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Mah Seamless: Strong volumes lead growth - Views on News from Equitymaster

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Mah Seamless: Strong volumes lead growth
Jun 22, 2011

Maharashtra Seamless Ltd (MSL)has announced its results for the quarter and year ended March 2011. The company has reported a rise of 41% in sales and 21% in net profits for the quarter ended March 2011. Here is our analysis of the results.

Performance summary
  • The company's topline grows by 41% YoY and 11% YoY during the quarter and year ended March 2011, respectively.
  • Operating profits margins improve from 23.9% in 4QFY10 to 25.4% in 4QFY11.
  • At the bottomline level, profits for the quarter increase at slower rate of 21% YoY owing to lower other income and higher tax incidence.
  • For the full year 2010-11, net profits increase by 22% YoY, net margins improve from 17.9% in FY10 to 19.7% in FY11.


Financial performance snapshot
(Rs m) 4QFY10 4QFY11 Change FY10 FY11 Change
Sales 3,895 5,480 40.7% 15,932 17,612 10.5%
Expenditure 2,964 4,087 37.9% 11,933 13,358 11.9%
Operating profit (EBDITA) 931 1,393 49.6% 3,999 4,254 6.4%
Operating profit margin (%) 23.9% 25.4%   25.1% 24.2%  
Other income 281 154 -45.1% 529 915 72.9%
Depreciation 49 55 11.9% 183 185 1.1%
Interest 7 8 16.7% 34 30 -10.6%
Profit before tax 1,155 1,483 28.4% 4,311 4,954 14.9%
Tax 404 577 42.8% 1,465 1,486 1.4%
Profit after tax/(loss) 751 906 20.7% 2,846 3,468 21.9%
Net profit margin (%) 19.3% 16.5%   17.9% 19.7%  
No. of shares (m)       26.7 70.5  
Diluted earnings per share (Rs)         49.2  
P/E ratio (x)         7.4  

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