Gujarat State Fertilizers & Chemicals Ltd

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

  • Market Cap 4,150 Cr.
  • Current Price 104
  • High / Low 107 / 39.2
  • Stock P/E 11.5
  • Book Value 192
  • Dividend Yield 1.15 %
  • ROCE 3.09 %
  • ROE 1.59 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.54 times its book value
  • Company has been maintaining a healthy dividend payout of 26.64%

Cons

  • The company has delivered a poor sales growth of 7.98% over past five years.
  • Company has a low return on equity of 5.06% for last 3 years.

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
1,763 2,705 2,037 1,986 1,721 2,407 1,807 1,863 1,637 2,111 2,146
1,651 2,386 1,882 1,825 1,598 2,317 1,849 1,717 1,547 1,903 2,018
Operating Profit 112 320 155 161 123 89 -41 146 90 208 128
OPM % 6% 12% 8% 8% 7% 4% -2% 8% 6% 10% 6%
Other Income 27 47 17 18 10 56 31 12 11 68 38
Interest 17 20 11 14 30 32 26 26 19 11 6
Depreciation 31 31 31 33 42 42 44 44 44 45 44
Profit before tax 91 315 130 132 62 71 -80 88 38 220 115
Tax % 23% 28% 25% 26% 33% 12% 30% 30% 20% 22% 16%
Net Profit 70 227 98 98 42 62 -56 62 30 173 97
EPS in Rs 1.76 5.70 2.46 2.46 1.05 1.56 -1.41 1.55 0.76 4.34 2.44

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,828 3,317 5,386 5,311 6,108 5,265 6,266 8,491 7,798 7,757
2,273 2,839 4,819 4,719 5,451 4,775 5,701 7,742 7,477 7,185
Operating Profit 555 478 567 592 657 489 565 749 321 572
OPM % 20% 14% 11% 11% 11% 9% 9% 9% 4% 7%
Other Income 142 143 120 101 65 61 99 107 105 129
Interest 86 76 45 18 31 65 51 61 115 63
Depreciation 142 143 145 101 97 104 119 126 171 176
Profit before tax 470 402 496 575 594 382 493 669 141 461
Tax % 30% 21% 31% 30% 31% -11% 4% 26% 22%
Net Profit 327 316 349 409 416 424 474 493 110 362
EPS in Rs 8.19 7.92 8.77 10.28 10.44 10.65 11.89 12.38 2.75 9.09
Dividend Payout % 11% 11% 23% 21% 21% 21% 18% 18% 44%
Compounded Sales Growth
10 Years:%
5 Years:8%
3 Years:14%
TTM:-2%
Compounded Profit Growth
10 Years:%
5 Years:-23%
3 Years:-36%
TTM:149%
Stock Price CAGR
10 Years:4%
5 Years:6%
3 Years:-8%
1 Year:156%
Return on Equity
10 Years:%
5 Years:6%
3 Years:5%
Last Year:2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
80 80 80 80 80 80 80 80 80 80
Reserves 1,200 1,474 4,143 4,426 5,465 6,539 7,224 7,241 6,782 7,572
Borrowings 1,086 965 789 744 1,288 805 1,093 1,069 1,559 571
997 876 1,571 1,250 1,558 1,666 1,918 2,074 1,702 2,221
Total Liabilities 3,363 3,394 6,583 6,500 8,390 9,091 10,315 10,464 10,123 10,444
1,448 1,330 2,016 1,958 1,656 2,022 2,108 2,821 2,902 2,838
CWIP 6 6 186 261 405 273 763 187 107 139
Investments 281 338 859 898 1,740 2,530 2,790 2,376 2,087 2,808
1,628 1,720 3,521 3,383 4,590 4,266 4,654 5,079 5,026 4,659
Total Assets 3,363 3,394 6,583 6,500 8,390 9,091 10,315 10,464 10,123 10,444

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
141 429 1,575 260 -243 911 358 508 -17
4 -28 -413 -134 -173 -238 -484 -281 -257
-175 -232 -938 -155 412 -656 134 -242 267
Net Cash Flow -30 169 225 -30 -4 17 7 -15 -7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 20% 12% 10% 6% 7% 9% 3%
Debtor Days 117 86 134 133 197 55 54 35 40
Inventory Turnover 4.19 5.71 7.10 5.59 5.72 5.06 3.91

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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