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MTAR Technologies (BOM:543270) Piotroski F-Score : 4 (As of Dec. 14, 2024)


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What is MTAR Technologies Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

MTAR Technologies has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for MTAR Technologies's Piotroski F-Score or its related term are showing as below:

BOM:543270' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 4   Max: 7
Current: 4

During the past 7 years, the highest Piotroski F-Score of MTAR Technologies was 7. The lowest was 1. And the median was 4.


MTAR Technologies Piotroski F-Score Historical Data

The historical data trend for MTAR Technologies's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

MTAR Technologies Piotroski F-Score Chart

MTAR Technologies Annual Data
Trend Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Piotroski F-Score
Get a 7-Day Free Trial 7.00 7.00 1.00 4.00 4.00

MTAR Technologies Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - 4.00 - -

Competitive Comparison of MTAR Technologies's Piotroski F-Score

For the Specialty Industrial Machinery subindustry, MTAR Technologies's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


MTAR Technologies's Piotroski F-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, MTAR Technologies's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where MTAR Technologies's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was ₹561 Mil.
Cash Flow from Operations was ₹574 Mil.
Revenue was ₹5,726 Mil.
Gross Profit was ₹2,702 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was (10633.1 + 10076.59) / 2 = ₹10354.845 Mil.
Total Assets at the begining of this year (Mar23) was ₹10,633 Mil.
Long-Term Debt & Capital Lease Obligation was ₹970 Mil.
Total Current Assets was ₹5,648 Mil.
Total Current Liabilities was ₹2,078 Mil.
Net Income was ₹1,034 Mil.

Revenue was ₹5,630 Mil.
Gross Profit was ₹2,935 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was (7277.48 + 10633.1) / 2 = ₹8955.29 Mil.
Total Assets at the begining of last year (Mar22) was ₹7,277 Mil.
Long-Term Debt & Capital Lease Obligation was ₹777 Mil.
Total Current Assets was ₹6,967 Mil.
Total Current Liabilities was ₹3,416 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

MTAR Technologies's current Net Income (TTM) was 561. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

MTAR Technologies's current Cash Flow from Operations (TTM) was 574. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar23)
=561.13/10633.1
=0.052772

ROA (Last Year)=Net Income/Total Assets (Mar22)
=1034.19/7277.48
=0.14210826

MTAR Technologies's return on assets of this year was 0.052772. MTAR Technologies's return on assets of last year was 0.14210826. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

MTAR Technologies's current Net Income (TTM) was 561. MTAR Technologies's current Cash Flow from Operations (TTM) was 574. ==> 574 > 561 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=969.89/10354.845
=0.09366533

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=777.23/8955.29
=0.08679004

MTAR Technologies's gearing of this year was 0.09366533. MTAR Technologies's gearing of last year was 0.08679004. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar24)=Total Current Assets/Total Current Liabilities
=5648.45/2078.17
=2.71799227

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=6966.78/3415.93
=2.0394973

MTAR Technologies's current ratio of this year was 2.71799227. MTAR Technologies's current ratio of last year was 2.0394973. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

MTAR Technologies's number of shares in issue this year was 30.764. MTAR Technologies's number of shares in issue last year was 30.761. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=2702.1/5725.98
=0.47190175

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=2935.14/5630.24
=0.52131703

MTAR Technologies's gross margin of this year was 0.47190175. MTAR Technologies's gross margin of last year was 0.52131703. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar23)
=5725.98/10633.1
=0.53850523

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=5630.24/7277.48
=0.77365242

MTAR Technologies's asset turnover of this year was 0.53850523. MTAR Technologies's asset turnover of last year was 0.77365242. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+1+0+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

MTAR Technologies has an F-score of 4 indicating the company's financial situation is typical for a stable company.

MTAR Technologies  (BOM:543270) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


MTAR Technologies Piotroski F-Score Related Terms

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MTAR Technologies Business Description

Traded in Other Exchanges
Address
18, Technocrats Industrial Estate, Balanagar, Hyderabad, TG, IND, 500 037
MTAR Technologies Ltd is a national player in the precision engineering industry. It is engaged in the manufacturing of mission-critical precision components with close tolerance and in critical assemblies through its precision machining, assembly, specialized fabrication, testing, and quality control processes. A wide range of complex product portfolios meets the varied requirements of the Nuclear, Space and Defence, and Clean Energy sector.

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