Insecticides India Ltd

Insecticides India Ltd

₹ 672 0.00%
19 Jun 9:06 a.m.
About

Insecticides India is into manufacturing of agrochemicals (technicals and formulations) and biological and household products. They cater to Indian market where they directly sell to the end consumer and also sell technicals and formulations to the companies who are in the business of formulation. They also export to 30 countries with more than 100 customers through registrations. IIL has more than 75 registrations so far.[1]

Key Points

Product Wise Revenue Mix
Insecticides: 53% of sales in FY vs 58% in FY21
Herbicides: 33% of sales in FY 22 vs 31% in FY21
Fungicides: 11% of sales in FY 22 vs 9% in FY21
PGR/Biologicals: 3% of sales in FY 22 vs 2% in FY21
The Co earned 55% of its revenue from Maharatna products and the remaining 45% from other branded products [1]

Segment-wise Revenue Split
B2C Segment: 65% of Net Revenue in FY22
B2B Segment: 26% of Net Revenue in FY22 [1]

Geography Wise Revenue Split as of FY22
South: 36%
East: 22%
West: 21%
North: 21% [1]

Brand
Some of its key brands are Pulsor, Green Label, Hercules, Kunoichi, Dominant, Lethal Gold, and KK Pro. The Co had partnered with Suniel Shetty, the Bollywood superstar, to build brand recognition. And in FY22, it has appointed Bollywood superstar Ajay Devgn as its brand ambassador to enhance its brand. [2]

New Products
The Co has recently launched four products: Hachiman, Oxim, Tory and Shinwa to further bolster its market share. [3]

Manufacturing Plants and Capacities
The Co. has six formulation plants , two technical synthesis plants, and one biological manufacturing plant. [4]
Its manufacturing capacity:
Liquid: 30,900 KLPA
Granules: 80,750 MTPA
Powder: 24,770 MTPA
Active Ingredient & Bulk: 13,800 MTPA [5]
It aims to increase its technical manufacturing capacity by nearly 50% at its Chopanki (Rajasthan) and Dahej (Gujarat) plants. [3]

Wide Dealer and Distribution Network
The Co has a distribution network of 380 SKUs, 6,000+ distributor connections, and 70,000+ dealer and retailer connections. [4]

Export
The Co exports its products to over 22 countries across the world. [4]
It as earned 9% of its total revenue through exports in FY22, compared to 4% in FY21. [6]

Special Tie-ups
The Co has entered into a JV with OAT Agrio Company Limited, Japan for innovation and the discovery of new molecules, as well as the marketing of its specialty products.
It has also tied up with Nissan Chemical Corporation (Japan), Momentive (USA), and Nihon Nohyaku Company Limited (Japan) for the marketing of its specialty products. [7]

Ban
In August 2018, the Ministry of Agriculture and Farmers Welfare prohibited four pesticides (contributing around Rs 160 Cr in FY18) being manufactured by the Co. However, continuous addition of new products mitigates the risk to a large extent. [8]

R&D
R&D as a percentage of revenue: <1% in FY22. [9]
It has 4 technologically advanced research and development units helping the company to develop a comprehensive range of agrochemical products. [4]

Patents
Till date the Company has filed 30 patents out of which 18 patents are already received. [9]

