Gujarat Narmada Valley Fertilizers & Chemicals Ltd

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

  • Market Cap 5,716 Cr.
  • Current Price 368
  • High / Low 384 / 124
  • Stock P/E 9.13
  • Book Value 350
  • Dividend Yield 1.36 %
  • ROCE 7.53 %
  • ROE 9.80 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 1.05 times its book value
  • Company has delivered good profit growth of 25.77% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 2.15% over past five years.
  • Tax rate seems low
  • Debtor days have increased from 82.25 to 99.93 days.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,605 1,641 1,219 1,431 1,210 1,332 1,278 1,342 700 1,187 1,508
1,293 1,269 1,139 1,326 1,114 1,216 1,111 1,180 724 993 1,145
Operating Profit 312 372 80 105 96 116 167 163 -24 194 363
OPM % 19% 23% 7% 7% 8% 9% 13% 12% -3% 16% 24%
Other Income 33 41 75 72 36 39 35 42 104 39 45
Interest 4 1 0 1 1 1 1 2 12 6 1
Depreciation 67 66 66 65 64 67 67 66 66 68 70
Profit before tax 274 346 88 111 67 88 134 137 2 159 337
Tax % 32% 14% -88% 16% 0% 7% 16% -75% 23% 13% 29%
Net Profit 188 299 168 95 69 85 113 240 3 141 243
EPS in Rs 12.09 19.21 10.82 6.13 4.47 5.47 7.30 15.44 0.19 9.06 15.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,449 4,642 4,552 4,589 5,837 5,896 5,162 4,738
1,873 4,662 3,989 3,936 4,447 5,028 4,621 4,043
Operating Profit 575 -21 563 653 1,391 868 542 696
OPM % 23% -0% 12% 14% 24% 15% 10% 15%
Other Income 75 52 252 517 142 221 153 230
Interest 43 274 297 203 100 6 5 21
Depreciation 111 209 251 251 270 263 264 270
Profit before tax 496 -452 268 715 1,162 819 425 635
Tax % 34% 0% 35% 27% 32% 10% -17%
Net Profit 311 -443 180 529 795 750 508 626
EPS in Rs 21.23 -28.50 11.57 34.02 51.15 48.24 32.69 40.30
Dividend Payout % 20% 0% 17% 15% 15% 15% 15%
Compounded Sales Growth
10 Years:%
5 Years:2%
3 Years:4%
TTM:-10%
Compounded Profit Growth
10 Years:%
5 Years:26%
3 Years:19%
TTM:72%
Stock Price CAGR
10 Years:14%
5 Years:26%
3 Years:-10%
1 Year:171%
Return on Equity
10 Years:%
5 Years:12%
3 Years:14%
Last Year:10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
146 155 155 155 155 155 155 155
Reserves 1,073 2,364 3,168 3,700 4,362 4,909 5,144 5,284
Borrowings 334 3,844 3,101 1,959 303 208 860 2
1,225 2,164 2,130 2,142 2,411 2,337 2,261 2,210
Total Liabilities 2,778 8,527 8,555 7,956 7,231 7,609 8,421 7,651
1,116 4,468 4,367 4,442 4,161 3,959 3,810 3,753
CWIP 49 13 9 14 14 25 82 107
Investments 149 184 775 816 785 799 673 873
1,464 3,861 3,404 2,683 2,271 2,826 3,856 2,918
Total Assets 2,778 8,527 8,555 7,956 7,231 7,609 8,421 7,651

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
358 490 996 1,445 1,819 701 286
-82 -284 36 -53 49 -310 -901
-295 -363 -1,037 -1,073 -1,400 -185 546
Net Cash Flow -19 -156 -5 320 468 206 -69

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 9% 10% 24% 16% 8%
Debtor Days 69 107 119 88 70 77 100
Inventory Turnover 4.22 4.36 5.10 4.97 4.05

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
41.20 41.20 41.20 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18 41.18
11.08 12.31 12.67 14.04 14.16 13.74 12.88 12.36 9.94 8.71 8.55 10.04
13.26 13.44 13.60 13.59 13.82 14.04 14.26 14.73 14.91 13.87 13.60 11.23
34.46 33.04 32.53 31.19 30.83 31.04 31.67 31.73 33.96 36.23 36.67 37.54

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