Jyoti Resins and Adhesives Ltd

Jyoti Resins and Adhesives Ltd

₹ 1,364 -0.54%
04 Mar 4:01 p.m.
About

Jyoti Resins And Adhesives Ltd. is a manufacturer of synthetic resin adhesives. The company manufactures various types of wood adhesives (white glue), under the brand name of EURO 7000 , which was launched in 2006, and is now the second largest selling wood adhesive brand in India in the retail segment.

Key Points

Market Leadership
The Co.’s brand Euro 7000 is the 2nd largest-selling wood adhesive (white glue) brand in India in the retail segment. [1]
The co. has a market share of 30-35% in Gujarat, 30% in Rajasthan, and 20% in Maharashtra. [2]

  • Market Cap 1,637 Cr.
  • Current Price 1,364
  • High / Low 1,780 / 1,081
  • Stock P/E 25.3
  • Book Value 109
  • Dividend Yield 0.44 %
  • ROCE 72.9 %
  • ROE 55.1 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 113% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 43.8%
  • Company's median sales growth is 37.8% of last 10 years

Cons

  • Stock is trading at 12.5 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
32 36 27 49 49 57 64 66 67 65 61 63 62
30 33 23 43 42 50 53 52 50 45 40 42 41
Operating Profit 2 3 4 6 7 8 11 13 16 20 21 21 21
OPM % 7% 7% 15% 12% 14% 13% 17% 20% 25% 31% 34% 34% 33%
3 2 1 0 0 2 0 0 0 2 1 1 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 5 4 5 6 7 9 11 13 16 21 21 22 22
Tax % 20% 37% 22% 26% 29% 24% 16% 33% 25% 23% 25% 26% 24%
4 3 4 4 5 7 9 9 12 16 16 16 16
EPS in Rs 3.25 2.19 3.02 3.62 4.08 5.77 7.56 7.34 10.12 13.68 13.11 13.48 13.70
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
7 10 15 26 46 41 54 69 74 101 182 261 251
6 9 14 25 45 40 52 66 62 91 158 201 168
Operating Profit 1 1 1 1 1 1 2 3 12 10 24 61 83
OPM % 11% 10% 5% 3% 3% 3% 3% 4% 16% 10% 13% 23% 33%
0 -0 0 0 0 0 0 1 0 6 3 2 4
Interest 0 0 0 1 1 1 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 1 1 1 1
Profit before tax 1 1 0 0 0 1 1 3 11 16 26 61 86
Tax % -4% 28% 31% 33% 33% 31% 30% 28% 27% 25% 25% 24%
1 0 0 0 0 0 1 2 8 12 20 46 65
EPS in Rs 0.47 0.39 0.20 0.18 0.18 0.32 0.88 1.83 6.75 10.14 16.47 38.70 53.97
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 12% 10% 15% 16%
Compounded Sales Growth
10 Years: 38%
5 Years: 37%
3 Years: 53%
TTM: -1%
Compounded Profit Growth
10 Years: 56%
5 Years: 113%
3 Years: 81%
TTM: 75%
Stock Price CAGR
10 Years: 83%
5 Years: 111%
3 Years: 104%
1 Year: 7%
Return on Equity
10 Years: 40%
5 Years: 43%
3 Years: 44%
Last Year: 55%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 4 4 4 4 4 4 4 4 4 4 4 12 12
Reserves -1 -0 0 0 0 1 2 4 24 40 59 94 119
2 3 5 9 8 8 0 1 1 0 0 0 0
2 3 4 7 17 36 51 74 91 100 89 105 109
Total Liabilities 7 10 13 21 29 49 58 82 120 144 152 211 240
1 1 1 1 1 1 4 5 19 39 46 47 47
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 6 3 0 0 0
6 9 12 20 28 48 53 77 96 102 105 163 192
Total Assets 7 10 13 21 29 49 58 82 120 144 152 211 240

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-0 -1 -2 -4 1 4 3 4 7 10 3 1
-0 -0 0 -0 -0 -1 -2 -1 -7 -9 -2 -0
0 1 2 4 -1 -1 0 0 0 -2 -1 -3
Net Cash Flow 0 -0 -0 0 0 2 2 3 0 -1 -1 -2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 220 245 222 205 165 333 294 288 264 188 129 128
Inventory Days 123 112 140 139 121 110 57 43 89 44 36 16
Days Payable 159 182 135 162 166 142 26 23 41 17 8 46
Cash Conversion Cycle 183 175 227 182 119 301 325 308 313 214 157 98
Working Capital Days 188 193 186 166 85 66 -13 -22 -82 -98 -15 1
ROCE % 14% 15% 8% 7% 9% 10% 18% 43% 57% 40% 46% 73%

Shareholding Pattern

Numbers in percentages

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
48.03% 48.98% 48.98% 48.98% 49.60% 49.97% 49.97% 50.82% 50.82% 50.82% 50.82% 50.83%
0.00% 0.00% 0.00% 0.00% 1.25% 2.00% 2.00% 0.74% 0.00% 0.33% 0.33% 0.50%
51.97% 51.02% 51.02% 51.02% 49.15% 48.03% 48.03% 48.44% 49.18% 48.85% 48.84% 48.68%
No. of Shareholders 1,7662,6583,8634,3134,3407,4488,77624,88928,66129,83331,70138,015

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Concalls