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Results
27-Jul-22
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Analysis
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Mishra Dhatu Nigam
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OP up 29%, NP down 5%
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Mishra
Dhatu Nigam consolidated net sales increased 0.76% to Rs 114.93 crore in Q1FY23
compared to Q1FY22. Operating profit
margin has jumped from 22.38% to 28.73%, leading to 29.34% rise in operating
profit to Rs 33.02 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 22.02% to
45.64%. Employee cost decreased from
23.94% to 11.50%. Other expenses fell
from 33.12% to 28.73%.
Other
income fell 9.77% to Rs 7.39 crore.
PBIDT rose 19.84% to Rs 40.41 crore.
Provision for interest rose 157.22% to Rs 4.63 crore.
PBDT
rose 12.09% to Rs 35.78 crore. Provision
for depreciation rose 80.32% to Rs 12.37 crore.
Profit
before tax down 6.58% to Rs 23.41 crore.
Provision for tax was expense of Rs 5.7 crore, compared to Rs 6.25
crore. Effective tax rate was 24.29%
compared to 25.06%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 4.92% to Rs
17.77 crore.
Promoters’
stake was 74.00% as of 30 June 2022 compared to 74.00% as of 30 June 2021
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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 172
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Mishra Dhatu Nigam : Consolidated Results
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Particulars
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2206 (03)
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2106 (03)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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114.93
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114.06
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1
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859.49
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813.23
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6
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OPM (%)
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28.7
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22.4
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30.5
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30.2
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OP
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33.02
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25.53
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29
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262.31
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245.26
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7
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Other Inc.
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7.39
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8.19
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-10
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31.31
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19.83
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58
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PBIDT
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40.41
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33.72
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20
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293.62
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265.09
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11
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Interest
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4.63
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1.8
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157
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21.5
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12
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79
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PBDT
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35.78
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31.92
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12
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272.12
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253.09
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8
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Depreciation
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12.37
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6.86
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80
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33
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27
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22
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PBT
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23.41
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25.06
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-7
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239.12
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226.09
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6
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Share of Profit/(Loss) from Associates
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0.06
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-0.12
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LP
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0.31
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0.13
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LP
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PBT before EO
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23.47
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24.94
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-6
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239.43
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226.22
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6
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EO Income
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0
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0
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0
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0
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PBT after EO
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23.47
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24.94
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-6
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239.43
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226.22
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6
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Taxation
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5.7
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6.25
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-9
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62.81
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59.8
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5
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PAT
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17.77
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18.69
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-5
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176.62
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166.42
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6
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Minority Interest (MI)
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0
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0
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0
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0
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Net profit
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17.77
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18.69
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-5
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176.62
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166.42
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6
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EPS (Rs)*
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#
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#
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9.4
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8.9
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Notes
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* EPS is on current equity of Rs 187.34 crore, Face value of Rs
10, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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