National Fertilizer Ltd

About

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 2,411 Cr.
  • Current Price 49.2
  • High / Low 73.8 / 33.4
  • Stock P/E
  • Book Value 42.0
  • Dividend Yield 0.00 %
  • ROCE 8.90 %
  • ROE 11.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 1.17 times its book value
  • Debtor days have improved from 168.61 to 80.76 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 8.95% over past five years.
  • Company has a low return on equity of 11.72% for last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 1.77% of profits over last 3 years

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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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
3,764 3,133 2,547 3,736 3,789 3,014 2,832 3,174 2,939 2,961 2,632 3,691
3,519 2,858 2,531 3,516 3,483 2,758 2,510 2,911 2,730 2,854 2,626 3,550
Operating Profit 245 276 16 220 307 257 322 263 208 108 7 141
OPM % 7% 9% 1% 6% 8% 9% 11% 8% 7% 4% 0% 4%
Other Income 22 19 15 16 7 -369 6 10 5 13 8 10
Interest 78 92 105 113 94 93 102 79 58 53 27 34
Depreciation 23 86 23 99 76 128 77 78 79 78 82 82
Profit before tax 166 117 -97 23 144 -333 150 116 76 -10 -95 35
Tax % 37% 33% 34% -5% 25% 25% 28% 26% 30% 3% 1% 54%
Net Profit 104 78 -64 25 107 -249 108 85 53 -10 -94 16
EPS in Rs 2.11 1.59 -1.31 0.50 2.18 -5.07 2.21 1.74 1.08 -0.19 -1.92 0.33

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
8,514 7,757 7,600 8,943 12,429 13,135 11,906 12,223
8,130 7,197 7,041 8,404 11,417 12,283 11,001 11,760
Operating Profit 385 560 559 539 1,012 852 904 463
OPM % 5% 7% 7% 6% 8% 6% 8% 4%
Other Income 37 45 45 62 52 -331 33 36
Interest 304 231 193 192 320 409 294 172
Depreciation 73 87 85 73 285 374 312 321
Profit before tax 45 287 325 335 459 -263 331 6
Tax % 41% 31% 36% 36% 36% 31% 28%
Net Profit 26 197 208 213 294 -181 237 -35
EPS in Rs 0.53 4.02 4.24 4.34 5.99 -3.69 4.83 -0.70
Dividend Payout % 32% 30% 0% 0% 31% -26% 0%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 10%
TTM: -5%
Compounded Profit Growth
10 Years: %
5 Years: 4%
3 Years: 8%
TTM: -108%
Stock Price CAGR
10 Years: -1%
5 Years: 9%
3 Years: 13%
1 Year: 44%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 12%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
491 491 491 491 491 491 491 491
Reserves 990 1,199 1,334 1,495 1,720 1,412 1,650 1,572
Borrowings 7,645 6,124 4,135 3,061 6,464 8,103 1,888 2,861
4,332 4,207 4,223 4,582 5,231 4,561 4,386 4,512
Total Liabilities 13,458 12,019 10,182 9,628 13,905 14,565 8,414 9,436
4,443 4,259 4,059 4,080 3,993 3,726 3,615 4,022
CWIP 39 33 51 64 133 656 862 402
Investments 0 23 152 217 265 323 416 331
8,975 7,705 5,921 5,268 9,513 9,861 3,520 4,681
Total Assets 13,458 12,019 10,182 9,628 13,905 14,565 8,414 9,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
304 1,848 2,453 1,661 -2,703 -319 7,021
-89 -87 -201 -346 -310 -810 -496
-214 -1,760 -2,250 -1,314 3,022 1,132 -6,505
Net Cash Flow 1 2 1 1 9 3 20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 216 226 205 160 210 215 81
Inventory Days 25 49 63 45 90 67 25
Days Payable 15 31 44 42 35 47 42
Cash Conversion Cycle 225 244 224 163 265 235 64
Working Capital Days 281 272 219 149 209 217 44
ROCE % 6% 8% 9% 11% 6% 9%

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
74.71 74.71 74.71 74.71 74.71 74.71 74.71 74.71 74.71 74.71 74.71 74.71
1.21 1.02 0.82 0.19 0.07 0.01 0.04 0.00 0.09 0.01 0.35 0.68
15.76 15.69 15.80 13.79 13.81 13.79 13.69 2.18 2.19 15.27 13.98 13.37
8.32 8.57 8.67 11.30 11.41 11.49 11.55 23.10 23.01 10.01 10.96 11.24

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