Gujarat Narmada Valley Fertilizers & Chemicals Ltd

₹ 531 2.52%
06 Feb - close price
gnfc.in BSE: 500670 NSE : GNFC
About

Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), is a joint sector enterprise promoted by the Gujarat State Investments Limited (GSIL), a Government of Gujarat undertaking, and the Gujarat State Fertilizers & Chemicals Ltd.(GSFC). The company was set up in Bharuch in 1976 while its manufacturing and marketing operations were started in 1982. The company operates businesses mainly in the Industrial Chemicals, Fertilizers apart from the small presence of IT services. In the chemical segment, it has a product portfolio of various bulk chemicals that are used in industries for manufacturing various specialty chemicals as well as end products.

Key Points

Business Overview:[1]
GNFC is into the manufacturing and marketing of fertilizers, pesticides, industrial chemicals and also has an IT products division. The products and services offered by the company are-

Website BSE NSE
  • Market Cap ₹ 8,258 Cr.
  • Current Price ₹ 531
  • High / Low ₹ 912 / 499
  • Stock P/E 4.16
  • Book Value ₹ 546
  • Dividend Yield 1.88 %
  • ROCE 33.1 %
  • ROE 24.5 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Stock is trading at 0.97 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 42.0% CAGR over last 5 years
  • Debtor days have improved from 54.2 to 26.4 days.

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,332 1,278 1,342 700 1,187 1,508 1,733 1,394 2,096 2,380 2,772 2,696 2,587
1,216 1,111 1,180 724 993 1,145 1,263 1,001 1,665 1,706 1,886 1,934 2,278
Operating Profit 116 167 163 -24 194 363 470 393 431 674 886 762 309
OPM % 9% 13% 12% -3% 16% 24% 27% 28% 21% 28% 32% 28% 12%
39 35 42 104 39 45 49 43 58 48 61 76 85
Interest 1 1 2 12 6 1 1 1 1 1 1 2 1
Depreciation 67 67 66 66 68 70 68 70 71 77 74 76 77
Profit before tax 88 134 137 2 159 337 450 366 417 644 871 761 316
Tax % 7% 17% -75% 23% 13% 29% 31% 34% 32% 16% 26% 25% 25%
Net Profit 82 112 239 2 139 240 309 240 282 538 643 569 237
EPS in Rs 5.27 7.19 15.36 0.10 8.92 15.45 19.88 15.43 18.16 34.64 41.39 36.61 15.25
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,841 3,862 4,253 4,847 4,642 4,552 4,589 5,837 5,896 5,162 5,129 8,642 10,435
2,462 3,311 3,659 4,231 4,662 3,989 3,936 4,445 5,022 4,621 4,125 6,259 7,804
Operating Profit 379 551 593 616 -21 563 653 1,392 874 542 1,003 2,384 2,631
OPM % 13% 14% 14% 13% -0% 12% 14% 24% 15% 10% 20% 28% 25%
144 30 40 45 52 252 517 140 215 153 237 209 270
Interest 20 34 63 92 274 297 203 100 6 5 20 3 5
Depreciation 121 131 149 145 209 251 251 270 263 264 272 292 304
Profit before tax 381 417 422 424 -452 268 715 1,162 819 425 948 2,298 2,593
Tax % 30% 32% 35% 31% -0% 35% 27% 32% 10% -17% 27% 26%
Net Profit 267 284 273 292 -452 173 521 790 741 499 689 1,704 1,988
EPS in Rs 17.15 18.26 17.57 18.81 -29.09 11.11 33.54 50.80 47.69 32.10 44.35 109.62 127.89
Dividend Payout % 19% 19% 20% 19% -0% 18% 15% 15% 15% 16% 18% 9%
Compounded Sales Growth
10 Years: 8%
5 Years: 14%
3 Years: 14%
TTM: 55%
Compounded Profit Growth
10 Years: 20%
5 Years: 42%
3 Years: 32%
TTM: 86%
Stock Price CAGR
10 Years: 22%
5 Years: 3%
3 Years: 43%
1 Year: 3%
Return on Equity
10 Years: 12%
5 Years: 17%
3 Years: 16%
Last Year: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
155 155 155 155 155 155 155 155 155 155 155 155 155
Reserves 2,131 2,352 2,562 2,790 2,325 3,122 3,646 4,303 4,842 5,067 5,828 7,743 8,335
1,140 1,990 3,196 3,904 3,844 3,101 1,959 303 208 860 4 2 8
835 1,192 1,109 2,420 2,164 2,130 2,142 2,411 2,337 2,261 2,321 2,747 2,929
Total Liabilities 4,262 5,689 7,022 9,270 8,488 8,509 7,903 7,172 7,542 8,344 8,309 10,648 11,427
1,213 1,605 1,807 4,873 4,468 4,367 4,442 4,161 3,959 3,810 3,720 3,578 3,508
CWIP 1,385 1,867 2,752 23 13 9 14 14 25 82 161 138 108
Investments 87 98 130 132 145 729 762 726 732 596 853 1,222 1,495
1,577 2,119 2,332 4,241 3,861 3,404 2,683 2,271 2,826 3,856 3,575 5,710 6,316
Total Assets 4,262 5,689 7,022 9,270 8,488 8,509 7,903 7,172 7,542 8,344 8,309 10,648 11,427

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
79 253 -160 11 490 996 1,445 1,819 701 286 1,884 1,967
-719 -735 -808 -394 -284 36 -53 49 -310 -901 -856 -1,899
460 639 889 334 -363 -1,037 -1,073 -1,400 -185 546 -934 -130
Net Cash Flow -180 156 -79 -48 -156 -5 320 468 206 -69 95 -62

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 56 74 101 110 107 119 88 70 77 100 36 26
Inventory Days 111 99 93 99 98 107 110 98 106 125 129 91
Days Payable 66 77 32 35 39 40 57 61 50 68 63 58
Cash Conversion Cycle 101 95 162 173 166 186 142 107 132 156 103 60
Working Capital Days 40 -8 73 119 139 122 112 71 89 178 68 97
ROCE % 13% 11% 9% 8% -3% 9% 10% 24% 17% 8% 16% 33%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18
12.36 9.94 8.71 8.55 10.04 11.68 13.75 17.27 22.39 22.64 22.39 20.47
14.73 14.91 13.87 13.60 11.23 10.31 7.31 6.61 5.24 5.34 4.97 4.77
31.73 33.96 36.23 36.67 37.54 36.83 37.76 34.93 31.19 30.83 31.45 33.58

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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