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ICICI Securities Report
Space continues to be major driver for Mishra Dhatu Nigam Ltd. orderbook and execution.
Space contributed approximately 80% of FY20 end orderbook, approximately 55% of FY20 execution and 64% of order inflows.
This is the major reason for increase in gross margins that we have witnessed in FY20.
Higher addition, import substitution by the Indian Space Research Organisation, limited/no domestic competition have helped realisation and Ebitda profile to such peaks.
However, the process doesn’t seem to have achieved full economies of scale with only 39% asset turn for FY20 and conversion costs increasingly significantly.
Excluding of grants for customer financed projects, Midhani continues to be largely debt free – net debt of Rs 227 million in FY20.
Customer advances (mainly ISRO) has increased approximately 60% YoY to Rs 5.3 billion in FY20 – the benefit of having a well-funded government department like ISRO as a customer.
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