I G Petrochemicals Ltd

About

IG Petrochemicals is engaged in a Indias largest manufacturer of Phthalic Anhydride (PA).(Source : 201903 Annual Report Page No: 02)

Key Points

IGPL is equipped with one of the largest capacity at a single location, which will stand at 2,22,110 MTPA of Phthalic Anhydride, 8,000 MTPA of Maleic Anyhdride and 1,300 MTPA of Benzoic Acid and 8,400 MTPA of plasticizers, post expansion of PAN 4 plant.

The brownfield plant will manufacture 53,000 MTPA of Phthalic Anhydride at PA-4 Plant in Taloja Industrial Area.

IGPL also produces Maleic Anhydride through wash water generated out of the production process of PAN. Maleic Anhydride is used in agro and food businesses. IGPL also manufactures Benzoic Acid (BA) as a by-product.

See full details
  • Market Cap 2,697 Cr.
  • Current Price 876
  • High / Low 1,019 / 266
  • Stock P/E 11.4
  • Book Value 267
  • Dividend Yield 0.86 %
  • ROCE 29.0 %
  • ROE 25.9 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 17.44%

Cons

  • The company has delivered a poor sales growth of 3.35% over past five years.
  • Promoter holding has decreased over last 3 years: -3.48%

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
324 315 313 248 267 276 269 142 242 315 424 387
253 282 277 224 252 258 252 126 201 218 280 304
Operating Profit 71 34 37 24 14 17 16 16 42 96 145 84
OPM % 22% 11% 12% 10% 5% 6% 6% 11% 17% 31% 34% 22%
Other Income 2 2 2 2 1 1 2 0 1 1 1 1
Interest 5 2 2 4 3 4 4 4 4 5 1 5
Depreciation 6 7 7 8 7 7 7 8 8 8 10 11
Profit before tax 62 27 29 14 5 7 6 4 31 84 134 69
Tax % 34% 36% 38% 36% 33% 34% 34% 42% 24% 25% 25% 25%
Net Profit 41 18 18 9 3 4 4 2 23 63 100 51
EPS in Rs 13.18 5.70 5.87 2.94 1.10 1.45 1.29 0.72 7.52 20.42 32.42 16.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
953 1,037 1,144 1,304 1,059 1,124 1,369
840 869 877 1,078 987 825 1,002
Operating Profit 113 168 267 226 72 299 367
OPM % 12% 16% 23% 17% 7% 27% 27%
Other Income 4 3 4 -1 6 3 4
Interest 23 18 15 12 16 15 15
Depreciation 18 21 26 26 30 34 37
Profit before tax 77 132 230 187 32 253 318
Tax % 21% 23% 37% 37% 35% 26%
Net Profit 60 102 146 117 21 188 237
EPS in Rs 19.55 32.98 47.42 37.94 6.78 61.08 77.08
Dividend Payout % 10% 0% 8% 11% 30% 12%
Compounded Sales Growth
10 Years:%
5 Years:3%
3 Years:-1%
TTM:44%
Compounded Profit Growth
10 Years:%
5 Years:26%
3 Years:9%
TTM:1547%
Stock Price CAGR
10 Years:45%
5 Years:30%
3 Years:28%
1 Year:196%
Return on Equity
10 Years:%
5 Years:21%
3 Years:17%
Last Year:26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
31 31 31 31 31 31
Reserves 261 361 497 598 602 791
Borrowings 116 82 87 194 230 164
171 184 245 323 299 338
Total Liabilities 578 658 860 1,146 1,161 1,324
322 324 403 389 471 702
CWIP 4 11 89 283 339 132
Investments 0 17 60 70 12 16
252 306 308 404 339 475
Total Assets 578 658 860 1,146 1,161 1,324

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
69 94 201 139 84 183
-6 -42 -164 -216 -104 -72
-64 -50 -35 58 35 -80
Net Cash Flow -1 2 2 -19 15 30

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 42 53 44 51 49 65
Inventory Days 45 47 47 52 42 81
Days Payable 77 83 75 92 89 134
Cash Conversion Cycle 10 17 16 11 3 11
Working Capital Days 17 28 27 27 18 32
ROCE % 34% 45% 29% 5% 29%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
68.90 68.90 68.90 68.74 68.74 68.74 68.74 68.74 68.74 68.74 68.74 68.74
1.08 0.94 1.00 0.64 0.31 0.32 0.38 0.52 0.56 0.90 2.37 2.98
4.61 5.29 5.23 5.17 5.73 5.57 4.78 4.55 4.40 3.05 2.64 1.98
25.40 24.87 24.86 25.45 25.23 25.37 26.11 26.19 26.30 27.31 26.25 26.30

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