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Manorama Industries

₹585 24.9 | 4.4%

Market Cap ₹3487 Cr.

Stock P/E 92.7

P/B 10.8

Current Price ₹585

Book Value ₹ 54.3

Face Value 2

52W High ₹1407.2

Dividend Yield 0.07%

52W Low ₹ 237.4

Manorama Industries Research see more...

Overview Inc. Year: 2005Industry: Solvent Extraction

Manorama Industries Ltd manufactures, processes, and substances speciality fats and butters from tree-borne, and plant-based seeds and nuts in India and internationally. The corporation offers shea butter and fats, sal butter, sal fat, sal oil, sal stearine, sal olein, mango butter and fats, mango oil, mango stearine, kokum butter and oil, mowrah fats, and de-oiled cakes, in addition to dhupa, mowrah, and phulwara butter. It also presents sal, kokum, rice bran, shea, and mango kernel meal; and organic castor, neem, karanja, safflower, moringa, and rice bran oil. In addition, the organization trades in cassia tora seed, rice, wheat, sugar, maize, raw cotton, cotton linter, maize/corn, soy meal, cotton seed meal, rice bran meal, sesame, sorghum yellow and white, niger seed, medicinal herbs, and safflower merchandise. Further, it offers value-added tailor made products to shape the components of cocoa butter equivalents. Its merchandise are main used in chocolate and confectionery, bakery, dairy, special vitamins, food service, personal care, and other industries. Manorama Industries Ltd incorporated in 2005 and is based in Raipur, India.

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Manorama Industries Share Price

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Manorama Industries Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 71 69 78 73 81 95 102 112 118 98
Other Income 3 3 2 1 1 1 3 3 2 4
Total Income 74 72 79 74 82 97 105 115 120 103
Total Expenditure 62 60 66 60 69 80 85 93 99 83
Operating Profit 12 12 13 13 13 16 20 22 21 20
Interest 2 2 1 2 2 2 2 2 5 6
Depreciation 2 2 2 2 3 3 3 3 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 8 8 9 10 8 11 14 16 12 11
Provision for Tax 2 3 3 3 3 4 4 5 4 3
Profit After Tax 6 6 7 7 6 7 10 12 9 7
Adjustments 0 -0 -0 0 0 -0 0 0 0 0
Profit After Adjustments 6 6 7 7 6 7 10 12 9 7
Adjusted Earnings Per Share 1.1 1 1.1 1.1 1 1.2 1.7 1.9 1.4 1.2

Manorama Industries Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 104 133 131 145 219 102 188 203 279 351 430
Other Income 1 1 1 1 3 4 6 6 8 6 12
Total Income 105 133 132 146 222 106 194 209 287 357 443
Total Expenditure 101 129 127 143 204 74 144 168 240 294 360
Operating Profit 5 4 4 4 18 32 50 41 47 63 83
Interest 3 2 2 1 2 5 10 10 6 9 15
Depreciation 1 1 1 1 1 1 8 8 8 11 13
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 1 2 2 16 27 32 22 34 43 53
Provision for Tax 0 0 1 1 6 7 9 8 9 13 16
Profit After Tax 1 1 1 1 10 19 23 15 24 30 38
Adjustments 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 1 1 1 10 19 23 15 24 30 38
Adjusted Earnings Per Share 0.3 0.3 0.3 0.4 2.6 3.4 4.2 2.6 4.1 5 6.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 23% 10% 0%
Operating Profit CAGR 34% 8% 28% 0%
PAT CAGR 25% 9% 25% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 145% 46% 70% NA%
ROE Average 11% 11% 17% 17%
ROCE Average 13% 13% 20% 24%

Manorama Industries Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 9 10 13 14 24 104 127 145 268 298
Minority's Interest 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 1 1 15 30 24
Other Non-Current Liabilities -0 -0 -0 -0 0 -0 0 3 3 6
Total Current Liabilities 12 7 7 8 21 29 161 91 95 96
Total Liabilities 21 16 20 22 46 133 289 254 396 424
Fixed Assets 2 3 3 3 3 6 51 57 55 97
Other Non-Current Assets 0 0 0 0 1 29 12 17 61 57
Total Current Assets 19 14 17 20 42 98 226 180 280 270
Total Assets 21 16 20 22 46 133 289 254 396 424

