Modern Dairies Ltd - Stock Valuation and Financial Performance

BSE: 519287 | NSE: | Consumer Food | Small Cap

Modern Dairies Share Price

30.23 -0.76 -2.45%
as on 28-Mar'24 16:01

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Modern Dairies stock performance -

mw4me loader
P/E Ratio (SA):
2.37
Market Cap:
72.3 Cr.
52-wk low:
16.4
52-wk high:
40.3

Is Modern Dairies Ltd an attractive stock to invest in?

1. Is Modern Dairies Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Modern Dairies Ltd is a average quality company.

2. Is Modern Dairies Ltd undervalued or overvalued?

The key valuation ratios of Modern Dairies Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Modern Dairies Ltd a good buy now?

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.

10 Year X-Ray of Modern Dairies:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Modern Dairies Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 12.7%-6.9%-9.1%-8.4%-19.7%7.6%4.2%-27.1%9.2%22.1%-
Value Creation
Index
-0.1NANANANA-0.5-0.7NA-0.30.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 638625497457467560766610241216343
Sales YoY Gr.--2%-20.5%-8%2.1%20.1%36.6%-20.3%-60.6%-10.2%-
Adj EPS 3.5-9.9-10.4-9-82.61.5-82.15.213.1
YoY Gr.--383.9%NANANANA-42.5%-639.6%NA145.8%-
BVPS (₹) -4.9-14.5-24.9-29.8-37.7-35.1-33.6-48.5-46.4-41.2-29.2
Adj Net
Profit
8.1-23-24.3-21-18.663.5-18.74.912.231
Cash Flow from Ops. -7.11730.22.615.93.66.36.716.815.1-
Debt/CF from Ops. -25.310.65.868.710.545.726.324.69.810.9-

CAGR

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%NA51.8%145.8%
BVPSNANANANA
Share Price 10.8% 41.2% 46.1% 64.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-50.6102.253.13323.6-7.1-4.319.6-4.5-11.9-37.2
Op. Profit
Mgn %
3-0.6-0.4-0.8-2.921.11.74.17.15.1
Net Profit
Mgn %
1.3-3.7-4.9-4.6-41.10.5-3.12.15.68.9
Debt to
Equity
-15.9-5.3-3-2.6-1.9-2-2.1-1.5-1.5-1.7-
Working Cap
Days
6869756443312628496830
Cash Conv.
Cycle
414644331788102121-66

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 51.78%

Sales growth is good in last 4 quarters at 85.27%

Return on Equity is Poor

Sales growth has been subdued in last 3 years -34.41%

Latest Financials - Modern Dairies Ltd.

Standalone Consolidated
TTM EPS (₹) 13.1 -
TTM Sales (₹ Cr.) 343 -
BVPS (₹.) -29.2 -
Reserves (₹ Cr.) -91 -
P/BV -1.06 -
PE 2.37 -
From the Market
52 Week Low / High (₹) 16.36 / 40.30
All Time Low / High (₹) 0.25 / 114.85
Market Cap (₹ Cr.) 72.3
Equity (₹ Cr.) 23.3
Face Value (₹) 10
Industry PE 64.9

Management X-Ray of Modern Dairies:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *100.00100.00100.00100.00100.00100.0099.9599.9599.9599.95
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Modern Dairies

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales638.31625.35496.89457.34466.81560.43765.61610.08240.52216.08
Operating Expenses 619.47628.83498.92461.10480.42549.35756.91599.91230.69200.66
Manufacturing Costs45.8347.0236.5033.1035.5541.5645.7742.0143.6645.98
Material Costs558.38566.56447.88414.22427.83489.12693.56538.36168.49136.43
Employee Cost 7.506.806.998.378.709.3810.1711.3311.8012.17
Other Costs 7.768.457.555.428.349.297.418.206.756.08
Operating Profit 18.84-3.49-2.03-3.76-13.6111.078.7010.179.8315.42
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 2.301.590.300.400.480.450.430.361.652.68
Interest 16.2717.2617.7316.670.310.200.120.040.082.58
Depreciation 7.014.814.905.075.145.275.5122.456.443.35
Exceptional Items 11.440013.71000-22.780-0.01
Profit Before Tax 9.30-23.96-24.36-11.40-18.576.063.49-34.734.9512.16
Tax -0.14-1.71-0.130000000
Profit After Tax 9.44-22.25-24.24-11.40-18.576.063.49-34.734.9512.16
PAT Margin (%) 1.5%-3.6%-4.9%-2.5%-4.0%1.1%0.5%-5.7%2.1%5.6%
Adjusted EPS (₹)4.1-9.5-10.4-4.9-8.02.61.5-14.92.15.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund -11.31-33.69-57.92-69.42-87.96-81.88-78.33-113.11-108.04-95.92
Share Capital 23.3623.3623.3623.3623.3623.3623.3623.3623.3623.36
Reserves -34.67-57.05-81.28-92.78-111.32-105.24-101.69-136.47-131.40-119.28
Minority Interest0000000000
Debt173.05165.30154.40176.821.010.250.250.250.250.77
Long Term Debt109.2697.1284.801081.010.250000
Short Term Debt63.7968.1869.6068.83000.250.250.250.77
Trade Payables18.6729.6928.8924.7817.9327.1234.4215.554.9032.91
Others Liabilities 26.7637.8948.7321.20185.83190.09173.93171.76164.63147.35
Total Liabilities 207.18199.19174.10153.38116.81135.58130.2674.4561.7485.11

