Mohan Meakin Annual Report

Mohan Meakin Limited (Mohan Meakin) Return Comparision with Primex 40 Index

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Mohan Meakin Limited

Mohan Meakin Limited Balance Sheet (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Assets
Property, Plant, and Equipment	8,457.50	7,163.73
Capital Work in Progress	1,212.40	1,015.96
Investment Property	13.27	14.03
Investments	710.08	447.37
Other financial assets	8,330.11	515.79
Non-Current Tax Assets (Net)	384.91	308.43
Deferred Tax Assets (Net)	58.98	136.78
Other Non-Current Assets	980.96	1,393.89
Current Assets
Inventories	13,243.30	11,697.16
Trade Receivables	11,416.62	9,842.66
Cash and Cash Equivalents	1,745.34	2,253.69
Bank balance other than above	4,822.37	6,764.51
Loans	11.28	15.01
Other financial assets	124.89	96.22
Other current assets	1,961.93	1,762.20
Total Assets	53,473.94	43,427.43
Equity
Equity Share capital	425.42	425.42
Other equity	36,206.85	27,596.34
Non-current Liabilities
Other financial liabilities	1,257.04	1,268.03
Provisions	320.22	375.60
Current liabilities
Borrowings	429.27	429.27
Trade payables
Total outstanding dues of micro and small Enterprises	156.97	165.40
Total outstanding dues of creditors other than micro and small enterprises	9,476.84	9,175.18
Other financial liabilities	2,703.74	2,216.58
Other current liabilities	2,472.17	1,753.72
Provisions	25.42	21.89
Total Equity and liabilities	53,473.94	43,427.43

Mohan Meakin Limited Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Revenue from Operations	1,92,992.27	1,77,121.29
Other Income	1,185.19	736.78
Total Income	1,94,177.46	1,77,858.07
Expenses
Cost of Materials Consumed	20,736.95	22,249.58
Excise Duty	46,318.63	50,424.64
Purchase of Stock-in-Trade	98,689.98	79,824.17
Changes in Inventories	-1,628.81	-1,569.89
Employee Benefits Expense	4,782.04	4,227.18
Finance Cost	78.63	95.85
Depreciation Expense	837.80	688.44
Other Expense	12,968.28	13,039.56
Total Expenses	1,82,783.50	1,68,979.53
Profit before Exceptional items and tax	11,393.96	8,878.54
Exceptional Items	-	301.04
Profit before Tax	11,393.96	9,179.58
Current Tax	2,885.00	2,322.88
Deferred Tax	38.96	17.20
Profit for the Year	8,470.00	6,839.50
Other Comprehensive Income
Items that will not be classified to profit or loss:
Re-measurement of the defined benefit plan	1.73	-2.67
Fair value changes on Equity Instruments through other comprehensive income	262.70	88.27
Income Tax Relating to items that will not be reclassified	-38.84	-13.40
Total Other Comprehensive income	225.59	72.20
Total Comprehensive Income for the year	8,695.59	6,911.70
Earnings per Equity share (Face Value Rs. 5 Per Share)
Basic (Rs.)	99.55	80.38
Diluted (Rs.)	99.55	80.38

