Capitaline

Results 10-Nov-21

Analysis

Mishra Dhatu Nigam

PBT up 2%

Mishra Dhatu Nigam consolidated net sales increased 14.75% to Rs 187.92 crore in Q2FY22 compared to Q2FY21. Operating profit margin has declined from 30.46% to 27.60%, leading to 3.95% rise in operating profit to Rs 51.86 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.05% to 27.36%. Employee cost decreased from 16.03% to 14.49%. Other expenses rose from 26.66% to 34.09%.

Other income fell 46.15% to Rs 2.1 crore. PBIDT rose 0.32% to Rs 53.96 crore. Provision for interest fell 41.18% to Rs 1.6 crore. PBDT rose 2.53% to Rs 52.36 crore. Provision for depreciation rose 4.46% to Rs 7.02 crore.

Profit before tax grew 2.23% to Rs 45.34 crore. Provision for tax was expense of Rs 11.71 crore, compared to Rs 11.78 crore. Effective tax rate was 25.65% compared to 26.59%.

Net profit attributable to owners of the company increased 4.37% to Rs 33.94 crore.

Equity capital stood at Rs 187.34 crore as of 30 September 2021 to Rs 187.34 crore as of 30 September 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.00% as of 30 September 2021 compared to 74.00% as of 30 September 2020.

For year-to-date (YTD) results analysis

Net sales of Mishra Dhatu Nigam have increased 8.92% to Rs 301.98 crore. Operating profit margin has jumped from 20.10% to 25.63%, leading to 38.89% rise in operating profit to Rs 77.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 26.05% to 25.93%. Employee cost decreased from 20.91% to 17.79%. Other expenses rose from 32.49% to 33.51%.

Other income rose 38.49% to Rs 10.29 crore. PBIDT rose 38.84% to Rs 87.68 crore. Provision for interest fell 42.08% to Rs 3.4 crore. PBDT rose 47.14% to Rs 84.28 crore. Provision for depreciation rose 3.89% to Rs 13.88 crore.

Profit before tax grew 60.29% to Rs 70.40 crore. Provision for tax was expense of Rs 17.96 crore, compared to Rs 12.27 crore. Effective tax rate was 25.44% compared to 27.98%.

Net profit attributable to owners of the company increased 66.66% to Rs 52.63 crore.

Full year results analysis

Net sales of Mishra Dhatu Nigam have increased 14.08% to Rs 813.23 crore. Operating profit margin has jumped from 27.73% to 30.16%, leading to 24.07% rise in operating profit to Rs 245.26 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 38.82% to 22.04%. Employee cost increased from 12.73% to 15.68%. Other expenses rose from 28.07% to 30.49%.

Other income fell 45.58% to Rs 19.83 crore. PBIDT rose 13.23% to Rs 265.09 crore. Provision for interest rose 102.70% to Rs 12 crore. Loan funds rose to Rs 160.44 crore as of 31 March 2021 from Rs 133.63 crore as of 31 March 2020. Inventories declined from Rs 910.50 crore as of 31 March 2020 to Rs 800.84 crore as of 31 March 2021. Sundry debtors were higher at Rs 386.14 crore as of 31 March 2021 compared to Rs 297.40 crore as of 31 March 2020. Cash and bank balance declined from Rs 110.90 crore as of 31 March 2020 to Rs 93.95 crore as of 31 March 2021. Investments rose to Rs 20.60 crore as of 31 March 2021 from Rs 20.47 crore as of 31 March 2020 .

PBDT rose 10.91% to Rs 253.09 crore. Provision for depreciation rose 3.41% to Rs 27 crore. Fixed assets increased to Rs 976.60 crore as of 31 March 2021 from Rs 844.53 crore as of 31 March 2020. Intangible assets increased from Rs 1.04 crore to Rs 1.06 crore.

Profit before tax grew 11.88% to Rs 226.09 crore. Provision for tax was expense of Rs 59.8 crore, compared to Rs 42.35 crore. Effective tax rate was 26.43% compared to 21.13%.

Net profit attributable to owners of the company increased 5.26% to Rs 166.42 crore.

Cash flow from operating activities decreased to Rs 175.88 crore for year ended March 2021 from Rs 204.44 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 159.25 crore, compared to Rs 271.69 crore during the year ended March 2020.

The scrip is currently trading at Rs 196

Mishra Dhatu Nigam : Consolidated Results
Particulars	2109 (03)	2009 (03)	Var.(%)	2109 (06)	2009 (06)	Var.(%)	2103 (12)	2003 (12)	Var.(%)
Net Sales	187.92	163.77	15	301.98	277.26	9	813.23	712.88	14
OPM (%)	27.6	30.5		25.6	20.1		30.2	27.7
OP	51.86	49.89	4	77.39	55.72	39	245.26	197.68	24
Other Inc.	2.1	3.9	-46	10.29	7.43	38	19.83	36.44	-46
PBIDT	53.96	53.79	0	87.68	63.15	39	265.09	234.12	13
Interest	1.6	2.72	-41	3.4	5.87	-42	12	5.92	103
PBDT	52.36	51.07	3	84.28	57.28	47	253.09	228.2	11
Depreciation	7.02	6.72	4	13.88	13.36	4	27	26.11	3
PBT	45.34	44.35	2	70.4	43.92	60	226.09	202.09	12
Share of Profit/(Loss) from Associates	0.31	-0.05	LP	0.19	-0.07	LP	0.13	-1.63	LP
PBT before EO	45.65	44.3	3	70.59	43.85	61	226.22	200.46	13
EO Income	0	0		0	0		0	0	-
PBT after EO	45.65	44.3	3	70.59	43.85	61	226.22	200.46	13
Taxation	11.71	11.78	-1	17.96	12.27	46	59.8	42.35	41
PAT	33.94	32.52	4	52.63	31.58	67	166.42	158.11	5
Minority Interest (MI)	0	0		0	0		0	0	-
Net profit	33.94	32.52	4	52.63	31.58	67	166.42	158.11	5
EPS (Rs)*	#	#		#	#		8.9	8.4	5
Notes
* EPS is on current equity of Rs 187.34 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Mishra Dhatu Nigam standalone net profit declines 58.73% in the September 2023 quarter
( Results - Announcements 08-Nov-23 07:38 )

Mishra Dhatu Nigam consolidated net profit declines 4.92% in the June 2022 quarter
( Results - Announcements 28-Jul-22 08:20 )

Mishra Dhatu Nigam consolidated net profit declines 10.00% in the December 2022 quarter
( Results - Announcements 08-Feb-23 16:29 )

Mishra Dhatu Nigam
( Results - Analysis 27-Jul-22 21:35 )

Mishra Dhatu Nigam, BEML and Bharat Electronics ink MoU
( Corporate News - 05-Mar-24 16:21 )

Mishra Dhatu Nigam schedules board meeting
( Corporate News - 02-Nov-23 15:53 )

Mishra Dhatu Nigam standalone net profit declines 9.15% in the September 2020 quarter
( Results - Announcements 11-Nov-20 14:41 )

Mishra Dhatu Nigam consolidated net profit declines 5.82% in the September 2020 quarter
( Results - Announcements 11-Nov-20 14:08 )

Mishra Dhatu Nigam allots commercial paper aggregating Rs 50 cr
( Corporate News - 07-Dec-21 16:31 )

Mishra Dhatu Nigam standalone net profit declines 36.14% in the December 2018 quarter
( Results - Announcements 16-Feb-19 16:07 )

Mishra Dhatu Nigam to consider dividend
( Corporate News - 09-Mar-21 10:02 )