Muthoot Capital Services Ltd

Muthoot Capital Services is a Systemically Important Deposit Accepting Non-Banking Financial Company (NBFC) primarily engaged in the business of financing for purchase of automobiles, mainly two wheelers against hypothecation of the vehicles and granting of personal/business loans etc.(Source : 201903 Annual Report Page No: 106)

Pros:
Company has good consistent profit growth of 28.35% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Promoter's stake has decreased

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
Revenue 70 70 80 79 95 105 119 114 132 142 136 144
Interest 26 27 26 28 30 32 32 39 38 41 45 56
31 33 37 42 48 49 53 47 62 65 64 61
Financing Profit 13 10 17 10 16 24 33 27 31 36 28 27
Financing Margin % 18% 14% 22% 12% 17% 23% 28% 24% 24% 25% 21% 19%
Other Income 0 0 -0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 12 10 17 9 16 24 33 27 31 36 28 27
Tax % 35% 35% 34% 35% 35% 35% 35% 35% 36% 35% 35% 49%
Net Profit 8 6 11 6 10 16 22 18 20 23 18 14
EPS in Rs 5.87 4.69 8.11 4.44 7.56 10.37 13.08 10.65 12.24 14.17 11.14 8.26
Gross NPA % 5.70% 7.00% 6.20% 7.10% 6.60% 5.50% 4.60% 5.30% 5.60% 5.70% 5.40% 6.40%
Net NPA % 4.60% 5.60% 4.80% 5.80% 5.00% 4.00% 3.00% 3.40% 3.50% 3.30% 3.10% 3.60%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Revenue 12 17 22 37 67 107 159 191 228 284 398 535 554
Interest 4 6 7 12 20 36 60 77 98 125 167 223 180
2 3 5 11 24 38 62 79 94 112 148 184 252
Financing Profit 6 8 11 15 23 32 36 35 36 47 83 128 123
Financing Margin % 49% 48% 48% 39% 34% 30% 23% 18% 16% 17% 21% 24% 22%
Other Income 0 0 0 0 0 0 -2 1 0 0 0 1 1
Depreciation 0 0 0 0 0 1 1 1 1 1 1 1 1
Profit before tax 6 8 11 15 23 32 34 34 35 46 82 127 122
Tax % 35% 35% 34% 33% 33% 33% 34% 35% 36% 35% 35% 35%
Net Profit 4 5 7 10 16 22 22 22 23 30 54 82 75
EPS in Rs 4.37 5.91 7.84 10.63 10.79 15.24 15.49 15.32 15.64 21.94 32.64 50.11 45.81
Dividend Payout % 24% 24% 23% 20% 28% 23% 25% 28% 30% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:41.12%
5 Years:27.52%
3 Years:32.83%
TTM:28.24%
Compounded Profit Growth
10 Years:31.28%
5 Years:28.35%
3 Years:53.36%
TTM:15.76%
Return on Equity
10 Years:19.83%
5 Years:18.37%
3 Years:18.80%
Last Year:18.94%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6 6 6 6 12 12 12 12 12 12 16 16
Reserves 6 10 15 22 75 90 106 121 135 166 377 460
Borrowings 35 53 80 141 213 354 571 700 878 991 1,441 1,555
10 12 13 12 15 20 25 43 47 109 143 229
Total Liabilities 57 81 114 181 315 476 715 876 1,072 1,278 1,978 2,261
0 0 0 1 1 2 3 2 2 2 2 2
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 7 14 14 15 18 19
56 80 113 181 314 474 705 860 1,057 1,261 1,957 2,240
Total Assets 57 81 114 181 315 476 715 876 1,072 1,278 1,978 2,261

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-9 -18 -24 -63 -108 -142 -199 -129 -166 -99 -614 -46
-0 0 -0 -0 -1 -2 -8 -6 0 -2 -3 0
9 19 25 65 116 135 214 130 165 107 619 113
Net Cash Flow -0 1 0 1 7 -9 7 -5 -0 6 2 67

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROE % 37% 38% 38% 39% 27% 23% 21% 18% 16% 18% 19% 19%

Credit Ratings