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MISHRA DHATU NIGAM 2021-22 Annual Report Analysis
Tue, 20 Sep

MISHRA DHATU NIGAM has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

MISHRA DHATU NIGAM Income Statement Analysis

  • Operating income during the year rose 5.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 30.7% in FY22 as against 30.3% in FY21.
  • Depreciation charges increased by 22.2% and finance costs increased by 77.8% YoY, respectively.
  • Other income grew by 57.9% YoY.
  • Net profit for the year grew by 6.1% YoY.
  • Net profit margins during the year grew from 20.5% in FY21 to 20.5% in FY22.

MISHRA DHATU NIGAM Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 8,132 8,595 5.7%
Other income Rs m 198 313 57.9%
Total Revenues Rs m 8,331 8,908 6.9%
Gross profit Rs m 2,461 2,637 7.2%
Depreciation Rs m 270 330 22.2%
Interest Rs m 127 226 77.8%
Profit before tax Rs m 2,262 2,394 5.8%
Tax Rs m 598 628 5.0%
Profit after tax Rs m 1,664 1,766 6.1%
Gross profit margin % 30.3 30.7
Effective tax rate % 26.4 26.2
Net profit margin % 20.5 20.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

MISHRA DHATU NIGAM Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 8 billion as compared to Rs 6 billion in FY21, thereby witnessing an increase of 24.8%.
  • Long-term debt stood at Rs 278 million as compared to Rs 0 million during FY21, a fall of 0.0%.
  • Current assets rose 16% and stood at Rs 17 billion, while fixed assets rose 9% and stood at Rs 11 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 28 billion as against Rs 25 billion during FY21, thereby witnessing a growth of 13%.

MISHRA DHATU NIGAM Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 10,711 11,895 11.1
 
Current Liabilities Rs m 6,426 8,018 24.8
Long-term Debt Rs m 0 278 0.0
Total Liabilities Rs m 24,592 27,795 13.0
 
Current assets Rs m 14,511 16,783 15.7
Fixed Assets Rs m 10,081 11,012 9.2
Total Assets Rs m 24,592 27,795 13.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MISHRA DHATU NIGAM Cash Flow Statement Analysis

  • MISHRA DHATU NIGAM's cash flow from operating activities (CFO) during FY22 stood at Rs 521 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs 268 million, an improvement of 173% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -240 million from the Rs 240 million net cash flows seen during FY21.

MISHRA DHATU NIGAM Cash Flow Statement 2021-22

Particulars No. of months 12 12 % Change
Year Ending Mar-21 Mar-22
Cash Flow from Operating Activities Rs m 1,759 521 -70.4%
Cash Flow from Investing Activities Rs m -1,150 -1,029 -
Cash Flow from Financing Activities Rs m -369 268 -
Net Cash Flow Rs m 240 -240 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MISHRA DHATU NIGAM

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.4, an improvement from the EPS of Rs 8.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 219.0, stands at 23.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.4 times, while the price to sales ratio stands at 4.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 17.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Sales per share (Unadj.) Rs 43.4 45.9
TTM Earnings per share Rs 8.9 9.4
Diluted earnings per share Rs 8.9 9.4
Price to Cash Flow x 17.1 17.2
TTM P/E ratio x 19.9 23.4
Price / Book Value ratio x 3.6 3.0
Market Cap Rs m 38,175 36,091
Dividends per share (Unadj.) Rs 2.8 3.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MISHRA DHATU NIGAM

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 2.1x during FY22, from 2.3x during FY21. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 11.6x during FY22, from 18.8x during FY21. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 14.8% during FY22, from 15.5% during FY22. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 21.5% during FY22, from 22.3% during FY21. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 7.2% during FY22, from 7.3% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Current ratio x 2.3 2.1
Debtors’ Days Days 1,733 1,301
Interest coverage x 18.8 11.6
Debt to equity ratio x 0.0 0.0
Return on assets % 7.3 7.2
Return on equity % 15.5 14.8
Return on capital employed % 22.3 21.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how MISHRA DHATU NIGAM has performed over the last 5 years, please visit here.

MISHRA DHATU NIGAM Share Price Performance

Over the last one year, MISHRA DHATU NIGAM share price has moved up from Rs 186.2 to Rs 219.0, registering a gain of Rs 32.8 or around 17.6%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 19,163.7 (up 1.3%). Over the last one year it has moved up from 19,084.7 to 19,163.7, a gain of 79 points (up 0.4%).

Overall, the S&P BSE SENSEX is up 0.9% over the year.

(To know more, check out historical annual results for MISHRA DHATU NIGAM and quarterly results for MISHRA DHATU NIGAM)

Annual Report FAQs

What is the current share price of MISHRA DHATU NIGAM?

MISHRA DHATU NIGAM currently trades at Rs 393.8 per share. You can check out the latest share price performance of MISHRA DHATU NIGAM here...

What was the revenue of MISHRA DHATU NIGAM in FY22? How does it compare to earlier years?

The revenues of MISHRA DHATU NIGAM stood at Rs 8,908 m in FY22, which was up 6.9% compared to Rs 8,331 m reported in FY21.

MISHRA DHATU NIGAM's revenue has grown from Rs 6,865 m in FY18 to Rs 8,908 m in FY22.

Over the past 5 years, the revenue of MISHRA DHATU NIGAM has grown at a CAGR of 6.7%.

What was the net profit of MISHRA DHATU NIGAM in FY22? How does it compare to earlier years?

The net profit of MISHRA DHATU NIGAM stood at Rs 1,766 m in FY22, which was up 6.1% compared to Rs 1,664 m reported in FY21.

This compares to a net profit of Rs 1,597 m in FY20 and a net profit of Rs 1,306 m in FY19.

Over the past 5 years, MISHRA DHATU NIGAM net profit has grown at a CAGR of 7.7%.

What does the cash flow statement of MISHRA DHATU NIGAM reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of MISHRA DHATU NIGAM reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 521 m as compared to Rs 1,759 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs -1,029 m as compared to Rs -1,150 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs 268 m as compared to Rs -369 m in FY21.

Here's the cash flow statement of MISHRA DHATU NIGAM for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations2032,9602,0441,759521
From Investments-781-2,054-1,952-1,150-1,029
From Financial Activity249-780-131-369268
Net Cashflow-329127-39240-240

What does the Key Ratio analysis of MISHRA DHATU NIGAM reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of MISHRA DHATU NIGAM reveals:

  • Operating profit margins witnessed a fall and down at 30.7% in FY22 as against 30.3% in FY21.
  • Net profit margins grew from 20.5% in FY21 to 20.5% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.0 as compared to 0.0 in FY21.

Here's the ratio/financial analysis of MISHRA DHATU NIGAM for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)30.126.027.930.330.7
Net Profit Margin (%)20.018.422.420.520.5
Debt to Equity Ratio (x)0.00.00.00.00.0

Read: Latest Annual Report Analysis of MISHRA DHATU NIGAM

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