Aries Agro Ltd

₹ 366 2.05%

12 Dec 10:50 a.m.

About

Incorporated in 1969, Aries Agro Ltd offers products in the primary, secondary and microfertilizer sector, ranging from individual elements to mixed specialty plant nutrient fertilizers^[1]

Key Points

Business Overview:^[1]^[2]^[3]
AAL is in the business of manufacturing micronutrients and other customized nutritional products for plants and animals. It introduced the chelation technology for manufacturing micronutrients in India and is the market leader in the same. Company offers bio-degradable complexes of plant nutrients, water soluble NPK fertilizers, value added secondary nutrients, natural and biological products and water treatment formulations. Currently, company has 134 brands customized based on crop, and agro climatic requirements, with 21 organically certified products

Website BSE NSE

Market Cap ₹ 476 Cr.
Current Price ₹ 366
High / Low ₹ 380 / 187
Stock P/E 17.0
Book Value ₹ 216
Dividend Yield 0.28 %
ROCE 14.8 %
ROE 7.31 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Company has a low return on equity of 6.54% over last 3 years.
Contingent liabilities of Rs.173 Cr.
Dividend payout has been low at 7.37% of profits over last 3 years
Company's cost of borrowing seems high

* 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: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	127	130	84	116	138	133	93	107	158	147	107	135	194
	103	116	87	98	113	118	93	95	129	130	108	120	159
Operating Profit	24	14	-3	17	24	15	-0	13	29	17	-1	15	34
OPM %	19%	10%	-3%	15%	18%	11%	-0%	12%	19%	12%	-1%	11%	18%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	7	5	7	5	7	6	5	4	9	4	5	3	8
Depreciation	1	2	2	1	2	2	3	2	2	2	2	2	2
Profit before tax	16	7	-11	11	16	7	-8	7	18	11	-8	11	24
Tax %	31%	39%	-30%	31%	17%	28%	18%	36%	31%	32%	-23%	32%	22%
	11	3	-7	6	14	5	-10	5	12	8	-6	7	19
EPS in Rs	8.58	2.61	-5.44	5.39	11.05	3.94	-7.21	3.65	9.60	6.01	-4.32	5.59	14.51
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	238	279	278	263	253	291	265	296	381	432	472	516	583
	187	221	223	216	210	245	222	254	325	386	424	461	517
Operating Profit	51	58	55	46	42	46	44	42	57	47	48	55	66
OPM %	21%	21%	20%	18%	17%	16%	16%	14%	15%	11%	10%	11%	11%
	2	1	1	1	-0	2	3	5	0	4	9	3	0
Interest	24	25	24	25	23	29	29	26	26	24	23	22	20
Depreciation	8	9	10	11	7	2	2	5	6	6	8	8	8
Profit before tax	20	25	22	12	12	17	16	16	25	20	25	28	38
Tax %	21%	26%	13%	33%	54%	46%	50%	46%	30%	36%	37%	35%
	16	19	19	8	5	9	8	8	16	12	16	18	27
EPS in Rs	10.75	12.50	12.96	5.56	5.43	8.06	7.60	7.49	13.81	10.22	13.17	14.94	21.79
Dividend Payout %	14%	16%	15%	27%	37%	29%	24%	7%	6%	8%	8%	7%

Compounded Sales Growth
10 Years:	6%
5 Years:	14%
3 Years:	11%
TTM:	19%

Compounded Profit Growth
10 Years:	1%
5 Years:	19%
3 Years:	4%
TTM:	125%

Stock Price CAGR
10 Years:	11%
5 Years:	42%
3 Years:	37%
1 Year:	74%

Return on Equity
10 Years:	6%
5 Years:	7%
3 Years:	7%
Last Year:	7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	146	164	165	159	162	170	176	181	198	211	230	247	268
	190	178	167	167	137	171	172	150	143	112	100	74	37
	80	93	99	109	137	123	133	143	148	173	177	184	254
Total Liabilities	429	448	444	448	450	477	494	487	501	509	520	518	572
	101	100	87	87	71	88	95	48	55	68	75	96	105
CWIP	14	11	9	16	22	14	15	12	13	0	0	2	0
Investments	2	2	2	2	0	0	0	59	57	57	62	63	69
	313	335	345	342	357	376	384	368	376	384	382	357	398
Total Assets	429	448	444	448	450	477	494	487	501	509	520	518	572

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	31	38	34	48	14	44	59	56	69	54	77
	2	-11	-25	13	-2	-10	-41	-14	-13	-16	-26
	-41	-31	-9	-59	-12	-36	-21	-43	-56	-37	-50
Net Cash Flow	-8	-4	-0	2	0	-2	-4	-0	0	1	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	155	173	172	164	206	228	256	143	118	100	91	80
Inventory Days	444	387	394	412	518	363	478	466	271	234	210	177
Days Payable	115	117	110	84	128	165	207	197	101	111	90	66
Cash Conversion Cycle	483	443	457	493	596	426	526	412	288	224	212	191
Working Capital Days	360	334	356	374	362	338	368	291	230	187	167	130
ROCE %	13%	14%	12%	10%	10%	12%	12%	12%	14%	13%	14%	15%

Shareholding Pattern

Numbers in percentages

25 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%
	0.24%	0.20%	0.34%	0.48%	0.56%	1.94%	1.78%	2.10%	2.38%	3.29%	3.08%	2.53%
	47.11%	47.14%	47.00%	46.86%	46.78%	45.40%	45.56%	45.23%	44.96%	44.04%	44.25%	44.81%
No. of Shareholders	18,121	19,197	19,101	18,314	18,851	18,540	17,887	17,899	16,715	19,518	20,518	21,997

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%	52.66%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%	1.94%	3.29%	2.53%
	0.25%	0.15%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	47.10%	47.19%	47.19%	47.34%	47.34%	47.14%	45.40%	44.04%	44.81%
No. of Shareholders	9,705	12,762	13,793	12,953	14,183	19,197	18,540	19,518	21,997

* 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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Nov 2019

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Dec 2018

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