Maan Aluminium Limited reported net revenue of ₹295.30 crores for the quarter ended September 30, 2023, compared to ₹188.20 crores for September 30, 2022. Profit After Tax was ₹10.64 crores for the quarter ended September 30, 2023, against the profit of ₹17.64 crores during the corresponding quarter of the previous year, respectively.
BENCHMARK COMPARISON
Beta: 0.89 |
Alpha: 145.55 |
Risk Reward Ratio: 2.01 |
Margin of Safety: 33% |
STOCK DATA
52 Week H/L |
41/159 |
Market Cap (crores) |
772 |
Face Value (₹) |
5.00 |
Book Value |
96.35 |
EPS TTM |
9.24 |
NSE Code |
MAANALU |
|
Jun-23 |
Sep-23 |
Dec-23 |
Promoter |
65.38 |
60.71 |
60.71 |
Public |
33.94 |
39.08 |
39.13 |
DIIs |
0.00 |
0.00 |
0.00 |
FIIs |
0.67 |
0.18 |
0.15 |
SWOT ANALYSIS
STRENGTH
WEAKNESS
OPPORTUNITIES
THREAT
FINANCIAL OVERVIEW
Quarterly (INR in lakhs) |
Sep-23 |
Jun-23 |
Mar-23 |
Dec-22 |
Sep-22 |
Revenue from Operations |
29,530.00 |
20,736.00 |
26,287.00 |
18,962.00 |
18,820.00 |
Other income |
155.00 |
216.00 |
150.00 |
126.00 |
134.00 |
Total Income |
29,685.00 |
20,952.00 |
26,437.00 |
19,088.00 |
18,954.00 |
|
|
|
|
|
|
Total Expenditure |
28,540.00 |
19,507.00 |
24,339.00 |
17,114.00 |
17,056.00 |
EBIT |
1,145.00 |
1,445.00 |
2,098.00 |
1,974.00 |
1,898.00 |
|
|
|
|
|
|
Finance cost |
81.00 |
88.00 |
162.00 |
99.00 |
134.00 |
PBT before Share of Net Profit of Associate |
1,064.00 |
1,357.00 |
1,936.00 |
1,875.00 |
1,764.00 |
|
|
|
|
|
|
Share of Net Profit of Associate |
- |
- |
- |
- |
- |
PBT before Exceptional Item |
1,064.00 |
1,357.00 |
1,936.00 |
1,875.00 |
1,764.00 |
|
|
|
|
|
|
Exceptional Item |
- |
- |
- |
- |
- |
PBT |
1,064.00 |
1,357.00 |
1,936.00 |
1,875.00 |
1,764.00 |
|
|
|
|
|
|
Tax Expenses |
276.00 |
342.00 |
490.00 |
474.00 |
454.00 |
PAT |
788.00 |
1,015.00 |
1,446.00 |
1,401.00 |
1,310.00 |
PROFIT AND LOSS STATEMENT (₹ in lakhs)
|
Mar-21 |
Mar-22 |
Mar-23 |
Revenue from Operations |
40,287.61 |
57,229.17 |
81,385.49 |
Other Income |
245.24 |
525.14 |
515.61 |
Total Income |
40,532.85 |
57,754.31 |
81,901.10 |
|
|
|
|
Cost of Goods Sold |
34,110.15 |
47,294.63 |
63,219.13 |
Employee Benefits Expense |
962.55 |
1,148.67 |
1,575.67 |
Other Expenses |
2,764.55 |
5,500.87 |
9,461.66 |
EBITDA |
2,695.60 |
3,810.14 |
7,644.64 |
|
|
|
|
Depreciation and Amortisation Expense |
388.16 |
488.33 |
494.71 |
EBIT |
2,307.44 |
3,321.81 |
7,149.93 |
|
|
|
|
Finance Costs |
320.05 |
346.83 |
446.65 |
EBT before Share of Profit/(Loss) of Joint Venture and Associates |
1,987.39 |
2,974.98 |
6,703.28 |
|
|
|
|
Share of Profit/(Loss) of Joint Venture and Associates |
- |
- |
- |
EBT before Exceptional Items |
1,987.39 |
2,974.98 |
6,703.28 |
|
|
|
|
Exceptional Items |
- |
- |
- |
EBT |
1,987.39 |
2,974.98 |
6,703.28 |
|
|
|
|
Tax Expense |
507.78 |
777.07 |
1,706.18 |
PAT Non-Controlling Interests |
1,479.61 |
2,197.91 |
4,997.10 |
|
|
|
|
Non-Controlling Interests |
- |
- |
- |
|
|
|
|
PAT |
1,479.61 |
2,197.91 |
4,997.10 |
|
|
|
|
EPS |
|
|
|
Basic |
2.74 |
4.06 |
9.24 |
Diluted |
2.74 |
4.06 |
9.24 |
|
|
|
|
Number of Shares |
|
|
|
Basic |
540.84 |
540.84 |
540.84 |
Diluted |
540.84 |
540.84 |
540.84 |
Note: The company passed a resolution to subdivide/split its equity shares, changing the face value from Rs. 10 each to Rs. 5 each, and subsequently issued bonus shares at a 1:1 ratio for every existing fully paid-up Equity Share held by a member. This adjustment has been factored into the calculation of the weighted average number of equity shares for all comparative periods in accordance with Ind AS 3. Consequently, both basic and diluted EPS have been adjusted for all presented periods.
