National Fertilizer Ltd

National Fertilizer is engaged in production and marketing of Neem Coated Urea, Bio-Fertilizers (solid & liquid) and other allied Industrial products like Ammonia, Nitric Acid, Ammonium Nitrate, Sodium Nitrite and Sodium Nitrate. The Company is also engaged in trading of Imported and Domestic Fertilizers, Compost, Seeds, Agro Chemicals and other Agro products.

  • Market Cap: 1,450 Cr.
  • Current Price: 29.55
  • 52 weeks High / Low 41.00 / 23.50
  • Book Value: 45.23
  • Stock P/E: 9.97
  • Dividend Yield: 6.29 %
  • ROCE: 11.36 %
  • ROE: 14.08 %
  • Sales Growth (3Yrs): 16.44 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 10.00
Pros:
Stock is trading at 0.65 times its book value
Stock is providing a good dividend yield of 6.29%.
Cons:
Company has low interest coverage ratio.
Company has a low return on equity of 11.97% for last 3 years.
Contingent liabilities of Rs.606.22 Cr.
Company might be capitalizing the interest cost
Dividend payout has been low at 10.19% of profits over last 3 years
Company has high debtors of 213.30 days.

Peer Comparison Sector: Fertilizers // Industry: Fertilizers

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
2,517 1,859 1,876 2,140 2,835 2,100 2,162 3,231 3,764 3,088 2,547 3,662
2,350 1,694 1,784 1,968 2,712 1,956 2,019 3,024 3,526 2,850 2,531 3,516
Operating Profit 167 165 92 172 123 144 143 208 237 238 17 146
OPM % 7% 9% 5% 8% 4% 7% 7% 6% 6% 8% 1% 4%
Other Income 9 12 2 2 38 24 5 5 30 14 15 9
Interest 37 36 40 55 48 46 64 82 78 92 105 107
Depreciation 25 18 14 16 26 18 18 19 23 41 23 25
Profit before tax 115 122 40 103 87 104 66 112 166 120 -97 23
Tax % 36% 27% 35% 36% 40% 35% 37% 35% 37% 32% 34% -5%
Net Profit 73 89 26 67 52 68 41 72 104 81 -64 25
EPS in Rs 1.49 1.81 0.53 1.36 1.07 1.38 0.84 1.48 2.12 1.65 -1.30 0.50
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
4,136 5,121 5,086 5,787 7,303 6,718 8,012 8,514 7,757 7,600 8,943 12,245 13,061
3,936 4,900 4,775 5,525 6,995 6,678 7,874 8,130 7,197 7,041 8,404 11,416 12,422
Operating Profit 200 221 311 262 308 40 138 385 560 559 539 829 639
OPM % 5% 4% 6% 5% 4% 1% 2% 5% 7% 7% 6% 7% 5%
Other Income 65 76 57 43 37 -21 37 37 47 45 62 56 67
Interest 20 45 14 13 70 132 207 304 231 193 192 320 382
Depreciation 89 96 94 89 91 118 129 73 87 85 73 101 111
Profit before tax 156 156 260 204 184 -231 -161 45 288 325 335 463 212
Tax % 30% 37% 34% 32% 31% 26% 44% 41% 31% 36% 36% 36%
Net Profit 109 97 172 138 127 -171 -90 26 199 208 213 298 145
EPS in Rs 2.10 1.88 3.32 2.69 2.46 0.00 0.00 0.50 4.05 4.24 4.34 6.08 2.97
Dividend Payout % 30% 30% 30% 30% 30% -0% -0% 32% 30% 0% 0% 31%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.11%
5 Years:8.85%
3 Years:16.44%
TTM:26.46%
Compounded Profit Growth
10 Years:11.49%
5 Years:39.62%
3 Years:14.29%
TTM:-37.83%
Stock Price CAGR
10 Years:-13.42%
5 Years:-3.98%
3 Years:-14.51%
1 Year:-12.96%
Return on Equity
10 Years:6.79%
5 Years:10.34%
3 Years:11.97%
Last Year:14.08%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
491 491 491 491 491 491 491 491 491 491 491 491
Reserves 917 980 1,092 1,182 1,264 1,093 1,003 990 1,200 1,336 1,497 1,728
Borrowings 525 265 403 665 2,985 5,615 7,558 7,645 6,124 4,135 3,061 6,464
1,032 1,072 959 1,087 1,719 4,030 4,870 4,489 4,387 4,391 4,738 5,390
Total Liabilities 2,964 2,807 2,944 3,424 6,458 11,229 13,922 13,615 12,202 10,352 9,786 14,073
809 734 666 599 550 3,501 4,682 4,443 4,259 4,059 4,080 3,993
CWIP 12 17 29 526 2,653 1,358 14 39 33 51 64 133
Investments 633 460 122 0 0 0 0 2 15 125 219 274
1,509 1,595 2,127 2,300 3,255 6,370 9,226 9,130 7,895 6,118 5,423 9,672
Total Assets 2,964 2,807 2,944 3,424 6,458 11,229 13,922 13,615 12,202 10,352 9,786 14,073

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
626 122 159 -286 -118 -678 -1,608 304 1,850 2,453 1,661 -2,707
-659 164 331 -516 -2,166 -1,774 -133 -89 -88 -202 -346 -306
181 -339 93 141 2,257 2,455 1,739 -214 -1,760 -2,250 -1,314 3,022
Net Cash Flow 148 -54 583 -661 -27 3 -2 1 2 1 1 9

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 10% 11% 15% 10% 7% -1% 1% 4% 6% 8% 9% 11%
Debtor Days 69 66 66 101 121 171 211 216 226 205 160 213
Inventory Turnover 11.28 13.97 14.55 16.23 16.55 14.34 19.10 24.06 20.07 14.31 16.19 11.58