Navin Fluorine International Limited

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Navin Fluorine International is one of the largest integrated fluorochemicals complex in India. The Company primarily focuses on fluorine chemistry - producing refrigeration gases, inorganic fluorides, specialty organofluorines and offers Contract Research and Manufacturing Services.(Source : 202003 Annual Report Page No: 109)

  • Market Cap 12,598 Cr.
  • Current Price 2,545
  • High / Low 2,850 / 977
  • Stock P/E 27.7
  • Book Value 307
  • Dividend Yield 0.43 %
  • ROCE 20.4 %
  • ROE 32.7 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 53.07% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.22%

Cons

  • Stock is trading at 8.28 times its book value
  • Tax rate seems low

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
256 253 234 253 252 273 260 277 215 319 309
192 203 182 201 190 205 195 208 161 228 229
Operating Profit 64 51 52 52 61 68 65 69 54 91 80
OPM % 25% 20% 22% 20% 24% 25% 25% 25% 25% 28% 26%
Other Income 4 8 11 11 7 9 12 6 36 10 10
Interest 0 -0 0 0 1 0 1 0 0 0 0
Depreciation 7 7 7 7 8 9 9 11 11 11 11
Profit before tax 60 52 56 56 59 68 67 63 79 89 79
Tax % 33% 34% 31% 40% 33% 32% 33% -330% 33% 28% 29%
Net Profit 38 37 39 35 43 47 45 273 56 68 59
EPS in Rs 7.70 7.54 7.81 7.11 8.72 9.57 9.18 55.11 11.32 13.70 11.90
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
420 429 431 725 550 486 592 680 742 913 996 1,062 1,120
325 293 310 466 467 420 519 562 583 693 778 798 826
Operating Profit 96 137 120 259 83 66 72 117 159 220 218 263 294
OPM % 23% 32% 28% 36% 15% 14% 12% 17% 21% 24% 22% 25% 26%
Other Income -3 8 3 68 14 31 30 24 56 88 34 33 61
Interest 9 2 4 4 6 6 3 4 3 1 1 2 2
Depreciation 13 11 14 19 21 22 20 22 30 40 28 37 44
Profit before tax 71 130 106 304 70 69 78 116 182 266 224 258 310
Tax % 39% 37% 33% 29% 37% 21% 26% 28% 25% 32% 34% -56%
Net Profit 43 82 71 218 43 66 55 84 137 180 149 409 455
EPS in Rs 8.61 16.33 14.62 44.59 8.89 13.47 11.18 17.08 27.88 36.43 30.15 82.57 92.03
Dividend Payout % 23% 17% 21% 34% 34% 24% 29% 25% 23% 27% 26% 13%
Compounded Sales Growth
10 Years:9%
5 Years:12%
3 Years:13%
TTM:8%
Compounded Profit Growth
10 Years:17%
5 Years:53%
3 Years:46%
TTM:166%
Stock Price CAGR
10 Years:48%
5 Years:56%
3 Years:47%
1 Year:78%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:23%
Last Year:33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
10 10 10 10 10 10 10 10 10 10 10 10 10
Reserves 218 288 329 468 494 546 578 636 825 974 1,063 1,402 1,512
Borrowings 53 11 49 95 84 58 61 82 19 13 4 23 2
148 157 133 192 138 166 203 228 324 259 231 194 223
Total Liabilities 428 466 520 764 726 779 852 955 1,177 1,256 1,307 1,629 1,747
178 182 203 299 291 288 274 375 561 428 430 529 523
CWIP 26 26 32 5 9 6 60 20 17 20 39 39 62
Investments 8 1 48 159 201 230 171 170 239 428 427 195 151
216 257 238 301 225 255 346 390 360 380 410 866 1,011
Total Assets 428 466 520 764 726 779 852 955 1,177 1,256 1,307 1,629 1,747

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
79 134 74 136 73 74 1 76 92 169 90 157
-30 -17 -100 -154 41 -26 3 -53 -16 -136 -24 85
-56 -53 -34 26 -100 -49 -21 -17 -67 -39 -68 -81
Net Cash Flow -8 64 -61 8 13 -1 -17 6 10 -6 -3 161

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 31% 45% 34% 66% 13% 11% 11% 17% 22% 29% 21% 20%
Debtor Days 53 33 49 33 49 68 74 81 68 62 63 75
Inventory Turnover 3.64 3.18 3.90 4.02 3.64 3.68 4.68 4.65 3.70 3.80 4.46 3.75

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
31.08 31.07 31.02 31.03 31.04 31.03 31.03 31.03 30.51 30.51 30.51 30.51
17.61 16.57 15.65 16.08 16.19 15.80 17.13 18.00 19.02 19.41 21.06 24.53
17.00 16.90 17.20 17.52 17.90 18.48 17.86 17.40 18.63 18.87 20.33 16.88
34.31 35.46 36.13 35.38 34.88 34.68 33.97 33.57 31.84 31.21 28.10 28.08

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