Shivalik Rasayan Ltd

About

The company is into manufacturing of agrochemicals and in 2015 it forayed into pharmaceuticals.
The company acquired Medicamen Biotech Limited in 2015 which is engaged in manufacturing pharmaceutical formulations. [1] [2]

Key Points

Business Segments
Shivalik Rasayan is into 2 business segments :
1. Agrochemicals: Largest producer of Dimethoate Technical and second largest producer of Malathion Technical in India.
2. API: The Company has commenced new pharma API manufacturing facility at PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) zone in Dahej (Gujarat) which is US FDA and EU standard compliant and provides one stop solution for direct commercial production, R&D, pilot scale batches, Contract Manufacturing (CMO) and Contract Research (CRO) services.[1]

Read More
  • Market Cap 1,216 Cr.
  • Current Price 839
  • High / Low 1,138 / 431
  • Stock P/E 49.1
  • Book Value 165
  • Dividend Yield 0.06 %
  • ROCE 15.7 %
  • ROE 9.91 %
  • Face Value 5.00

Pros

Cons

  • Promoter holding has decreased over last quarter: -2.60%
  • Tax rate seems low
  • Company has a low return on equity of 9.93% for last 3 years.
  • Dividend payout has been low at 3.81% of profits over last 3 years
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
36.59 44.72 45.64 44.72 51.28 37.77 46.01 52.40 55.85 43.32 50.39 56.69
31.06 38.91 38.77 38.91 43.50 31.24 39.52 43.55 44.18 32.36 37.86 44.69
Operating Profit 5.53 5.81 6.87 5.81 7.78 6.53 6.49 8.85 11.67 10.96 12.53 12.00
OPM % 15.11% 12.99% 15.05% 12.99% 15.17% 17.29% 14.11% 16.89% 20.90% 25.30% 24.87% 21.17%
Other Income 0.32 4.66 0.48 4.66 0.45 1.10 0.21 0.13 0.23 0.55 0.08 0.48
Interest 0.64 0.18 0.37 0.18 0.36 0.25 0.25 0.56 0.27 0.50 0.36 0.52
Depreciation 0.82 0.84 0.75 0.84 0.84 1.11 1.65 1.79 3.03 2.11 2.60 2.64
Profit before tax 4.39 9.45 6.23 9.45 7.03 6.27 4.80 6.63 8.60 8.90 9.65 9.32
Tax % 28.02% 10.37% 15.09% 10.37% 19.20% 14.67% 19.58% 19.76% 16.16% 4.49% 5.28% 7.62%
Net Profit 1.70 5.63 3.30 5.64 3.45 3.84 2.51 3.36 5.38 6.57 6.72 6.12
EPS in Rs 1.23 4.09 2.39 4.09 2.50 2.79 1.82 2.44 3.90 4.77 4.88 4.44

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
41 110 123 155 171 186 198 206
38 99 105 131 147 157 159 159
Operating Profit 3 10 18 24 24 29 38 47
OPM % 7% 9% 15% 16% 14% 16% 19% 23%
Other Income 0 1 1 3 8 3 1 1
Interest 0 5 6 4 3 2 2 2
Depreciation 0 2 2 2 3 4 9 10
Profit before tax 3 5 11 20 26 27 29 36
Tax % 33% 33% 25% 25% 20% 17% 15%
Net Profit 2 3 8 15 14 14 18 25
EPS in Rs 2.10 3.66 9.84 14.39 9.88 10.17 12.77 17.99
Dividend Payout % 0% 0% 4% 3% 5% 2% 4%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 8%
TTM: 10%
Compounded Profit Growth
10 Years: %
5 Years: 41%
3 Years: 5%
TTM: 88%
Stock Price CAGR
10 Years: %
5 Years: 54%
3 Years: 41%
1 Year: 89%
Return on Equity
10 Years: %
5 Years: 14%
3 Years: 10%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
3 3 3 4 7 7 7 7
Reserves 8 11 7 45 158 169 172 186
Borrowings 0 31 32 22 20 10 29 38
11 36 52 81 103 142 155 196
Total Liabilities 23 81 94 152 288 328 363 427
7 27 27 40 41 52 210 218
CWIP 0 0 0 0 26 102 0 0
Investments 0 0 0 0 0 0 0 0
16 53 66 111 222 175 153 209
Total Assets 23 81 94 152 288 328 363 427

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 12 8 -7 -8 6 59
-0 -18 -4 -24 -24 -102 -79
1 3 -3 52 100 10 16
Net Cash Flow 4 -3 2 21 69 -86 -4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 80 77 92 108 111 114 127
Inventory Days 5 64 76 65 71 65 34
Days Payable 126 152 137 103 123 171 152
Cash Conversion Cycle -41 -11 31 71 59 7 9
Working Capital Days -9 48 70 110 150 160 98
ROCE % 33% 39% 43% 22% 15% 16%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
52.50 52.50 52.50 52.50 52.78 52.92 52.92 52.92 52.92 52.92 52.92 52.92
0.04 0.04 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.14 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47.32 47.46 47.46 47.50 47.21 47.08 47.08 47.08 47.08 47.08 47.08 47.08

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