Usha Martin Ltd

About [ edit ]

Usha Martin is engaged in Business of Manufacture and sale of steel wire rods, bright bar, rolled products, billets, pig iron and allied products. Its Manufacture and sale of steel wires, strands, wire ropes, cord, related accessories, etc.

  • Market Cap 1,569 Cr.
  • Current Price 51.6
  • High / Low 58.4 / 12.6
  • Stock P/E 19.1
  • Book Value 41.8
  • Dividend Yield 0.00 %
  • ROCE 22.2 %
  • ROE 40.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 29.29% CAGR over last 5 years
  • Debtor days have improved from 72.31 to 50.57 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -0.93%
  • The company has delivered a poor sales growth of -13.93% over past five years.
  • Company has a low return on equity of 7.25% for last 3 years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 51.90% of their holding.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
572 601 631 620 627 564 538 537 515 376 518 550
563 557 580 619 770 506 479 478 484 339 448 484
Operating Profit 9 44 51 0 -142 58 59 59 31 37 70 66
OPM % 2% 7% 8% 0% -23% 10% 11% 11% 6% 10% 14% 12%
Other Income 42 8 15 11 5 524 15 7 17 8 8 10
Interest 26 25 25 29 33 24 17 17 17 16 15 13
Depreciation 15 15 15 15 15 15 16 16 16 17 17 17
Profit before tax 10 12 25 -33 -185 542 41 33 14 13 46 45
Tax % -24% 1% 4% -10% 125% 30% 26% 77% 91% 34% 18% 22%
Net Profit 11 12 26 -37 48 383 29 7 0 8 36 37
EPS in Rs 0.37 0.39 0.84 -1.23 1.57 12.56 0.96 0.22 0.01 0.27 1.19 1.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,922 2,486 3,045 3,361 3,622 4,074 4,561 4,112 3,882 2,066 2,488 2,154 1,959
2,406 2,014 2,492 2,926 3,006 3,357 3,845 3,771 3,493 2,253 2,512 1,922 1,755
Operating Profit 516 471 553 435 616 717 717 341 389 -188 -24 232 204
OPM % 18% 19% 18% 13% 17% 18% 16% 8% 10% -9% -1% 11% 10%
Other Income 22 35 42 63 89 82 -63 32 120 77 17 537 43
Interest 149 137 190 264 338 440 522 547 564 92 114 74 60
Depreciation 109 129 201 223 264 333 418 308 300 60 61 64 68
Profit before tax 281 240 204 11 104 27 -287 -481 -355 -264 -181 630 119
Tax % 33% 29% 31% 42% 21% 50% 12% 11% -1% -2% 126% 33%
Net Profit 185 169 137 4 79 11 -253 -430 -359 -271 48 419 82
EPS in Rs 7.41 5.53 4.50 0.12 2.59 0.35 -8.31 -14.10 -11.78 -8.90 1.57 13.74 2.70
Dividend Payout % 14% 18% 22% 0% 6% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:-1%
5 Years:-14%
3 Years:-18%
TTM:-14%
Compounded Profit Growth
10 Years:9%
5 Years:29%
3 Years:46%
TTM:-82%
Stock Price CAGR
10 Years:-1%
5 Years:31%
3 Years:30%
1 Year:258%
Return on Equity
10 Years:-4%
5 Years:-11%
3 Years:7%
Last Year:41%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
25 31 31 31 31 31 31 31 31 31 31 31 31
Reserves 1,111 1,657 1,754 1,799 1,905 1,972 1,698 1,294 914 697 751 1,197 1,244
Borrowings 1,671 996 1,756 2,548 3,193 3,732 3,993 4,472 4,364 4,073 3,565 620 520
1,320 2,053 1,996 2,312 2,718 2,914 2,586 2,140 2,423 2,646 2,645 693 729
Total Liabilities 4,127 4,736 5,536 6,690 7,846 8,649 8,307 7,936 7,731 7,445 6,992 2,540 2,523
1,413 2,568 3,052 3,217 3,641 5,500 5,477 5,302 5,031 4,862 935 956 940
CWIP 1,210 610 389 772 1,294 373 132 147 121 113 13 33 35
Investments 0 0 0 0 0 0 0 46 37 39 42 44 44
1,504 1,558 2,096 2,701 2,911 2,775 2,698 2,441 2,542 2,432 6,001 1,508 1,505
Total Assets 4,127 4,736 5,536 6,690 7,846 8,649 8,307 7,936 7,731 7,445 6,992 2,540 2,523

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
812 756 348 574 429 1,144 729 856 686 914 974 212
-1,058 -472 -789 -878 -810 -1,050 -563 -385 -29 -35 -3 2,942
283 -345 541 356 243 18 -266 -491 -663 -872 -973 -3,105
Net Cash Flow 37 -61 100 51 -138 113 -100 -20 -5 7 -2 50

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 18% 14% 13% 7% 9% 9% 6% 1% 3% -4% -1% 22%
Debtor Days 53 45 53 46 58 47 39 55 64 119 48 51
Inventory Turnover 2.17 1.69 1.46 1.32 1.12 1.12 1.27 1.67 1.78 1.10 1.75 2.14

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
50.66 50.66 50.66 50.66 49.91 50.21 50.21 52.46 53.52 52.83 51.80 50.87
8.18 8.31 11.93 12.31 12.34 11.26 9.37 8.40 8.16 8.17 8.33 8.18
2.62 1.17 1.05 1.28 1.37 1.19 1.67 1.17 1.57 0.37 0.05 0.06
38.54 39.86 36.36 35.76 36.38 37.34 38.75 37.97 36.75 38.64 39.82 40.89

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