Excel Industries Ltd

Excel Industries is engaged in manufacturing and selling of Chemicals, Pharma intermediates and Environmental products. Chemicals comprising of Industrial and Specialty chemicals and Pesticides Intermediates. Environmental products comprising of Soil Enricher, Bio - Pesticides and other Bio-products (E&BT). The Company caters to both domestic and international markets. The Company is also engaged in manufacturing activity on behalf of third parties.(Source : 201903 Annual Report Page No: 119)

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 53.85% over 5 years
Company has been maintaining a healthy dividend payout of 24.49%
Cons:

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
119 92 116 122 130 147 183 195 207 217 195 189
105 87 110 109 108 115 128 134 136 151 144 147
Operating Profit 14 5 7 13 22 32 55 60 71 66 51 42
OPM % 12% 5% 6% 11% 17% 22% 30% 31% 34% 30% 26% 22%
Other Income 1 2 1 3 0 1 0 3 0 1 2 4
Interest 3 2 3 2 2 2 1 0 1 1 0 1
Depreciation 4 4 4 4 4 4 4 4 4 4 5 5
Profit before tax 9 2 1 11 17 27 50 58 66 61 47 41
Tax % 24% 33% -17% 30% 34% 28% 32% 33% 35% 35% 37% 34%
Net Profit 7 1 1 8 11 20 34 39 43 40 30 27
EPS in Rs 5.26 0.94 0.70 6.26 8.75 15.56 27.13 30.91 34.31 31.82 23.93 21.66
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
224 240 235 275 316 384 416 482 435 446 582 806 809
205 226 213 242 290 344 376 410 372 402 457 556 579
Operating Profit 19 14 22 33 25 40 40 72 62 44 125 250 230
OPM % 9% 6% 9% 12% 8% 10% 10% 15% 14% 10% 21% 31% 28%
Other Income 6 7 8 3 12 4 4 7 2 9 3 4 7
Interest 10 10 7 7 9 12 12 14 13 11 7 3 3
Depreciation 10 10 10 10 10 10 11 15 15 14 15 18 19
Profit before tax 6 1 13 19 19 22 21 50 37 28 106 233 216
Tax % 29% 46% 40% 30% 21% 32% 15% 19% 31% 25% 31% 35%
Net Profit 4 1 8 13 15 15 17 41 25 21 73 152 140
EPS in Rs 3.70 0.60 6.97 11.71 13.15 13.08 15.39 32.71 18.63 16.54 57.71 120.97 111.72
Dividend Payout % 26% 74% 27% 30% 15% 22% 23% 21% 23% 36% 22% 16%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.87%
5 Years:14.15%
3 Years:22.86%
TTM:23.61%
Compounded Profit Growth
10 Years:54.56%
5 Years:53.85%
3 Years:80.54%
TTM:35.63%
Stock Price CAGR
10 Years:36.40%
5 Years:26.83%
3 Years:26.25%
1 Year:-42.96%
Return on Equity
10 Years:17.55%
5 Years:20.14%
3 Years:20.64%
Last Year:29.58%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 5 5 5 5 5 5 6 6 6 6 6
Reserves 91 91 97 105 118 128 141 176 201 352 434 584
Borrowings 74 75 60 52 75 73 102 95 89 68 10 7
80 70 71 77 88 98 105 113 126 145 175 189
Total Liabilities 250 242 233 240 286 305 354 389 422 572 625 787
108 107 102 99 107 121 128 157 164 180 199 235
CWIP 3 1 3 1 6 5 20 3 3 8 23 12
Investments 12 10 10 14 14 14 14 14 14 152 175 261
126 124 118 126 159 166 192 215 242 231 227 279
Total Assets 250 242 233 240 286 305 354 389 422 572 625 787

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
10 1 22 34 15 28 13 44 46 35 120 135
-11 -3 -5 -12 -15 -25 -32 -27 -27 12 -48 -109
0 2 -16 -20 4 -4 20 -23 -17 -48 -73 -24
Net Cash Flow -1 0 1 2 4 -2 1 -5 1 -1 -2 2

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 7% 12% 16% 11% 17% 14% 24% 18% 11% 26% 45%
Debtor Days 104 84 88 80 97 84 89 80 107 95 75 70
Inventory Turnover 6.83 6.99 6.71 7.60 7.33 8.51 9.16 8.40 6.72 7.75 11.11 13.59