National Peroxide Ltd

National Peroxide is engaged in the business in India for peroxygen chemicals is the largest manufacturer of Hydrogen Peroxide in India, with an installed capacity of 95 KTPA on 50% w/w. basis.(Source : 201903 Annual Report Page No:52)

Pros:
Company is virtually debt free.
Stock is trading at 0.78 times its book value
Stock is providing a good dividend yield of 4.07%.
Company has good consistent profit growth of 31.38% over 5 years
Company has been maintaining a healthy dividend payout of 37.96%
Cons:
Company has a low return on equity of 11.91% for last 3 years.

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
106 69 57
40 46 39
Operating Profit 66 23 18
OPM % 62% 34% 32%
Other Income 3 6 6
Interest 0 1 0
Depreciation 2 2 2
Profit before tax 67 26 22
Tax % 34% 33% 33%
Net Profit 44 17 15
EPS in Rs 76.16 30.44 25.46
Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
109 135 122 182 155 213 236 197 234 233 306 402
82 94 89 90 107 146 173 174 197 167 161 175
Operating Profit 27 41 33 92 48 67 62 22 36 66 145 227
OPM % 25% 31% 27% 51% 31% 32% 26% 11% 16% 28% 47% 56%
Other Income 1 1 1 2 2 5 7 6 7 3 11 19
Interest 3 3 1 1 0 0 0 5 5 2 1 1
Depreciation 8 8 8 8 10 11 10 7 9 9 9 9
Profit before tax 17 32 24 85 39 61 60 17 29 58 147 236
Tax % 35% 33% 33% 33% 29% 34% 33% 60% 37% 33% 35% 35%
Net Profit 11 21 16 57 28 40 40 7 18 39 96 154
EPS in Rs 17.98 34.82 26.42 97.32 46.40 67.16 66.95 10.60 30.07 67.23 166.76 267.61
Dividend Payout % 41% 27% 35% 12% 25% 22% 22% 43% 31% 51% 39% 24%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.54%
5 Years:11.30%
3 Years:19.85%
TTM:31.33%
Compounded Profit Growth
10 Years:22.20%
5 Years:31.38%
3 Years:100.65%
TTM:61.64%
Return on Equity
10 Years:13.98%
5 Years:11.03%
3 Years:11.91%
Last Year:14.04%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
6 6 6 6 6 6 6 6 6 6 6 6
Reserves 51 66 75 124 144 174 204 207 218 736 1,011 1,168
Borrowings 34 15 0 9 5 1 4 73 30 11 0 80
32 34 37 49 48 58 60 63 61 63 77 91
Total Liabilities 122 120 118 188 203 239 273 348 316 816 1,094 1,345
90 87 82 75 118 110 117 187 180 178 170 166
CWIP 2 1 2 22 3 3 41 4 3 2 6 75
Investments 1 1 1 22 25 60 13 13 10 538 762 750
29 31 33 70 58 65 102 144 123 98 157 353
Total Assets 122 120 118 188 203 239 273 348 316 816 1,094 1,345

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
18 30 28 43 47 42 29 22 22 60 95 148
-5 -3 -4 -45 -35 -30 -22 -75 30 -33 -56 -175
-13 -27 -23 1 -12 -13 -7 54 -51 -28 -35 35
Net Cash Flow 0 -0 1 -0 0 -1 0 1 0 -1 3 8

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 23% 38% 30% 78% 27% 36% 30% 9% 13% 13% 17% 21%
Debtor Days 50 40 52 54 57 54 50 69 51 52 63 28
Inventory Turnover 15.85 14.08 12.66 12.73 10.14 22.23 14.64 9.84 15.52 18.48 23.71 17.29