Gokul Refoils and Solvent Ltd

₹ 33.5 -1.90%
19 Aug - close price
About

Gokul Refoils and Solvent Ltd is engaged In the business of seed processing, solvent extraction, refining of edible oils, and industrial oil such as Castor Oil. [1]

Key Points

Products
The product portfolio of the co. includes groundnut oil, Mustard Oil, Kachi Ghani Oil, Refined Cottonseed Oil, Refined Soyabean Oil, and Palm Oil and refined sunflower oil and in castor oil, it produces soaps, pharmaceuticals, and perfumes, Castor meal and much more [1]

Geographical split
India - 65% in FY21 vs 64% in FY18
Outside India - 35% in FY21 vs 36% in FY18 [2][3]

  • Market Cap 333 Cr.
  • Current Price 33.5
  • High / Low 50.0 / 26.1
  • Stock P/E 12.0
  • Book Value 30.7
  • Dividend Yield 0.00 %
  • ROCE 8.88 %
  • ROE 9.12 %
  • Face Value 2.00

Pros

  • Stock is trading at 1.09 times its book value
  • Company has delivered good profit growth of 47.5% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 10.5% over past five years.
  • Company has a low return on equity of 7.59% for last 3 years.
  • Contingent liabilities of Rs.257 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.18.6 Cr.

* 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: Edible Oil Industry: Solvent Extraction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
614.10 589.96 475.04 482.12 559.30 633.39 619.29 652.68 727.82 691.79 777.37 856.05 948.30
603.95 584.78 467.64 467.07 550.42 624.88 610.05 639.39 721.86 678.50 766.76 846.44 934.14
Operating Profit 10.15 5.18 7.40 15.05 8.88 8.51 9.24 13.29 5.96 13.29 10.61 9.61 14.16
OPM % 1.65% 0.88% 1.56% 3.12% 1.59% 1.34% 1.49% 2.04% 0.82% 1.92% 1.36% 1.12% 1.49%
4.94 9.84 5.75 2.40 2.95 3.93 3.46 2.04 8.39 1.93 2.92 8.24 5.46
Interest 8.88 8.64 5.42 5.64 5.45 4.21 5.49 4.90 5.07 4.37 3.62 4.91 7.55
Depreciation 1.33 1.39 1.39 1.44 1.30 1.41 1.29 1.35 1.41 1.56 1.66 1.62 1.63
Profit before tax 4.88 4.99 6.34 10.37 5.08 6.82 5.92 9.08 7.87 9.29 8.25 11.32 10.44
Tax % 35.25% 38.28% 16.72% 20.25% 22.05% 24.78% 24.49% 23.90% 25.67% 21.96% 26.67% 34.98% 33.33%
Net Profit 3.16 3.09 5.28 8.26 3.96 5.14 4.46 6.90 5.85 7.26 6.05 7.36 6.97
EPS in Rs 0.24 0.23 0.40 0.63 0.30 0.39 0.45 0.70 0.59 0.73 0.61 0.74 0.70

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
4,835 6,328 5,711 6,349 5,865 3,413 1,854 1,987 2,197 2,159 2,464 3,053 3,274
4,642 6,356 5,636 6,294 5,763 3,360 1,821 1,970 2,163 2,121 2,424 3,014 3,226
Operating Profit 193 -28 75 55 102 53 33 17 33 38 40 39 48
OPM % 4% -0% 1% 1% 2% 2% 2% 1% 2% 2% 2% 1% 1%
10 72 162 83 50 20 11 33 23 23 12 21 19
Interest 74 152 194 90 108 42 32 33 32 29 20 18 20
Depreciation 30 33 37 37 33 14 4 5 5 6 5 6 6
Profit before tax 99 -141 6 10 12 17 8 12 19 27 27 37 39
Tax % 29% 24% -58% 65% 24% 34% 68% 27% 35% 26% 24% 28%
Net Profit 70 -108 10 4 9 11 2 9 12 20 20 27 28
EPS in Rs 5.32 -8.20 0.75 0.27 0.70 0.85 0.18 0.69 0.92 1.50 2.07 2.68 2.78
Dividend Payout % 6% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -7%
5 Years: 10%
3 Years: 12%
TTM: 24%
Compounded Profit Growth
10 Years: 8%
5 Years: 47%
3 Years: 43%
TTM: 24%
Stock Price CAGR
10 Years: -2%
5 Years: 8%
3 Years: 38%
1 Year: 15%
Return on Equity
10 Years: 4%
5 Years: 7%
3 Years: 8%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
26 26 26 26 26 26 26 26 26 26 20 20
Reserves 426 323 335 341 352 251 254 247 259 279 258 284
535 1,748 1,153 651 597 130 695 309 263 232 283 368
595 1,431 1,048 1,135 1,053 652 89 57 58 60 144 169
Total Liabilities 1,583 3,529 2,562 2,154 2,029 1,059 1,065 639 607 597 704 841
335 336 338 331 346 253 231 69 68 73 80 84
CWIP 12 28 13 7 8 1 3 5 3 2 2 2
Investments 42 212 185 123 37 30 68 36 42 39 24 33
1,193 2,953 2,026 1,694 1,637 775 762 530 494 483 599 721
Total Assets 1,583 3,529 2,562 2,154 2,029 1,059 1,065 639 607 597 704 841

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
44 -912 908 312 -260 390 41 111 72 65 6 -60
-70 -200 120 172 187 53 -28 280 -0 8 9 -20
20 1,117 -676 -583 -89 -504 -28 -417 -78 -62 -16 66
Net Cash Flow -6 5 352 -99 -162 -62 -15 -27 -6 11 -1 -13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 31 24 22 30 35 24 35 16 17 15 16 20
Inventory Days 40 40 34 25 38 31 63 39 25 29 45 42
Days Payable 42 83 69 67 68 69 10 7 5 4 14 18
Cash Conversion Cycle 30 -19 -12 -12 5 -14 88 48 38 40 46 44
Working Capital Days 38 -6 4 3 23 -4 102 68 58 57 54 57
ROCE % 20% 1% 11% 7% 12% 8% 6% 9% 8% 10% 9% 9%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
74.47 73.41 73.41 73.41 73.41 54.00 74.73 72.09 72.09 72.09 72.09 72.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.24
0.76 0.76 0.76 0.76 0.76 0.76 1.01 1.01 1.01 1.01 1.01 1.01
24.77 25.83 25.83 25.83 25.83 45.24 24.26 26.90 26.90 26.90 26.90 26.66

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