Resonance Specialities Ltd

₹ 126 -0.15%

24 Apr 1:20 p.m.

About

Resonance Specialities Ltd is engaged in the business of manufacturing of chemicals like pyridine, picoline, cyanopyridine and their derivatives.^[1]The company was formerly known as Armour Polymers Limited, was the first in India to manufacture Pyridines.

Key Points

Product Portfolio^[1]
The company manufactures and markets specialty chemicals based on pyridine chemistry such as Lutidine, cyano Pyridines, picoline, collidines, nutritional products, feed supplements, APIs, vitamins, etc. Pyridine
is segmented as Pyridine, Beta picoline, Alpha picoline, and Gamma picoline. The Asia-Pacific region is the largest market for pyridine.

Website BSE

Market Cap ₹ 146 Cr.
Current Price ₹ 126
High / Low ₹ 133 / 77.0
Stock P/E 41.2
Book Value ₹ 48.4
Dividend Yield 0.79 %
ROCE 12.6 %
ROE 9.28 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of 10.5% over past five years.
Debtor days have increased from 55.0 to 76.6 days.
Promoter holding has decreased over last 3 years: -8.06%

* 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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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	17.87	19.51	21.48	18.50	15.96	18.27	15.91	15.09	9.28	18.38	13.46	10.14	15.34
	14.16	15.10	16.87	14.10	12.84	15.20	14.24	13.60	7.58	16.58	11.87	9.22	14.02
Operating Profit	3.71	4.41	4.61	4.40	3.12	3.07	1.67	1.49	1.70	1.80	1.59	0.92	1.32
OPM %	20.76%	22.60%	21.46%	23.78%	19.55%	16.80%	10.50%	9.87%	18.32%	9.79%	11.81%	9.07%	8.60%
	0.88	-0.26	0.54	0.48	1.34	0.54	0.75	0.73	0.11	0.18	0.14	0.25	0.25
Interest	-0.01	0.16	0.04	0.01	0.01	0.01	0.02	0.02	0.02	0.04	0.07	0.09	0.11
Depreciation	0.24	0.27	0.44	0.44	0.44	0.43	0.32	0.34	0.43	0.39	0.35	0.36	0.38
Profit before tax	4.36	3.72	4.67	4.43	4.01	3.17	2.08	1.86	1.36	1.55	1.31	0.72	1.08
Tax %	16.51%	42.20%	25.05%	24.38%	27.68%	17.98%	26.92%	25.81%	36.03%	20.65%	33.59%	36.11%	11.11%
	3.63	2.14	3.50	3.35	2.90	2.60	1.52	1.38	0.87	1.24	0.87	0.46	0.96
EPS in Rs	3.14	1.85	3.03	2.90	2.51	2.25	1.32	1.20	0.75	1.07	0.75	0.40	0.83
Raw PDF

Profit & Loss

Figures in Rs. Crores

	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
	35.62	39.52	45.30	37.84	38.63	33.91	35.71	41.40	56.14	70.29	75.76	58.82	57.32
	34.68	37.36	42.19	36.59	35.62	31.89	35.06	36.51	48.39	56.04	59.01	51.99	51.69
Operating Profit	0.94	2.16	3.11	1.25	3.01	2.02	0.65	4.89	7.75	14.25	16.75	6.83	5.63
OPM %	2.64%	5.47%	6.87%	3.30%	7.79%	5.96%	1.82%	11.81%	13.80%	20.27%	22.11%	11.61%	9.82%
	0.14	0.38	-0.38	1.86	0.26	0.82	1.08	1.31	0.44	1.59	1.36	1.61	0.82
Interest	0.64	0.76	0.59	0.58	0.52	0.39	0.55	0.54	0.35	0.29	0.07	0.11	0.31
Depreciation	1.08	1.15	1.10	1.16	1.12	1.06	1.15	0.91	0.92	0.98	1.75	1.48	1.48
Profit before tax	-0.64	0.63	1.04	1.37	1.63	1.39	0.03	4.75	6.92	14.57	16.29	6.85	4.66
Tax %	17.19%	25.40%	0.96%	7.30%	27.61%	25.90%	2,700.00%	32.63%	20.38%	27.73%	24.06%	27.01%
	-0.53	0.46	1.03	1.28	1.19	1.03	-0.77	3.20	5.51	10.52	12.36	5.00	3.53
EPS in Rs	-0.46	0.40	0.89	1.11	1.03	0.89	-0.67	2.77	4.77	9.11	10.71	4.33	3.05
Dividend Payout %	0.00%	0.00%	56.02%	45.08%	0.00%	0.00%	0.00%	0.00%	20.94%	10.97%	9.34%	23.08%

