Aries Agro Ltd

About

Aries Agro is engaged in the business of manufacturing of small range of mineral feed additives for animals & birds and then diversified into mineral additives for the agriculture use and currently is into business of manufacturing micronutrients and other nutritional products for plants and animals.

Key Points

All flagship brands of Aries plant nutrients are based on Chelation Technology providing millions of farmers with a cost-effective, environmentally safe alternative to traditional fertilizers, compatible with modern crop management practices, new generation seeds, and high yielding crops. [1]

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  • Market Cap 171 Cr.
  • Current Price 131
  • High / Low 194 / 74.7
  • Stock P/E 9.93
  • Book Value 175
  • Dividend Yield 0.61 %
  • ROCE 14.7 %
  • ROE 8.87 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.75 times its book value
  • Company has delivered good profit growth of 19.21% CAGR over last 5 years
  • Debtor days have improved from 172.27 to 117.77 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.74% over past five years.
  • Company has a low return on equity of 6.48% for last 3 years.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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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
73 57 64 95 87 58 87 119 107 69 102 127
62 53 52 72 74 58 71 94 92 68 86 103
Operating Profit 11 4 12 22 13 -0 15 25 15 2 15 24
OPM % 15% 7% 19% 23% 14% -0% 18% 21% 14% 2% 15% 19%
Other Income 0 0 0 0 0 0 0 0 0 0 0 0
Interest 8 11 5 7 7 7 6 7 6 7 5 7
Depreciation 1 1 1 1 1 3 1 1 3 2 1 1
Profit before tax 3 -7 7 15 5 -11 8 17 7 -7 9 16
Tax % 38% 19% 49% 26% 11% 2% 30% 30% 34% 33% 34% 31%
Net Profit 3 -5 4 11 5 -10 6 12 5 -4 6 11
EPS in Rs 2.32 -3.98 3.05 8.73 3.64 -7.94 4.36 9.27 3.63 -3.45 4.48 8.58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
138 161 219 238 279 278 263 253 291 265 296 381 405
107 121 172 187 221 223 216 210 245 222 254 325 349
Operating Profit 31 41 47 51 58 55 46 42 46 44 42 57 56
OPM % 23% 25% 21% 21% 21% 20% 18% 17% 16% 16% 14% 15% 14%
Other Income 3 3 4 2 1 1 1 -0 2 3 5 0 0
Interest 8 12 23 24 25 24 25 23 29 29 26 26 25
Depreciation 2 3 8 8 9 10 11 7 2 2 5 6 6
Profit before tax 24 28 21 20 25 22 12 12 17 16 16 25 25
Tax % 27% 28% 24% 21% 26% 13% 33% 54% 46% 50% 46% 30%
Net Profit 16 19 15 14 16 17 7 7 10 10 10 18 17
EPS in Rs 12.49 14.30 11.43 10.75 12.50 12.96 5.56 5.43 8.06 7.60 7.49 13.81 13.24
Dividend Payout % 12% 14% 13% 14% 16% 15% 27% 37% 29% 24% 7% 6%
Compounded Sales Growth
10 Years: 9%
5 Years: 8%
3 Years: 9%
TTM: 16%
Compounded Profit Growth
10 Years: 0%
5 Years: 19%
3 Years: 20%
TTM: 42%
Stock Price CAGR
10 Years: 5%
5 Years: 0%
3 Years: 11%
1 Year: 52%
Return on Equity
10 Years: 7%
5 Years: 6%
3 Years: 6%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 101 116 127 146 164 165 159 162 170 176 181 198 214
Borrowings 88 117 156 190 178 167 167 137 171 172 150 135 103
44 98 83 80 93 99 109 137 123 133 143 156 190
Total Liabilities 245 345 380 429 448 444 448 450 477 494 487 501 521
40 92 85 101 100 87 87 71 88 95 48 55 59
CWIP 16 19 20 14 11 9 16 22 14 15 12 13 12
Investments 1 1 2 2 2 2 2 0 0 0 59 57 59
189 233 273 313 335 345 342 357 376 384 368 376 391
Total Assets 245 345 380 429 448 444 448 450 477 494 487 501 521

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-2 2 -25 0 31 38 34 48 14 44 59 58
-1 -25 -9 0 2 -11 -25 13 -2 -10 -41 -14
9 55 11 0 -41 -31 -9 -59 -12 -36 -21 -44
Net Cash Flow 7 33 -23 0 -8 -4 -0 2 0 -2 -4 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 175 125 147 155 173 172 164 206 228 256 143 118
Inventory Days 345 754 525 444 387 394 412 518 363 478 466 304
Days Payable 164 318 176 115 117 110 84 128 165 207 197 113
Cash Conversion Cycle 356 561 496 483 443 457 493 596 426 526 412 309
Working Capital Days 375 249 316 369 348 365 377 365 343 374 297 225
ROCE % 17% 18% 16% 14% 15% 13% 11% 12% 14% 12% 13% 15%

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
52.66 52.66 52.66 52.66 52.66 52.66 51.11 52.66 52.66 52.66 52.66 52.66
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03
0.12 0.15 0.17 0.14 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.01
47.22 47.19 47.17 47.20 47.20 47.34 48.89 47.34 47.34 47.34 47.34 47.31

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