BSE: 519287 | NSE: | Consumer Food | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Modern Dairies Ltd is a average quality company.
The key valuation ratios of Modern Dairies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Modern Dairies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 12.7% | -6.9% | -9.1% | -8.4% | -19.7% | 7.6% | 4.2% | -27.1% | 9.2% | 22.1% | - |
| Value Creation Index ⓘ | -0.1 | NA | NA | NA | NA | -0.5 | -0.7 | NA | -0.3 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 638 | 625 | 497 | 457 | 467 | 560 | 766 | 610 | 241 | 216 | 362 |
| Sales YoY Gr. | - | -2% | -20.5% | -8% | 2.1% | 20.1% | 36.6% | -20.3% | -60.6% | -10.2% | - |
| Adj EPS ⓘ | 3.5 | -9.9 | -10.4 | -9 | -8 | 2.6 | 1.5 | -8 | 2.1 | 5.2 | 14.7 |
| YoY Gr. | - | -383.9% | NA | NA | NA | NA | -42.5% | -639.6% | NA | 145.8% | - |
| BVPS (₹) ⓘ | -4.9 | -14.5 | -24.9 | -29.8 | -37.7 | -35.1 | -33.6 | -48.5 | -46.4 | -41.2 | -26.5 |
| Adj Net Profit ⓘ | 8.1 | -23 | -24.3 | -21 | -18.6 | 6 | 3.5 | -18.7 | 4.9 | 12.2 | 34 |
| Cash Flow from Ops. ⓘ | -7.1 | 17 | 30.2 | 2.6 | 15.9 | 3.6 | 6.3 | 6.7 | 16.8 | 15.1 | - |
| Debt/CF from Ops. ⓘ | -25.3 | 10.6 | 5.8 | 68.7 | 10.5 | 45.7 | 26.3 | 24.6 | 9.8 | 10.9 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -11.3% | -14.3% | -34.4% | -10.2% | ||||
| Adj EPS ⓘ | 4.6% | NA | 51.8% | 145.8% | ||||
| BVPSⓘ | NA | NA | NA | NA | ||||
| Share Price | 10.6% | 69.6% | 57.7% | 111.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -50.6 | 102.2 | 53.1 | 33 | 23.6 | -7.1 | -4.3 | 19.6 | -4.5 | -11.9 | -43.4 |
| Op. Profit Mgn % ⓘ | 3 | -0.6 | -0.4 | -0.8 | -2.9 | 2 | 1.1 | 1.7 | 4.1 | 7.1 | 5.7 |
| Net Profit Mgn % ⓘ | 1.3 | -3.7 | -4.9 | -4.6 | -4 | 1.1 | 0.5 | -3.1 | 2.1 | 5.6 | 9.5 |
| Debt to Equity ⓘ | -15.9 | -5.3 | -3 | -2.6 | -1.9 | -2 | -2.1 | -1.5 | -1.5 | -1.7 | - |
| Working Cap Days ⓘ | 68 | 69 | 75 | 64 | 43 | 31 | 26 | 28 | 49 | 68 | 28 |
| Cash Conv. Cycle ⓘ | 41 | 46 | 44 | 33 | 17 | 8 | 8 | 10 | 21 | 21 | -50 |
Net Profit is growing at healthy rate in last 3 years 51.78%
Sales growth is good in last 4 quarters at 75.28%
Return on Equity is Poor
Sales growth has been subdued in last 3 years -34.41%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 14.7 | - |
| TTM Sales (₹ Cr.) | 362 | - |
| BVPS (₹.) ⓘ | -26.5 | - |
| Reserves (₹ Cr.) ⓘ | -85 | - |
| P/BV ⓘ | -1.80 | - |
| PE ⓘ | 3.24 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 16.36 / 50.00 |
| All Time Low / High (₹) | 0.25 / 114.85 |
| Market Cap (₹ Cr.) | 111 |
| Equity (₹ Cr.) | 23.3 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 65.3 |
| Pledged * | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 99.95 | 99.95 | 99.95 | 99.95 | 99.95 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 638 | 625 | 497 | 457 | 467 | 560 | 766 | 610 | 241 | 216 |
| Operating Expenses ⓘ | 619 | 629 | 499 | 461 | 480 | 549 | 757 | 600 | 231 | 201 |
| Manufacturing Costs | 46 | 47 | 37 | 33 | 36 | 42 | 46 | 42 | 44 | 46 |
| Material Costs | 558 | 567 | 448 | 414 | 428 | 489 | 694 | 538 | 168 | 136 |
| Employee Cost | 8 | 7 | 7 | 8 | 9 | 9 | 10 | 11 | 12 | 12 |
| Other Costs ⓘ | 8 | 8 | 8 | 5 | 8 | 9 | 7 | 8 | 7 | 6 |
| Operating Profit ⓘ | 19 | -3 | -2 | -4 | -14 | 11 | 9 | 10 | 10 | 15 |
| Operating Profit Margin (%) | 3.0% | -0.6% | -0.4% | -0.8% | -2.9% | 2.0% | 1.1% | 1.7% | 4.1% | 7.1% |
