NGL Fine Chem Ltd

nglfinechem.com BSE: 524774
About

Established in 1981, NGL Fine-Chem Limited manufacturers and markets APIs, Intermediates and Finished Dosage forms for human and animal pharmaceutical product. It caters to various Indian and global companies with high quality and reliable products. [1]

Key Points

Product Portfolio
Presently, Veterinary APIs is the main product of the company which account for 89% of its revenues, followed by Veterinary Formulations (5%), Human APIs (2%), Intermediates (2%) & Others (2%). [1] The company has been able to increase its market share in the lower share of its portfolio which has increased to the levels of 50-60%. [2]

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Website BSE
  • Market Cap ₹ 1,610 Cr.
  • Current Price ₹ 2,605
  • High / Low ₹ 3,789 / 1,016
  • Stock P/E 24.6
  • Book Value ₹ 304
  • Dividend Yield 0.07 %
  • ROCE 51.9 %
  • ROE 43.2 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 37.22% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.56%

Cons

  • Stock is trading at 8.57 times its book value

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
34 43 41 37 37 35 42 68 73 72 76 78
27 33 32 33 34 33 30 49 51 51 53 62
Operating Profit 7 11 9 5 4 2 13 19 22 21 23 17
OPM % 21% 25% 21% 13% 10% 6% 30% 27% 30% 29% 30% 21%
Other Income 1 1 1 1 1 1 2 3 4 3 5 5
Interest 1 1 0 1 1 1 1 1 0 0 0 0
Depreciation 2 2 2 2 2 2 2 2 2 2 2 2
Profit before tax 6 10 8 3 3 1 12 19 23 21 26 19
Tax % 30% 30% 29% 12% 22% 79% 28% 23% 25% 32% 25% 26%
Net Profit 4 7 6 3 2 0 9 15 18 14 19 14
EPS in Rs 6.59 11.02 8.97 4.81 3.29 0.23 14.33 23.96 28.34 23.16 31.32 22.97
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
30 35 36 56 79 88 96 100 114 153 152 258 299
25 30 32 48 68 73 74 74 92 121 129 181 217
Operating Profit 5 5 4 8 11 15 22 25 22 32 23 77 82
OPM % 16% 14% 11% 14% 14% 17% 23% 26% 19% 21% 15% 30% 28%
Other Income 0 0 0 0 -1 2 0 1 3 4 1 9 16
Interest 0 1 1 1 2 2 2 1 2 3 3 2 1
Depreciation 1 1 1 2 2 3 3 3 5 6 7 7 8
Profit before tax 4 4 2 4 7 13 18 23 18 28 14 76 89
Tax % 31% 37% 32% 35% 32% 35% 36% 35% 29% 27% 26% 27%
Net Profit 3 2 1 3 5 8 11 15 13 20 11 55 65
EPS in Rs 4.37 3.92 1.70 4.71 7.33 13.48 18.45 24.10 20.38 32.58 17.16 89.79 105.79
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 5% 10% 2%
Compounded Sales Growth
10 Years: 22%
5 Years: 22%
3 Years: 31%
TTM: 63%
Compounded Profit Growth
10 Years: 37%
5 Years: 37%
3 Years: 64%
TTM: 153%
Stock Price CAGR
10 Years: 69%
5 Years: 53%
3 Years: 79%
1 Year: 98%
Return on Equity
10 Years: 26%
5 Years: 27%
3 Years: 29%
Last Year: 43%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
3 3 3 3 3 3 3 3 3 3 3 3 3
Reserves 11 13 14 17 21 30 41 56 69 89 98 152 185
Borrowings 5 6 10 13 17 13 14 23 27 27 28 16 19
7 9 10 14 15 21 19 20 31 23 26 34 59
Total Liabilities 25 32 37 47 56 67 78 102 129 142 156 206 266
6 11 10 18 19 17 24 25 56 61 61 58 57
CWIP 1 1 5 0 0 1 2 16 3 0 0 1 2
Investments 1 2 2 0 0 2 3 6 6 9 14 33 43
17 19 21 30 37 46 49 55 63 73 80 115 164
Total Assets 25 32 37 47 56 67 78 102 129 142 156 206 266

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1 4 1 -0 -0 8 8 10 22 9 20 27
-2 -6 -4 -3 -4 -3 -10 -10 -21 -10 -19 -24
1 1 3 4 3 -4 2 0 0 0 -1 -1
Net Cash Flow -0 -0 -0 1 -1 1 0 -0 1 -1 -0 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 100 112 115 100 110 107 123 110 89 79 63 53
Inventory Days 125 103 113 126 77 106 90 114 134 106 154 132
Days Payable 121 153 149 142 103 0 104 135 179 88 106 77
Cash Conversion Cycle 103 62 79 84 84 214 109 89 43 97 111 108
Working Capital Days 117 86 96 97 97 86 102 94 64 116 110 85
ROCE % 26% 22% 11% 19% 24% 29% 37% 34% 22% 28% 15% 52%

Shareholding Pattern

Numbers in percentages

Insider trades
Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
65.45 65.45 65.45 73.83 73.83 73.81 73.81 73.81 73.81 73.81 73.81 73.81
0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
34.55 34.55 34.55 26.17 26.16 26.19 26.19 26.19 26.19 26.19 26.19 26.19

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