{"id":138302,"date":"2022-12-01T08:55:48","date_gmt":"2022-12-01T13:55:48","guid":{"rendered":"https:\/\/44.250.171.167\/?p=138302"},"modified":"2023-03-31T02:59:44","modified_gmt":"2023-03-31T06:59:44","slug":"mishra-dhatu-nigam-ltd-q2-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mishra-dhatu-nigam-ltd-q2-fy23-earnings-conference-call-insights\/","title":{"rendered":"Mishra Dhatu Nigam Ltd Q2 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Mishra Dhatu Nigam Ltd Q2 FY23 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/OmhvDwFYgxg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Key highlights from Mishra Dhatu Nigam Ltd (<a href=\"https:\/\/44.250.171.167\/symbol\/MIDHANI\/\">MIDHANI<\/a>) Q2 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:08:08] Aditya Deorah of Divisha Investments asked about inventory moving from INR800 crore in FY21 to INR1,091 crore in FY22 and INR1,280 crore for 1H23. Sanjay Kumar Jha MD said inventory is an important part that MIDHANI is dealing with on a day today basis. The requirement of nickel based alloys has gone up and it adds to the inventory.<\/li>\n<\/ul>\n<ul>\n<li>[00:10:31] Aditya Deorah of Divisha Investments enquired that for FY23 what sales growth MIDHANI is expecting. Sanjay Kumar Jha MD said the internal target is INR1,000 crore of sales.<\/li>\n<\/ul>\n<ul>\n<li>[00:14:56] Ankit Shah from White Equity asked about the LCA order and when the certification can be expected. Sanjay Kumar Jha MD replied that certification is awaited only for couple of items, but for whatever is supplied is already certified.<\/li>\n<\/ul>\n<ul>\n<li>[00:16:33] Ankit Shah from White Equity enquired about the amount or percentage of non-recyclable scrap sitting on the balance sheet. Sanjay Kumar Jha MD answered that whatever scrap MADHANI cannot use will auction in the market. So the question of scrap retention doesn\u2019t arise.<\/li>\n<\/ul>\n<ul>\n<li>[00:17:15] Ankit Shah from White Equity also asked about exports shaping up in next 2-3 years and any certifications that\u2019s expected to receive in near future to boost exports. &nbsp;Sanjay Kumar Jha MD replied that by mid of next year MIDHANI will start getting certification. On export good potential is there but issues are of payment conditions and pricing.<\/li>\n<\/ul>\n<ul>\n<li>[00:23:50] Venkatesh Subramanian with LogicTree asked about the opportunity size the company can target over the next 4-5 years, domestic and exports. Sanjay Kumar Jha MD answered that the volume depends on how the domestic industry is growing. The scenario for next 4-5 years is very good for entire Indian industry in defense manufacturing.<\/li>\n<\/ul>\n<ul>\n<li>[00:27:54] Romil Jain of Electrum asked about the products manufactured in titanium right now. Sanjay Kumar Jha MD said MIDHANI is producing from heavy forging to a small wire in titanium, it\u2019s diverse.<\/li>\n<\/ul>\n<ul>\n<li>[00:32:47] Ranjit with Mahindra Mutual Fund asked if there was any inventory related readjustment in the income statement as prices have come down. Gowri Sankara Rao Director Finance replied that MIDHANI\u2019s RM is mainly nickel, cobalt, tantalum etc. where the prices have not come down.<\/li>\n<\/ul>\n<ul>\n<li>[00:36:19] Ranjit with Mahindra Mutual Fund enquired when the company expects the Rohtak facility to be in a normalized utilization level. Sanjay Kumar Jha MD said that in FY23, MIDHANI is targeting around INR100 crores. The orders are there but supply chain constraints exist.<\/li>\n<\/ul>\n<ul>\n<li>[00:41:25] Charanjit Singh with DSP Mutual asked about the overall order inflow, how defense segment could see the growth space and nuclear. Sanjay Kumar Jha MD answered the order portion of INR1,500 crores will remain after closing of FY23 also.