Khaitan Chemicals & Fertilizers Ltd

About

Khaitan Chemicals & Fertilizers is engaged in the manufacturing of Single Super Phosphate Fertilisers (Plain, Zincated and Boronated in powder form and granulated form), Sulphuric Acid and its variants, Trading of NPK Fertilisers, Processing of Oil Seed (mainly Soybean) and crude edible oil, selling of De-Oiled Cake and Crude/Refined Oil & Generation and selling of Wind Power.

  • Market Cap 580 Cr.
  • Current Price 59.5
  • High / Low 81.0 / 20.2
  • Stock P/E 10.6
  • Book Value 22.7
  • Dividend Yield 0.42 %
  • ROCE 19.1 %
  • ROE 15.3 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 71.97% CAGR over last 5 years
  • Debtor days have improved from 45.07 to 32.68 days.

Cons

  • Stock is trading at 2.62 times its book value
  • The company has delivered a poor sales growth of 4.42% over past five years.
  • Company has a low return on equity of 10.79% for last 3 years.
  • Promoters have pledged 54.99% of their holding.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
81 88 106 130 105 95 129 143 109 105 141 217
73 79 96 118 95 83 112 123 93 98 113 176
Operating Profit 8 10 11 12 10 12 17 20 15 7 28 41
OPM % 10% 11% 10% 10% 10% 13% 13% 14% 14% 6% 20% 19%
Other Income 0 0 0 0 2 0 0 1 0 0 0 0
Interest 5 6 5 5 5 3 4 3 3 3 3 3
Depreciation 2 2 2 2 2 2 2 2 2 2 2 2
Profit before tax 1 1 4 6 5 7 11 16 10 2 23 36
Tax % -40% 69% 36% 35% 38% 19% 36% 35% 36% 41% 17% 22%
Net Profit 2 0 2 4 3 6 7 11 6 1 19 28
EPS in Rs 0.16 0.04 0.24 0.37 0.32 0.62 0.72 1.09 0.65 0.11 2.00 2.91

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
202 458 644 455 388 329 392 359 353 373 437 487 572
194 387 583 428 370 295 352 320 317 330 391 427 481
Operating Profit 8 71 62 27 18 35 40 38 36 43 46 60 91
OPM % 4% 15% 10% 6% 5% 11% 10% 11% 10% 11% 11% 12% 16%
Other Income 11 0 2 8 9 3 2 3 1 1 2 0 1
Interest 12 18 26 26 25 30 30 31 26 22 18 14 13
Depreciation 7 7 7 7 8 9 9 8 9 9 9 8 8
Profit before tax 0 46 31 2 -6 -2 3 2 2 13 22 39 71
Tax % -119% 32% 29% -7% 74% 309% 51% 22% 32% 37% 30% 36%
Net Profit 1 31 22 2 -2 4 2 2 2 8 15 25 55
EPS in Rs 0.08 3.24 2.24 0.22 -0.17 0.36 0.17 0.17 0.17 0.81 1.55 2.56 5.67
Dividend Payout % 144% 7% 11% 23% -30% 14% 29% 29% 30% 6% 13% 10%
Compounded Sales Growth
10 Years: 1%
5 Years: 4%
3 Years: 11%
TTM: 21%
Compounded Profit Growth
10 Years: -3%
5 Years: 72%
3 Years: 140%
TTM: 107%
Stock Price CAGR
10 Years: 15%
5 Years: 30%
3 Years: 74%
1 Year: 188%
Return on Equity
10 Years: 5%
5 Years: 7%
3 Years: 11%
Last Year: 15%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
10 10 10 10 10 10 10 10 10 10 10 10 10
Reserves 68 97 116 117 115 116 118 119 121 128 143 165 211
Borrowings 107 152 201 318 213 225 232 239 202 137 140 79 124
67 72 129 49 49 47 41 69 59 78 98 102 155
Total Liabilities 253 330 456 494 386 399 400 438 391 353 392 355 499
82 92 91 92 123 124 118 118 114 108 102 100 95
CWIP 1 1 5 16 4 0 1 2 1 0 0 0 2
Investments 2 0 0 0 0 0 0 1 1 2 1 2 2
168 237 360 386 259 274 281 316 275 244 288 254 400
Total Assets 253 330 456 494 386 399 400 438 391 353 392 355 499

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-12 -21 -5 -44 175 21 26 32 64 92 16 84
1 -10 -7 -17 -23 -8 -2 -9 0 -4 1 -6
20 24 11 60 -151 -13 -24 -23 -65 -88 -17 -79
Net Cash Flow 10 -7 -2 -0 1 0 -1 -0 -0 0 0 -0

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 5 9 26 45 44 61 87 93 102 58 45 33
Inventory Days 311 182 133 205 185 231 94 182 128 147 162 154
Days Payable 26 42 79 0 38 50 34 71 66 84 73 65
Cash Conversion Cycle 290 149 80 250 191 243 146 204 164 121 133 122
Working Capital Days 179 127 124 255 196 243 216 243 219 159 159 118
ROCE % 7% 30% 20% 6% 3% 8% 9% 9% 8% 11% 14% 19%

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
74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99 74.99
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00
0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01
25.00 25.00 25.00 25.00 24.99 25.00 25.00 25.00 25.00 25.00 24.97 25.00

Documents