Mohan Meakin Limited Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2024	31-03-2023
Cash Flow from Operating Activities
Profit/(Loss) Before Tax	11,393.96	9,179.58
Adjustments for:
Depreciation expenses	837.80	688.44
Loss on discard/write off of property plant & equipment	0.40	7.30
Gain on sale of property, plant and plant and equipment	-5.76	-301.04
Interest expense	69.90	78.71
Dividend income	-0.64	-0.26
Provision for employee benefits	-50.12	59.77
Interest income	-515.65	-267.65
Rent from investment properties	-28.48	-26.66
Excess provision / unclaimed balances written back	-144.16	-0.33
Trade Receivables and advances written off	17.14	-
Provision for inventory	3.28	1.24
Operating profit before working capital changes	11,577.67	9,417.10
Changes in working capital
Inventories	-1,549.42	-2,711.16
Trade receivables	-1,482.46	-2,208.21
Current and Non Current Loans and other financial asset	34.32	-6.42
Other Current Assets and Non Current assets	-100.74	112.07
Current and Non Current Other financial liabilities	103.93	-125.06
Other Current and Non Current Liabilities	718.45	103.43
Trade payables	328.74	1,578.80
Cash generated from operations	9,630.49	6,162.55
Income tax paid, net of refunds	-2,961.48	-1,964.21
Net cash generated from operating activities	6,669.01	4,198.34
Cash flows from investing activities
Purchase of property, plant and equipment including capital advance	-1,721.69	-2,424.08
Proceeds from sale of property, plant & equipment	21.58	375.00
Movement in bank deposits not considered as cash and cash equivalents	-5,857.39	-3,354.28
Dividend income	0.64	0.26
Interest income	434.17	207.77
Rent from investment properties	28.48	26.66
Net cash used in investing activities	-7,094.21	-5,168.67
Cash flows from financing activities
Repayment of current borrowings	-	-17.30
Repayment of long-term borrowings	-	-16.14
Dividend paid	-77.65	-
Interest paid	-5.50	-15.22
Net cash used in financing activities	-83.15	-48.66
Net increase/ (decrease) in cash and cash equivalent	-508.35	-1,018.99
Add: Cash and Cash Equivalent at beginning of year	2,253.69	3,272.68
Cash and cash equivalents as at end of year	1,745.34	2,253.69
Cash and Cash Equivalent comprise the following
Cash on hand	8.96	10.27
In Current Account	1,736.38	2,243.42
Total cash and cash equivalents	1,745.34	2,253.69

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities: The company generated a profit before tax of Rs. 11,393.96 lakhs in 2024, up from Rs. 9,179.58 lakhs in 2023. Adjustments to this figure, including depreciation expenses (Rs. 837.80 lakhs), losses on the discard or write-off of property (Rs. 0.40 lakhs), and gains or losses from the sale of assets, among others, were made. Notably, there was a reduction in interest expenses (Rs. 69.90 lakhs) and an increase in interest income (Rs. -515.65 lakhs). After accounting for these adjustments and changes in working capital—such as increases in inventories, trade receivables, and payables—the company’s operating profit before working capital changes was Rs. 11,577.67 lakhs, up from Rs. 9,417.10 lakhs in 2023. After adjusting for changes in working capital and income taxes paid (Rs. -2,961.48 lakhs), the net cash generated from operating activities for 2024 was Rs. 6,669.01 lakhs, which represents an increase from Rs. 4,198.34 lakhs in 2023.

Cash Flow from Investing Activities: The company’s investing activities involved significant cash outflows. Purchases of property, plant, and equipment amounted to Rs. -1,721.69 lakhs. Proceeds from the sale of property, plant, and equipment were Rs. 21.58 lakhs, while movement in bank deposits not classified as cash and cash equivalents led to a cash outflow of Rs. -5,857.39 lakhs. The company also received Rs. 28.48 lakhs in rent from investment properties and Rs. 434.17 lakhs in interest income. Overall, the net cash used in investing activities for 2024 was Rs. -7,094.21 lakhs, which is higher than Rs. -5,168.67 lakhs in 2023, indicating increased investment spending.

Cash Flow from Financing Activities: The financing activities reflect minimal cash outflows for repayments and dividends. There were no repayments of borrowings in 2024, a notable change from 2023. Dividend payments totaled Rs. -77.65 lakhs, and interest payments were Rs. -5.50 lakhs. The net cash used in financing activities was Rs. -83.15 lakhs, which increased slightly from Rs. -48.66 lakhs in 2023.

Net Change in Cash and Cash Equivalents: Combining all activities, the net increase in cash and cash equivalents was a decrease of Rs. -508.35 lakhs in 2024, compared to a decrease of Rs. -1,018.99 lakhs in 2023. At the end of the year, the cash and cash equivalents amounted to Rs. 1,745.34 lakhs, down from Rs. 2,253.69 lakhs at the beginning of the year. This decline reflects the overall higher outflows compared to inflows across the investing and financing activities.

