Nitta Gelatin India Ltd

Nitta Gelatin India is engaged in the business of manufacture and sale of ossein, gelatin, collagen peptide.

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Pros:

Stock is trading at 0.54 times its book value

Company has been maintaining a healthy dividend payout of 35.43%

Cons:

Company has low interest coverage ratio.

The company has delivered a poor growth of 1.12% over past five years.

Company has a low return on equity of 5.21% for last 3 years.

Contingent liabilities of Rs.45.98 Cr.

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	146.39	182.63	189.09	202.49	244.10	302.85	286.57	353.73	356.76	355.72	342.13	303.03
	132.65	151.79	156.65	190.60	222.90	260.48	270.83	330.17	320.61	320.09	313.10	273.00
Operating Profit	13.74	30.84	32.44	11.89	21.20	42.37	15.74	23.56	36.15	35.63	29.03	30.03
OPM %	9.39%	16.89%	17.16%	5.87%	8.68%	13.99%	5.49%	6.66%	10.13%	10.02%	8.49%	9.91%
Other Income	4.86	5.00	8.03	2.71	1.25	2.01	0.26	1.96	2.33	9.05	4.59	0.92
Interest	4.21	3.66	1.91	3.13	6.43	8.84	8.03	9.80	7.57	6.99	6.71	8.70
Depreciation	6.89	6.87	7.92	9.04	9.81	15.71	16.52	14.33	12.76	13.71	15.03	14.92
Profit before tax	7.50	25.31	30.64	2.43	6.21	19.83	-8.55	1.39	18.15	23.98	11.88	7.33
Tax %	8.53%	38.13%	17.46%	28.40%	24.15%	54.72%	23.39%	358.27%	52.78%	48.96%	61.28%	32.74%
Net Profit	6.83	15.55	25.21	1.69	4.69	10.74	-6.09	-1.42	10.73	14.17	4.45	3.47
EPS in Rs	5.90	13.50	21.76	1.01	3.70	9.08	0.00	0.00	10.26	15.60	4.91	3.82
Dividend Payout %	18.45%	16.21%	19.99%	198.82%	71.64%	31.28%	-0.00%	-63.94%	21.16%	16.02%	51.01%	39.25%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	8.40	8.40	8.40	8.40	8.40	8.40	9.08	9.08	24.88	9.08	9.08	9.08
Reserves	65.21	77.81	97.14	94.91	95.69	105.09	99.61	99.08	105.33	124.47	139.47	141.48
Borrowings	23.58	8.19	0.26	47.17	59.88	57.22	68.39	65.63	76.48	108.67	103.58	107.95
	14.55	24.10	31.47	35.00	42.03	54.04	54.95	52.47	70.09	61.65	68.58	69.46
Total Liabilities	111.74	118.50	137.27	185.48	206.00	224.75	232.03	226.26	260.98	303.87	320.71	327.97
	56.34	61.46	72.34	79.18	121.88	116.68	125.38	117.72	119.99	110.27	113.38	122.24
CWIP	2.03	3.98	7.99	34.55	6.56	8.51	8.58	8.80	8.55	12.82	10.28	3.57
Investments	0.10	0.10	0.15	0.50	0.82	0.82	0.82	0.77	0.74	0.90	0.89	0.92
	53.27	52.96	56.79	71.25	76.74	98.74	97.25	98.97	131.70	179.88	196.16	201.24
Total Assets	111.74	118.50	137.27	185.48	206.00	224.75	232.03	226.26	260.98	303.87	320.71	327.97

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	17.65	35.07	38.55	1.72	20.04	16.92	23.51	20.46	20.39	11.48	26.88	21.43
	-7.92	-15.70	-22.67	-41.84	-20.00	-13.40	-24.50	-8.21	-13.53	-3.43	-7.44	-13.85
	-9.94	-20.07	-12.54	37.32	0.30	-2.99	0.30	-11.84	18.45	-5.40	-19.94	-6.26
Net Cash Flow	-0.21	-0.70	3.34	-2.80	0.34	0.53	-0.69	0.41	25.32	2.65	-0.49	1.32

	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 %	12.11%	30.24%	32.52%	3.77%	7.99%	17.17%	-0.29%	6.46%	13.51%	13.80%	7.51%	6.21%
Debtor Days	27.48	23.52	23.09	25.99	26.20	31.41	28.39	22.89	20.86	53.80	65.58	76.45
Inventory Turnover	4.05	5.52	6.18	5.77	5.79	6.20	5.38	6.57	6.13	5.26	4.67	4.25