Capitaline

Results 27-May-22

Analysis

Mishra Dhatu Nigam

OP up 18%

Mishra Dhatu Nigam consolidated net sales declined 6.53% to Rs 323.29 crore in Q4FY22 compared to Q4FY21. Operating profit margin has jumped from 29.81% to 37.71%, leading to 18.22% rise in operating profit to Rs 121.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 12.87% to 27.87%. Employee cost decreased from 12.58% to 9.14%. Other expenses fell from 36.52% to 28.37%.

Other income rose 97.36% to Rs 15.69 crore. PBIDT rose 23.89% to Rs 137.6 crore. Provision for interest rose 448.91% to Rs 15.04 crore.

PBDT rose 13.14% to Rs 122.56 crore. Provision for depreciation rose 77.68% to Rs 12.1 crore.

Profit before tax grew 8.81% to Rs 110.46 crore. Share of profit/loss was 22.22% lower at Rs 0.07 crore. Provision for tax was expense of Rs 29.47 crore, compared to Rs 26.9 crore. Effective tax rate was 26.66% compared to 26.47%.

Net profit attributable to owners of the company increased 8.50% to Rs 81.06 crore.

Equity capital stood at Rs 187.34 crore as of 31 March 2022 to Rs 187.34 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.00% as of 31 March 2022 compared to 74.00% as of 31 March 2021 .

Full year results analysis

Net sales of Mishra Dhatu Nigam have increased 5.69% to Rs 859.49 crore. Operating profit margin has jumped from 30.16% to 30.52%, leading to 6.95% rise in operating profit to Rs 262.31 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 22.04% to 32.37%. Employee cost decreased from 15.68% to 12.39%. Other expenses fell from 30.49% to 28.71%.

Other income rose 57.89% to Rs 31.31 crore. PBIDT rose 10.76% to Rs 293.62 crore. Provision for interest rose 79.17% to Rs 21.5 crore. Loan funds rose to Rs 267.58 crore as of 31 March 2022 from Rs 160.44 crore as of 31 March 2021. Inventories rose to Rs 1,091.49 crore as of 31 March 2022 from Rs 800.84 crore as of 31 March 2021. Sundry debtors were lower at Rs 306.31 crore as of 31 March 2022 compared to Rs 386.14 crore as of 31 March 2021. Cash and bank balance declined from Rs 93.95 crore as of 31 March 2021 to Rs 62.58 crore as of 31 March 2022. Investments rose to Rs 20.91 crore as of 31 March 2022 from Rs 20.60 crore as of 31 March 2021 .

PBDT rose 7.52% to Rs 272.12 crore. Provision for depreciation rose 22.22% to Rs 33 crore. Fixed assets increased to Rs 1,069.35 crore as of 31 March 2022 from Rs 976.60 crore as of 31 March 2021. Intangible assets declined from Rs 1.06 crore to Rs 1.00 crore.

Profit before tax grew 5.76% to Rs 239.12 crore. Share of profit/loss was 138.46% higher at Rs 0.31 crore. Provision for tax was expense of Rs 62.81 crore, compared to Rs 59.8 crore. Effective tax rate was 26.23% compared to 26.43%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 6.13% to Rs 176.62 crore.

Equity capital stood at Rs 187.34 crore as of 31 March 2022 to Rs 187.34 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.00% as of 31 March 2022 compared to 74.00% as of 31 March 2021 .

Cash flow from operating activities decreased to Rs 52.13 crore for year ended March 2022 from Rs 175.88 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 125.80 crore, compared to Rs 159.25 crore during the year ended March 2021.

The scrip is currently trading at Rs 169

Mishra Dhatu Nigam : Consolidated Results
Particulars	2203 (03)	2103 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	323.29	345.88	-7	859.49	813.23	6
OPM (%)	37.7	29.8		30.5	30.2
OP	121.91	103.12	18	262.31	245.26	7
Other Inc.	15.69	7.95	97	31.31	19.83	58
PBIDT	137.6	111.07	24	293.62	265.09	11
Interest	15.04	2.74	449	21.5	12	79
PBDT	122.56	108.33	13	272.12	253.09	8
Depreciation	12.1	6.81	78	33	27	22
PBT	110.46	101.52	9	239.12	226.09	6
Share of Profit/(Loss) from Associates	0.07	0.09	LP	0.31	0.13	LP
PBT before EO	110.53	101.61	9	239.43	226.22	6
EO Income	0	0		0	0
PBT after EO	110.53	101.61	9	239.43	226.22	6
Taxation	29.47	26.9	10	62.81	59.8	5
PAT	81.06	74.71	8	176.62	166.42	6
Minority Interest (MI)	0	0		0	0
Net profit	81.06	74.71	8	176.62	166.42	6
EPS (Rs)*	#	#		9.4	8.9
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 consolidated net profit declines 4.92% in the June 2022 quarter
( Results - Announcements 28-Jul-22 08:20 )

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

Mishra Dhatu Nigam to hold board meeting
( Corporate News - 06-Aug-24 11:37 )

Mishra Dhatu Nigam consolidated net profit declines 58.55% in the September 2023 quarter
( Results - Announcements 08-Nov-23 07:39 )

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

Mishra Dhatu Nigam
( Results - Analysis 27-May-22 16:14 )

Mishra Dhatu Nigam wins orders worth Rs 357 cr
( Corporate News - 13-Dec-23 13:15 )

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

Mishra Dhatu Nigam Ltd leads losers in 'A' group
( Hot Pursuit - 09-Aug-23 15:00 )

Mishra Dhatu Nigam fixes record date for interim dividend
( Market Beat - Reports 07-Mar-22 09:19 )

Mishra Dhatu Nigam fixes record date for interim dividend of Rs 1.20
( Market Beat - Reports 15-Mar-21 17:12 )