Mukand Ltd

About

Mukand Ltd is engaged in the manufacture of special alloy steel stainless steel, billets, bars, rods, wire rods, EOT cranes, material handling equipment and other industrial machinery and comprehensive engineering services.

  • Market Cap 2,007 Cr.
  • Current Price 142
  • High / Low 168 / 42.8
  • Stock P/E
  • Book Value 33.0
  • Dividend Yield 0.70 %
  • ROCE -18.2 %
  • ROE -162 %
  • Face Value 10.0

Pros

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

Cons

  • Stock is trading at 4.30 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -1.58% over past five years.
  • Company has a low return on equity of -54.66% for last 3 years.
  • Earnings include an other income of Rs.820.57 Cr.
  • Debtor days have increased from 55.50 to 69.24 days.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,018 961 869 842 668 646 766 312 693 798 924 792
983 930 871 804 653 631 760 377 705 748 1,399 754
Operating Profit 35 31 -2 38 15 16 5 -66 -12 50 -476 38
OPM % 3% 3% -0% 5% 2% 2% 1% -21% -2% 6% -52% 5%
Other Income 24 13 34 19 19 8 23 11 10 91 637 82
Interest 79 83 88 88 89 93 94 95 94 84 59 39
Depreciation 1 3 1 18 18 19 20 19 19 18 12 11
Profit before tax -20 -42 -57 -49 -73 -89 -86 -169 -115 40 90 70
Tax % 39% 31% 13% 26% 25% 26% 3% 27% 28% -63% 169% -10%
Net Profit -12 -29 -50 -36 -54 -66 -83 -124 -83 65 -61 77
EPS in Rs -0.87 -2.02 -3.52 -2.55 -3.84 -4.67 -5.90 -8.76 -5.87 4.56 -4.34 5.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,014 2,577 2,592 2,138 2,516 3,016 2,953 2,713 3,436 3,689 2,923 2,726 3,206
1,751 2,382 2,460 2,034 2,329 2,643 2,593 2,351 3,216 3,542 2,848 3,228 3,606
Operating Profit 263 195 131 104 188 373 360 361 220 148 75 -502 -400
OPM % 13% 8% 5% 5% 7% 12% 12% 13% 6% 4% 3% -18% -12%
Other Income 90 149 10 -48 16 -7 12 45 1,331 79 68 748 821
Interest 232 234 178 226 254 276 293 294 473 327 364 332 276
Depreciation 64 69 66 65 68 76 77 72 158 58 75 69 61
Profit before tax 57 41 -102 -234 -118 13 2 42 920 -158 -296 -155 84
Tax % 0% 37% 14% 4% 28% 12% 280% 127% 11% 27% 19% -32%
Net Profit 59 27 -87 -224 -84 11 -8 -11 821 -115 -240 -204 -3
EPS in Rs 4.03 1.86 -5.94 -15.32 -5.98 0.79 -0.53 -0.80 58.06 -8.17 -16.96 -14.41 -0.22
Dividend Payout % 12% 27% 0% 0% 0% 0% 0% 0% 0% 0% 0% -7%
Compounded Sales Growth
10 Years:1%
5 Years:-2%
3 Years:-7%
TTM:34%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:99%
Stock Price CAGR
10 Years:16%
5 Years:17%
3 Years:36%
1 Year:194%
Return on Equity
10 Years:-14%
5 Years:-40%
3 Years:-55%
Last Year:-162%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
79 79 79 79 147 147 147 141 145 145 145 145
Reserves 1,708 2,059 1,968 1,740 1,726 1,725 1,714 173 938 774 529 321
Borrowings 1,776 1,809 1,960 2,244 2,365 2,615 2,846 2,979 2,120 2,572 2,751 2,072
825 916 1,080 1,145 1,393 1,381 1,391 1,181 1,247 979 1,038 703
Total Liabilities 4,382 4,857 5,080 5,202 5,632 5,863 6,093 4,474 4,447 4,465 4,460 3,237
2,048 2,432 2,390 2,417 2,500 2,461 2,429 693 562 505 516 447
CWIP 129 25 105 147 52 38 31 39 23 23 30 26
Investments 47 51 52 54 39 38 36 133 1,268 1,287 1,214 528
2,157 2,348 2,532 2,584 3,040 3,326 3,597 3,609 2,594 2,650 2,700 2,236
Total Assets 4,382 4,857 5,080 5,202 5,632 5,863 6,093 4,474 4,447 4,465 4,460 3,237

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-33 65 101 -46 -59 19 135 319 894 -56 150 -328
-78 34 -105 -99 -9 -11 -35 -36 88 7 12 1,345
139 -113 -25 152 77 -10 -94 -283 -987 40 -159 -997
Net Cash Flow 27 -14 -28 7 10 -3 5 -0 -5 -9 2 20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 135 124 123 134 135 122 144 137 31 45 52 69
Inventory Days 344 278 272 354 413 380 417 456 220 227 309 217
Days Payable 111 76 102 112 158 111 105 151 136 85 115 78
Cash Conversion Cycle 367 325 292 376 391 392 456 442 115 187 246 209
Working Capital Days 221 172 172 221 213 217 254 289 128 153 184 197
ROCE % 8% 6% 2% 1% 4% 7% 7% 8% 4% 5% 2% -18%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
73.10 73.32 73.71 74.35 74.35 74.35 74.35 74.35 74.35 74.35 74.35 74.35
0.09 0.09 0.09 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
3.83 3.83 3.82 3.79 3.79 3.79 3.79 3.79 3.79 3.79 3.59 3.59
22.98 22.76 22.38 21.77 21.86 21.86 21.86 21.86 21.86 21.86 22.06 22.05

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