Fixed Assets

Gross Block145.04147.40149.5583.808791.7295.0699.77102.29104.39
Accumulated Depreciation60.7065.6970.555.0710.1415.4120.7165.7772.5475.80
Net Fixed Assets84.3481.717978.7376.8676.3274.353429.7528.59
CWIP 0.130.200.220.290.300.141.640.2400.87
Investments 0.010.010.010.010.020.020.010.010.010.01
Inventories78.8874.4045.3833.7815.9813.7825.6123.7714.1427.16
Trade Receivables21.3731.3830.4327.589.5130.7723.069.193.2118.93
Cash Equivalents 1.540.466.251.172.631.580.891.086.960.24
Others Assets20.9011.0312.8111.8111.5212.984.706.167.669.32
Total Assets 207.18199.19174.10153.38116.81135.58130.2674.4561.7485.11

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -7.1016.9930.152.5715.923.616.266.6916.7815.12
PBT 9.30-23.96-24.36-11.39-18.546.073.58-34.765.0712.13
Adjustment 23.7821.7322.5021.598.216.226.3146.077.296.68
Changes in Working Capital -40.1919.3131.94-7.6326.34-8.38-3.68-4.645.24-2.78
Tax Paid 0-0.080.080-0.10-0.310.050.02-0.82-0.90
Cash Flow From Investing Activity -1.16-2.31-2-4.74-3.13-4.48-4.92-3.36-1.89-2.97
Capex -1.03-2.43-2.16-4.91-3.28-4.57-5.04-3.48-1.96-3.03
Net Investments 0000000000
Others -0.130.130.160.170.150.090.110.120.060.06
Cash Flow From Financing Activity 8.40-15.77-22.36-2.91-11.33-0.18-2.02-3.14-9.01-18.88
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -0.630.15-7.583.97-107.310.51-4.66000
Interest Paid -14.70-15.92-16.202.560.02-1.474.28-3.04-8.70-19.30
Dividend Paid 0000000000
Others 23.7201.42-9.4395.970.78-1.64-0.10-0.310.42
Net Cash Flow 0.14-1.085.79-5.081.45-1.05-0.680.195.88-6.73
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
ROCE (%)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Asset Turnover Ratio3.083.12.672.83.464.445.765.963.532.94
PAT to CFO Conversion(x)-0.75N/AN/AN/AN/A0.61.79N/A3.391.24
Working Capital Days
Receivable Days1515232314131310919
Inventory Days4444443119109152935
Payable Days19162424181716172251

Modern Dairies Ltd Stock News

Modern Dairies Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Modern Dairies on 28-Mar-2024 16:01 is ₹30.23.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Modern Dairies stood at ₹72.27.
The latest P/E ratio of Modern Dairies as of 28-Mar-2024 16:01 is 2.37.
The latest P/B ratio of Modern Dairies as of 28-Mar-2024 16:01 is -1.06.
The 52-week high of Modern Dairies is ₹40.30 and the 52-week low is ₹16.36.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Modern Dairies is ₹343.1 ( Cr.) .

About Modern Dairies Ltd

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

  • Skimmed Milk Powder 
  • Partially Skimmed Milk Powder 
  • Full Cream Milk Powder 
  • Coffee Whiteners 
  • Pasteurized Milk in sachets of all variants 

Cheese

  • Cheddar
  • Mozzarella
  • Cottage Cheese

Nutritional Ingredients

  • Edible Casein 
  • Milk Protein Concentrates 
  • Whey Protein Concentrates 
  • Lactose 

Milk Fats

  • Butter
  • Ghee

Customized Products 

Clientele:

  • Glaxo SmithKline Consumer Healthcare 
  • Nestle India 
  • Britannia - New Zealand Milk 
  • Mother Dairies 
  • Domino's Pizza 
  • Pizza Hut 
  • Britannia Industries 
  • Coca Cola - India 
  • Cadbury's 
  • Raptakos Brett 
  • Hindustan Lever 

Achievements/ recognition:

  • Quality Policy - September1997 
  • ISO 9001 - July 1998 
  • HACCP (Food Safety) - December 2000 
  • ISO 9001:2000 - September 2001 
  • Nestec Audit First Priority Level - March 2003 
  • ISO 14001 (Environment)- March 2003 
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