Compounded Sales Growth
10 Years:	4%
5 Years:	11%
3 Years:	2%
TTM:	-2%

Compounded Profit Growth
10 Years:	27%
5 Years:	44%
3 Years:	-9%
TTM:	-45%

Stock Price CAGR
10 Years:	28%
5 Years:	43%
3 Years:	-2%
1 Year:	50%

Return on Equity
10 Years:	13%
5 Years:	20%
3 Years:	21%
Last Year:	9%

Balance Sheet

Figures in Rs. Crores

	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	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54	11.54
Reserves	9.28	9.42	9.45	9.95	11.14	12.42	11.72	14.93	18.99	29.13	40.26	44.15	44.32
	3.53	3.45	3.38	3.12	1.92	4.07	3.40	0.00	0.00	0.72	0.09	2.29	3.23
	7.93	8.74	9.77	9.95	7.76	11.75	10.19	11.70	10.60	13.25	4.89	7.81	4.59
Total Liabilities	32.28	33.15	34.14	34.56	32.36	39.78	36.85	38.17	41.13	54.64	56.78	65.79	63.68
	17.65	16.56	15.22	14.26	13.86	15.06	14.60	14.07	14.11	15.90	13.83	19.91	19.93
CWIP	0.40	0.03	0.03	0.03	0.13	0.20	0.60	0.83	1.84	0.04	0.44	0.44	1.81
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.75	0.12	0.00	0.00
	14.23	16.56	18.89	20.27	18.37	24.52	21.65	23.27	25.08	37.95	42.39	45.44	41.94
Total Assets	32.28	33.15	34.14	34.56	32.36	39.78	36.85	38.17	41.13	54.64	56.78	65.79	63.68

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	0.56	0.79	1.76	1.11	3.23	0.56	2.14	5.27	1.42	4.28	13.33	-8.37
	-0.37	0.00	-0.07	-0.28	-0.82	-2.62	-1.11	-0.50	-1.82	-1.18	-8.80	3.20
	-0.14	-0.84	-0.60	-1.52	-2.41	1.76	-1.01	-3.65	1.15	0.31	-1.86	0.93
Net Cash Flow	0.05	-0.05	1.09	-0.69	0.01	-0.30	0.02	1.11	0.76	3.42	2.66	-4.24

Ratios

Figures in Rs. Crores

	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	65.68	70.75	76.63	99.16	66.05	79.76	67.97	66.74	39.92	48.92	39.51	76.57
Inventory Days	88.72	105.52	81.52	133.71	159.21	397.20	211.58	180.17	232.12	236.12	175.79	646.44
Days Payable	62.78	69.49	68.68	116.18	108.07	262.26	127.21	138.98	114.32	120.62	17.35	137.50
Cash Conversion Cycle	91.62	106.78	89.46	116.69	117.19	214.70	152.35	107.93	157.71	164.41	197.94	585.51
Working Capital Days	84.95	94.02	83.15	100.80	91.94	128.09	114.27	93.19	81.92	102.61	143.09	210.86
ROCE %	0.98%	5.70%	7.30%	3.96%	8.74%	6.84%	2.23%	20.21%	30.63%	41.32%	34.91%	12.65%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	62.31%	62.31%	62.31%	54.25%	54.25%	54.25%	54.25%	54.25%	54.25%	54.25%	54.25%	54.25%
	0.00%	0.27%	0.26%	0.26%	0.26%	0.23%	0.23%	0.23%	0.00%	0.00%	0.00%	0.00%
	0.07%	0.03%	0.00%	0.00%	0.00%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
	37.61%	37.38%	37.42%	45.49%	45.49%	45.48%	45.49%	45.49%	45.71%	45.74%	45.72%	45.71%
No. of Shareholders	12,680	14,389	12,310	12,973	12,883	13,070	13,330	13,264	13,206	12,547	11,941	11,973

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	64.72%	64.72%	64.72%	64.72%	62.31%	54.25%	54.25%	54.25%
	0.04%	0.00%	0.04%	0.04%	0.04%	0.26%	0.23%	0.00%
	0.03%	0.07%	0.03%	0.03%	0.03%	0.00%	0.03%	0.03%
	35.21%	35.21%	35.21%	35.21%	37.61%	45.49%	45.49%	45.71%
No. of Shareholders	10,295	10,485	10,351	10,511	11,216	12,973	13,264	11,973

* 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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Resonance Specialities Ltd

Resonance Specialities Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports