Chambal Fertilisers & Chemicals Ltd

About

Chambal Fertilisers & Chemicals Ltd is engaged in production of Urea from its own manufacturing plants. It also markets/ deals in other fertilisers and agri-inputs. It also has a Joint Venture for manufacture of Phospohric Acid in Morocco.
The company was also engaged in Software business, However, in FY21, it sold assets and transferred certain liabilities of the business to cease the operations of the software business.[1]

Key Points

Product Portfolio
The company's product portfolio includes fertilisers and agri-inputs such as Urea, Di-ammonium Phosphate (DAP), Muriate of Potash (MOP), Ammonium Phosphate Sulphate (APS), different grades of NPK fertilisers, Sulphur, Micronutrients and Agrochemicals.[1] It only manufactures Urea from its production plants and markets/ trades other fertilisers and agri-inputs through its distribution network.[2]

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  • Market Cap 15,192 Cr.
  • Current Price 364
  • High / Low 451 / 194
  • Stock P/E 9.86
  • Book Value 143
  • Dividend Yield 2.06 %
  • ROCE 20.2 %
  • ROE 30.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 45.07% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.53%
  • Debtor days have improved from 124.87 to 33.71 days.

Cons

  • Company might be capitalizing the interest cost

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
2,807 2,611 2,855 3,550 3,832 1,969 3,219 3,987 3,873 1,641 3,540 4,479
2,453 2,202 2,413 3,000 3,153 1,770 2,598 3,215 3,075 1,355 2,958 3,742
Operating Profit 354 409 442 550 679 199 621 772 797 286 581 737
OPM % 13% 16% 15% 16% 18% 10% 19% 19% 21% 17% 16% 16%
Other Income -65 -108 30 57 12 147 19 39 9 389 75 98
Interest 38 119 132 147 110 113 108 77 53 45 30 25
Depreciation 17 69 69 72 73 72 71 72 72 75 73 75
Profit before tax 234 114 271 388 508 161 460 662 682 555 552 735
Tax % 32% 22% 39% 2% 6% -25% 35% 34% 31% 2% 31% 31%
Net Profit 161 92 166 383 480 198 299 437 471 448 381 506
EPS in Rs 3.87 2.21 3.98 9.19 11.54 4.75 7.18 10.50 11.32 10.76 9.16 12.16

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
4,125 5,684 7,537 8,198 8,906 9,733 9,008 7,553 7,541 10,095 12,206 12,719 13,532
3,462 4,981 6,707 7,512 8,229 8,996 8,354 6,795 6,730 8,894 10,281 10,249 11,131
Operating Profit 663 703 830 686 677 737 654 759 811 1,200 1,925 2,470 2,401
OPM % 16% 12% 11% 8% 8% 8% 7% 10% 11% 12% 16% 19% 18%
Other Income 74 90 72 93 103 103 32 133 172 -2 192 460 571
Interest 97 127 130 140 209 164 267 255 157 247 504 281 153
Depreciation 319 323 308 267 282 216 111 92 85 119 287 289 295
Profit before tax 321 343 464 372 289 459 308 544 740 832 1,327 2,360 2,524
Tax % 36% 37% 72% 43% 19% 39% 52% 34% 33% 30% 8% 26%
Net Profit 217 241 158 239 244 295 221 362 499 590 1,226 1,655 1,806
EPS in Rs 5.22 5.78 3.80 5.73 5.87 7.08 5.31 8.70 11.99 14.18 29.46 39.76 43.40
Dividend Payout % 36% 33% 50% 33% 32% 27% 36% 22% 16% 14% 14% 19%
Compounded Sales Growth
10 Years: 8%
5 Years: 7%
3 Years: 19%
TTM: 4%
Compounded Profit Growth
10 Years: 19%
5 Years: 45%
3 Years: 42%
TTM: 18%
Stock Price CAGR
10 Years: 15%
5 Years: 42%
3 Years: 33%
1 Year: 79%
Return on Equity
10 Years: 21%
5 Years: 26%
3 Years: 29%
Last Year: 31%

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
416 416 416 416 414 414 416 416 776 798 834 487 416
Reserves 1,017 1,160 1,285 1,436 1,642 1,837 1,451 1,725 2,104 2,478 3,131 4,837 5,528
Borrowings 2,741 2,580 3,672 5,241 4,684 4,089 5,317 4,619 5,720 8,664 9,696 3,866 3,607
952 1,092 1,420 1,598 1,301 1,298 939 1,297 1,222 2,367 1,290 1,127 2,018
Total Liabilities 5,126 5,248 6,793 8,692 8,041 7,638 8,123 8,057 9,462 13,925 14,533 10,247 11,570
3,340 3,040 3,019 2,970 3,033 2,948 1,793 1,162 1,234 6,905 6,701 6,480 6,483
CWIP 49 67 64 58 51 119 639 1,712 4,135 121 85 161 86
Investments 63 0 0 0 0 30 211 174 207 300 217 298 1,078
1,674 2,141 3,710 5,664 4,957 4,541 5,480 5,009 3,886 6,598 7,529 3,308 3,922
Total Assets 5,126 5,248 6,793 8,692 8,041 7,638 8,123 8,057 9,462 13,925 14,533 10,247 11,570

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
-228 610 -563 -1,316 847 1,064 -27 1,280 1,172 -1,130 827 6,944
-58 -157 -74 44 -85 -149 -348 -703 -1,784 -1,132 -462 -195
225 -308 655 1,266 -971 -937 362 -500 564 2,263 -283 -6,007
Net Cash Flow -60 144 18 -7 -209 -22 -12 76 -49 2 82 742

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 58 44 107 160 146 119 156 147 123 175 166 34
Inventory Days 53 46 50 98 50 48 55 65 63 79 60 39
Days Payable 59 40 42 48 22 23 28 18 24 59 29 19
Cash Conversion Cycle 51 50 116 209 174 144 183 193 161 195 198 54
Working Capital Days 72 39 108 177 155 128 180 171 143 163 185 43
ROCE % 10% 11% 13% 8% 7% 9% 10% 11% 12% 12% 14% 20%

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
58.72 58.77 58.77 58.89 59.01 59.80 59.92 60.34 60.38 60.38 60.38 60.39
6.45 6.48 6.83 6.48 6.65 6.50 5.25 5.37 6.65 7.05 8.42 11.40
15.27 15.79 16.34 17.06 16.67 16.85 17.08 16.85 15.79 15.53 15.03 13.19
19.23 18.64 17.78 17.31 17.42 16.63 17.55 17.26 17.03 16.90 16.07 14.93
0.33 0.32 0.29 0.26 0.25 0.22 0.20 0.18 0.14 0.14 0.10 0.09

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