Manorama Industries Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 6 7 7 10 16 0 2 1 0 49
Cash Flow from Operating Activities 0 10 1 11 -11 -11 -60 33 -33 59
Cash Flow from Investing Activities 1 -0 -0 0 -1 -50 -10 11 -35 -99
Cash Flow from Financing Activities -0 -10 2 -5 16 63 85 -45 117 -7
Net Cash Inflow / Outflow 0 0 3 6 3 2 15 -0 49 -47
Closing Cash & Cash Equivalent 7 7 10 16 19 2 17 0 49 2

Manorama Industries Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 0.29 0.31 0.29 0.36 2.63 3.43 4.19 2.62 4.05 5
CEPS(Rs) 0.49 0.53 0.51 0.58 2.82 3.57 5.57 4.05 5.38 6.82
DPS(Rs) 0 0 0 0 0 0 0 0 0 0.4
Book NAV/Share(Rs) 2.83 3.13 3.44 3.81 6.44 18.68 22.87 26.01 45.01 50.01
Core EBITDA Margin(%) 3.52 2.57 2.79 1.9 7.17 27.62 23.29 17.11 13.95 16.09
EBIT Margin(%) 3.84 2.74 2.64 1.96 8.06 30.38 22.38 16.21 14.08 14.74
Pre Tax Margin(%) 1.19 1.09 1.28 1.41 7.26 25.94 17.19 11.04 12.01 12.27
PAT Margin (%) 0.86 0.71 0.83 0.95 4.53 18.61 12.4 7.2 8.65 8.49
Cash Profit Margin (%) 1.44 1.23 1.48 1.51 4.85 19.41 16.47 11.12 11.48 11.58
ROA(%) 4.25 5.03 5.97 6.54 29.07 21.29 11.07 5.37 7.43 7.26
ROE(%) 10.37 10.3 9.56 10.05 51.36 29.73 20.19 10.72 11.69 10.52
ROCE(%) 19.79 21.43 21.89 17.57 62.3 36.46 22.47 13.78 12.95 13.18
Receivable days 11.06 5.74 1.92 1.81 2.26 28.16 29.49 34.78 31.02 27.4
Inventory Days 26.62 14.43 11.67 9.3 16.59 98.08 181.35 246.15 198.97 176.23
Payable days 1.84 2.96 4.79 12.74 8.47 10.36 75.68 63.3 18.94 10.53
PER(x) 0 0 0 0 0 11.53 14.54 61.73 57.43 41.23
Price/Book(x) 0 0 0 0 0 2.11 2.67 6.22 5.17 4.12
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0.19
EV/Net Sales(x) 0.06 -0.01 -0.02 -0.09 0.03 1.97 2.24 4.78 5.17 3.64
EV/Core EBITDA(x) 1.47 -0.28 -0.72 -3.67 0.35 6.32 8.48 23.73 30.56 20.42
Net Sales Growth(%) 0 26.95 -1.13 11.02 50.78 -53.32 83.83 7.64 37.75 25.68
EBIT Growth(%) 0 -9.42 -4.95 -17.59 521.12 76.04 35.43 -22.03 19.59 31.64
PAT Growth(%) 0 5.07 14.92 27.08 622.26 91.91 22.43 -37.51 65.57 23.32
EPS Growth(%) 0 4.39 -6.3 27.08 622.27 30.2 22.43 -37.51 54.57 23.32
Debt/Equity(x) 1.34 0.41 0.38 0.01 0.74 0.24 0.94 0.59 0.4 0.37
Current Ratio(x) 1.51 2.05 2.41 2.41 1.94 3.39 1.41 1.97 2.95 2.82
Quick Ratio(x) 0.89 1.62 1.63 2.18 1.1 2.11 0.47 0.62 1.04 1.17
Interest Cover(x) 1.45 1.66 1.94 3.56 10.11 6.84 4.31 3.13 6.8 5.97
Total Debt/Mcap(x) 0 0 0 0 0 0.11 0.35 0.09 0.08 0.09

Manorama Industries Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 57.26 57.26 57.26 57.26 57.26 57.26 57.26 57.26 57.26 57.26
FII 2.4 2.4 2.4 2.44 2.2 2.27 2.59 2.79 2.81 2.53
DII 3.4 3.4 3.4 3.46 3.46 3.46 3.4 3.26 2.55 2.51
Public 36.94 36.94 36.94 36.85 37.09 37.02 36.75 36.69 37.39 37.71
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 24% CAGR over last 5 years
  • Debtor days have improved from 18.94 to 10.53days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Stock is trading at 10.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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