<\/li>\n<\/ul>\n<ul>\n<li>[00:42:52] Charanjit Singh with DSP Mutual asked about MIDHANI\u2019s gross block currently, and the asset turns and revenue generation capacity. Gowri Sankara Rao Director Finance said it\u2019s currently INR97 crores. And with the addition of INR982 crore, after capitalization, one more addition of INR100 crore will come. So by year end it will be INR1,100 crores. With new facility MIDHANI can reach same level of gross block as MIDHANI\u2019s revenue.<\/li>\n<\/ul>\n<ul>\n<li>[00:45:00] Charanjit Singh with DSP Mutual enquired about the status of weakness in launches in the space side. Sanjay Kumar Jha MD answered that MIDHANI is listening through media and MIDHANI is expecting the launches to pick up going forward.<\/li>\n<\/ul>\n<ul>\n<li>[00:49:27] Ankit Shah from White Equity asked about the progress on the precious metal scam. Sanjay Kumar Jha MD said that it was theft of scrap but not precious metal and people involved were some contract workers and security staffs. On quantum, 950 Kg was intercepted by CBI.<\/li>\n<\/ul>\n<ul>\n<li>[00:52:34] Rohit Ohri with Progressive Share Brokers enquired if the company will be able to maintain the EBITDA margins of usual 30-33%. Sanjay Kumar Jha MD answered that with the available product mix it will be possible to maintain that range.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Mishra Dhatu Nigam Ltd (MIDHANI) Q2 FY23 Earnings Concall Q&amp;A Highlights: [00:08:08] Aditya Deorah of Divisha Investments asked about inventory moving from INR800 crore in FY21 to INR1,091 crore in FY22 and INR1,280 crore for 1H23. Sanjay Kumar Jha MD said inventory is an important part that MIDHANI is dealing with on [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Mishra Dhatu Nigam Ltd Q2 FY23 Earnings Conference Call Insights #MIDHANI #Q2 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,12],"tags":[10169,9044],"class_list":["post-138302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-other-industries","tag-earnings","tag-industrial-products"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130587,"url":"https:\/\/alphastreet.com\/india\/mishra-dhatu-nigam-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":138302,"position":0},"title":"Mishra Dhatu Nigam Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 10, 2022","format":false,"excerpt":"https:\/\/youtu.be\/ZpG2vvD29hg Key highlights from Mishra Dhatu Nigam Ltd (MIDHANI) Q4 FY22 Earnings Concall Q&A Highlights: Kavitav Shah from White Equity asked why the inventory of sub-line item, called internally generated scrap and rejected material, is increasing consistently over past 5 years. 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Stock up 40% in 6 months","author":"Divyansh_Kasana","date":"January 16, 2023","format":false,"excerpt":"Mishra Dhatu Nigam Ltd (NSE: MIDHANI) Ltd, established in 1973 under the Ministry of Defense as a GoI enterprise. The company is one of the leading manufacturers of special steels, superalloys and the only manufacturer of titanium alloys in India. The company produces special steels (martensitic steel, ultra-high strength, austenitic\u2026","rel":"","context":"In &quot;Analysis&quot;","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"Research Summary","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/04\/Research-summary.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":157691,"url":"https:\/\/alphastreet.com\/india\/mishra-dhatu-nigam-ltd-indias-premier-titanium-alloys-manufacturer\/","url_meta":{"origin":138302,"position":5},"title":"Mishra Dhatu Nigam Ltd &#8211; India&#8217;s premier Titanium alloys manufacturer","author":"Chirag Gupta","date":"January 12, 2024","format":false,"excerpt":"\u201cWe have a growth of almost around 40% on the turnover and also 21% on the value of production compared to FY23. However, there is a drop in the PBT, PAT for FY24 as compared to FY23 on the all quarter basis also and the half yearly basis also. 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