Khaitan Chemicals & Fertilizers Ltd

Khaitan Chemicals and Fertilizers is engaged in the manufacturing of Single Super Phosphate Fertilisers (Plain, Zincated and Boronated in powder form and granulated form), Sulphuric Acid and its variants, Trading of NPK Fertilisers, Processing of Oil Seed (mainly Soybean) and crude edible oil, selling of De-Oiled Cake and Crude/Refined Oil & Generation and selling of Wind Power.(Source : 201903 Annual Report Page No: 37)

  • Market Cap: 179.43 Cr.
  • Current Price: 18.50
  • 52 weeks High / Low 20.45 / 4.00
  • Book Value: 15.78
  • Stock P/E: 9.14
  • Dividend Yield: 1.08 %
  • ROCE: 14.09 %
  • ROE: 10.36 %
  • Sales Growth (3Yrs): 6.81 %
  • Listed on BSE
  • Company Website
  • Face Value: 1.00
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Pros:
Stock is trading at 1.17 times its book value
Company has delivered good profit growth of 34.00% CAGR over last 5 years
Debtor days have improved from 68.14 to 44.70 days.
Cons:
The company has delivered a poor growth of 5.83% over past five years.
Company has a low return on equity of 6.02% for last 3 years.
Promoters have pledged 54.99% of their holding.

Peer comparison Sector: Fertilizers // Industry: Fertilizers

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Quarterly Results Figures in Rs. Crores

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
81.24 91.23 92.39 84.62 118.70 81.05 88.23 106.47 129.94 105.33 95.38 129.13
72.09 82.36 83.68 72.79 105.47 72.99 78.62 95.69 117.57 94.88 83.05 112.17
Operating Profit 9.15 8.87 8.71 11.83 13.23 8.06 9.61 10.78 12.37 10.45 12.33 16.96
OPM % 11.26% 9.72% 9.43% 13.98% 11.15% 9.94% 10.89% 10.12% 9.52% 9.92% 12.93% 13.13%
Other Income 0.09 0.17 -0.23 0.13 0.11 0.13 0.23 0.28 0.20 1.70 0.08 0.14
Interest 6.16 6.15 6.25 5.24 5.64 4.86 6.27 5.06 4.90 4.84 3.30 4.13
Depreciation 2.20 2.21 2.19 2.17 2.16 2.20 2.22 2.35 2.16 2.28 1.72 2.06
Profit before tax 0.88 0.68 0.04 4.55 5.54 1.13 1.35 3.65 5.51 5.03 7.39 10.91
Tax % 79.55% 54.41% -2,225.00% 32.97% 48.38% -39.82% 68.89% 35.89% 35.21% 37.97% 19.08% 36.11%
Net Profit 0.18 0.30 0.92 3.05 2.86 1.59 0.41 2.35 3.57 3.12 5.97 6.98
EPS in Rs 0.02 0.03 0.10 0.31 0.29 0.16 0.04 0.24 0.37 0.32 0.62 0.72
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
351 202 458 644 455 388 329 392 359 353 373 437 460
306 194 387 583 428 370 295 352 320 317 330 391 408
Operating Profit 45 8 71 62 27 18 35 40 38 36 43 46 52
OPM % 13% 4% 15% 10% 6% 5% 11% 10% 11% 10% 11% 11% 11%
Other Income -0 11 0 2 8 9 3 2 3 1 1 2 2
Interest 22 12 18 26 26 25 30 30 31 26 22 18 17
Depreciation 7 7 7 7 7 8 9 9 8 9 9 9 8
Profit before tax 16 0 46 31 2 -6 -2 3 2 2 13 22 29
Tax % 37% -119% 32% 29% -7% 74% 309% 51% 22% 32% 37% 30%
Net Profit 10 1 31 22 2 -2 4 2 2 2 8 15 20
EPS in Rs 1.03 0.06 3.20 2.20 0.21 0.00 0.35 0.16 0.17 0.17 0.81 1.55 2.03
Dividend Payout % 17% 144% 7% 11% 23% -30% 14% 29% 29% 30% 6% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.02%
5 Years:5.83%
3 Years:6.81%
TTM:16.56%
Compounded Profit Growth
10 Years:33.01%
5 Years:34.00%
3 Years:105.41%
TTM:172.40%
Stock Price CAGR
10 Years:-0.16%
5 Years:17.50%
3 Years:10.56%
1 Year:153.77%
Return on Equity
10 Years:6.14%
5 Years:4.23%
3 Years:6.02%
Last Year:10.36%

Balance Sheet Figures in Rs. Crores

Corp Actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
10 10 10 10 10 10 10 10 10 10 10 10
Reserves 69 68 97 116 117 115 116 118 119 121 128 143
Borrowings 82 107 152 201 318 213 225 232 239 202 137 139
69 67 72 129 49 49 47 41 69 59 78 98
Total Liabilities 230 253 330 456 494 386 399 400 438 391 353 390
87 82 92 91 92 123 124 118 118 114 108 102
CWIP 0 1 1 5 16 4 0 1 2 1 0 0
Investments 3 2 0 0 0 0 0 0 1 1 2 1
140 168 237 360 386 259 274 281 316 275 244 286
Total Assets 230 253 330 456 494 386 399 400 438 391 353 390

Cash Flows Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
41 -12 -21 -5 -44 175 21 26 32 64 92 16
-5 1 -10 -7 -17 -23 -8 -2 -9 0 -4 1
-37 20 24 11 60 -151 -13 -24 -23 -65 -88 -17
Net Cash Flow -0 10 -7 -2 -0 1 0 -1 -0 -0 0 0

Ratios Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 25% 7% 30% 20% 6% 3% 8% 9% 9% 8% 11% 14%
Debtor Days 6 5 9 26 45 44 61 87 93 102 58 45
Inventory Turnover 4.24 1.70 2.27 2.93 1.91 1.70 1.67 2.69 2.62 2.60 2.86 2.71

Shareholding pattern in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01
25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 24.99 25.00 25.00