Balance Sheet (₹ lakhs)
|
Mar-21 |
Mar-22 |
Mar-23 |
ASSETS: |
|
|
|
Non-Current Assets: |
|
|
|
Property, Plant and Equipment |
3,609.11 |
4,439.52 |
4,979.97 |
Right-of-Use-Asset |
113.25 |
93.26 |
106.47 |
Capital Work in Progress |
40.14 |
39.18 |
84.77 |
Intangible Assets Under Development |
- |
- |
- |
Financial Assets: |
|
|
|
Investments |
0.50 |
0.50 |
0.50 |
Loans |
- |
- |
- |
Other Financial Assets |
- |
68.84 |
97.00 |
Other Non-Current Assets |
134.15 |
54.54 |
100.28 |
Total Non-Current Assets |
3,897.15 |
4,695.84 |
5,368.99 |
|
|
|
|
Current Assets: |
|
|
|
Inventories |
3,268.19 |
3,719.05 |
3,495.32 |
Financial Assets: |
|
|
|
Investments |
- |
- |
50.00 |
Trade Receivables |
6,243.80 |
7,266.49 |
11,559.41 |
Cash and Cash Equivalents |
613.34 |
9.73 |
8.70 |
Other Bank Balances |
472.03 |
141.39 |
234.39 |
Other Financial Assets |
18.41 |
59.49 |
319.60 |
Current Tax Assets |
12.11 |
10.74 |
10.74 |
Other Current Assets |
1,498.07 |
1,241.51 |
1,441.73 |
Total Current Assets |
12,125.95 |
12,448.40 |
17,119.89 |
|
|
|
|
Total Assets |
16,023.10 |
17,144.24 |
22,488.88 |
|
|
|
|
EQUITY AND LIABILITIES: |
|
|
|
Equity: |
|
|
|
Equity Share Capital |
676.06 |
1,352.12 |
1,352.12 |
Other Equity |
5,729.86 |
7,085.20 |
11,675.39 |
Equity Attributable to the Owners |
6,405.92 |
8,437.32 |
13,027.51 |
|
|
|
|
Non-Controlling Interest |
- |
- |
- |
Total Equity |
6,405.92 |
8,437.32 |
13,027.51 |
|
|
|
|
Liabilities: |
|
|
|
Non-Current Liabilities: |
|
|
|
Financial Liabilities |
|
|
|
Borrowings |
313.93 |
323.65 |
103.05 |
Lease Liabilities |
61.29 |
50.77 |
59.96 |
Provisions |
54.76 |
44.17 |
36.83 |
Deferred Tax Liabilities |
242.43 |
268.69 |
272.21 |
Total Non-Current Liabilities |
672.41 |
687.28 |
472.05 |
|
|
|
|
Current Liabilities: |
|
|
|
Financial Liabilities: |
|
|
|
Borrowings |
6,916.15 |
6,166.28 |
5,422.52 |
Lease Liabilities |
23.94 |
19.11 |
25.29 |
Trade Payables: |
|
|
|
Total outstanding dues of micro enterprises and small enterprises |
92.68 |
43.22 |
81.12 |
Other Creditors |
1,275.30 |
1,093.40 |
2,946.44 |
Other Financial Assets |
185.67 |
128.36 |
133.58 |
Other Current Liabilities |
321.52 |
302.51 |
218.84 |
Provisions |
94.19 |
92.50 |
109.06 |
Current Tax Liabilities |
35.32 |
174.26 |
52.47 |
Total Current Liabilities |
8,944.77 |
8,019.64 |
8,989.32 |
|
|
|
|
Total Equity & Liabilities |
16,023.10 |
17,144.24 |
22,488.88 |
