Andhra Petrochemicals Ltd

Andhra Petrochemicals was established with a capacity to produce 30,000 MTPA of Oxo Alcohols at Visakhapatnam, Andhra Pradesh, India. The Plant has recently undergone an Optimization & Modernization Scheme to increase the capacity to 73,000 MTPA.(Source : Company Web-Site)

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 1.16 times its book value
Company has good consistent profit growth of 36.39% over 5 years
Cons:
Though the company is reporting repeated profits, it is not paying out dividend

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Figures in Rs. Crores

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
94 105 115 147 143 114 165 171 171 159 144 129
87 101 109 118 123 103 126 144 152 134 120 109
Operating Profit 7 3 6 29 20 11 39 26 19 25 24 20
OPM % 7% 3% 5% 20% 14% 10% 24% 15% 11% 16% 17% 15%
Other Income 0 -0 1 1 1 0 1 1 1 1 1 1
Interest 4 4 4 3 3 2 2 2 1 1 0 0
Depreciation 2 2 2 2 2 3 3 3 3 3 3 4
Profit before tax 1 -3 1 24 16 7 35 23 15 22 21 17
Tax % -362% 23% -2% 21% 0% 13% 10% 36% 35% 37% 35% 33%
Net Profit 3 -3 1 19 16 6 31 15 10 14 14 11
EPS in Rs 0.40 -0.30 0.07 2.26 1.86 0.66 3.70 1.71 1.18 1.63 1.63 1.31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
281 245 137 457 597 563 259 140 334 329 520 666 603
217 211 134 368 526 536 275 170 345 316 453 557 515
Operating Profit 64 34 4 89 71 27 -16 -30 -11 13 66 109 88
OPM % 23% 14% 3% 19% 12% 5% -6% -21% -3% 4% 13% 16% 15%
Other Income 6 6 1 3 8 -0 5 1 8 1 2 3 3
Interest 3 3 1 17 13 9 6 10 13 16 12 6 3
Depreciation 12 12 12 23 23 14 13 9 10 9 9 10 12
Profit before tax 56 25 -9 52 44 5 -30 -47 -26 -11 47 95 75
Tax % 35% 35% 37% 31% 33% 33% 15% 6% 10% 32% 2% 26%
Net Profit 36 16 -5 36 30 3 -26 -45 -24 -7 46 70 49
EPS in Rs 4.26 1.90 0.00 4.03 3.45 0.37 0.00 0.00 0.00 0.00 5.47 8.22 5.75
Dividend Payout % 0% 0% -0% 24% 14% 0% -0% -0% -0% -0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.52%
5 Years:20.76%
3 Years:25.85%
TTM:1.81%
Compounded Profit Growth
10 Years:15.73%
5 Years:36.39%
3 Years:62.34%
TTM:-27.56%
Stock Price CAGR
10 Years:9.52%
5 Years:29.05%
3 Years:15.69%
1 Year:-44.16%
Return on Equity
10 Years:4.40%
5 Years:4.75%
3 Years:24.90%
Last Year:36.36%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
85 85 85 85 85 85 85 85 85 85 85 85 85
Reserves 66 82 77 103 128 131 105 59 32 28 73 142 151
Borrowings 12 14 144 146 64 63 48 77 79 111 71 14 3
27 26 23 54 48 20 61 57 46 69 40 57 148
Total Liabilities 190 207 329 388 324 299 300 278 243 294 269 298 387
69 57 45 256 237 224 212 200 192 184 181 172 279
CWIP 17 78 217 2 0 0 0 0 0 0 1 0 0
Investments 5 5 5 5 5 5 15 15 14 8 5 21 39
98 67 61 125 81 69 72 62 36 102 82 105 69
Total Assets 190 207 329 388 324 299 300 278 243 294 269 298 387

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
50 22 2 62 37 14 13 -32 -17 -14 60 79
-11 -54 -138 -17 1 2 -10 1 -1 12 -8 -15
-25 2 129 2 -92 -5 -15 34 16 2 -52 -63
Net Cash Flow 14 -30 -7 47 -54 10 -12 2 -2 -0 1 1

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 38% 16% -3% 22% 19% 6% -9% -16% -10% 3% 26% 43%
Debtor Days 24 23 4 16 14 4 2 2 4 24 24 20
Inventory Turnover 11.97 9.13 4.78 16.13 18.17 11.99 5.44 4.31 14.38 11.73 20.33 37.87