Merino Industries Limited is a prominent manufacturer and marketer of interior solutions, specializing in a wide range of products for residential, commercial, and public spaces. The company, incorporated in 1965, operates as a public unlisted entity and has established itself as a leader in the laminates industry in India.
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 1296.88 | 1747.89 | 2175 | 2252 |
| Cost of Material Consumed | 576.26 | 947.97 | 1200 | 1174 |
| Gross Margins | 55.57 | 45.76 | 44.83 | 47.87 |
| Change in Inventory | 9.04 | -36.8 | -52 | 44 |
| Employee Benefit Expenses | 163.45 | 207.97 | 247 | 290 |
| Other Expenses | 338.31 | 426.01 | 541 | 537 |
| EBITDA | 209.82 | 202.74 | 239 | 207 |
| OPM | 16.18 | 11.6 | 10.99 | 9.19 |
| Other Income | 41.97 | 48.34 | 30 | 57 |
| Finance Cost | 18.16 | 13.19 | 28 | 26 |
| D&A | 56.68 | 62.8 | 67 | 74 |
| EBIT | 153.14 | 139.94 | 172 | 133 |
| EBIT Margins | 11.81 | 8.01 | 7.91 | 5.91 |
| PBT | 176.92 | 175.07 | 174 | 164 |
| PBT Margins | 13.64 | 10.02 | 8 | 7.28 |
| Tax (2021) | 45.06 | 42.85 | 56 | 42 |
| PAT | 131.86 | 132.22 | 118 | 122 |
| NPM | 10.17 | 7.56 | 5.43 | 5.42 |
| EPS | 117 | 117.32 | 104.7 | 108.25 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 16.18 | 11.6 | 10.99 | 9.19 |
| Net Profit Margin | 10.17 | 7.56 | 5.43 | 5.42 |
| Earning Per Share (Diluted) | 117 | 117.32 | 104.7 | 108.25 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 11.27 | 11.27 | 11.27 | 11.27 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1024.84 | 1149.94 | 1237 | 1349 |
| Borrowings | 137.17 | 295.1 | 595 | 722 |
| Trade Payables | 185.17 | 239.58 | 204 | 266 |
| Other Liabilities | 152.87 | 173.07 | 262.73 | 250.73 |
| Total Liabilities | 1511.32 | 1868.96 | 2310 | 2599 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 480.55 | 478.16 | 442 | 1275 |
| CWIP | 16.45 | 140.93 | 604 | 37 |
| Investments | 382.2 | 366.74 | 144 | 178 |
| Trade Receivables | 151.61 | 165.28 | 175 | 215 |
| Inventory | 345.39 | 427.9 | 581 | 589 |
| Other Assets | 135.12 | 289.95 | 364 | 305 |
| Total Assets | 1511.32 | 1868.96 | 2310 | 2599 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 176.92 | 175.07 | 174 | 164 |
| OPBWC | 219.22 | 222 | 265 | 225 |
| Change in Receivables | 24.52 | -13.94 | -10 | -38 |
| Change in Inventories | 93.92 | -82.5 | -153 | -8 |
| Change in Payables | -3.35 | 54.96 | -44 | 64 |
| Other Changes | 32.48 | -51.89 | 187 | 61 |
| Working Capital Change | 147.57 | -93.37 | -20 | 79 |
| Cash Generated From Operations | 366.79 | 128.63 | 245 | 304 |
| Tax | -36.08 | -54.08 | -61 | -34 |
| Cash Flow From Operations | 330.71 | 74.55 | 184 | 270 |
| Purchase of PPE | -43.09 | -170.49 | -467 | -354 |
| Sale of PPE | 1.37 | 2.89 | 1 | 1 |
| Cash Flow From Investment | -267.97 | -126.36 | -459 | -354 |
| Borrowing | -100.49 | 126.19 | 292 | 135 |
| Divided | -2.44 | -6.7 | -10 | -10 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | 31.91 | -58.84 | -36 | -31 |
| Cash Flow from Financing | -71.02 | 60.65 | 246 | 94 |
| Net Cash Generated | -8.28 | 8.84 | -29 | 10 |
| Cash at the Start | 31.78 | 23.5 | 33 | 5 |
| Cash at the End | 23.5 | 32.34 | 4 | 15 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Promoters | 45.42% | 64.67% | 95.23% | 85.86% |
| Others | 54.58% | 35.33% | 4.77% | 14.14% |
