Download - MSP Steel & Power Ltd.

MSP Steel & Power Ltd
Financial Summary
Income Statement FY09 FY10 FY11E FY12E FY13E
Gross Sales 4388.9 4142.8 6338.5 8873.8 11536.0
Excise dut 400.2 255.3 507.1 709.9 922.9
Net Sales 3988.6 3887.4 5831.4 8163.9 10613.1
Other Op. Income 0.0 0.0 0.0 0.0 0.0
Total Op. Income 3988.6 3887.4 5831.4 8163.9 10613.1
Raw Materials Consumed 2908.4 2671.0 3848.7 5224.9 6792.4
% to Total Op. Exp. 86.1 82.3 84.1 83.9 84.3
Total Op. Exp. 3378.6 3246.5 4578.2 6227.3 8058.2
EBITDA 610.0 641.0 1253.2 1936.7 2554.9
Other Income 150.1 71.1 78.2 86.0 94.6
Depreciation 74.1 125.7 322.6 486.9 655.0
EBIT 686.0 586.3 1008.8 1535.8 1994.5
Interest 194.2 204.0 498.0 720.0 810.0
PBT 491.7 382.3 510.8 815.8 1184.5
Tax Provision 92.8 61.7 168.6 269.2 390.9
PAT 398.9 320.5 342.3 546.6 793.6
INR mn
Balance Sheet FY09 FY10 FY11E FY12E FY13E
Net Assets 2272.8 2558.9 4690.4 6942.3 9088.1
CWIP 1052.1 2454.1 2470.0 2395.0 680.0
Investments 67.3 449.5 463.0 476.9 491.2
Current Assets
Inventories 393.4 683.4 874.7 1387.9 1698.1
Sundry Debtors 418.0 668.4 991.3 1387.9 1804.2
Cash & Bank Balances 194.0 378.7 437.5 653.3 796.2
Other Current Assets 426.2 542.0 758.8 1062.1 1274.4
Current Liabilities
Current Liabilities 215.7 642.3 816.4 1142.9 1485.8
Provisions 30.5 48.5 58.3 81.6 106.1
Net Working Capital 1185.4 1581.7 2187.6 3266.5 3981.0
Total assets 4577.6 7044.2 9811.1 13080.7 14240.3
Share Capital 581.0 581.0 581.0 581.0 581.0
Reserves 1111.3 1431.9 1774.1 2320.7 3114.3
Preference Capital 0.0 222.0 1200.0 1200.0 1200.0
Secured Loans 2494.4 4247.4 5584.9 8156.1 8332.0
Unsecured Loans 232.5 363.3 466.5 612.3 796.0
Def. Tax Liabilities 158.3 198.6 204.5 210.7 217.0
Total Liabilities 4577.6 7044.2 9811.1 13080.7 14240.3
Cash flow Statement FY09 FY10 FY11E FY12E FY13E
PBT 491.7 382.3 510.8 815.8 1184.5
Add: Depreciation 74.1 125.7 322.6 486.9 655.0
Interest 194.2 204.0 498.0 720.0 810.0
Less: Direct Taxes Paid -27.0 -21.5 -162.6 -263.1 -384.6
Increase in Working Capital -11.7 -211.6 -547.1 -863.1 -571.6
Other Miscellaneous 5.0 1.5 0.0 0.0 0.0
CF from Operations 726.3 480.5 621.6 896.5 1693.4
(Pur) / Sale of Fixed Assets -1220.7 -1815.3 -2470.0 -2663.8 -1085.8
(Pur.) / Sale of Investments -6.3 -382.3 -13.5 -13.9 -14.3
Other Miscellaneous 0.0 0.0 0.0 0.0 0.0
CF from Investments -1227.0 -2197.6 -2483.5 -2677.7 -1100.1
Change in Networth 0.0 222.0 978.0 0.0 0.0
Change in Loan Fund 673.8 1883.8 1440.7 2717.0 359.6
Less: Interest Paid -194.2 -204.0 -498.0 -720.0 -810.0
Dividend Paid 0.0 0.0 0.0 0.0 0.0
Other Miscellaneous 0.0 0.0 0.0 0.0 0.0
CF from Fin. activities 479.6 1901.7 1920.7 1997.0 -450.4
Net Change in Cash -21.1 184.7 58.8 215.8 142.9
Source: Bloomberg, Unicon Research
Key Ratios FY09 FY10 FY11E FY12E FY13E
Profitability & Margins (%)
EBITDA Margin 15.3% 16.5% 21.5% 23.7% 24.1%
EBIT Margin 17.2% 15.1% 17.3% 18.8% 18.8%
Pre-tax Margin 12.3% 9.8% 8.8% 10.0% 11.2%
PAT Margin 10.0% 8.2% 5.9% 6.7% 7.5%
EPS 6.9 5.5 5.9 9.4 13.7
Growth % -14.5% -19.6% 6.8% 59.7% 45.2%
RoE 23.6% 15.9% 14.5% 18.8% 21.5%
RoCE 15.5% 8.6% 10.5% 11.9% 14.2%
Leverage (x)
Debt / Equity 1.6 2.1 1.7 2.1 1.9
Interest Coverage 3.5 2.9 2.0 2.1 2.5
Current Ratio 2.3 9.2 4.4 5.1 4.6
Valuations (x)
EV/Sales 1.7 1.7 2.2 1.7 1.5
EV/EBITDA 8.9 11.0 13.1 7.8 6.3
P/E 10.4 13.0 12.2 7.6 5.2
P/BV 2.5 2.1 1.8 1.4 1.1
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Unicon Wealth Management
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