Mangalore Chemicals & Fertilizers Ltd

mangalorechemicals.com BSE: 530011 NSE : MANGCHEFER
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Mangalore Chemicals & Fertilizers Limited is engaged in the business of manufacture, purchase and sale of fertilizers. The Company manufactures both nitrogenous and phosphatic fertilizers.

Website BSE NSE
  • Market Cap ₹ 1,116 Cr.
  • Current Price ₹ 94.2
  • High / Low ₹ 98.5 / 27.2
  • Stock P/E 14.6
  • Book Value ₹ 50.4
  • Dividend Yield 0.53 %
  • ROCE 8.67 %
  • ROE 12.9 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 21.60%

Cons

  • The company has delivered a poor sales growth of 1.02% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 11.45% for last 3 years.
  • Promoters have pledged 79.91% of their holding.
  • Company has high debtors of 194.74 days.
  • Promoter holding has decreased over last 3 years: -14.97%

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
634.17 670.64 998.79 761.12 643.09 741.07 730.72 675.85 563.20 529.79 688.74 327.08
596.40 642.39 912.73 709.60 615.15 697.33 656.67 619.52 533.23 481.70 601.12 303.70
Operating Profit 37.77 28.25 86.06 51.52 27.94 43.74 74.05 56.33 29.97 48.09 87.62 23.38
OPM % 5.96% 4.21% 8.62% 6.77% 4.34% 5.90% 10.13% 8.33% 5.32% 9.08% 12.72% 7.15%
Other Income 8.90 2.67 2.36 3.81 3.19 5.03 6.61 6.95 4.62 7.48 7.95 6.95
Interest 25.28 28.74 34.19 22.73 31.22 37.84 32.25 24.03 17.36 26.46 21.79 17.49
Depreciation 8.32 9.04 9.46 9.87 10.42 10.80 11.46 11.26 11.85 11.45 10.90 11.79
Profit before tax 13.07 -6.86 44.77 22.73 -10.51 0.13 36.95 27.99 5.38 17.66 62.88 1.05
Tax % -55.32% 42.86% 35.05% 39.90% 43.39% 130.77% 38.76% 35.33% -343.87% 37.66% 35.48% 24.76%
Net Profit 20.30 -3.91 29.08 13.66 -5.95 -0.05 22.63 18.10 23.87 11.01 40.56 0.80
EPS in Rs 1.71 -0.33 2.45 1.15 -0.50 -0.00 1.91 1.53 2.01 0.93 3.42 0.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,470 2,075 2,520 3,707 2,780 3,310 2,577 2,969 2,479 2,689 3,074 2,711 2,109
2,352 1,948 2,365 3,511 2,605 3,090 2,413 2,857 2,306 2,531 2,882 2,504 1,920
Operating Profit 118 127 156 196 175 221 163 112 174 158 191 207 189
OPM % 5% 6% 6% 5% 6% 7% 6% 4% 7% 6% 6% 8% 9%
Other Income -22 -1 3 13 10 4 10 -213 8 39 9 20 27
Interest 36 23 19 77 87 102 126 115 116 84 111 111 83
Depreciation 17 18 29 29 29 29 29 32 35 37 39 45 46
Profit before tax 43 85 112 102 69 94 18 -248 30 75 50 70 87
Tax % 35% 33% 31% 33% 4% 24% -105% 3% 36% 19% 34% 8%
Net Profit 28 56 78 69 67 71 38 -240 19 61 33 65 76
EPS in Rs 2.38 4.77 6.54 5.83 5.62 5.98 3.17 -20.26 1.64 5.11 2.77 5.45 6.43
Dividend Payout % 29% 21% 18% 21% 21% 20% 19% 0% 31% 20% 36% 9%
Compounded Sales Growth
10 Years:3%
5 Years:1%
3 Years:3%
TTM:-24%
Compounded Profit Growth
10 Years:1%
5 Years:11%
3 Years:51%
TTM:120%
Stock Price CAGR
10 Years:12%
5 Years:13%
3 Years:17%
1 Year:181%
Return on Equity
10 Years:9%
5 Years:7%
3 Years:11%
Last Year:13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
119 119 119 119 119 119 119 119 119 119 119 119 119
Reserves 271 311 367 417 465 517 541 286 305 359 377 427 479
Borrowings 397 98 188 1,324 1,229 1,522 1,108 1,385 1,203 1,367 1,713 1,506 1,065
339 363 237 436 473 475 670 664 610 664 710 751 781
Total Liabilities 1,125 891 911 2,296 2,286 2,633 2,438 2,453 2,237 2,508 2,918 2,803 2,443
320 357 378 365 474 497 620 643 625 611 613 608 594
CWIP 17 28 13 127 12 129 9 13 13 33 35 46 60
Investments 0 0 0 0 200 200 200 0 0 0 0 0 0
788 505 520 1,804 1,601 1,807 1,609 1,797 1,599 1,864 2,270 2,149 1,789
Total Assets 1,125 891 911 2,296 2,286 2,633 2,438 2,453 2,237 2,508 2,918 2,803 2,443

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
6 391 -10 -816 324 -22 613 -136 337 33 -262 629
-31 -72 -40 -134 -225 -154 -56 -53 -13 -40 -59 -65
-18 -328 59 1,046 -197 173 -550 180 -270 60 250 -393
Net Cash Flow -44 -9 10 95 -99 -3 8 -10 55 54 -71 171

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 15% 18% 22% 14% 9% 10% 7% 5% 9% 9% 8% 9%
Debtor Days 1 3 6 33 24 19 33 60 183 161 186 195
Inventory Turnover 12.15 10.49 12.41 15.67 9.71 13.92 8.85 8.56 3.45 2.55 5.34 5.45

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
63.96 61.93 61.10 59.78 60.07 56.61 56.61 56.88 58.32 59.67 60.02 60.02
0.97 0.96 0.96 1.01 0.72 0.17 0.17 0.11 0.08 0.04 1.34 0.95
0.37 0.38 0.36 0.35 0.35 0.33 0.40 0.20 0.22 0.20 0.20 0.19
11.93 13.88 13.88 13.88 13.88 17.64 17.64 16.03 13.31 8.50 2.77 0.89
22.77 22.85 23.71 24.98 24.98 25.26 25.18 26.79 28.07 31.59 35.68 37.95

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