Deepak Nitrite Ltd

About [ edit ]

Deepak Nitrite has 4 major segments #:
1. Basic Chemicals: Nitrites, Nitro Toluidines & Fuel Additives
2. Fine & Specialty Chemicals: Xylidines, Oximes, Cumidines and speciality agro-chemicals
3. Performance Products: brightening agents used in papers and detergents
4. Phenolics: Phenol, acetone etc

Key Points [ edit ]
  • Market Cap 27,813 Cr.
  • Current Price 2,039
  • High / Low 2,085 / 567
  • Stock P/E 65.3
  • Book Value 135
  • Dividend Yield 0.22 %
  • ROCE 27.2 %
  • ROE 21.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 39.88% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.46%
  • Company has been maintaining a healthy dividend payout of 17.40%

Cons

  • Stock is trading at 15.08 times its book value
  • The company has delivered a poor sales growth of 6.26% over past five years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
433 452 486 550 569 585 525 350 445 488 526 527
364 386 377 366 356 371 341 253 309 342 370 385
Operating Profit 69 66 109 185 213 213 184 98 137 146 156 142
OPM % 16% 15% 22% 34% 37% 36% 35% 28% 31% 30% 30% 27%
Other Income 0 5 2 3 3 2 1 5 3 3 3 43
Interest 12 10 10 6 5 4 5 3 1 0 0 0
Depreciation 13 13 14 18 20 20 21 14 14 17 21 18
Profit before tax 44 48 87 164 191 191 160 85 124 132 137 168
Tax % 36% 34% 35% 35% 7% 26% 27% 25% 26% 26% 26% 20%
Net Profit 28 32 57 107 179 142 116 64 92 98 101 135
EPS in Rs 2.06 2.32 4.15 7.87 13.10 10.40 8.52 4.66 6.75 7.18 7.41 9.89

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
532 672 790 1,019 1,270 1,327 1,336 1,233 1,455 1,792 2,230 1,809 1,986
490 615 732 947 1,154 1,187 1,166 1,088 1,249 1,481 1,425 1,272 1,405
Operating Profit 42 58 58 72 116 140 170 145 206 311 804 537 581
OPM % 8% 9% 7% 7% 9% 11% 13% 12% 14% 17% 36% 30% 29%
Other Income 14 5 2 11 -0 2 -0 84 10 -1 2 14 52
Interest 8 7 11 11 28 38 39 32 42 45 22 6 2
Depreciation 18 18 18 19 30 36 39 48 52 53 78 67 70
Profit before tax 30 37 32 53 58 68 91 149 122 212 706 479 561
Tax % 34% 30% 27% 28% 34% 21% 29% 26% 32% 35% 23% 26%
Net Profit 20 26 23 38 38 53 65 111 83 138 544 355 426
EPS in Rs 1.91 2.47 2.21 3.62 3.67 5.11 5.60 8.46 6.12 10.12 39.89 26.01 31.23
Dividend Payout % 26% 24% 27% 22% 27% 20% 21% 14% 21% 20% 11% 21%
Compounded Sales Growth
10 Years:10%
5 Years:6%
3 Years:8%
TTM:-2%
Compounded Profit Growth
10 Years:30%
5 Years:40%
3 Years:61%
TTM:-15%
Stock Price CAGR
10 Years:59%
5 Years:81%
3 Years:104%
1 Year:217%
Return on Equity
10 Years:20%
5 Years:22%
3 Years:26%
Last Year:21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 10 10 10 10 21 23 26 27 27 27 27
Reserves 209 227 242 270 297 326 453 706 917 1,031 1,464 1,817
Borrowings 93 62 261 341 508 545 495 574 462 328 219 8
110 118 189 268 245 234 290 254 397 450 344 324
Total Liabilities 422 417 703 890 1,061 1,126 1,261 1,559 1,802 1,835 2,054 2,177
166 163 181 325 461 549 593 568 569 589 720 776
CWIP 2 7 102 118 71 38 14 41 36 29 90 69
Investments 27 1 1 1 3 17 133 358 455 563 563 689
227 246 418 445 526 522 520 593 742 654 682 644
Total Assets 422 417 703 890 1,061 1,126 1,261 1,559 1,802 1,835 2,054 2,177

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
32 38 43 24 -14 105 191 93 214 277 515 442
-37 6 -139 -156 -97 -87 -162 -274 -189 -78 -268 -226
6 -43 184 47 108 -22 -28 178 -25 -198 -248 -215
Net Cash Flow 1 1 88 -84 -3 -4 1 -2 -0 2 -1 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 13% 15% 11% 10% 12% 12% 14% 9% 12% 19% 47% 27%
Debtor Days 70 69 73 87 84 86 81 93 93 70 60 71
Inventory Turnover 5.99 8.00 8.23 8.25 7.69 7.88 7.89 5.93 5.66 5.08 4.18 3.83

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
44.63 44.63 44.85 44.85 45.64 45.64 45.69 45.69 45.69 45.69 45.69 45.69
9.93 10.66 10.28 10.73 9.40 10.16 10.96 11.48 12.74 13.26 11.87 11.43
14.07 14.60 15.53 16.32 16.45 16.01 16.19 13.54 12.00 10.51 11.64 10.41
31.36 30.11 29.34 28.10 28.50 28.19 27.16 29.28 29.56 30.53 30.80 32.47

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