Mishra Dhatu Nigam tanks 8% after high input costs dent margins

Operating margin came in at 22.13 percent in the June quarter as compared with 28.73 percent in the corresponding quarter last fiscal. A sharp surge in input costs and employee benefit expenses dented profitability.

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Shares of Mishra Dhatu Nigam tanked 8 percent on August 9 as market participants fretted over contraction in margins. At 9:33am, shares of the company were trading 5.5 percent lower at Rs 352.6 on the BSE.

Operating margin came in at 22.13 percent in the June quarter as against 28.73 percent last fiscal. A sharp surge in input costs and employee benefit expenses dented profitability.

Consolidated net profit was up merely 5 percent on-year to Rs 18.71 crore in the quarter under review but revenue jumped 63 percent on-year to Rs 187.72 crore and EBITDA surged about 26 percent to Rs 41.54 crore.

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In the FY22-23, the company paid an interim dividend of Rs 1.68 per equity share and further proposes to pay another Rs 1.67 per equity share as final dividend for FY22-23. The total dividend (including interim dividend) for the financial year 2022-23 is Rs 3.35 per equity share, which works out to 40.26 percent of profit after tax – the highest dividend being paid by the company.

As on July 1, 2023, the order book position of Mishra Dhatu Nigam stood at approximately 1,408.21 crore.

Mishra Dhatu Nigam is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like space and defence.