NACL Industries Ltd

About

NACL is an established player and they deal in both technicals and formulations and they cater to the Indian market and to the international market as well. They have over 50 products covering all major crops. They have a strong logistic presence and the products are sold in more than 55,000 counters. NACL has become one of the reliable contract manufacturers for major MNCs. NACL exports products to over 30 countries and has forayed into International Brand business by registering brands in South-East Asia and Africa and are in the process of expanding reach in these regions. [1] [2]

Key Points

Products
Key technicals:
Myclobutanil: It is a triazole chemical used as a fungicide.
Propiconazole: It is a triazole fungicide. Profenofos: It is an organophosphate insecticide.
Pretilachlor: Herbicide, Tricyclazole: Fungicide. [1]

New products: The Company has successfully commercialized two new Technical / Active Ingredients namely Lambda Cyhalothrin and Bispyribac Sodium. They also introduced 7 formulated products. [2]

Read More
  • Market Cap 1,333 Cr.
  • Current Price 67.4
  • High / Low 89.2 / 35.3
  • Stock P/E 20.4
  • Book Value 23.1
  • Dividend Yield 0.59 %
  • ROCE 16.6 %
  • ROE 13.3 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 39.15% CAGR over last 5 years

Cons

  • Stock is trading at 2.92 times its book value
  • The company has delivered a poor sales growth of 11.49% over past five years.
  • Company has a low return on equity of 6.45% for last 3 years.
  • Promoter holding has decreased over last 3 years: -10.46%
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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
196 178 191 302 239 277 252 344 265 330 325 443
186 197 184 282 223 258 234 304 239 302 296 402
Operating Profit 10 -19 7 20 16 19 18 40 26 29 28 41
OPM % 5% -11% 3% 7% 7% 7% 7% 12% 10% 9% 9% 9%
Other Income 6 8 7 4 3 1 3 3 3 6 3 5
Interest 9 9 7 7 8 8 7 7 8 6 6 6
Depreciation 5 5 6 6 6 6 7 7 6 6 6 6
Profit before tax 2 -25 2 10 5 7 8 29 14 23 19 33
Tax % 14% 37% 12% 36% 23% 29% 32% 36% 36% 23% 25% 27%
Net Profit 2 -16 1 7 4 5 6 19 9 17 14 24
EPS in Rs 0.13 -0.94 0.08 0.40 0.22 0.25 0.29 0.97 0.47 0.89 0.72 1.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
643 601 636 746 692 735 847 865 1,015 1,191 1,363
572 583 625 701 636 679 798 852 946 1,078 1,239
Operating Profit 71 18 11 44 56 56 49 14 69 113 124
OPM % 11% 3% 2% 6% 8% 8% 6% 2% 7% 10% 9%
Other Income 4 18 16 26 18 41 20 27 8 15 17
Interest 33 31 28 35 37 38 33 34 29 28 26
Depreciation 27 25 22 25 27 28 20 20 24 25 25
Profit before tax 14 -20 -23 10 11 31 15 -13 24 75 89
Tax % 49% 36% 9% 27% 18% -4% 25% 48% 30% 32%
Net Profit 7 -13 -21 8 10 33 12 -7 17 51 65
EPS in Rs 0.40 -0.70 -1.32 0.54 0.62 2.09 0.74 -0.42 0.87 2.60 3.31
Dividend Payout % 31% 0% 0% 19% 16% 6% 17% 0% 12% 15%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 12%
TTM: 23%
Compounded Profit Growth
10 Years: %
5 Years: 39%
3 Years: 61%
TTM: 98%
Stock Price CAGR
10 Years: 26%
5 Years: 27%
3 Years: 35%
1 Year: 71%
Return on Equity
10 Years: %
5 Years: 6%
3 Years: 6%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
15 15 16 16 16 16 16 17 19 20 20
Reserves 192 180 159 162 170 213 223 247 338 397 438
Borrowings 220 177 219 228 232 213 237 210 268 202 320
204 228 227 260 193 209 237 268 330 357 436
Total Liabilities 631 600 621 665 611 651 713 742 955 976 1,213
192 172 182 176 167 163 158 141 191 220 241
CWIP 16 11 18 12 6 7 5 21 42 36 32
Investments 4 4 9 12 13 9 9 14 15 16 14
419 413 411 466 426 473 541 566 707 704 926
Total Assets 631 600 621 665 611 651 713 742 955 976 1,213

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
36 76 31 40 46 58 24 36 103 83
-24 -5 -47 -18 -12 -6 -14 -27 -97 14
-10 -74 11 -27 -33 -58 -11 -9 70 -113
Net Cash Flow 2 -3 -5 -4 1 -5 -1 0 77 -16

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 111 100 92 108 99 110 124 113 129 103
Inventory Days 148 154 140 138 153 189 141 134 84 100
Days Payable 123 113 97 121 89 127 127 125 137 120
Cash Conversion Cycle 135 141 135 125 163 172 137 122 76 83
Working Capital Days 122 111 107 105 128 133 132 131 94 89
ROCE % 3% 2% 11% 12% 10% 11% 4% 10% 17%

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
74.54 74.54 69.67 70.02 69.94 63.30 63.30 63.30 63.88 63.88 64.16 64.16
2.02 2.02 1.89 1.89 1.89 1.64 1.64 1.64 2.16 2.16 1.96 1.98
0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.56 0.00 0.00 0.00 0.00
23.44 23.44 28.44 28.09 28.15 35.06 35.06 34.50 33.97 33.97 33.88 33.86

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