Gujarat State Fertilizers & Chemicals Ltd

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

Pros:
Stock is trading at 0.42 times its book value
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 19.03%
Debtor days have improved from 50.74 to 40.48 days
Cons:
The company has delivered a poor growth of 9.75% over past five years.
Company has a low return on equity of 6.87% for last 3 years.

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
1,595 1,103 1,542 1,138 1,540 1,537 2,055 1,770 2,672 1,994 2,138 1,708
1,400 1,024 1,427 1,056 1,443 1,376 1,828 1,657 2,354 1,842 1,975 1,560
Operating Profit 195 79 115 81 97 162 227 113 318 152 164 147
OPM % 12% 7% 7% 7% 6% 11% 11% 6% 12% 8% 8% 9%
Other Income 20 13 13 13 43 8 30 25 44 20 15 8
Interest 15 14 18 13 9 16 13 17 20 11 14 30
Depreciation 27 27 24 29 30 30 30 31 31 31 33 41
Profit before tax 174 50 86 52 102 123 214 91 312 131 132 84
Tax % 28% -22% -116% 22% 22% -62% 27% 22% 28% 24% 24% 25%
Net Profit 125 61 187 41 79 200 156 71 224 99 100 63
EPS in Rs 3.14 1.54 4.69 1.02 1.99 5.01 3.93 1.78 5.63 2.48 2.50 1.59
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
3,562 5,881 4,014 4,751 5,295 6,236 5,386 5,311 6,108 5,265 6,271 8,575 8,512
3,089 5,023 3,557 3,573 4,160 5,437 4,820 4,720 5,453 4,778 5,704 7,827 7,731
Operating Profit 473 858 457 1,178 1,135 799 566 591 656 487 567 748 781
OPM % 13% 15% 11% 25% 21% 13% 10% 11% 11% 9% 9% 9% 9%
Other Income 77 72 110 101 128 137 120 102 65 57 94 105 88
Interest 50 47 37 20 20 36 45 18 31 65 51 61 74
Depreciation 142 143 141 146 129 132 145 101 97 103 119 126 136
Profit before tax 358 740 389 1,112 1,113 768 495 574 593 375 491 665 658
Tax % 33% 33% 35% 33% 32% 33% 31% 30% 31% -12% 3% 26%
Net Profit 238 499 254 749 758 518 342 401 409 420 476 494 486
EPS in Rs 5.83 12.38 6.24 18.58 18.77 13.00 8.59 9.60 9.82 10.53 11.94 12.39 12.20
Dividend Payout % 15% 7% 14% 7% 8% 15% 23% 22% 21% 21% 18% 18%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:3.84%
5 Years:9.75%
3 Years:11.97%
TTM:23.30%
Compounded Profit Growth
10 Years:-0.11%
5 Years:7.43%
3 Years:6.44%
TTM:-3.89%
Stock Price CAGR
10 Years:7.48%
5 Years:-6.51%
3 Years:-4.70%
1 Year:-19.33%
Return on Equity
10 Years:10.77%
5 Years:7.45%
3 Years:6.87%
Last Year:6.80%

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
80 80 80 80 80 80 80 80 80 80 80 80
Reserves 1,394 1,852 2,064 2,749 3,437 3,862 4,111 4,385 5,426 6,495 7,182 7,188
Borrowings 559 324 688 392 617 1,505 789 744 1,288 805 1,093 1,069
1,011 1,208 1,093 1,112 1,540 1,606 1,693 1,369 1,791 1,999 2,293 2,500
Total Liabilities 3,043 3,463 3,925 4,333 5,674 7,053 6,673 6,577 8,585 9,379 10,647 10,837
1,257 1,202 1,081 1,261 1,425 1,365 2,016 1,958 1,653 2,019 2,105 2,813
CWIP 15 51 182 233 346 684 185 260 403 272 761 187
Investments 221 606 425 425 433 672 827 858 1,694 2,479 2,740 2,315
1,550 1,604 2,236 2,414 3,471 4,332 3,644 3,502 4,835 4,610 5,041 5,521
Total Assets 3,043 3,463 3,925 4,333 5,674 7,053 6,673 6,577 8,585 9,379 10,647 10,837

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
543 828 249 1,357 540 -887 1,573 258 -242 907 361 507
-156 -553 -517 -447 -396 -637 -412 -134 -170 -238 -488 -279
-500 -319 290 -358 140 786 -938 -155 410 -656 133 -242
Net Cash Flow -112 -44 22 553 285 -737 223 -31 -2 13 7 -13

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 % 19% 37% 17% 37% 32% 17% 10% 12% 10% 6% 7% 9%
Debtor Days 57 30 57 66 99 170 134 133 197 55 56 40
Inventory Turnover 6.13 8.59 5.92 8.08 8.77 9.38 7.81 8.03 10.04 8.17 8.31 7.67