MSTC Ltd

MSTC Ltd

₹ 947 0.80%
26 Feb - close price
About

MSTC (Metal Scrap Trade Corporation) Ltd undertakes trading activities, e-commerce and also disposal of ferrous and non-ferrous scrap, surplus stores, minerals, agri and forest products, etc.[1] The company is owned and controlled by the Government of India.

Key Points

Trading/ Marketing Business (~37% of revenues in FY22) [1]
The company acts as a facilitator for procurement of raw material for secondary steel producers and petrochemical industry on behalf of buyers and charges mark-up on a percentage basis.
The business is involved in import as well as domestic sourcing of bulk industrial raw material for actual users as well as traders. It sources raw materials like heavy melting scrap, low ash metallurgical coke, HR coil, Naptha, crude oil, coking coal, etc. [2]

  • Market Cap 6,667 Cr.
  • Current Price 947
  • High / Low 1,165 / 239
  • Stock P/E 29.2
  • Book Value 101
  • Dividend Yield 1.58 %
  • ROCE 46.3 %
  • ROE 45.2 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 25.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 43.0%
  • Company has been maintaining a healthy dividend payout of 40.1%

Cons

  • Stock is trading at 9.41 times its book value
  • The company has delivered a poor sales growth of -30.1% over past five years.
  • Earnings include an other income of Rs.121 Cr.
  • Company has high debtors of 375 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.

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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
65 197 168 126 86 91 83 80 70 91 82 81 71
49 345 132 93 36 261 26 103 27 22 28 31 36
Operating Profit 16 -148 36 33 49 -170 57 -23 43 69 54 51 35
OPM % 24% -75% 21% 26% 58% -187% 69% -29% 62% 76% 66% 62% 50%
2 197 3 15 11 249 10 103 20 40 18 40 24
Interest 2 1 2 1 0 0 0 0 0 0 0 0 0
Depreciation 1 0 0 1 1 2 2 2 2 2 2 2 2
Profit before tax 16 48 37 46 59 78 66 79 62 107 71 88 58
Tax % 98% -40% 43% 32% 39% -44% 34% 9% 22% 29% 37% 23% 32%
0 67 21 31 36 111 44 71 48 76 45 69 39
EPS in Rs 0.05 9.45 3.01 4.46 5.14 15.82 6.23 10.15 6.80 10.80 6.33 9.73 5.59
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
2,625 6,366 5,230 5,425 2,892 1,429 1,946 2,927 831 428 471 325 325
2,416 6,109 5,075 5,284 2,769 1,322 2,261 3,172 732 514 522 178 117
Operating Profit 209 257 155 141 122 107 -315 -245 98 -87 -51 147 209
OPM % 8% 4% 3% 3% 4% 7% -16% -8% 12% -20% -11% 45% 64%
71 89 -127 82 76 69 513 42 62 211 279 173 121
Interest 102 150 134 92 103 78 85 64 28 8 3 0 0
Depreciation 2 2 2 -1 4 1 1 1 2 2 5 6 7
Profit before tax 176 193 -107 131 91 97 112 -269 129 115 220 313 323
Tax % 33% 32% 35% 31% 34% 32% 31% -21% 42% 12% 9% 24%
118 131 -70 91 60 65 77 -324 75 101 200 239 228
EPS in Rs 538.14 148.56 -79.58 103.40 68.05 37.18 21.77 -46.09 10.68 14.36 28.42 33.98 32.45
Dividend Payout % 5% 20% 0% 20% 30% 53% 34% 0% 0% 31% 45% 44%
Compounded Sales Growth
10 Years: -26%
5 Years: -30%
3 Years: -27%
TTM: 0%
Compounded Profit Growth
10 Years: 6%
5 Years: 26%
3 Years: 47%
TTM: -17%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 51%
1 Year: 250%
Return on Equity
10 Years: 15%
5 Years: 15%
3 Years: 43%
Last Year: 45%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 2 9 9 9 9 18 35 70 70 70 70 70 70
Reserves 594 687 617 685 724 499 528 138 209 285 395 524 638
733 1,018 862 1,086 628 688 762 605 232 154 150 145 145
2,755 4,219 3,728 3,960 3,046 3,354 3,435 1,662 1,272 1,340 999 1,538 1,091
Total Liabilities 4,083 5,932 5,216 5,740 4,407 4,559 4,760 2,475 1,784 1,850 1,614 2,277 1,944
19 17 15 16 4 5 4 13 16 14 69 66 64
CWIP 0 0 1 0 0 0 6 20 29 50 0 0 0
Investments 16 16 16 16 16 19 26 34 34 38 44 46 46
4,048 5,899 5,184 5,708 4,387 4,535 4,723 2,407 1,704 1,747 1,500 2,165 1,835
Total Assets 4,083 5,932 5,216 5,740 4,407 4,559 4,760 2,475 1,784 1,850 1,614 2,277 1,944

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-81 -164 110 -490 70 60 233 665 71 768
88 81 77 305 57 104 231 -10 25 -462
-186 224 -480 15 -98 -210 -231 -107 -98 -119
Net Cash Flow -179 141 -292 -171 29 -46 234 548 -2 187

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 428 258 267 273 398 925 721 214 542 618 316 375
Inventory Days 0 4 3 10 2 22 0 0 0 0 0
Days Payable 219 236 213 288 777
Cash Conversion Cycle 428 44 34 70 113 169 721 214 542 618 316 375
Working Capital Days 49 22 15 23 28 109 89 15 0 -479 -379 -1,168
ROCE % 23% 16% 14% 12% 14% 16% -19% 24% 24% 40% 46%

Shareholding Pattern

Numbers in percentages

22 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75%
0.02% 0.12% 0.17% 0.30% 0.34% 0.31% 0.31% 0.35% 0.47% 1.09% 3.59% 3.33%
5.45% 3.37% 2.50% 2.23% 2.36% 2.17% 1.72% 1.54% 1.41% 1.36% 1.43% 1.35%
29.79% 31.76% 32.58% 32.72% 32.56% 32.78% 33.22% 33.35% 33.37% 32.81% 30.24% 30.58%
No. of Shareholders 38,46442,34547,37561,39362,88763,40463,45962,50262,33756,22449,41156,753

* 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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