Gujarat State Fertilizers & Chemicals Ltd

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Gujarat State Fertilizers& Chemicals is principally engaged in production of fertilizers and chemicals.

  • Market Cap 4,539 Cr.
  • Current Price 114
  • High / Low 125 / 51.1
  • Stock P/E 10.9
  • Book Value 229
  • Dividend Yield 1.05 %
  • ROCE 6.34 %
  • ROE 5.24 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.50 times its book value
  • Company has been maintaining a healthy dividend payout of 29.07%
  • Debtor days have improved from 35.50 to 23.29 days.

Cons

  • The company has delivered a poor sales growth of 4.19% over past five years.
  • Company has a low return on equity of 4.55% for last 3 years.
  • Earnings include an other income of Rs.183.34 Cr.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
1,770 2,672 1,994 2,138 1,708 2,350 1,717 1,846 1,614 2,072 2,086 1,728
1,657 2,354 1,842 1,975 1,560 2,266 1,775 1,716 1,522 1,866 1,969 1,593
Operating Profit 113 318 152 164 147 84 -58 129 92 205 117 135
OPM % 6% 12% 8% 8% 9% 4% -3% 7% 6% 10% 6% 8%
Other Income 25 44 20 15 8 53 30 18 10 67 33 73
Interest 17 20 11 14 30 32 26 26 19 11 6 6
Depreciation 31 31 31 33 41 42 43 43 44 44 44 44
Profit before tax 91 312 131 132 84 63 -98 78 40 216 100 158
Tax % 22% 28% 24% 24% 25% 11% 25% 33% 20% 21% 17% 16%
Net Profit 71 224 99 100 63 56 -73 53 32 171 83 132
EPS in Rs 1.78 5.63 2.48 2.50 1.59 1.40 -1.84 1.32 0.80 4.29 2.08 3.31

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4,014 4,751 5,295 6,236 5,386 5,311 6,108 5,265 6,271 8,575 7,621 7,500
3,557 3,573 4,160 5,437 4,820 4,720 5,453 4,778 5,704 7,827 7,314 6,950
Operating Profit 457 1,178 1,135 799 566 591 656 487 567 748 307 549
OPM % 11% 25% 21% 13% 10% 11% 11% 9% 9% 9% 4% 7%
Other Income 110 101 128 137 120 102 65 57 94 105 105 183
Interest 37 20 20 36 45 18 31 65 51 61 115 43
Depreciation 141 146 129 132 145 101 97 103 119 126 170 176
Profit before tax 389 1,112 1,113 768 495 574 593 375 491 665 127 513
Tax % 35% 33% 32% 33% 31% 30% 31% -12% 3% 26% 22% 19%
Net Profit 254 749 758 518 342 401 409 420 476 494 99 418
EPS in Rs 6.39 18.80 19.01 13.00 8.59 10.05 10.27 10.53 11.94 12.39 2.48 10.48
Dividend Payout % 14% 7% 8% 15% 23% 22% 21% 21% 18% 18% 48% 21%
Compounded Sales Growth
10 Years:5%
5 Years:4%
3 Years:6%
TTM:-2%
Compounded Profit Growth
10 Years:-6%
5 Years:0%
3 Years:-4%
TTM:309%
Stock Price CAGR
10 Years:5%
5 Years:10%
3 Years:0%
1 Year:109%
Return on Equity
10 Years:8%
5 Years:5%
3 Years:5%
Last Year:5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
80 80 80 80 80 80 80 80 80 80 80 80
Reserves 2,064 2,749 3,437 3,862 4,111 4,385 5,426 6,495 7,182 7,188 6,718 9,064
Borrowings 688 392 617 1,505 789 744 1,288 805 1,093 1,069 1,559 35
960 1,112 1,433 1,471 1,566 1,244 1,543 1,648 1,885 2,015 1,667 1,797
Total Liabilities 3,792 4,333 5,566 6,918 6,545 6,452 8,337 9,028 10,240 10,351 10,024 10,976
1,081 1,261 1,425 1,365 2,016 1,958 1,653 2,019 2,105 2,813 2,895 2,798
CWIP 182 233 346 684 185 260 403 272 761 187 107 117
Investments 425 425 433 672 827 858 1,694 2,479 2,740 2,315 2,023 4,284
2,104 2,414 3,363 4,196 3,517 3,377 4,587 4,259 4,633 5,036 4,999 3,777
Total Assets 3,792 4,333 5,566 6,918 6,545 6,452 8,337 9,028 10,240 10,351 10,024 10,976

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
249 1,357 540 -887 1,573 258 -242 907 361 507 -32 1,773
-517 -447 -396 -637 -412 -134 -170 -238 -488 -279 -258 -24
290 -358 140 786 -938 -155 410 -656 133 -242 267 -1,564
Net Cash Flow 22 553 285 -737 223 -31 -2 13 7 -13 -23 185

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 17% 37% 32% 17% 10% 12% 10% 6% 7% 9% 3% 6%
Debtor Days 57 66 99 170 134 133 197 55 56 40 43 23
Inventory Turnover 4.22 4.96 5.50 6.68 5.54 5.74 7.12 5.61 6.01 5.82 4.31 5.02

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
37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84
16.39 17.40 17.52 18.85 19.84 19.91 19.71 19.64 18.48 18.65 18.50 18.49
15.52 14.59 15.64 14.78 12.40 12.41 12.47 12.94 12.98 12.53 11.47 9.60
30.24 30.17 29.00 28.52 29.91 29.84 29.97 29.58 30.70 30.98 32.19 34.07

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