4%	61%	-9%	-44%	-78%	115%	15%	34%	-7%	28%	29%
	49	27	1	1	5	7	-3	5	6	8	5	8	22
EPS in Rs	19.65	10.89	0.50	0.48	2.09	2.77	-1.13	1.84	2.26	3.08	2.09	3.18	8.81
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	-12%
5 Years:	-14%
3 Years:	-19%
TTM:	55%

Compounded Profit Growth
10 Years:	7%
5 Years:	25%
3 Years:	12%
TTM:	94%

Stock Price CAGR
10 Years:	19%
5 Years:	19%
3 Years:	10%
1 Year:	62%

Return on Equity
10 Years:	2%
5 Years:	3%
3 Years:	3%
Last Year:	2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	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	25	25	25	25	25	25	25	25	25	25	25	25	25
Reserves	82	109	111	112	117	135	132	140	143	162	324	326	356
	6	5	3	3	3	4	4	3	3	4	4	4	4
	56	49	42	38	38	41	40	34	30	22	66	64	63
Total Liabilities	169	188	180	178	183	204	200	202	202	213	419	419	448
	16	15	13	13	10	13	32	29	29	27	216	214	217
CWIP	-0	-0	-0	0	5	19	-0	-0	-0	0	2	10	8
Investments	43	54	67	87	82	82	88	101	109	128	138	134	160
	110	119	100	78	85	91	80	72	63	58	64	61	62
Total Assets	169	188	180	178	183	204	200	202	202	213	419	419	448

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-16	-30	-1	7	-16	-15	-21	-20	-11	-4	-21	-17
	82	28	1	-8	17	14	32	16	9	-0	23	18
	-63	-0	0	0	-0	1	-0	-1	-0	-1	-1	-0
Net Cash Flow	3	-3	1	-0	0	-0	11	-4	-2	-5	1	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2011	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	-1	3	50	122	171	205	68	30	81	96	51	141
Inventory Days	-42
Days Payable
Cash Conversion Cycle	-42	3	50	122	171	205	68	30	81	96	51	141
Working Capital Days	-776	-67	-748	-1,818	-1,604	-2,296	-2,088	-1,964	-1,660	1,663	-1,784	-1,927
ROCE %	-23%	-2%	2%	2%	1%	2%	-2%	3%	5%	8%	3%	3%

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
	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.67%	62.69%	62.69%	59.50%	59.50%	62.69%
	0.49%	0.49%	0.43%	0.15%	0.15%	2.15%	2.15%	2.15%	2.15%	2.15%	2.10%	2.10%
	2.01%	2.01%	2.01%	2.01%	2.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	34.81%	34.81%	34.86%	35.14%	35.14%	35.13%	35.16%	35.15%	35.14%	38.35%	38.41%	35.20%
No. of Shareholders	12,949	13,247	13,352	13,618	13,612	13,496	13,284	13,184	13,117	13,156	13,553	13,915

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%	62.69%
	0.00%	0.00%	0.49%	0.49%	0.49%	0.15%	2.15%	2.10%
	2.93%	2.93%	2.01%	2.01%	2.01%	2.01%	0.00%	0.00%
	34.38%	34.38%	34.80%	34.81%	34.81%	35.14%	35.15%	35.20%
No. of Shareholders	12,962	12,067	11,951	11,848	13,127	13,618	13,184	13,915

* 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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Modi Rubber Ltd

Modi Rubber Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

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