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Merino Industries Financial Updates

Incorporated in 1965, Merino Industries has turned into the largest manufacturer of exporters of laminates in India. With experience spanning over half a century, the company has expanded its forte into multiple segments over the years.

Kolkata based company has manufacturing units in Hapur (Uttar Pradesh), Rohad (Haryana), Hosur (Tamil Nadu), and Dahej (Gujarat), through which it marks its presence in more than 60 nations of the world, thanks to a strong network of more than 4,000 dealers.

Financial updates in FY20-21
Merino Industries reported a profit after tax (PAT) of Rs 131.86 crore in the fiscal year 2020-21, which is about 6.5% higher than than the profit of Rs 129.43 crore reported in the previous fiscal year.

The company reported a 12% fall in the revenue from operations to Rs 1,296.88 crore in the financial year ended on March 31, 2021, as against an income of Rs 1,473.72 crore in the year-ago period.

However, the EBITDA for the company rose marginally, 5.3% to be precise, to Rs 251.78 crore in the FY2021 as compared to Rs 238.95 crore in the FY2020.

Earnings per share (EPS) of the company marginally improved to Rs 117.95 from Rs 115.78 during the period under review.

Business updates in FY20-21
The company has announced a dividend of 60% or Rs 6 per equity share with a face value of Rs 10 each. The proposal was considered and approved by the company board and shareholders in the Annual General Meeting (AGM) of the company held on 3rd September 2021.

The company board has attributed the improved bottom line to the growth in exports and domestic sales and they are expecting better performance in the coming years.

The outbreak of the Covid-19 pandemic has been a headwind for the company’s growth, leading to lockdown and travel bans which has ultimately resulted in the economic slowdown.

During the year under review, the company merged its subsidiary, Merino Panel Products Limited, to itself following an order from NCLT. Thus the company had no subsidiary, associate, or joint venture companies at the end of March 2021.

Company Performance on Various Parameters

Year Revenue EBITDA EBITDA Margin PAT PAT Margin Equity EPS
2016 1088 234 21.50% 117 10.80% 1.047 111.75
2017 1164 239 20.50% 139 11.90% 1.047 13276
2018 1239 230 18.60% 123 9.90% 1.047 117.48
2019 1491 260 17.50% 160 10.70% 1.047 152.82
2020 1488 235 15.80% 134 9% 1.047 127
2021 1339 252 18.82% 132 10% 1.118 117.95

(Note: All figures in crores, elsewhere stated)

Comparison of Marino with its various listed peers on various parameters

Company Revenue PAT NPM EPS P/E M-Cap
Merino Industries 1339 132 10.80% 118 27x 3,354
Century Plyboards 2,113 192 9.09% 8.64 39x 9,263
Greenply Industries 1,015 57 5.71% 4.72 29x 2,125
Greenpanel Industries 1,019 76 7.47% 6.21 27x 3,819
Stylam Industries 475 55 11.62% 32.63 28x 1,828

1. All figures in crores, elsewhere stated
2. Financial data of FY21 is taken for calculation
3. Unlisted Share Price of Rs.3200 is taken for Merino Unlisted Shares for calculating P/E.

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