Rashtriya Chemicals & Fertilizers Ltd

About

Rashtriya Chemicals & Fertilizers is engaged in the manufacturing and marketing of fertilizers and industrial chemicals.

  • Market Cap 3,851 Cr.
  • Current Price 69.8
  • High / Low 100 / 47.2
  • Stock P/E 7.98
  • Book Value 66.2
  • Dividend Yield 4.27 %
  • ROCE 10.4 %
  • ROE 11.4 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 1.05 times its book value
  • Stock is providing a good dividend yield of 4.27%.
  • Company has been maintaining a healthy dividend payout of 50.47%
  • Debtor days have improved from 140.73 to 63.89 days.

Cons

  • The company has delivered a poor sales growth of 0.10% over past five years.
  • Company has a low return on equity of 8.20% for last 3 years.
  • Contingent liabilities of Rs.1797.74 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.270.12 Cr.

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
2,354 2,267 2,409 2,457 2,226 2,606 1,621 2,317 2,048 2,295 2,391 2,612
2,230 2,142 2,330 2,417 2,146 2,238 1,523 2,118 1,846 2,061 2,190 2,427
Operating Profit 124 124 80 40 80 368 98 199 202 234 201 185
OPM % 5% 5% 3% 2% 4% 14% 6% 9% 10% 10% 8% 7%
Other Income 20 54 32 33 22 -44 29 32 26 53 154 37
Interest 27 58 62 55 41 80 56 49 39 36 31 17
Depreciation 40 40 39 41 47 44 43 43 43 46 45 46
Profit before tax 78 81 11 -24 14 200 28 139 146 206 279 160
Tax % 41% 42% 28% 8% -454% 29% 30% 25% 32% 25% 26% 26%
Net Profit 46 47 8 -22 78 142 19 104 99 154 207 118
EPS in Rs 0.84 0.85 0.14 -0.39 1.42 2.58 0.35 1.88 1.79 2.78 3.76 2.14

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,642 5,451 6,358 6,751 6,560 7,694 8,241 7,099 7,255 8,885 9,698 8,281 9,346
5,302 5,049 5,953 6,163 5,992 6,840 7,766 6,680 6,986 8,448 9,111 7,546 8,523
Operating Profit 340 402 405 588 568 853 475 419 268 437 586 735 823
OPM % 6% 7% 6% 9% 9% 11% 6% 6% 4% 5% 6% 9% 9%
Other Income 180 135 165 93 73 66 81 66 61 104 26 139 270
Interest 71 69 53 134 137 123 147 96 64 157 239 181 122
Depreciation 106 113 143 176 145 263 148 141 137 156 171 175 180
Profit before tax 344 354 374 372 359 533 262 249 128 229 202 518 791
Tax % 32% 31% 33% 27% 33% 35% 35% 28% 39% 42% -3% 28%
Net Profit 234 245 249 273 241 346 169 179 79 133 207 375 578
EPS in Rs 4.25 4.44 4.51 4.95 4.37 6.27 3.06 3.25 1.43 2.41 3.75 6.80 10.47
Dividend Payout % 26% 25% 31% 30% 34% 29% 36% 34% 42% 32% 76% 44%
Compounded Sales Growth
10 Years: 4%
5 Years: 0%
3 Years: 5%
TTM: 7%
Compounded Profit Growth
10 Years: 4%
5 Years: 17%
3 Years: 68%
TTM: 18%
Stock Price CAGR
10 Years: 2%
5 Years: 8%
3 Years: 6%
1 Year: 48%
Return on Equity
10 Years: 8%
5 Years: 7%
3 Years: 8%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
552 552 552 552 552 552 552 552 552 552 552 552 552
Reserves 1,284 1,459 1,618 1,794 1,938 2,165 2,265 2,373 2,378 2,477 2,627 2,782 3,102
Borrowings 1,355 516 1,283 1,770 1,780 2,000 2,997 1,769 1,331 3,462 4,814 2,067 1,820
1,118 1,261 2,190 1,749 1,375 1,569 1,858 1,866 2,087 2,452 2,316 2,249 3,014
Total Liabilities 4,309 3,788 5,642 5,864 5,645 6,285 7,672 6,559 6,348 8,942 10,309 7,649 8,488
1,247 1,289 1,404 1,476 1,676 1,552 1,507 1,547 1,910 1,950 2,130 2,168 2,120
CWIP 178 126 227 184 77 62 150 107 152 276 433 393 425
Investments 0 0 0 0 0 0 49 45 62 80 256 645 911
2,883 2,372 4,010 4,204 3,891 4,672 5,966 4,860 4,223 6,636 7,490 4,443 5,032
Total Assets 4,309 3,788 5,642 5,864 5,645 6,285 7,672 6,559 6,348 8,942 10,309 7,649 8,488

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
640 656 -150 -556 315 212 -633 1,595 1,078 -1,636 -522 5,221
-99 -64 -791 225 -82 -201 -259 -180 -496 -310 -531 -619
-168 -957 619 281 -210 3 811 -1,406 -588 1,945 1,052 -3,131
Net Cash Flow 372 -365 -322 -50 23 14 -82 9 -5 -2 -1 1,470

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 56 57 114 139 154 156 192 187 144 187 171 64
Inventory Days 41 67 123 131 94 101 122 97 90 139 78 82
Days Payable 37 63 132 80 58 60 63 75 82 106 80 91
Cash Conversion Cycle 60 61 105 190 191 198 251 209 151 220 170 55
Working Capital Days 74 62 84 137 151 152 191 167 128 190 212 51
ROCE % 13% 15% 14% 13% 12% 15% 8% 7% 4% 7% 8% 10%

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
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
1.23 1.30 1.54 1.45 1.46 1.23 1.08 0.91 0.78 0.78 0.86 1.04
3.67 3.50 3.56 3.54 3.54 3.53 3.46 3.31 3.27 1.97 0.46 0.30
20.10 20.20 19.90 20.01 20.00 20.24 20.46 20.78 20.95 22.25 23.68 23.66

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