Insecticides India Ltd

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

Revenue Mix
Insecticides: 59% of sales in FY 20 vs 64% in FY15
Herbicides: 29% of sales in FY 20 vs 23% in FY15
Fungicides: 10% of sales in FY 20 vs 10% in FY15
PGR/Biologicals: 2% of sales in FY 20 vs 2.4% in FY15 [1] [2]

Read More
  • Market Cap 1,266 Cr.
  • Current Price 620
  • High / Low 847 / 405
  • Stock P/E 12.1
  • Book Value 411
  • Dividend Yield 0.32 %
  • ROCE 14.8 %
  • ROE 13.1 %
  • Face Value 10.0

Pros

Cons

  • The company has delivered a poor sales growth of 9.40% over past five years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 5.76% of profits over last 3 years
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
216 200 358 503 263 239 410 456 299 256 468 444
184 170 295 431 240 241 360 398 284 227 415 380
Operating Profit 32 30 63 72 23 -2 49 58 15 29 53 64
OPM % 15% 15% 18% 14% 9% -1% 12% 13% 5% 11% 11% 14%
Other Income 1 -1 1 2 1 -1 -9 5 1 2 2 -0
Interest 4 6 7 6 6 5 2 1 2 1 2 2
Depreciation 5 5 6 6 6 6 6 6 6 6 6 6
Profit before tax 24 19 52 62 12 -14 32 55 8 24 46 56
Tax % 30% -53% 30% 21% 25% 51% 25% 25% 25% 8% 25% 25%
Net Profit 17 29 36 49 9 -7 24 42 6 22 35 42
EPS in Rs 8.25 13.85 17.47 23.72 4.31 -3.44 11.79 20.13 2.98 10.54 17.13 20.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
142 175 240 893 906 994 1,073 1,194 1,363 1,420 1,467
130 157 211 782 814 882 925 1,006 1,207 1,268 1,306
Operating Profit 12 18 28 111 92 112 148 188 156 153 161
OPM % 8% 10% 12% 12% 10% 11% 14% 16% 11% 11% 11%
Other Income 0 2 1 0 0 7 3 1 3 -2 5
Interest 2 2 4 33 26 20 16 15 24 7 7
Depreciation 0 1 1 15 16 16 17 20 24 25 25
Profit before tax 10 17 24 64 50 82 118 153 111 120 134
Tax % 15% 15% 14% 14% 21% 27% 29% 20% 22% 21%
Net Profit 9 14 21 55 40 60 84 123 87 94 105
EPS in Rs 6.04 7.54 11.01 28.86 19.15 28.89 40.78 59.42 42.05 45.43 51.17
Dividend Payout % 0% 13% 12% 0% 10% 7% 5% 3% 10% 4%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 10%
TTM: 7%
Compounded Profit Growth
10 Years: %
5 Years: 21%
3 Years: 6%
TTM: 39%
Stock Price CAGR
10 Years: 9%
5 Years: 5%
3 Years: 4%
1 Year: 41%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 15%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
9 13 13 13 21 21 21 21 21 21 20
Reserves 25 70 88 278 388 444 527 641 711 800 819
Borrowings 14 15 14 322 206 237 114 305 191 100 198
39 64 87 308 321 277 338 388 372 505 367
Total Liabilities 87 162 201 920 936 978 1,000 1,356 1,294 1,426 1,403
8 20 25 210 198 185 232 240 239 239 239
CWIP 5 0 1 38 51 58 17 19 39 59 71
Investments 0 18 17 3 3 11 17 12 12 14 15
74 124 159 670 684 725 735 1,084 1,004 1,115 1,078
Total Assets 87 162 201 920 936 978 1,000 1,356 1,294 1,426 1,403

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
0 -11 6 -6 86 4 182 -133 242 155
0 -25 -4 -34 -19 -14 -26 -49 -24 -113
0 38 -3 36 -64 9 -143 172 -159 -104
Net Cash Flow 0 3 -1 -4 4 -0 13 -11 59 -61

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 67 66 50 68 84 78 80 75 86 65
Inventory Days 137 213 230 220 190 232 214 355 202 248
Days Payable 106 131 106 118 114 108 128 141 96 136
Cash Conversion Cycle 97 148 174 170 159 201 166 289 192 177
Working Capital Days 87 109 102 149 147 161 129 209 148 132
ROCE % 26% 27% 12% 16% 20% 21% 14% 15%

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
68.75 68.75 68.75 68.75 68.75 68.89 68.89 68.89 68.89 68.89 72.16 72.16
3.32 3.66 3.75 3.76 3.86 4.44 3.92 4.22 4.34 4.74 4.87 5.06
13.00 14.76 15.21 16.17 15.72 15.31 14.52 12.65 11.95 9.88 9.73 9.56
14.93 12.83 12.29 11.32 11.67 11.36 12.67 14.24 14.82 16.49 13.24 13.22

Documents