  • Market Cap 1,989 Cr.
  • Current Price 672
  • High / Low 727 / 410
  • Stock P/E 19.4
  • Book Value 342
  • Dividend Yield 0.45 %
  • ROCE 13.2 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • The company has delivered a poor sales growth of 10.5% over past five years.
  • Company has a low return on equity of 10.1% over last 3 years.
  • Dividend payout has been low at 9.43% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
255.60 468.26 443.94 313.78 277.98 560.69 582.21 356.53 301.90 639.95 695.99 357.94 272.50
226.91 415.18 379.77 295.20 244.14 502.23 513.75 333.21 330.22 594.30 613.71 331.92 263.24
Operating Profit 28.69 53.08 64.17 18.58 33.84 58.46 68.46 23.32 -28.32 45.65 82.28 26.02 9.26
OPM % 11.22% 11.34% 14.45% 5.92% 12.17% 10.43% 11.76% 6.54% -9.38% 7.13% 11.82% 7.27% 3.40%
2.43 1.63 -0.31 0.87 2.09 0.19 0.28 0.37 0.41 3.89 -0.17 1.23 4.56
Interest 1.14 2.15 1.70 1.72 1.06 1.41 2.74 4.84 4.47 3.17 2.86 2.79 2.07
Depreciation 6.19 6.34 6.44 6.79 6.78 6.62 6.40 6.43 6.65 6.88 7.35 7.42 7.60
Profit before tax 23.79 46.22 55.72 10.94 28.09 50.62 59.60 12.42 -39.03 39.49 71.90 17.04 4.15
Tax % 7.73% 24.90% 25.04% 25.41% 20.29% 24.93% 25.07% 24.80% 25.67% 26.49% 25.95% 27.93% -94.70%
21.95 34.71 41.76 8.15 22.39 38.00 44.67 9.33 -29.01 29.03 53.24 12.27 8.08
EPS in Rs 7.08 11.73 14.11 2.75 7.56 12.84 15.09 3.15 -9.80 9.81 17.99 4.15 2.73
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
566 801 892 906 994 1,073 1,194 1,363 1,420 1,504 1,801 1,966
498 719 781 815 880 925 1,006 1,207 1,268 1,333 1,679 1,803
Operating Profit 68 82 111 91 114 148 188 156 153 171 122 163
OPM % 12% 10% 12% 10% 11% 14% 16% 11% 11% 11% 7% 8%
1 0 0 0 4 3 0 2 -2 3 1 10
Interest 17 27 33 26 20 16 15 24 7 7 13 11
Depreciation 6 7 14 16 16 17 20 24 25 26 26 29
Profit before tax 46 49 64 50 82 118 153 110 119 141 84 133
Tax % 24% 18% 15% 21% 28% 29% 20% 22% 22% 24% 25% 23%
35 40 55 39 59 84 122 86 93 107 63 103
EPS in Rs 12.39 14.01 19.24 12.67 19.16 27.09 39.49 27.75 30.14 36.16 21.28 34.67
Dividend Payout % 11% 10% 0% 11% 7% 5% 3% 10% 4% 6% 14% 9%
Compounded Sales Growth
10 Years: 9%
5 Years: 11%
3 Years: 11%
TTM: 9%
Compounded Profit Growth
10 Years: 10%
5 Years: -4%
3 Years: 1%
TTM: 63%
Stock Price CAGR
10 Years: 14%
5 Years: 10%
3 Years: 10%
1 Year: 50%
Return on Equity
10 Years: 13%
5 Years: 11%
3 Years: 10%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 13 13 13 21 21 21 21 21 21 20 30 30
Reserves 200 234 279 388 444 527 641 710 798 847 886 982
211 258 322 206 237 114 305 191 100 54 163 87
209 287 308 322 277 338 388 372 505 473 615 611
Total Liabilities 632 791 921 936 978 1,000 1,355 1,293 1,424 1,394 1,694 1,710
140 170 205 194 185 232 240 239 239 253 262 290
CWIP 45 54 38 51 58 17 19 39 59 91 123 135
Investments 0 11 11 11 11 16 12 10 12 13 15 19
447 556 667 680 725 735 1,084 1,004 1,115 1,037 1,293 1,267
Total Assets 632 791 921 936 978 1,000 1,355 1,293 1,424 1,394 1,694 1,710

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-1 38 -6 85 4 182 -133 242 155 135 -11 185
-46 -57 -33 -19 -14 -26 -49 -24 -113 9 -87 -44
35 23 36 -63 9 -143 172 -159 -104 -115 80 -98
Net Cash Flow -13 4 -2 3 -0 13 -11 59 -61 30 -18 43

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 75 58 68 84 78 80 75 86 65 70 60 55
Inventory Days 221 189 220 190 232 214 355 202 248 228 247 201
Days Payable 128 124 118 114 108 128 141 96 136 117 128 104
Cash Conversion Cycle 168 124 170 159 201 166 289 192 177 181 178 152
Working Capital Days 147 115 138 137 155 126 206 147 132 123 124 109
ROCE % 16% 16% 17% 12% 16% 20% 21% 14% 15% 16% 10%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16%
4.87% 5.06% 5.29% 5.42% 6.66% 6.32% 6.27% 6.46% 6.02% 5.19% 4.41% 4.31%
9.73% 9.56% 8.79% 8.91% 10.98% 10.94% 10.94% 10.77% 10.53% 9.36% 9.12% 9.14%
13.24% 13.22% 13.77% 13.51% 10.20% 10.58% 10.64% 10.62% 11.30% 13.31% 14.32% 14.40%
No. of Shareholders 15,88315,97715,99915,40114,23320,22319,18916,35518,01218,86818,23219,252

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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