MSTC Ltd

MSTC Ltd

₹ 890 -0.70%
14 Jun - 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 6,269 Cr.
  • Current Price 890
  • High / Low 1,165 / 329
  • Stock P/E 30.7
  • Book Value 126
  • Dividend Yield 1.68 %
  • ROCE 34.7 %
  • ROE 24.4 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 21.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%
  • Company has been maintaining a healthy dividend payout of 41.8%

Cons

  • Stock is trading at 7.05 times its book value
  • The company has delivered a poor sales growth of -25.6% over past five years.
  • Earnings include an other income of Rs.211 Cr.
  • Company has high debtors of 252 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
311 264 228 189 196 181 175 169 197 179 188 185 199
446 209 182 124 353 109 190 114 116 114 128 123 232
Operating Profit -135 55 46 65 -157 72 -15 55 81 65 60 62 -33
OPM % -43% 21% 20% 34% -80% 40% -8% 32% 41% 36% 32% 34% -17%
201 5 6 9 228 14 94 14 36 21 23 19 147
Interest 1 2 1 0 0 0 0 0 0 0 0 0 0
Depreciation 4 5 5 5 6 5 5 5 6 5 5 7 6
Profit before tax 60 54 46 68 65 81 74 64 111 81 78 75 107
Tax % -26% 38% 38% 39% -47% 33% 14% 26% 31% 37% 29% 33% 55%
76 34 28 41 96 54 64 47 77 51 55 50 48
EPS in Rs 10.77 4.77 4.02 5.87 13.63 7.71 9.04 6.68 10.93 7.19 7.86 7.10 6.88
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
5,454 5,689 3,225 1,739 2,265 3,292 1,231 780 876 721 751
5,276 5,525 3,386 1,603 2,578 3,498 1,083 831 867 528 597
Operating Profit 178 164 -161 136 -313 -206 148 -51 9 193 154
OPM % 3% 3% -5% 8% -14% -6% 12% -7% 1% 27% 21%
-114 90 83 137 528 48 65 214 247 158 211
Interest 145 93 104 78 85 65 30 8 3 0 0
Depreciation 15 8 12 12 12 15 17 19 21 22 24
Profit before tax -95 152 -194 183 117 -237 167 136 233 329 340
Tax % 35% 32% -27% 24% 34% -29% 42% 17% 15% 26% 40%
-62 103 -247 139 77 -307 97 113 199 242 204
EPS in Rs -70.48 117.51 -280.80 79.06 21.94 -43.62 13.78 16.05 28.28 34.37 29.03
Dividend Payout % 0% 18% -7% 25% 34% -17% 0% 27% 46% 44% 36%
Compounded Sales Growth
10 Years: -18%
5 Years: -26%
3 Years: -1%
TTM: 4%
Compounded Profit Growth
10 Years: 9%
5 Years: 22%
3 Years: 22%
TTM: -15%
Stock Price CAGR
10 Years: %
5 Years: 59%
3 Years: 51%
1 Year: 167%
Return on Equity
10 Years: 10%
5 Years: 27%
3 Years: 30%
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 9 9 9 18 35 70 70 70 70 70 70
Reserves 749 829 306 388 696 318 404 488 584 716 819
873 1,106 653 688 766 615 259 154 150 145 145
3,811 4,082 3,194 3,505 3,607 1,826 1,469 1,536 1,211 1,758 1,215
Total Liabilities 5,441 6,026 4,162 4,600 5,104 2,829 2,201 2,249 2,015 2,689 2,249
68 73 62 66 69 83 96 89 142 141 150
CWIP 2 2 4 2 10 23 29 52 0 0 0
Investments 0 0 0 3 9 14 11 14 21 19 12
5,371 5,951 4,096 4,529 5,015 2,708 2,065 2,093 1,853 2,529 2,087
Total Assets 5,441 6,026 4,162 4,600 5,104 2,829 2,201 2,249 2,015 2,689 2,249

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
-35 -150 116 -519 21 101 222 681 170 886 -312
86 72 68 377 84 60 255 11 -72 -593 -244
-184 233 -476 12 -94 -217 -233 -107 -98 -119 -96
Net Cash Flow -134 154 -292 -130 11 -56 245 585 0 175 -653

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 257 266 292 726 642 207 434 416 228 235 252
Inventory Days 3 11 3 22 1 1 4 10 12 35 31
Days Payable 236 213 291 761 598 134 388 722 356 1,108 968
Cash Conversion Cycle 24 64 3 -13 45 74 50 -295 -116 -839 -684
Working Capital Days 16 24 -50 39 88 21 38 -234 -187 -519 -250
ROCE % 14% -6% 25% 16% -14% 23% 20% 31% 38%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75% 64.75%
0.12% 0.17% 0.30% 0.34% 0.31% 0.31% 0.35% 0.47% 1.09% 3.59% 3.33% 5.64%
3.37% 2.50% 2.23% 2.36% 2.17% 1.72% 1.54% 1.41% 1.36% 1.43% 1.35% 1.19%
31.76% 32.58% 32.72% 32.56% 32.78% 33.22% 33.35% 33.37% 32.81% 30.24% 30.58% 28.41%
No. of Shareholders 42,34547,37561,39362,88763,40463,45962,50262,33756,22449,41156,75369,534

* 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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