Gujarat Alkalies & Chemicals Ltd

Gujarat Alkalies and Chemicals (the Company) is a multi-product chemical manufacturing Company, having 36 products in its basket and is one of the leading manufacturer of Caustic Soda Lye.

Pros:
Company is virtually debt free.
Stock is trading at 0.75 times its book value
Company has good consistent profit growth of 30.07% over 5 years
Cons:
Company has a low return on equity of 13.88% for last 3 years.

Peer Comparison Sector: Chemicals // Industry: Chlor Alkali / Soda Ash

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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
528 486 531 544 595 618 697 753 772 816 821 749
406 401 423 390 434 439 404 465 494 540 547 496
Operating Profit 122 85 108 154 161 179 293 287 278 276 274 252
OPM % 23% 18% 20% 28% 27% 29% 42% 38% 36% 34% 33% 34%
Other Income 22 10 16 8 28 10 60 9 14 24 15 17
Interest 2 5 3 4 4 4 4 4 4 9 4 4
Depreciation 28 27 28 30 37 31 30 33 36 37 35 37
Profit before tax 114 63 92 128 148 154 320 259 253 254 249 228
Tax % 24% 25% 5% 26% 28% 27% 31% 29% 31% 36% 32% 30%
Net Profit 87 47 87 95 106 112 221 183 174 162 170 159
EPS in Rs 11.90 6.44 11.86 12.99 14.48 15.28 30.10 24.94 23.74 22.10 23.13 21.64
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
1,132 1,388 1,278 1,435 1,711 1,815 1,896 1,948 1,995 2,070 2,455 3,161 3,157
803 1,028 1,049 1,165 1,311 1,319 1,522 1,674 1,660 1,621 1,668 2,046 2,077
Operating Profit 329 360 229 269 400 495 374 274 335 450 787 1,115 1,080
OPM % 29% 26% 18% 19% 23% 27% 20% 14% 17% 22% 32% 35% 34%
Other Income 71 37 57 12 -5 1 30 49 45 56 106 61 69
Interest 26 26 18 21 21 8 6 9 10 13 15 21 21
Depreciation 99 109 122 133 151 152 151 98 107 111 127 140 144
Profit before tax 276 261 146 127 223 337 247 215 263 382 750 1,015 984
Tax % 19% 26% -17% 10% 31% 30% 25% -6% 16% 19% 29% 32%
Net Profit 224 192 172 114 154 235 185 228 220 308 535 690 665
EPS in Rs 29.92 25.67 22.90 15.08 20.43 31.45 24.51 30.11 29.94 41.95 72.85 93.91 90.61
Dividend Payout % 11% 11% 13% 19% 14% 11% 16% 14% 15% 12% 9% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.58%
5 Years:10.77%
3 Years:16.58%
TTM:18.55%
Compounded Profit Growth
10 Years:13.33%
5 Years:30.07%
3 Years:46.21%
TTM:6.83%
Stock Price CAGR
10 Years:12.54%
5 Years:17.91%
3 Years:10.76%
1 Year:-25.70%
Return on Equity
10 Years:12.14%
5 Years:12.62%
3 Years:13.88%
Last Year:16.99%

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
73 73 73 73 73 73 73 73 73 73 73 73
Reserves 1,005 1,171 1,318 1,406 1,534 1,740 1,890 2,063 2,855 3,283 3,749 4,223
Borrowings 315 339 323 352 345 269 220 158 295 353 291 247
668 832 834 809 887 837 665 712 787 901 1,024 1,090
Total Liabilities 2,062 2,415 2,548 2,641 2,840 2,919 2,848 3,007 4,011 4,611 5,137 5,635
1,238 1,440 1,518 1,469 1,599 1,505 1,615 1,656 1,821 2,073 2,104 2,300
CWIP 25 84 91 100 43 259 30 67 83 151 252 307
Investments 121 117 141 156 161 172 182 193 855 1,017 1,147 1,066
678 774 799 916 1,036 982 1,022 1,091 1,252 1,370 1,634 1,960
Total Assets 2,062 2,415 2,548 2,641 2,840 2,919 2,848 3,007 4,011 4,611 5,137 5,635

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
380 338 286 193 348 423 242 295 201 503 515 838
-239 -337 -259 -191 -224 -218 -167 -212 -352 -468 -395 -580
-122 -29 -41 3 -83 -112 -90 -88 84 13 -116 -136
Net Cash Flow 19 -28 -14 5 41 94 -14 -5 -67 49 3 122

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 % 22% 20% 10% 8% 14% 18% 12% 10% 10% 11% 18% 24%
Debtor Days 63 65 75 70 53 55 58 57 60 58 60 56
Inventory Turnover 11.31 10.08 8.22 10.61 11.07 10.96 10.61 9.95 10.76 11.68 11.28 12.72