Muthoot Capital Services Ltd

Muthoot Cap.Serv Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Muthoot Capital Services Ltd

₹ 300 -1.72%
19 Apr - close price
muthootcap.com BSE: 511766 NSE : MUTHOOTCAP
About

The company is deposit-taking NBFC & part of Muthoot Group. The group has established a strong reputation and brand in India, particularly in South India. The promoters have more than 30 years of experience in the lending business.
The company started its business in 2-wheeler financing in 1998 and since then expanded into financing used cars, consumer durables, and small-ticket business loans. [1]

Key Points

**Strategic benefits from Muthoot Group **
MCSL has common promoters and promoter directors like the other MPG companies.[1]
Besides its own sales force, MCSL also has access to the 3500+ branch network and large customer base of MFL for the origination of new loans and collection.[2]
Initially, it provided gold loans but subsequently, as the group scaled up its gold financing business in MFL, MCSL entered the two-wheeler financing segment in fiscal 2008 and gradually exited the gold loan business.

Website BSE NSE
  • Market Cap ₹ 494 Cr.
  • Current Price ₹ 300
  • High / Low ₹ 460 / 262
  • Stock P/E 5.66
  • Book Value ₹ 359
  • Dividend Yield 0.00 %
  • ROCE 15.2 %
  • ROE 17.5 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 0.84 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.23% over past five years.
  • Company has a low return on equity of -2.16% over last 3 years.
  • Earnings include an other income of Rs.98.7 Cr.

* 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: Finance Industry: Finance & Investments

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Quarterly Results

Figures in Rs. Crores

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
Revenue 120 109 98 99 93 109 106 110 113 116 107 98 96
Interest 45 42 40 39 36 34 33 35 38 43 44 41 40
57 55 77 70 50 278 54 50 47 36 38 43 44
Financing Profit 18 12 -20 -11 6 -203 20 24 27 37 24 14 13
Financing Margin % 15% 11% -20% -11% 7% -187% 19% 22% 24% 32% 23% 15% 13%
0 0 0 0 0 0 0 0 0 0 0 98 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 19 12 -20 -11 6 -203 20 24 28 37 24 112 13
Tax % 26% 25% 25% 24% 27% 25% 26% 25% 28% 30% 27% 26% 25%
14 9 -15 -8 4 -152 15 18 20 26 18 83 10
EPS in Rs 8.35 5.50 -9.14 -4.91 2.69 -92.31 8.96 11.07 12.03 15.78 10.79 50.59 6.09
Gross NPA % 11.40% 11.70% 16.70% 19.30% 27.80% 18.70% 25.27% 23.58% 21.86% 20.55% 21.08% 11.67% 10.69%
Net NPA % 4.40% 5.60% 9.50% 10.80% 18.60% 9.90% 5.15% 4.47% 3.63% 2.58% 2.57% 3.88% 3.55%
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
Revenue 67 107 159 191 228 284 398 518 586 504 411 444 417
Interest 20 36 60 77 98 125 167 238 303 248 209 227 168
24 38 62 79 94 112 148 147 188 186 417 109 160
Financing Profit 23 32 36 35 36 47 83 134 95 70 -215 109 89
Financing Margin % 34% 30% 23% 18% 16% 17% 21% 26% 16% 14% -52% 25% 21%
0 0 -2 1 0 0 0 0 0 1 0 0 99
Depreciation 0 1 1 1 1 1 1 1 2 1 1 1 1
Profit before tax 23 32 34 34 35 46 82 133 93 70 -216 109 187
Tax % 33% 33% 34% 35% 36% 35% 35% 35% 35% 26% 25% 28%
16 22 22 22 23 30 54 86 60 51 -162 79 137
EPS in Rs 11.32 15.88 16.21 16.27 16.68 21.96 32.64 52.35 36.77 31.29 -98.46 47.84 83.25
Dividend Payout % 28% 23% 25% 28% 30% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 15%
5 Years: 2%
3 Years: -9%
TTM: -5%
Compounded Profit Growth
10 Years: 14%
5 Years: 8%
3 Years: 9%
TTM: 188%
Stock Price CAGR
10 Years: 13%
5 Years: -19%
3 Years: -6%
1 Year: 9%
Return on Equity
10 Years: 8%
5 Years: 5%
3 Years: -2%
Last Year: 17%

Balance Sheet

Figures in Rs. Crores

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 12 12 12 12 12 12 16 16 16 16 16 16 16
Reserves 75 90 106 121 135 166 377 431 491 543 395 473 574
213 354 571 700 878 991 1,441 2,126 2,351 1,945 1,625 1,891 1,583
15 20 25 43 47 109 143 67 55 56 63 55 71
Total Liabilities 315 476 715 876 1,072 1,278 1,978 2,640 2,913 2,560 2,099 2,435 2,244
1 2 3 2 2 2 2 2 4 3 2 2 2
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 7 14 14 15 18 20 16 16 27 46 144
314 474 705 860 1,057 1,261 1,957 2,618 2,893 2,540 2,069 2,388 2,098
Total Assets 315 476 715 876 1,072 1,278 1,978 2,640 2,913 2,560 2,099 2,435 2,244

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-108 -142 -199 -129 -166 -99 -614 -501 24 670 73 -46
-1 -2 -8 -6 0 -2 -3 0 2 1 -9 -17
116 135 214 130 165 107 619 529 229 -416 -311 272
Net Cash Flow 7 -9 7 -5 -0 6 2 29 255 255 -248 209

Ratios

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
ROE % 27% 23% 21% 18% 16% 18% 19% 20% 13% 10% -33% 17%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62% 62.62%
9.58% 9.63% 9.58% 9.63% 8.97% 0.51% 0.56% 0.61% 0.97% 1.56% 1.35% 1.36%
7.03% 6.75% 6.75% 6.68% 5.98% 3.07% 0.18% 0.88% 0.86% 0.93% 0.68% 0.68%
20.78% 21.01% 21.05% 21.07% 22.43% 33.80% 36.63% 35.90% 35.55% 34.88% 35.35% 35.33%
No. of Shareholders 18,71320,22719,39418,95620,13421,48520,31619,67418,72518,02218,65819,733

* 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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