1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%) Sales 244.55 152.06 61 669.60 421.07 59 600.91 460.43 31 OPM (%) 18.9 20.8   19.4 20.4   20.7 20.1   OP 46.34 31.56 47 129.95 85.83 51 124.61 92.75 34 Other inc. 6.14 1.26 387 11.25 7.98 41 12.12 11.27 8 PBIDT 52.47 32.82 60 141.21 93.81 51 136.73 104.02 31 Interest 8.48 3.02 181 17.37 8.87 96 12.65 9.95 27 PBDT 43.99 29.80 48 123.83 84.94 46 124.08 94.07 32 Dep. 13.75 10.50 31 41.25 31.50 31 42.00 38.93 8 PBT 30.24 19.30 57 82.58 53.44 55 82.09 55.14 49 EO 0.00 0.00 -- 0.00 0.00 -- 0.00 0.00 -- PBT after EO 30.24 19.30 57 82.58 53.44 55 82.09 55.14 49 Total Tax 6.25 4.14 51 18.75 12.30 52 13.58 11.72 16 PAT 23.99 15.16 58 63.83 41.13 55 68.51 43.42 58 EPS (Rs) * # #   # #   28.4 18.0   * Annualized on post bonus equity of Rs 24.14 crore. Face Value: Rs 10 each
# EPS can not be annualized due to seasonality in business
Figures in Rs crore 
Source: Capitaline Databases " />
single

M M Forgings is the largest steel forging company in South India having multiple facilities in India.

Founded on the tradition and philosophy of steadfast commitment to achieving Total Customer Satisfaction through excellent quality, on time deliveries and competitive pricing, the Company has grown steadily in strength and stature to attain its present recognition of being one of the largest exporter or Forgings in India in its product range and has created a niche ill the International Market.

M M Forgings is a major player in closed die forgings for export markets. The company forges anything and everything in the range of 300 kg to 60 kg.

Standalone December 2018 quarter results

For the quarter, it registered 61% jump in sales to Rs 244.558 crore. OPM fell 180 basis points to 18.9% which saw OP rise 47% to Rs 46.34 crore.

Other income grew 387% to Rs 6.14 crore and interest cost jumped 181% to Rs 8.48 crore. As depreciation grew 31% to Rs 13.75 crore, PBT went up 57% to Rs 30.24 crore.

Tax grew 51% to Rs 6.25 crore, after which PAT jumped 58% to Rs 23.99 crore.

Standalone nine month results

For the nine months, it registered 59% jump in sales to Rs 669.60 crore. OPM fell 100 basis points to 19.4% which saw OP rise 51% to Rs 129.95 crore.

Other income grew 41% to Rs 11.25 crore and interest cost jumped 96% to Rs 17.37 crore. As depreciation grew 31% to Rs 41.25 crore, PBT went up 55% to Rs 82.58 crore.

Tax grew 52% to Rs 18.75 crore, after which PAT jumped 55% to Rs 63.83 crore.

Consolidated results

For the quarter, it registered consolidated sales of Rs 265.92 crore. PBT stood at Rs 29.06 crore and PAT was at Rs 22.81 crore.

For the nine months, it registered consolidated sales of Rs 690.97 crore. PBT stood at Rs 81.40 crore and PAT was at Rs 62.65 crore.

The figures 2018 are not strictly comparable as the subsidiary company (DVS Industries Pvt LId) was acquired during the current year only and hence the figures of the earlier year does not include the performance for the said subsidiary company.

Acquisition of DVS Industries

M M Forgings acquired DVS Industries Private Limited, a leading manufacturer of crankshafts for commercial, agriculture and off-highway vehicles, for a sum of Rs 4.50 crore.

With this acquisition, M M Forgings will enhance synergies between it's wide ranging capabilities in forgings and machining, and DVS Industries' long standing expertise in machining of crankshafts

Incorporated in i 992, DVS Industries (with paid-up share capital currently at around Rs 1.59 crorc and turn-over of around Rs 13.17 crore in FY 2017) is a north Indian based player with its manufacturing unit located in Pant Nagar. Uttarakhand. DVS Industries is well equipped with modern manufacturing facilities and experience supplying over 2 million crankshafts.

The largest Exporter of Steel Forgings from Southern India

M M Forgings today is the largest Exporter of Steel Forgings from Southern India. The company continues to be one of the largest exporters of forgings from India and has received 23 consecutive Annual Awards from The Engineering Exports Promotion Council since 1989. Most of the company's forgings are exported to North American and European markets to major OEMs and Tier 1 Companies.

Valuation

The stock trades at Rs 472.

MM Forgings: Results

 

 

  1812 (3) 1712 (3) Var. (%) 1812 (9) 1712 (9) Var. (%) 1803 (12) 1703 (12) Var. (%)
Sales 244.55 152.06 61 669.60 421.07 59 600.91 460.43 31
OPM (%) 18.9 20.8   19.4 20.4   20.7 20.1  
OP 46.34 31.56 47 129.95 85.83 51 124.61 92.75 34
Other inc. 6.14 1.26 387 11.25 7.98 41 12.12 11.27 8
PBIDT 52.47 32.82 60 141.21 93.81 51 136.73 104.02 31
Interest 8.48 3.02 181 17.37 8.87 96 12.65 9.95 27
PBDT 43.99 29.80 48 123.83 84.94 46 124.08 94.07 32
Dep. 13.75 10.50 31 41.25 31.50 31 42.00 38.93 8
PBT 30.24 19.30 57 82.58 53.44 55 82.09 55.14 49
EO 0.00 0.00 -- 0.00 0.00 -- 0.00 0.00 --
PBT after EO 30.24 19.30 57 82.58 53.44 55 82.09 55.14 49
Total Tax 6.25 4.14 51 18.75 12.30 52 13.58 11.72 16
PAT 23.99 15.16 58 63.83 41.13 55 68.51 43.42 58
EPS (Rs) * # #   # #   28.4 18.0  
* Annualized on post bonus equity of Rs 24.14 crore. Face Value: Rs 10 each
# EPS can not be annualized due to seasonality in business
Figures in Rs crore 
Source: Capitaline Databases

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