Cash Flow Statement (₹ lakhs)
|
Mar-21 |
Mar-22 |
Mar-23 |
Net Profit Before Tax |
1,987.37 |
2,974.98 |
6,703.28 |
Net Cash from Operating Activities |
-1,949.19 |
1,509.70 |
2,902.36 |
Net Cash Used for Investing Activities |
-1,235.31 |
-732.41 |
-1,016.91 |
Net Cash From (Used For) Financing Activities |
3,792.36 |
-1,380.88 |
-1,886.50 |
Net Increase in Cash and Cash Equivalents |
607.86 |
-603.59 |
-1.05 |
Cash And Cash Equivalents at The Beginning of The Year |
5.47 |
613.33 |
9.74 |
Cash And Cash Equivalents at The End of the Year |
613.33 |
9.74 |
8.69 |
Ratio Analysis
|
Mar-21 |
Mar-22 |
Mar-23 |
Profitability Ratio |
|
|
|
EBITDA Margin |
6.69% |
6.66% |
9.39% |
EBIT Margin |
5.73% |
5.80% |
8.79% |
Pre-Tax Margin |
4.93% |
5.20% |
8.24% |
Net Profit Margin |
3.67% |
3.84% |
6.14% |
|
|
|
|
Return on Investment |
|
|
|
Return on Asset – ROA |
12% |
13% |
25% |
Return on Capital Employed – ROCE |
36% |
41% |
63% |
Return on Equity – ROE |
26% |
30% |
47% |
|
|
|
|
Liquidity Ratio (x) |
|
|
|
Current ratio |
1.36 |
1.55 |
1.90 |
Quick Ratio |
0.99 |
1.09 |
1.52 |
|
|
|
|
Solvency Ratio |
|
|
|
Debt to Equity |
0.05 |
0.04 |
0.01 |
Interest Coverage Ratio |
7 |
10 |
16 |
Technical Analysis
Recommendation Rationale
Valuation
Estimated Income Statement (₹ in lakhs)
|
Mar-24 |
Mar-25 |
Mar-26 |
Mar-27 |
Mar-28 |
|
2024-E |
2025-E |
2026-E |
2027-E |
2028-E |
Revenue |
94,806.72 |
1,09,747.67 |
1,27,045.12 |
1,47,070.92 |
1,70,255.63 |
Operating Expenses |
75,542.14 |
86,119.58 |
99,721.34 |
1,15,471.38 |
1,33,708.98 |
Employee Expenses |
1,858.03 |
2,151.48 |
2,491.29 |
2,884.77 |
3,340.39 |
Other Expenses |
10,007.17 |
11,587.71 |
13,417.88 |
15,537.11 |
17,991.04 |
EBITDA |
7,399.38 |
9,888.90 |
11,414.61 |
13,177.67 |
15,215.22 |
Depreciation |
547.87 |
620.82 |
706.64 |
807.20 |
924.74 |
EBIT |
6,851.51 |
9,268.08 |
10,707.97 |
12,370.47 |
14,290.48 |
Financial Cost |
428.01 |
578.97 |
668.92 |
772.77 |
892.71 |
EBT before Share of Profit/(Loss) of Joint Venture and Associates |
6,423.50 |
8,689.11 |
10,039.05 |
11,597.70 |
13,397.77 |
Share of Profit/(Loss) of Joint Venture and Associates |
- |
- |
- |
- |
- |
PBT |
6,423.50 |
8,689.11 |
10,039.05 |
11,597.70 |
13,397.77 |
Tax expenses |
1,634.97 |
2,211.63 |
2,555.23 |
2,951.95 |
3,410.12 |
PAT |
4,788.53 |
6,477.48 |
7,483.82 |
8,645.75 |
9,987.65 |
DISCLAIMER |
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