Ashok Alco-Chem Ltd

Ashok Alco-Chem is engaged in chemical manufacturing and minerals trading. The Company's segments include Chemical Division (Manufacturing) and Global Trading Division. It offers ethyl acetate, which is used in a range of coating formulations, such as epoxies, urethanes, cellulosics, acrylics and vinyls; glacial acetic acid, which is used in paint, varnish, lacquer and related products, and acetaldehyde, which is as an intermediate for the synthesis of other chemicals. It also offers ball clay, quartz and feldspar.

Pros:
Company has reduced debt.
Stock is trading at 0.21 times its book value
Stock is providing a good dividend yield of 5.06%.
Cons:
Company has low interest coverage ratio.
The company has delivered a poor growth of -7.96% over past five years.
Company has a low return on equity of 13.84% for last 3 years.
Contingent liabilities of Rs.2.93 Cr.

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
34.43 35.08 38.43 35.41 35.47 43.71 41.20 39.90 42.17 43.55 44.81 40.22
33.48 33.86 38.91 36.13 34.95 41.15 39.67 39.27 41.40 42.08 49.46 42.86
Operating Profit 0.95 1.22 -0.48 -0.72 0.52 2.56 1.53 0.63 0.77 1.47 -4.65 -2.64
OPM % 2.76% 3.48% -1.25% -2.03% 1.47% 5.86% 3.71% 1.58% 1.83% 3.38% -10.38% -6.56%
Other Income 0.37 0.37 1.46 2.89 0.39 0.87 0.39 0.32 0.35 0.74 0.21 0.57
Interest 0.31 0.63 0.52 0.57 0.48 0.50 0.47 0.32 0.35 0.40 0.40 0.47
Depreciation 0.25 0.26 0.26 0.28 0.27 0.28 0.29 0.29 0.29 0.30 0.29 0.23
Profit before tax 0.76 0.70 0.20 1.32 0.16 2.65 1.16 0.34 0.48 1.51 -5.13 -2.77
Tax % 27.63% 31.43% 80.00% 40.15% 18.75% 35.09% 21.55% 29.41% 27.08% 31.79% 10.53% 25.63%
Net Profit 0.55 0.49 0.04 0.79 0.12 1.72 0.91 0.24 0.35 1.03 -4.59 -2.06
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
15.65 14.05 6.08 200.91 281.55 318.83 235.90 222.69 351.20 339.60 147.34 155.78 170.75
19.30 14.77 8.53 198.45 284.00 315.03 228.75 216.05 331.48 321.51 144.84 151.88 175.80
Operating Profit -3.65 -0.72 -2.45 2.46 -2.45 3.80 7.15 6.64 19.72 18.09 2.50 3.90 -5.05
OPM % -23.32% -5.12% -40.30% 1.22% -0.87% 1.19% 3.03% 2.98% 5.62% 5.33% 1.70% 2.50% -2.96%
Other Income 10.03 0.88 0.69 -1.96 5.36 2.79 4.31 2.70 3.85 3.28 3.25 4.54 1.87
Interest 2.31 0.04 0.69 0.09 0.98 1.04 0.76 0.57 0.76 0.76 1.77 2.03 1.62
Depreciation 1.41 0.84 1.09 1.14 0.99 0.99 1.17 1.10 0.84 0.89 1.02 1.12 1.11
Profit before tax 2.66 -0.72 -3.54 -0.73 0.94 4.56 9.53 7.67 21.97 19.72 2.96 5.29 -5.91
Tax % 68.05% 29.17% 6.50% 50.68% -85.11% 23.46% 35.89% 37.16% 33.91% 37.22% 34.46% 33.08%
Net Profit 0.85 -0.51 -3.31 -0.36 1.74 3.49 6.11 4.82 14.51 12.38 1.93 3.55 -5.27
EPS in Rs 2.07 0.00 0.00 0.00 4.60 9.23 16.18 11.61 31.38 26.71 4.00 7.51
Dividend Payout % 0.00% -0.00% -0.00% -0.00% 0.00% 0.00% 0.00% 0.00% 3.17% 3.72% 23.83% 12.96%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:27.20%
5 Years:-7.96%
3 Years:-23.74%
TTM:6.53%
Compounded Profit Growth
10 Years:%
5 Years:-10.29%
3 Years:-37.46%
TTM:-276.25%
Return on Equity
10 Years:%
5 Years:21.95%
3 Years:13.84%
Last Year:7.83%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3.28 3.28 3.78 3.78 3.78 3.78 3.78 4.15 4.60 4.60 4.60 4.60 4.60
Reserves -0.51 -1.14 -4.76 -2.95 -1.30 2.18 8.29 13.86 28.70 40.53 39.14 42.31 38.82
Borrowings 9.23 9.16 8.30 8.31 13.18 7.02 6.45 1.84 1.15 6.94 11.61 10.31 8.40
6.79 8.02 14.63 51.21 62.10 88.25 77.24 76.04 72.73 77.44 49.65 34.75 54.81
Total Liabilities 18.79 19.32 21.95 60.35 77.76 101.23 95.76 95.89 107.18 129.51 105.00 91.97 106.63
11.92 10.84 10.81 9.36 9.15 9.55 11.96 11.12 11.36 13.81 15.01 15.19 14.74
CWIP 0.47 0.68 0.00 0.00 0.00 0.28 0.00 1.02 0.38 0.00 0.52 0.05 0.06
Investments 0.00 0.00 0.00 0.00 0.00 0.25 0.00 0.00 0.00 0.73 0.73 0.73 0.73
6.40 7.80 11.14 50.99 68.61 91.15 83.80 83.75 95.44 114.97 88.74 76.00 91.10
Total Assets 18.79 19.32 21.95 60.35 77.76 101.23 95.76 95.89 107.18 129.51 105.00 91.97 106.63

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-3.54 1.85 -0.10 -4.28 19.70 4.98 4.96 10.05 1.53 -14.90 6.62
3.03 -0.60 0.14 -0.52 -10.78 -3.27 -1.12 -0.18 -2.40 -2.59 -0.82
0.37 -1.04 2.40 3.90 -8.55 -0.58 -3.21 -0.34 5.07 1.81 -0.23
Net Cash Flow -0.14 0.21 2.44 -0.90 0.37 1.13 0.63 9.53 4.19 -15.69 5.57

Ratios Standalone Figures in Rs. Crores / View Consolidated

Jun 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 29.18% -3.72% -31.36% -6.20% 14.44% 39.11% 65.33% 43.42% 83.72% 47.34% 8.79% 13.01%
Debtor Days 11.66 4.94 34.82 61.39 59.84 74.55 66.24 49.61 54.38 65.35 75.46 56.23
Inventory Turnover 10.20 7.76 6.20 74.41 58.17 74.49 40.32 20.33 29.28 29.95 8.69 6.85