Nitta Gelatin India Ltd

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

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Pros:

Stock is trading at 0.80 times its book value

Company has been maintaining a healthy dividend payout of 23.55%

Cons:

The company has delivered a poor growth of 2.55% over past five years.

Company has a low return on equity of 8.21% for last 3 years.

Contingent liabilities of Rs.47.11 Cr.

Company might be capitalizing the interest cost

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	130.54	146.39	182.63	189.09	202.49	244.10	302.85	286.57	353.73	356.76	355.72	343.53
	115.71	132.65	151.79	156.65	190.60	222.90	260.48	270.83	330.17	320.61	320.09	313.83
Operating Profit	14.83	13.74	30.84	32.44	11.89	21.20	42.37	15.74	23.56	36.15	35.63	29.70
OPM %	11.36%	9.39%	16.89%	17.16%	5.87%	8.68%	13.99%	5.49%	6.66%	10.13%	10.02%	8.65%
Other Income	3.43	4.86	5.00	8.03	2.71	1.25	2.01	0.26	1.96	2.33	9.05	4.00
Interest	3.87	4.21	3.66	1.91	3.13	6.43	8.84	8.03	9.80	7.57	6.99	6.71
Depreciation	7.11	6.89	6.87	7.92	9.04	9.81	15.71	16.52	14.33	12.76	13.71	15.03
Profit before tax	7.28	7.50	25.31	30.64	2.43	6.21	19.83	-8.55	1.39	18.15	23.98	11.96
Tax %	17.99%	8.53%	38.13%	17.46%	28.40%	24.15%	54.72%	23.39%	358.27%	52.78%	48.96%	67.64%
Net Profit	5.96	6.83	15.55	25.21	1.69	4.69	10.74	-6.09	-1.42	10.73	14.17	6.78
EPS in Rs	5.20	5.90	13.50	21.76	1.01	3.70	9.08	0.00	0.00	10.26	15.60	7.47
Dividend Payout %	14.09%	18.45%	16.21%	19.99%	198.82%	71.64%	31.28%	-0.00%	-63.94%	21.16%	16.02%	33.48%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	8.40	8.40	8.40	8.40	8.40	8.40	8.40	9.08	9.08	24.88	9.08	9.08
Reserves	60.33	65.21	77.81	97.14	94.91	95.69	105.09	99.61	99.08	105.33	124.47	126.72
Borrowings	28.73	23.58	8.19	0.26	47.17	59.88	57.22	68.39	65.63	76.48	108.67	100.18
	13.22	14.55	24.10	31.47	35.00	42.03	54.04	54.95	52.47	70.09	61.65	62.49
Total Liabilities	110.68	111.74	118.50	137.27	185.48	206.00	224.75	232.03	226.26	260.98	303.87	298.47
	55.16	56.34	61.46	72.34	79.18	121.88	116.68	125.38	117.72	119.99	110.27	113.38
CWIP	1.47	2.03	3.98	7.99	34.55	6.56	8.51	8.58	8.80	8.55	12.82	10.28
Investments	0.09	0.10	0.10	0.15	0.50	0.82	0.82	0.82	0.77	0.74	0.90	0.89
	53.96	53.27	52.96	56.79	71.25	76.74	98.74	97.25	98.97	131.70	179.88	173.92
Total Assets	110.68	111.74	118.50	137.27	185.48	206.00	224.75	232.03	226.26	260.98	303.87	298.47

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	11.22	17.65	35.07	38.55	1.72	20.04	16.92	23.51	20.46	20.39	11.48	27.02
	-3.22	-7.92	-15.70	-22.67	-41.84	-20.00	-13.40	-24.50	-8.21	-13.53	-3.43	-7.57
	-7.01	-9.94	-20.07	-12.54	37.32	0.30	-2.99	0.30	-11.84	18.45	-5.40	-19.94
Net Cash Flow	0.99	-0.21	-0.70	3.34	-2.80	0.34	0.53	-0.69	0.41	25.32	2.65	-0.49

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	11.97%	12.11%	30.24%	32.52%	3.77%	7.99%	17.17%	-0.29%	6.46%	13.51%	13.80%	7.81%
Debtor Days	20.44	27.48	23.52	23.09	25.99	26.20	31.41	28.39	22.89	20.86	53.80	65.31
Inventory Turnover	3.66	4.05	5.52	6.18	5.77	5.79	6.20	5.38	6.57	6.13	5.26	4.68