Tata Metaliks Ltd

Tata Metaliks is a subsidiary of Tata Steel Limited. The Company is engaged in the manufacture and sale of pig iron and ductile iron pipes.

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Pros:

Company has reduced debt.

Company has a good return on equity (ROE) track record: 3 Years ROE 47.05%

Cons:

Tax rate seems low

** Remarks:

Some businesses are provided tax benefits to encourage their development

Return on equity is exceptional

Peer Comparison Sector: Steel // Industry: Steel - Pig Iron

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Detailed Comparison with:

	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
	300	401	387	451	490	546	468	547	546	594	499	511
	257	326	338	384	418	459	402	462	472	513	454	471
Operating Profit	43	75	50	67	72	88	66	85	74	81	45	41
OPM %	14%	19%	13%	15%	15%	16%	14%	16%	14%	14%	9%	8%
Other Income	0	1	11	0	0	9	1	1	1	3	4	6
Interest	9	11	9	10	10	18	11	10	11	12	7	8
Depreciation	8	12	12	12	12	13	15	13	14	15	14	16
Profit before tax	25	52	39	45	50	66	41	63	51	57	27	23
Tax %	23%	22%	22%	25%	19%	17%	27%	25%	22%	-14%	28%	-3%
Net Profit	20	40	31	34	40	55	30	48	40	64	20	23
EPS in Rs	7.72	15.97	12.21	13.27	15.96	21.61	12.02	18.79	15.67	25.41	6.99	8.32
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	1,032	1,003	1,044	1,318	1,133	864	1,161	1,098	1,390	1,410	1,895	2,155	2,151
	910	1,137	965	1,254	1,238	876	1,067	944	1,173	1,184	1,617	1,848	1,910
Operating Profit	122	-134	79	65	-105	-12	94	154	217	226	277	308	241
OPM %	12%	-13%	8%	5%	-9%	-1%	8%	14%	16%	16%	15%	14%	11%
Other Income	22	23	29	12	27	-6	-20	-0	1	1	20	7	14
Interest	21	38	40	31	31	20	27	34	47	39	48	44	38
Depreciation	16	16	16	17	16	16	16	13	33	36	49	58	60
Profit before tax	106	-165	51	29	-125	-55	32	107	138	152	200	212	158
Tax %	34%	10%	10%	20%	28%	-0%	-21%	22%	19%	23%	21%	14%
Net Profit	70	-149	46	23	-91	-55	39	84	112	116	159	182	147
EPS in Rs	26.34	0.00	18.01	9.07	0.00	0.00	15.27	33.08	44.40	45.89	62.95	64.76	56.39
Dividend Payout %	25%	-0%	0%	0%	-0%	-0%	0%	0%	5%	5%	5%	5%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	25	25	25	25	125	125	125	125	25	25	25	28	28
Reserves	167	18	64	87	-4	-58	-20	63	74	182	333	683	770
Borrowings	111	392	209	342	442	355	245	214	410	540	475	42	176
	288	102	339	235	207	431	432	402	350	373	360	706	485
Total Liabilities	592	538	638	689	671	753	683	704	859	1,119	1,194	1,459	1,459
	243	233	220	204	188	152	226	200	353	590	586	630	673
CWIP	5	6	4	5	26	114	3	0	88	34	24	31	45
Investments	8	38	47	74	102	99	134	134	0	0	10	0	0
	336	261	366	405	355	388	320	370	419	496	574	798	742
Total Assets	592	538	638	689	671	753	683	704	859	1,119	1,194	1,459	1,459

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	53	-198	234	-64	-27	154	182	79	91	77	196	369
	-8	-33	-14	-53	-72	-100	-15	-21	-79	-125	-70	-87
	-40	230	-220	110	170	-125	-152	-72	-13	49	-125	-257
Net Cash Flow	5	-1	0	-7	70	-70	16	-15	-1	0	1	25

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	47%	-34%	25%	16%	-18%	-4%	21%	38%	41%	30%	31%	32%
Debtor Days	27	23	20	26	14	51	48	72	45	49	41	47
Inventory Turnover	6.68	5.87	5.37	5.51	6.09	5.68	9.30	14.22	14.46	10.06	10.56	8.39