Gujarat Narmada Valley Fertilizers & Chemicals Ltd

Gujarat Narmada Valley Fert. & Chem. Is one of Indias leading companies engaged in the manufacturing and selling of fertilizers, industrial chemical products and rendering IT services.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.61 times its book value
Stock is providing a good dividend yield of 3.55%.
Company has good consistent profit growth of 20.61% over 5 years
Cons:
The company has delivered a poor growth of 4.00% over past five years.
Tax rate seems low
Earnings include an other income of Rs.223.47 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Fertilizers // Industry: Fertilizers

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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
1,370 1,138 1,203 975 1,507 1,591 1,764 1,605 1,641 1,219 1,431 1,210
1,098 934 1,175 803 1,187 1,163 1,293 1,293 1,269 1,139 1,326 1,114
Operating Profit 272 203 28 172 319 428 471 312 372 80 105 96
OPM % 20% 18% 2% 18% 21% 27% 27% 19% 23% 7% 7% 8%
Other Income 79 29 389 33 24 34 51 33 41 75 72 36
Interest 59 46 41 34 30 23 14 4 1 0 1 1
Depreciation 64 63 62 67 68 68 67 67 66 66 65 64
Profit before tax 228 123 314 105 245 371 441 274 346 88 111 67
Tax % 27% 46% 24% 36% 32% 39% 25% 32% 14% -88% 16% 0%
Net Profit 165 67 238 67 166 228 329 186 296 166 94 66
EPS in Rs 10.65 4.29 15.34 4.28 10.69 14.66 21.17 11.94 19.06 10.66 6.02 4.27
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
3,431 2,919 2,614 2,841 3,862 4,253 4,847 4,642 4,552 4,589 5,837 5,896 5,501
2,789 2,482 2,330 2,462 3,311 3,659 4,231 4,662 3,989 3,936 4,447 5,028 4,849
Operating Profit 642 438 284 379 551 593 616 -21 563 653 1,391 868 653
OPM % 19% 15% 11% 13% 14% 14% 13% -0% 12% 14% 24% 15% 12%
Other Income 59 64 78 144 30 40 45 52 252 517 142 221 223
Interest 14 28 25 20 34 63 92 274 297 203 100 6 4
Depreciation 111 120 117 121 131 149 145 209 251 251 270 263 260
Profit before tax 576 354 220 381 417 422 424 -452 268 715 1,162 819 612
Tax % 35% 36% 44% 30% 32% 35% 31% -0% 35% 27% 32% 10%
Net Profit 373 228 124 267 284 273 292 -452 173 521 790 741 622
EPS in Rs 23.27 14.08 7.43 16.62 17.69 16.98 18.21 0.00 11.11 33.54 50.80 47.69 40.01
Dividend Payout % 18% 22% 41% 19% 19% 20% 19% -0% 18% 15% 15% 15%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.28%
5 Years:4.00%
3 Years:9.01%
TTM:-14.93%
Compounded Profit Growth
10 Years:12.47%
5 Years:20.61%
3 Years:62.40%
TTM:-31.53%
Return on Equity
10 Years:9.24%
5 Years:8.55%
3 Years:14.66%
Last Year:15.64%

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
155 155 155 155 155 155 155 155 155 155 155 155
Reserves 1,690 1,859 1,924 2,131 2,352 2,562 2,790 2,325 3,122 3,646 4,303 4,842
Borrowings 314 356 555 1,140 1,990 3,196 3,904 3,844 3,101 1,959 303 208
725 632 678 866 1,236 1,155 2,460 2,208 2,189 2,291 2,456 2,368
Total Liabilities 2,884 3,002 3,312 4,292 5,734 7,069 9,309 8,532 8,568 8,052 7,217 7,573
1,070 1,229 1,169 1,213 1,605 1,807 4,873 4,468 4,367 4,442 4,161 3,959
CWIP 259 420 1,030 1,385 1,867 2,752 23 13 9 14 14 25
Investments 147 88 90 87 98 130 132 145 729 762 726 732
1,408 1,265 1,024 1,608 2,164 2,379 4,280 3,905 3,464 2,833 2,316 2,857
Total Assets 2,884 3,002 3,312 4,292 5,734 7,069 9,309 8,532 8,568 8,052 7,217 7,573

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
435 336 862 79 253 -160 11 490 996 1,445 1,819 541
-287 -373 -709 -719 -735 -808 -394 -284 36 -53 49 -150
-127 -59 115 460 639 889 334 -363 -1,037 -1,073 -1,400 -185
Net Cash Flow 21 -96 268 -180 156 -79 -48 -156 -5 320 468 206

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 % 29% 17% 10% 13% 11% 9% 8% -3% 9% 10% 24% 17%
Debtor Days 41 36 2 56 74 101 110 107 119 88 70 77
Inventory Turnover 8.86 7.15 6.26 6.54 7.27 6.88 6.63 5.90 6.27 6.73 8.70 7.81

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