VMS Industries Ltd

VMS Industries Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

VMS Industries Ltd

₹ 33.0 1.48%
25 Feb - close price
vmsil.com BSE: 533427
About

Incorporated in 1991, VMS Industries Ltd is in the business of Ship Breaking and trading of Ferrous and Non-Ferrous metals[1]

Key Points

Business Overview:[1][2]
Company's ship breaking yard is located at Alang-Sosiya belt, which constitutes nearly 90% of India’s ship-breaking activities and is India’s largest ship-breaking cluster. Company has 1 plot to carry out its ship recycling business at Alang which is leased out to Gujarat Maritime Board on a 10-year lease which gets renewed on expiry. The business model of VIL largely requires nonfund based facility (Letter of Credit) which is used to purchase the old ships for ship breaking activity. On purchase of ship, VIL is required to pay entire purchase value of the ship by availing LC limit from the bank whereas its sales happen over a period of time. Till date, company has recycled 37 ships viz. Annoula, Colombo Star 2, Jamaima, Kapadokia, Loretta D, etc. at Alang Ship Breaking yard

Website BSE
  • Market Cap ₹ 80.7 Cr.
  • Current Price ₹ 33.0
  • High / Low ₹ 75.0 / 31.0
  • Stock P/E 26.4
  • Book Value ₹ 37.5
  • Dividend Yield 1.52 %
  • ROCE 11.7 %
  • ROE 10.4 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Stock is trading at 0.88 times its book value
  • Company is expected to give good quarter
  • Debtor days have improved from 57.4 to 45.8 days.
  • Company's working capital requirements have reduced from 111 days to 29.1 days

Cons

  • Promoter holding is low: 38.1%
  • Company has a low return on equity of 4.73% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 53.0% of their holding.
  • Earnings include an other income of Rs.5.41 Cr.
  • Promoter holding has decreased over last 3 years: -18.5%

* 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.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
45.44 59.46 56.39 18.91 37.96 27.13 13.38 87.57 73.79 91.64 105.42 97.47 33.56
46.77 59.86 55.97 19.08 38.66 27.03 13.53 84.42 70.25 90.81 103.13 97.58 33.76
Operating Profit -1.33 -0.40 0.42 -0.17 -0.70 0.10 -0.15 3.15 3.54 0.83 2.29 -0.11 -0.20
OPM % -2.93% -0.67% 0.74% -0.90% -1.84% 0.37% -1.12% 3.60% 4.80% 0.91% 2.17% -0.11% -0.60%
2.12 0.97 1.00 0.77 1.34 2.26 0.92 0.59 1.12 1.84 0.18 2.65 0.74
Interest 0.55 0.67 0.82 0.03 0.34 0.47 0.45 1.07 0.70 0.72 1.40 1.41 -0.05
Depreciation 0.10 0.09 0.10 0.10 0.09 0.10 0.10 0.10 0.10 0.16 0.20 0.15 0.15
Profit before tax 0.14 -0.19 0.50 0.47 0.21 1.79 0.22 2.57 3.86 1.79 0.87 0.98 0.44
Tax % 28.57% -21.05% 26.00% 31.91% 33.33% 8.94% 31.82% 26.07% 25.39% 22.91% 29.89% 25.51% 25.00%
0.10 -0.15 0.38 0.33 0.15 1.64 0.15 1.90 2.88 1.38 0.61 0.72 0.34
EPS in Rs 0.04 -0.06 0.16 0.13 0.06 0.67 0.06 0.78 1.18 0.56 0.25 0.29 0.14
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
123 111 79 97 114 118 178 176 153 158 140 266 328
123 111 79 98 115 117 176 178 153 159 141 260 325
Operating Profit -1 0 -0 -1 -1 1 2 -2 0 -2 -0 6 3
OPM % -1% 0% -0% -1% -1% 1% 1% -1% 0% -1% -0% 2% 1%
4 3 4 4 3 3 2 5 4 6 5 4 5
Interest 1 2 2 1 0 1 1 2 3 2 2 2 3
Depreciation 1 1 1 0 0 0 0 0 0 0 0 0 1
Profit before tax 2 1 1 1 2 2 3 1 1 1 3 8 4
Tax % 18% 31% 37% 32% 43% 33% 30% 9% 27% 28% 16% 25%
2 1 1 1 1 1 2 1 1 1 2 6 3
EPS in Rs 0.64 0.42 0.22 0.39 0.40 0.58 0.81 0.49 0.43 0.44 1.02 2.58 1.24
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 9%
5 Years: 8%
3 Years: 20%
TTM: 63%
Compounded Profit Growth
10 Years: 19%
5 Years: 26%
3 Years: 80%
TTM: -54%
Stock Price CAGR
10 Years: 4%
5 Years: 22%
3 Years: 31%
1 Year: -27%
Return on Equity
10 Years: 3%
5 Years: 4%
3 Years: 5%
Last Year: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 16 16 16 16 16 16 16 16 16 16 16 16 24
Reserves 34 35 35 36 36 37 39 37 38 39 41 47 67
36 60 4 11 1 15 16 48 22 32 29 22 21
5 1 4 27 77 46 79 75 26 47 1 85 37
Total Liabilities 91 113 60 90 130 114 151 177 102 134 88 172 150
10 7 6 7 6 6 6 6 5 5 5 6 6
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 4 7 9 9 10 15 8 3 3 4 0 0 0
77 99 45 74 113 92 137 169 94 125 83 165 144
Total Assets 91 113 60 90 130 114 151 177 102 134 88 172 150

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
13 -17 35 -7 32 -20 -13 -41 28 -11 -6 47
3 3 -2 -1 2 -2 10 11 3 3 9 2
-38 26 -56 6 -10 12 1 30 -29 7 -4 -8
Net Cash Flow -22 12 -24 -2 24 -10 -3 0 1 -1 -1 41

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 27 33 18 65 65 82 17 96 45 60 67 46
Inventory Days 56 99 3 64 94 91 212 176 37 115 6 60
Days Payable 1 1 0 102 261 152 167 156 62 109 0 121
Cash Conversion Cycle 82 131 20 27 -102 22 61 115 20 65 72 -16
Working Capital Days 142 201 126 84 -1 62 75 154 115 137 166 29
ROCE % 3% 3% 3% 5% 4% 6% 5% 4% 5% 4% 3% 12%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
56.61% 56.61% 56.61% 56.61% 56.61% 56.61% 56.61% 56.61% 56.61% 38.10% 38.10% 38.10%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.40% 0.39%
43.39% 43.39% 43.39% 43.39% 43.40% 43.39% 43.39% 43.38% 43.39% 61.90% 61.49% 61.50%
No. of Shareholders 2,0652,0572,1752,2472,3202,3723,7173,4663,9997,67821,62621,556

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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