| Other Income ⓘ | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 |
| Interest ⓘ | 16 | 17 | 18 | 17 | 0 | 0 | 0 | 0 | 0 | 3 |
| Depreciation ⓘ | 7 | 5 | 5 | 5 | 5 | 5 | 6 | 22 | 6 | 3 |
| Exceptional Items ⓘ | 11 | 0 | 0 | 14 | 0 | 0 | 0 | -23 | 0 | 0 |
| Profit Before Tax ⓘ | 9 | -24 | -24 | -11 | -19 | 6 | 3 | -35 | 5 | 12 |
| Tax ⓘ | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 9 | -22 | -24 | -11 | -19 | 6 | 3 | -35 | 5 | 12 |
| PAT Margin (%) | 1.5% | -3.6% | -4.9% | -2.5% | -4.0% | 1.1% | 0.5% | -5.7% | 2.1% | 5.6% |
| Adjusted EPS (₹) | 4.1 | -9.5 | -10.4 | -4.9 | -8.0 | 2.6 | 1.5 | -14.9 | 2.1 | 5.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | -11 | -34 | -58 | -69 | -88 | -82 | -78 | -113 | -108 | -96 |
| Share Capital ⓘ | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves ⓘ | -35 | -57 | -81 | -93 | -111 | -105 | -102 | -136 | -131 | -119 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 173 | 165 | 154 | 177 | 1 | 0 | 0 | 0 | 0 | 1 |
| Long Term Debt | 109 | 97 | 85 | 108 | 1 | 0 | 0 | 0 | 0 | 0 |
| Short Term Debt | 64 | 68 | 70 | 69 | 0 | 0 | 0 | 0 | 0 | 1 |
| Trade Payables | 19 | 30 | 29 | 25 | 18 | 27 | 34 | 16 | 5 | 33 |
| Others Liabilities ⓘ | 27 | 38 | 49 | 21 | 186 | 190 | 174 | 172 | 165 | 147 |
| Total Liabilities ⓘ | 207 | 199 | 174 | 153 | 117 | 136 | 130 | 74 | 62 | 85 |
Fixed Assets | ||||||||||
| Gross Block | 145 | 147 | 150 | 84 | 87 | 92 | 95 | 100 | 102 | 104 |
| Accumulated Depreciation | 61 | 66 | 71 | 5 | 10 | 15 | 21 | 66 | 73 | 76 |
| Net Fixed Assetsⓘ | 84 | 82 | 79 | 79 | 77 | 76 | 74 | 34 | 30 | 29 |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 1 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 79 | 74 | 45 | 34 | 16 | 14 | 26 | 24 | 14 | 27 |
| Trade Receivables | 21 | 31 | 30 | 28 | 10 | 31 | 23 | 9 | 3 | 19 |
| Cash Equivalents | 2 | 0 | 6 | 1 | 3 | 2 | 1 | 1 | 7 | 0 |
| Others Assetsⓘ | 21 | 11 | 13 | 12 | 12 | 13 | 5 | 6 | 8 | 9 |
| Total Assets ⓘ | 207 | 199 | 174 | 153 | 117 | 136 | 130 | 74 | 62 | 85 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -7 | 17 | 30 | 3 | 16 | 4 | 6 | 7 | 17 | 15 |
| PBT ⓘ | 9 | -24 | -24 | -11 | -19 | 6 | 4 | -35 | 5 | 12 |
| Adjustment ⓘ | 24 | 22 | 22 | 22 | 8 | 6 | 6 | 46 | 7 | 7 |
| Changes in Working Capital ⓘ | -40 | 19 | 32 | -8 | 26 | -8 | -4 | -5 | 5 | -3 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 |
| Cash Flow From Investing Activity ⓘ | -1 | -2 | -2 | -5 | -3 | -4 | -5 | -3 | -2 | -3 |
| Capex | -1 | -2 | -2 | -5 | -3 | -5 | -5 | -3 | -2 | -3 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 8 | -16 | -22 | -3 | -11 | 0 | -2 | -3 | -9 | -19 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -1 | 0 | -8 | 4 | -107 | 1 | -5 | 0 | 0 | 0 |
| Interest Paid ⓘ | -15 | -16 | -16 | 3 | 0 | -1 | 4 | -3 | -9 | -19 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 24 | 0 | 1 | -9 | 96 | 1 | -2 | 0 | 0 | 0 |
| Net Cash Flow ⓘ | 0 | -1 | 6 | -5 | 1 | -1 | -1 | 0 | 6 | -7 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| ROCE (%) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover Ratio | 3.08 | 3.1 | 2.67 | 2.8 | 3.46 | 4.44 | 5.76 | 5.96 | 3.53 | 2.94 |
| PAT to CFO Conversion(x) | -0.78 | N/A | N/A | N/A | N/A | 0.67 | 2 | N/A | 3.4 | 1.25 | Working Capital Days |
| Receivable Days | 15 | 15 | 23 | 23 | 14 | 13 | 13 | 10 | 9 | 19 |
| Inventory Days | 44 | 44 | 44 | 31 | 19 | 10 | 9 | 15 | 29 | 35 |