Financial Ratios of Mohan Meakin Limited

Particulars	2024	2023
Current Ratio (in times)	2.18	2.36
Debt-Equity Ratio (in times)	0.01	0.02
Debt Service Coverage Ratio (in times)	134.46	68.49
Return on Equity Ratio (in %)	26.20%	27.84%
Inventory Turnover Ratio (in times)	9.45	9.72
Trade Receivables Turnover Ratio (in times)	17.69	19.88
Trade Payable Turnover Ratio (in times)	12.67	12.16
Net Capital Turnover Ratio (in times)	10.41	9.3
Net Profit Ratio (in %)	4.51%	3.94%
Return on Capital Employed Ratio (in %)	30.93%	31.48%
Return on Investment (in times)	0.46	0.22

Here is a summary of the financial and operational metrics for Mohan Meakin Limited for the year 2024 and 2023:

Current Ratio: The current ratio measures the company's ability to cover its short-term liabilities with its short-term assets. In 2024, the current ratio is 2.18, down from 2.36 in 2023. This decrease suggests a slight decline in the company's liquidity position, indicating that while it can still comfortably cover its short-term obligations, its ability to do so has weakened somewhat over the past year.

Debt-Equity Ratio: This ratio compares the company's total debt to its shareholders' equity, indicating financial leverage and risk. The debt-equity ratio decreased from 0.02 in 2023 to 0.01 in 2024, reflecting a further reduction in leverage. This indicates the company remains minimally reliant on debt for financing, suggesting strong financial stability and low risk.

Debt Service Coverage Ratio (DSCR): The DSCR measures the company's ability to service its debt with its operating income. A significant increase from 68.49 times in 2023 to 134.46 times in 2024 indicates that the company’s operating income is more than sufficient to cover its debt service requirements, demonstrating strong financial health and capacity to meet debt obligations.

Return on Equity Ratio (ROE): ROE represents the return generated on shareholders' equity. It decreased from 27.84% in 2023 to 26.20% in 2024, showing a slight decline in profitability relative to equity. Despite the drop, the ROE remains strong, indicating effective management and profitability.

Inventory Turnover Ratio: This ratio measures how efficiently the company manages its inventory. It decreased from 9.72 times in 2023 to 9.45 times in 2024, suggesting a minor decline in inventory management efficiency. Although the company is still turning over inventory efficiently, there is a slight decrease in turnover.

Trade Receivables Turnover Ratio: This ratio assesses how effectively the company collects its receivables. It decreased from 19.88 times in 2023 to 17.69 times in 2024, indicating a slight reduction in efficiency in collecting outstanding receivables. This could suggest slower collection periods or increased credit extended to customers.

Trade Payable Turnover Ratio: This ratio indicates how quickly the company pays off its trade payables. It increased from 12.16 times in 2023 to 12.67 times in 2024, showing improved efficiency in paying off its suppliers. The increase indicates that the company is managing its payables more effectively.

Net Capital Turnover Ratio: This ratio measures how effectively the company uses its capital to generate sales. It increased from 9.3 times in 2023 to 10.41 times in 2024, indicating improved efficiency in utilizing its capital to drive revenue.

Net Profit Ratio: This ratio shows the percentage of revenue that translates into profit. It improved from 3.94% in 2023 to 4.51% in 2024, reflecting an increase in profitability. This improvement suggests better cost control and higher efficiency in generating profits from sales.

Return on Capital Employed (ROCE): ROCE measures the return generated on the capital employed in the business. It decreased from 31.48% in 2023 to 30.93% in 2024. Despite the slight decline, the ROCE remains high, indicating that the company continues to effectively utilize its capital to generate strong returns.

Return on Investment (ROI): ROI measures the return generated on investments made. It significantly increased from 0.22 times in 2023 to 0.46 times in 2024, indicating a substantial improvement in the returns from investments, which suggests more effective deployment of invested capital.

Mohan Meakin Limited share Dividend History

Particulars	2024	2023
Dividend per Share	1	1
Retained Earnings (In Rs. Lakhs)	34,893.89	26,507.68

Mohan Meakin Financials Q1 2024-25

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Mohan Meakin Financials 2023-24

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