MBL Infrastructure Ltd

₹ 54.2 -2.45%

22 Nov 4:00 p.m.

About

Incorporated in 1995, MBL Infrastructure Ltd provides integrated engineering, procurement and construction services for civil construction and other infrastructure projects^[1]

Key Points

Business Overview:^[1]
MBL is a ISO 9001: 2015, 14001:2015, 45001:2018 certified company engaged in the execution of civil engineering projects in various business segments viz:
a) Roads & Highway Construction (EPC, BOT, O&M)
b) Building, Housing & Urban Infrastructure
c) Railways /Metro and Other Infrastructure.
MBL provides integrated engineering, procurement and construction (EPC) services
for civil construction and infrastructure sector projects

Website BSE NSE - BE

Market Cap ₹ 648 Cr.
Current Price ₹ 54.2
High / Low ₹ 85.1 / 36.2
Stock P/E 82.4
Book Value ₹ 109
Dividend Yield 0.00 %
ROCE 6.97 %
ROE 0.53 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.48 times its book value
Company is expected to give good quarter
Promoter holding has increased by 2.60% over last quarter.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -17.1% over past five years.
Tax rate seems low
Company has a low return on equity of 2.07% over last 3 years.
Contingent liabilities of Rs.319 Cr.
Earnings include an other income of Rs.176 Cr.
Company has high debtors of 790 days.
Company's cost of borrowing seems high

* 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: Infrastructure Developers & Operators Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	20	27	15	2	32	21	26	19	3	22	13	22	23
	30	36	44	30	35	28	105	50	30	53	36	51	58
Operating Profit	-10	-9	-29	-28	-2	-7	-79	-31	-27	-31	-23	-30	-35
OPM %	-52%	-34%	-195%	-1,464%	-8%	-33%	-306%	-159%	-894%	-139%	-182%	-137%	-152%
	18	27	18	32	8	19	72	34	31	35	28	33	81
Interest	-0	0	0	1	1	1	1	1	1	1	1	1	2
Depreciation	2	2	6	2	2	2	2	1	1	1	1	1	1
Profit before tax	6	16	-17	2	3	10	-9	1	1	2	2	2	42
Tax %	-254%	23%	-203%	-1%	70%	89%	-124%	0%	0%	0%	0%	0%	0%
	23	12	18	2	1	1	2	1	1	2	2	2	42
EPS in Rs	2.17	1.19	1.67	0.15	0.08	0.11	0.21	0.12	0.14	0.16	0.22	0.18	3.53
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
	1,343	1,754	1,948	2,314	2,271	487	147	166	146	74	81	57	80
	1,209	1,573	1,717	2,078	2,258	453	205	213	76	63	54	38	199
Operating Profit	134	180	231	236	13	34	-59	-47	70	11	28	20	-119
OPM %	10%	10%	12%	10%	1%	7%	-40%	-28%	48%	15%	34%	34%	-149%
	1	4	3	16	35	461	-202	370	114	87	131	127	176
Interest	53	74	102	127	157	248	7	8	127	80	147	135	5
Depreciation	7	10	15	17	18	15	14	14	53	11	6	5	5
Profit before tax	74	101	117	107	-126	232	-282	301	5	7	6	7	48
Tax %	25%	25%	31%	21%	-48%	-3%	-15%	-18%	-1,778%	-801%	-5%	0%
	55	75	80	85	-65	239	-241	354	93	64	6	7	48
EPS in Rs	15.81	21.47	19.32	20.42	-15.71	57.66	-23.03	33.82	8.91	6.07	0.55	0.63	4.09
Dividend Payout %	9%	7%	8%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-29%
5 Years:	-17%
3 Years:	-27%
TTM:	15%

Compounded Profit Growth
10 Years:	-22%
5 Years:	-31%
3 Years:	-59%
TTM:	31%

Stock Price CAGR
10 Years:	-12%
5 Years:	63%
3 Years:	40%
1 Year:	24%

Return on Equity
10 Years:	2%
5 Years:	4%
3 Years:	2%
Last Year:	1%

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	18	18	21	41	41	41	105	105	105	105	105	105	120
Reserves	374	443	626	689	617	857	615	970	1,063	1,127	1,133	1,139	1,184
	470	504	712	907	1,353	815	965	805	791	785	785	791	710
	398	471	534	476	228	601	706	581	517	489	495	479	462
Total Liabilities	1,259	1,435	1,893	2,113	2,239	2,314	2,392	2,460	2,477	2,506	2,517	2,515	2,476
	137	166	174	188	159	145	130	116	64	53	46	42	40
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	98	166	200	242	218	218	303	303	303	303	303	303	313
	1,025	1,103	1,518	1,684	1,862	1,951	1,958	2,041	2,110	2,150	2,168	2,170	2,123
Total Assets	1,259	1,435	1,893	2,113	2,239	2,314	2,392	2,460	2,477	2,506	2,517	2,515	2,476

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
	5	163	-152	-16	-312	12	155	-123	4	2	-5	4
	-59	-107	-90	-66	32	7	-85	-1	-0	-0	-0	-1
	55	-58	243	45	299	-3	-73	127	0	0	0	0
Net Cash Flow	1	-3	1	-37	19	16	-4	2	4	1	-5	4

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	82	86	93	113	37	69	266	192	144	312	643	790
Inventory Days	188	148	195	152	5	62	51	94
Days Payable	36	47	55	63	22	414	512	871
Cash Conversion Cycle	234	186	234	202	20	-283	-195	-585	144	312	643	790
Working Capital Days	159	156	198	179	40	114	267	268	521	1,448	1,275	1,418
ROCE %	16%	19%	19%	16%	2%	4%	0%	1%	7%	4%	8%	7%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	68.49%	68.49%	68.49%	68.48%	68.48%	68.48%	68.27%	68.27%	68.25%	67.39%	68.84%	71.45%
	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%	0.04%	0.00%
	31.51%	31.51%	31.50%	31.52%	31.51%	31.52%	31.73%	31.73%	31.74%	32.60%	31.11%	28.54%
No. of Shareholders	22,676	21,840	21,801	22,087	21,746	21,283	20,549	18,977	18,301	19,887	26,003	25,932

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	47.90%	26.29%	21.74%	68.49%	68.49%	68.49%	68.49%	68.48%	67.39%	71.45%
	11.92%	8.70%	0.00%	0.00%	0.00%	1.03%	0.01%	0.00%	0.00%	0.00%
	22.27%	7.97%	0.16%	0.06%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
	17.90%	57.04%	78.10%	31.45%	31.51%	30.48%	31.51%	31.52%	32.60%	28.54%
No. of Shareholders	9,795	20,992	22,644	20,830	18,769	18,096	21,840	21,283	19,887	25,932

* 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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Nov 2024

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