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 has reduced debt.
Company is virtually debt free.
Stock is trading at 0.83 times its book value
Cons:
The company has delivered a poor growth of 6.23% over past five years.
Company has a low return on equity of 11.11% 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
525 528 486 531 544 595 618 697 753 772 816 821
391 406 401 423 390 434 439 404 465 494 540 547
Operating Profit 134 122 85 108 154 161 179 293 287 278 276 274
OPM % 26% 23% 18% 20% 28% 27% 29% 42% 38% 36% 34% 33%
Other Income 7 22 10 16 8 28 10 60 9 14 24 15
Interest 2 2 5 3 4 4 4 4 4 4 9 4
Depreciation 27 28 27 28 30 37 31 30 33 36 37 35
Profit before tax 112 114 63 92 128 148 154 320 259 253 254 249
Tax % 23% 24% 25% 5% 26% 28% 27% 31% 29% 31% 36% 32%
Net Profit 86 87 47 87 95 106 112 221 183 174 162 170
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1,044 1,132 1,388 1,278 1,435 1,711 1,815 1,896 1,948 1,995 2,070 2,455 3,161
686 803 1,028 1,049 1,165 1,311 1,319 1,522 1,674 1,660 1,621 1,668 2,046
Operating Profit 359 329 360 229 269 400 495 374 274 335 450 787 1,115
OPM % 34% 29% 26% 18% 19% 23% 27% 20% 14% 17% 22% 32% 35%
Other Income 41 71 37 57 12 -5 1 30 49 45 56 106 61
Interest 39 26 26 18 21 21 8 6 9 10 13 15 21
Depreciation 87 99 109 122 133 151 152 151 98 107 111 127 140
Profit before tax 273 276 261 146 127 223 337 247 215 263 382 750 1,015
Tax % 32% 19% 26% -17% 10% 31% 30% 25% -6% 16% 19% 29%
Net Profit 187 224 192 172 114 154 235 185 228 220 308 535 690
EPS in Rs 25.23 29.92 25.67 22.90 15.08 20.43 31.45 24.51 30.11 29.94 41.95 72.85
Dividend Payout % 10% 11% 11% 13% 19% 14% 11% 16% 14% 15% 12% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:8.05%
5 Years:6.23%
3 Years:8.01%
TTM:28.80%
Compounded Profit Growth
10 Years:8.46%
5 Years:15.20%
3 Years:31.39%
TTM:28.90%
Return on Equity
10 Years:11.45%
5 Years:10.87%
3 Years:11.11%
Last Year:13.95%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 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 73
Reserves 815 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 401 315 339 323 352 345 269 220 158 295 353 291 188
540 668 832 834 809 887 837 665 712 787 901 1,024 1,048
Total Liabilities 1,830 2,062 2,415 2,548 2,641 2,840 2,919 2,848 3,007 4,011 4,611 5,137 5,532
1,030 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 103 25 84 91 100 43 259 30 67 83 151 252 307
Investments 122 121 117 141 156 161 172 182 193 855 1,017 1,147 1,066
574 678 774 799 916 1,036 982 1,022 1,091 1,252 1,370 1,634 1,858
Total Assets 1,830 2,062 2,415 2,548 2,641 2,840 2,919 2,848 3,007 4,011 4,611 5,137 5,532

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
276 380 338 286 193 348 423 242 295 201 503 515
-165 -239 -337 -259 -191 -224 -218 -167 -212 -352 -468 -395
-101 -122 -29 -41 3 -83 -112 -90 -88 84 13 -116
Net Cash Flow 9 19 -28 -14 5 41 94 -14 -5 -67 49 3

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 25% 22% 20% 10% 8% 14% 18% 12% 10% 10% 11% 18%
Debtor Days 60 63 65 75 70 53 55 58 57 60 58 60
Inventory Turnover 12.22 11.31 10.08 8.22 10.61 11.07 10.96 10.61 9.95 10.76 11.68 11.28