Paradeep Phosphates Ltd

₹ 57.0 -3.39%
27 Jan - close price
About

Incorporated in 1981, Paradeep Phosphates Limited is a manufacturer of non-urea fertilizers in India. The company is engaged in manufacturing, trading, distribution, and sales of a variety of complex fertilizers such as DAP, three grades of Nitrogen-Phosphorus-Potassium (namely NPK-10, NPK-12, and NP-20), Zypmite, Phospho-gypsum, and Hydroflorosilicic Acid.[1]

Key Points

History[1] Paradeep Phosphates Limited (PPL) was incorporated in 1981 as a joint venture between the Government of India (GoI) and the Republic of Nauru to set up facilities for manufacturing di-ammonium phosphate (DAP) at Paradeep, Orissa. In 1993, the Republic of Nauru disinvested its equity stake in the GoI and PPL became a public sector enterprise wholly owned by the GoI.
In February 2002, GoI disinvested 74% of PPLs equity in favor of Zuari Maroc Phosphates Private Limited (ZMPPL), a 50:50 joint venture between Zuari Industries Ltd (ZIL, a K.K. Birla Group company) and Maroc Phosphorus, Morocco (part of OCP Group, Morocco). ZMPPL holds an 80.45% stake in PPL, while the remaining 19.55% is held by the GoI.

  • Market Cap 4,643 Cr.
  • Current Price 57.0
  • High / Low 72.0 / 37.4
  • Stock P/E 16.8
  • Book Value 40.7
  • Dividend Yield 0.00 %
  • ROCE 15.2 %
  • ROE 19.9 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 35.9% CAGR over last 5 years
  • Debtor days have improved from 104 to 41.9 days.
  • Company's working capital requirements have reduced from 128 days to 63.1 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,554 1,316 1,935 2,709 1,899 2,435 2,864
1,485 1,214 1,667 2,501 1,806 2,277 2,682
Operating Profit 69 102 268 208 92 157 181
OPM % 4% 8% 14% 8% 5% 6% 6%
8 4 3 6 26 10 6
Interest 27 7 15 21 42 51 73
Depreciation 21 21 22 23 23 31 47
Profit before tax 29 78 234 170 52 85 68
Tax % 74% 24% 25% 25% 32% 26% 25%
Net Profit 8 60 175 128 36 63 51
EPS in Rs 1.03 3.04 2.22 0.62 0.77 0.62
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
3,620 3,791 4,358 4,193 5,165 7,859 9,906
3,241 3,367 3,916 3,733 4,616 7,175 9,267
Operating Profit 379 424 442 460 549 684 639
OPM % 10% 11% 10% 11% 11% 9% 6%
53 20 39 35 12 26 48
Interest 242 159 159 192 111 86 188
Depreciation 58 62 70 72 83 90 124
Profit before tax 131 224 251 230 367 534 375
Tax % 34% 33% 37% 16% 39% 26%
Net Profit 87 151 159 194 223 398 277
EPS in Rs 6.91 4.23
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 22%
TTM: 52%
Compounded Profit Growth
10 Years: %
5 Years: 36%
3 Years: 36%
TTM: 77%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: %
Return on Equity
10 Years: %
5 Years: 14%
3 Years: 16%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
575 575 575 575 575 575 814
Reserves 670 820 907 1,029 1,253 1,650 2,504
2,511 1,861 3,054 2,218 1,251 2,954 4,500
828 875 1,091 1,188 1,344 2,749 2,958
Total Liabilities 4,584 4,132 5,628 5,011 4,424 7,929 10,776
932 1,008 1,024 1,214 1,226 1,261 2,858
CWIP 243 215 255 149 220 336 499
Investments 0 0 0 4 126 554 4
3,409 2,909 4,349 3,644 2,852 5,778 7,416
Total Assets 4,584 4,132 5,628 5,011 4,424 7,929 10,776

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
701 804 -920 1,270 1,501 -44
-132 73 -103 -143 -289 -1,099
-589 -868 1,018 -1,141 -1,124 1,589
Net Cash Flow -20 9 -5 -15 87 446

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 225 184 196 187 82 42
Inventory Days 106 92 166 147 85 133
Days Payable 77 88 83 110 89 132
Cash Conversion Cycle 253 189 280 224 78 43
Working Capital Days 251 188 272 214 105 63
ROCE % 11% 11% 10% 14% 15%

Shareholding Pattern

Numbers in percentages

Jun 2022 Sep 2022 Dec 2022
56.10 56.10 56.10
6.70 4.39 4.74
22.12 21.36 20.73
15.08 18.16 18.43

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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