Deepak Nitrite Ltd

About

Deepak Nitrite has 4 major segments [1]:
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

80% market share in Sodium Nitrate
60% global market share in DASDA
75% market share in optical brightening agent

See full details
  • Market Cap 33,907 Cr.
  • Current Price 2,486
  • High / Low 2,527 / 702
  • Stock P/E 34.6
  • Book Value 172
  • Dividend Yield 0.18 %
  • ROCE 39.9 %
  • ROE 39.6 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 64.84% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.65%

Cons

  • Stock is trading at 14.45 times its book value

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
461 767 1,008 1,051 1,003 1,120 1,056 674 987 1,235 1,463 1,526
397 659 814 797 753 862 793 493 712 900 1,009 1,075
Operating Profit 64 107 194 254 250 258 262 182 276 335 455 452
OPM % 14% 14% 19% 24% 25% 23% 25% 27% 28% 27% 31% 30%
Other Income 0 1 8 12 8 15 2 7 4 5 6 8
Interest 13 26 33 31 30 27 27 25 20 16 14 11
Depreciation 13 23 29 33 35 35 36 31 31 34 56 44
Profit before tax 38 60 141 201 193 211 201 133 229 290 390 405
Tax % 37% 34% 35% 35% 22% 26% 14% 25% 26% 25% 26% 25%
Net Profit 24 40 91 132 150 157 172 99 170 217 290 303
EPS in Rs 1.74 2.91 6.71 9.65 11.03 11.49 12.63 7.25 12.48 15.88 21.27 22.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,327 1,373 1,371 1,651 2,700 4,230 4,360 5,211
1,187 1,204 1,231 1,447 2,278 3,194 3,108 3,695
Operating Profit 140 169 139 204 421 1,035 1,252 1,517
OPM % 11% 12% 10% 12% 16% 24% 29% 29%
Other Income 1 -0 80 7 11 29 20 23
Interest 38 40 37 47 87 118 77 60
Depreciation 36 40 48 53 78 140 153 165
Profit before tax 67 89 135 111 268 806 1,042 1,314
Tax % 21% 29% 28% 29% 35% 24% 26%
Net Profit 53 63 96 79 174 611 776 979
EPS in Rs 5.06 5.39 7.37 5.79 12.73 44.80 56.88 71.82
Dividend Payout % 20% 22% 16% 22% 16% 10% 10%
Compounded Sales Growth
10 Years:%
5 Years:26%
3 Years:38%
TTM:35%
Compounded Profit Growth
10 Years:%
5 Years:65%
3 Years:111%
TTM:69%
Stock Price CAGR
10 Years:64%
5 Years:83%
3 Years:103%
1 Year:210%
Return on Equity
10 Years:%
5 Years:30%
3 Years:37%
Last Year:40%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
21 23 26 27 27 27 27
Reserves 325 450 689 895 1,044 1,545 2,319
Borrowings 545 529 724 987 1,187 1,107 590
235 295 350 684 677 538 630
Total Liabilities 1,125 1,296 1,789 2,592 2,935 3,217 3,567
549 594 586 588 1,716 1,832 1,864
CWIP 44 36 349 955 34 172 220
Investments 3 87 118 32 2 2 189
530 580 736 1,018 1,183 1,210 1,293
Total Assets 1,125 1,296 1,789 2,592 2,935 3,217 3,567

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
108 167 49 183 60 765 999
-89 -169 -353 -525 -163 -428 -396
-22 4 305 345 96 -338 -596
Net Cash Flow -3 2 1 4 -6 -1 7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 86 83 96 91 78 53 63
Inventory Days 47 54 75 118 94 63 64
Days Payable 48 59 95 176 106 57 72
Cash Conversion Cycle 85 79 76 32 66 59 56
Working Capital Days 80 70 85 67 77 60 61
ROCE % 14% 8% 10% 17% 38% 40%

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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