| Payable Days | 19 | 16 | 24 | 24 | 18 | 17 | 16 | 17 | 22 | 51 |
Modern Dairies, incorporated as Modern Dairies Limited on April 22,1992 under the Companies Act, 1956. The company obtained fresh certificate on February 13,1996 consequent to change of registered office from UT of Chandigarh to State of Haryana with effect from March 20,1996 from Registrar of Companies, NCT of Delhi & Haryana. It is a part of the Modern Business Group, headquarted in Chandigarh.
The company has been promoted by Amarjit Goyal, S/o Late Lala Badri Dass Goyal of Nabha, Krishan Kumar Goyal, Alka Goyal , Modern Steels Limited and Chandigarh Finance (P) Ltd. However, MSL does not hold any shares in the company at present, hence ceased to be promoter. If it acquires any shares of the company, that will be in the capacity of Person Acting in Concert.
The company came with an IPO of Rs.433.00 lakh in the year 1993 to part finance the cost of project and got listed its securities on BSE, DSE and LSE, but the shares of the company got voluntarily delisted from DSE with effect from January 23 ,2004 and LSE with effect from March 26, 2004.
In 1993-94 the company set up a plant with capacity of 3.25 lacs kgs of milk per day based on three shifts (about 21 working hours per day) and is now processing 2.50 Lakh Kgs of milk per day on an average basis for the manufacture of milk products viz. skimmed milk powder, whole milk powder, dairy whitener, mozzarella cheese, pasteurized butter, pure ghee and pasteurized milk in pouches.
In 1997 the company made a reference to BIFR under section 15(1) of the Sick Industrial Companies (Special Provision) Act, 1985. BIFR registered MDL as a sick industrial company under section 3(1) (o) of SICA and appointed IFCI as the operating agency. Various concessions were given by IFCI, Punjab National Bank & Govt. of India (Ministry of Defence) & various steps were also initiated by the company and ultimately the company’s net worth became positive and BIFR in its meeting held on 08.12.2000 decided to take out the company out of the purview of BIFR and as such the nominee director was withdrawn.
In the year 1997, the company started manufacturing table butter and in the year 1998, the company started manufacturing mozzarella cheese. The company commissioned in the year 2002 its state-of-the-art facilities for mozzarella cheese. The company is already selling its dairy products to Glaxo SmithKline Consumer Healthcare Ltd, Britannia New Zealand Foods Pvt. Ltd., Nestle India Ltd., Hindustan Lever Ltd., and Domino’s Pizza.
The company was basically established to carry on the business of manufacturers, producers and processors of and dealers in milk, cream butter , ghee, cheese, condensed milk, malted milk , milk powder, skimmed milk powder, whole milk powder, ice milk, ice cream , milk foods, baby foods, invalids foods and milk products and milk preparations of all kind.
With stringent self-regulation, prudent economic foresight and sheer hardwork, the company has established a significant presence in the food and health space. They have over the years won the appreciation of renowned companies in their domain.
Product range of the company includes:
Milk & Milk products
Cheese
Nutritional Ingredients
Milk Fats
Customized Products
Clientele:
Achievements/ recognition:
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