About the Stock:
MOIL, previously known as Manganese Ore (India) Limited, is a state-owned miniratna manganese ore mining company based in Nagpur, India. It holds a 50% market share, making it the largest producer of manganese ore in the country. MOIL operates 11 mines in the districts of Maharashtra and Madhya Pradesh. It ranked #486 among India’s top 500 companies and 9th in the Mines and Metals Sector of the Fortune India 500 list in 2011.
In December 2010, the Indian government divested about 20% of its equity in an IPO, with the Indian Government selling 10%, and the Governments of Maharashtra and Madhya Pradesh each selling 5%. Currently, the central government holds 54% of the shares, the two state governments hold about 11%, and the public holds around 35%.
Business Model / Products & Services:
- Company Overview: MOIL is a state-owned miniratna company headquartered in Nagpur, India, specializing in manganese ore mining.
- Market Position: Largest producer of manganese ore in India, commanding a 50% market share.
- Operations: Manages 11 mines across Maharashtra and Madhya Pradesh.
- Financials: Ranked #486 in Fortune India 500 and 9th in the Mines and Metals Sector in 2011.
- Ownership Structure:
- Central Government: 54% shareholding
- State Governments of Maharashtra and Madhya Pradesh: 11% shareholding (5.5% each)
- Public Shareholders: 35%
- Recent Developments: In December 2010, 20% equity was divested through an IPO, with the Indian Government selling 10% and state governments 5% each.
| Company Valuation | |
| Sector | Mining & Minerals |
| NSE | MOIL |
| BSE | 533286 |
| Market Capitalization | Rs 10,033Crore (As of July 31, 2024) |
| Book Value Per Share | Rs 121 |
| Face Value | Rs 10 |
| P/E ratio | 34.30 |
| 52 week H/L | Rs 588 / 183 |
| Dividend Yield (%) | 1.23 |
| Shareholding Pattern | ||||
| Particulars | Sep-23 | Dec-23 | Mar-24 | Jun-24 |
| Foreign Promoters % | 0 | 0 | 0 | 0 |
| Indian Promoters % | 64.68 | 64.68 | 64.68 | 64.68 |
| DIIs % | 12.73 | 11.3 | 12.36 | 10 |
| FIIs % | 5.72 | 4.71 | 2.35 | 3.48 |
| Others % | 16.87 | 19.31 | 20.61 | 21.84 |
| Ratios (Standalone) | |||||
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| ROCE % | 24.47 | 11.65 | 8.6 | 21.12 | 15.25 |
| ROE % | 16.11 | 8.49 | 6.33 | 15.2 | 11.43 |
| ROA % | 13.87 | 7.22 | 5.31 | 12.71 | 9.59 |
| Interest Coverage Ratio | – | – | – | 711.9 | – |
| D/E | 0 | 0 | 0 | 0 | 0 |
| P/B | 1.33 | 0.87 | 1.27 | 1.75 | 1.29 |
| Balance Sheet (Standalone Figures in Rs. Crores.) | |||||
| (Year-end March) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| Share Capital | 258 | 237 | 237 | 203 | 203 |
| Reserves | 2,825 | 2,526 | 2,583 | 1,938 | 2,041 |
| Borrowings | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 508 | 523 | 553 | 418 | 422 |
| Total Liabilities | 3,591 | 3,286 | 3,373 | 2,560 | 2,666 |
| Fixed Assets | 430 | 587 | 663 | 676 | 852 |
| Capital WIP | 295 | 240 | 201 | 300 | 261 |
| Investments (Long Term) | 0 | 0 | 0 | 7 | 9 |
| Other Assets | 2,865 | 2,458 | 2,509 | 1,576 | 1,545 |
| Total Assets | 3,591 | 3,286 | 3,373 | 2,560 | 2,666 |
| Profit & Loss (Standalone Figures in Rs. Crores.) | ||||||
| (Year-end March) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM |
| Sales | 1,441 | 1,038 | 1,177 | 1,436 | 1,342 | 1,563 |
| Other Income | 191 | 181 | 102 | 79 | 77 | 94 |
| Expenses | 845 | 783 | 891 | 895 | 973 | 1,035 |
| Operating Profit | 787 | 437 | 389 | 621 | 446 | 623 |
| OPM% | 55 | 42 | 33 | 43 | 33 | 39 |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 67 | 96 | 99 | 103 | 114 | 147 |
| Profit Before Tax | 720 | 340 | 240 | 523 | 334 | 475 |
| Tax% | 34 | 27 | 26 | 28 | 25 | 25 |
| Net Profit | 454 | 254 | 187 | 377 | 251 | 359 |
| PATM% | 32 | 24 | 16 | 26 | 19 | 22 |
| Cash Flows (Standalone Figures in Rs. Crores.) | |||||
| (Year-end March) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| Cash from Operating Activity | 424 | 58 | 291 | 360 | 212 |
| Cash from Investing Activity | -254 | 588 | -360 | 693 | -102 |
| Cash from Financing Activity | -173 | -562 | -131 | -1,033 | -122 |
| Net Cash Flow | -3 | 84 | -200 | 20 | -12 |
Q1 FY25 Result Update:
- Net Sales: ₹492.84 crore in June 2024, up 29.79% from ₹379.71 crore in June 2023.
- Net Profit: ₹152.35 crore in June 2024, up 75.98% from ₹86.57 crore in June 2023.
- EBITDA: ₹240.77 crore in June 2024, up 61.2% from ₹149.36 crore in June 2023.
- Earnings Per Share (EPS): Increased to ₹7.49 in June 2024 from ₹4.25 in June 2023.
| Quarterly Results (Standalone Figures in Rs. Crores) | ||||||
| Particulars | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 |
| Sales | 428 | 380 | 348 | 306 | 416 | 493 |
| Other Income | 20 | 26 | 20 | 23 | 24 | 27 |
| Expenses | 296 | 256 | 251 | 217 | 288 | 279 |
| Operating Profit | 153 | 149 | 117 | 113 | 152 | 241 |
| OPM% | 36 | 39 | 34 | 37 | 37 | 49 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 31 | 33 | 35 | 37 | 39 | 36 |
| Profit Before Tax | 121 | 116 | 82 | 76 | 113 | 204 |
| Tax% | 33 | 25 | 25 | 29 | 19 | 25 |
| Net Profit | 81 | 87 | 62 | 54 | 91 | 152 |
| PATM% | 19 | 23 | 18 | 18 | 22 | 31 |
Conclusion:
Based on the robust financial performance in recent quarters, MOIL demonstrates strong growth prospects and financial stability. The significant increases in net sales, net profit, EBITDA, and EPS indicate solid operational efficiency and profitability. Additionally, the impressive stock performance, with substantial returns over the last 6 and 12 months, reflects positive market sentiment and investor confidence. Overall, MOIL’s fundamentals suggest a promising future, making it an attractive investment opportunity.
