Astec Lifesciences Ltd

About

The Company is into manufacturing of agrochemical active ingredients (technical), bulk and formulations, intermediate products and it sells its products in India as well as exports them to approximately 24 countries.
Astec also has undertaken a number of custom synthesis projects, for its clients in Europe, Japan and the US. It is present only in business to business sale (B2B).[1] [2] [3]

Key Points

Acquisition of Stake by Godrej Agrovet
In 2015, Godrej Agrovet purchased 45.29% at Rs 190 in October, 2015 and further acquired 6.99% at a price of Rs 240 in December, 2015 (Currently holding 62.33%).[1] [2]

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  • Market Cap 2,598 Cr.
  • Current Price 1,320
  • High / Low 1,530 / 937
  • Stock P/E 49.0
  • Book Value 168
  • Dividend Yield 0.11 %
  • ROCE 22.3 %
  • ROE 23.4 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 59.90% CAGR over last 5 years

Cons

  • Stock is trading at 7.88 times its book value
  • Company might be capitalizing the interest cost
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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
119.43 133.76 76.99 140.21 124.83 180.57 111.94 155.00 116.01 171.92 128.66 102.57
98.20 110.68 70.60 124.94 103.99 137.88 83.66 125.50 100.42 133.73 103.99 81.49
Operating Profit 21.23 23.08 6.39 15.27 20.84 42.69 28.28 29.50 15.59 38.19 24.67 21.08
OPM % 17.78% 17.25% 8.30% 10.89% 16.69% 23.64% 25.26% 19.03% 13.44% 22.21% 19.17% 20.55%
Other Income 3.07 5.76 0.94 1.82 3.93 5.24 1.25 1.85 3.27 1.55 0.80 0.90
Interest 3.61 3.15 3.49 3.58 3.38 2.15 1.53 1.13 1.06 1.04 1.53 1.65
Depreciation 5.36 5.48 5.56 5.68 5.78 6.15 6.26 6.34 6.52 6.53 6.51 8.15
Profit before tax 15.33 20.21 -1.72 7.83 15.61 39.63 21.74 23.88 11.28 32.17 17.43 12.18
Tax % 34.90% 37.06% 35.47% 32.44% 22.10% 21.32% 25.53% 25.25% 37.32% 25.52% 25.53% 25.53%
Net Profit 9.96 12.72 -1.11 5.28 12.16 31.18 16.18 17.85 7.06 23.96 12.98 9.07
EPS in Rs 5.09 6.51 -0.57 2.70 6.21 15.93 8.27 9.12 3.61 12.23 6.63 4.63

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
112 109 112 174 207 267 233 299 368 431 523 555 519
87 94 97 146 171 213 201 236 299 354 437 443 420
Operating Profit 25 16 16 28 35 54 32 63 69 76 85 112 100
OPM % 22% 15% 14% 16% 17% 20% 14% 21% 19% 18% 16% 20% 19%
Other Income 1 1 1 0 -0 -16 4 -8 12 11 12 8 7
Interest 5 4 6 7 9 13 13 12 11 12 13 5 5
Depreciation 4 6 9 12 15 13 10 14 15 19 23 26 28
Profit before tax 17 7 2 9 11 13 12 29 56 56 61 89 73
Tax % 20% 30% 29% 32% 22% -17% 59% 33% 37% 36% 23% 27%
Net Profit 13 5 1 6 9 15 5 19 35 36 48 65 53
EPS in Rs 7.80 2.89 0.81 3.30 4.68 7.60 2.55 9.80 17.87 18.28 24.28 33.21 27.10
Dividend Payout % 13% 17% 62% 23% 21% 16% 0% 15% 8% 8% 6% 5%
Compounded Sales Growth
10 Years: 18%
5 Years: 19%
3 Years: 15%
TTM: -9%
Compounded Profit Growth
10 Years: 29%
5 Years: 60%
3 Years: 26%
TTM: -31%
Stock Price CAGR
10 Years: 45%
5 Years: 18%
3 Years: 38%
1 Year: 39%
Return on Equity
10 Years: 17%
5 Years: 21%
3 Years: 22%
Last Year: 23%

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
17 17 17 18 19 19 19 20 20 20 20 20 20
Reserves 76 80 80 87 95 116 99 119 150 183 227 290 309
Borrowings 37 41 74 73 83 93 127 127 125 176 99 187 188
24 36 60 83 88 133 85 69 119 83 226 181 198
Total Liabilities 154 174 231 261 284 362 330 334 413 461 572 678 714
44 73 76 121 132 133 95 103 115 167 194 213 339
CWIP 8 9 44 13 6 12 20 8 42 19 24 116 21
Investments 26 8 12 0 0 0 0 0 0 0 0 0 0
77 84 100 127 146 216 215 223 256 275 354 349 353
Total Assets 154 174 231 261 284 362 330 334 413 461 572 678 714

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
10 16 0 16 15 7 -13 19 65 15 168 -8
-59 -17 0 -13 -19 -19 -17 -18 -49 -52 -74 -73
49 2 0 -2 3 12 31 -1 -18 37 -95 81
Net Cash Flow 1 1 0 1 -1 -0 2 1 -3 -0 0 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 106 114 103 131 91 142 126 135 122 103 112 123
Inventory Days 159 165 237 145 192 147 177 133 122 121 131 113
Days Payable 69 102 146 132 114 179 169 116 155 83 218 133
Cash Conversion Cycle 195 177 195 145 168 109 134 152 89 142 25 103
Working Capital Days 171 170 190 131 138 129 158 155 115 147 77 101
ROCE % 21% 8% 5% 9% 11% 20% 12% 20% 22% 20% 20% 22%

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
67.33 67.62 68.14 69.14 69.55 71.33 72.30 69.96 65.23 65.23 65.20 65.20
0.92 0.89 0.88 0.73 0.78 0.84 0.55 0.56 0.66 0.25 0.19 0.22
2.32 2.10 2.20 2.10 2.17 0.51 0.29 0.89 6.53 10.67 10.93 12.21
29.43 29.39 28.79 28.03 27.50 27.32 26.85 28.59 27.57 23.85 23.68 22.37

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