Sharda Cropchem Ltd

₹ 448 -2.40%
23 Sep - close price
About

Sharda Cropchem is principally engaged in export of agrochemicals (technical grade and formulations) and non-agro products such as conveyor belts, rubber belts/sheets, dyes and dye intermediates to various countries across the world.

Key Points

Asset Light Business Model [1]
The company follows an asset light business model as they focus on Identification of generic molecules, preparing dossiers, seeking registrations, marketing & distributing formulation. The company outsources the manufacturing of AI's and other formulations and this has resulted in cost competitiveness across various geographies.

  • Market Cap 4,044 Cr.
  • Current Price 448
  • High / Low 769 / 299
  • Stock P/E 12.1
  • Book Value 212
  • Dividend Yield 1.34 %
  • ROCE 26.2 %
  • ROE 19.7 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 19.0%
  • Company's median sales growth is 17.0% of last 10 years

Cons

  • Company has high debtors of 157 days.

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
421 324 382 876 389 425 494 1,088 623 643 880 1,434 825
361 304 343 713 328 361 385 885 508 553 691 1,144 772
Operating Profit 59 20 39 163 61 64 109 203 115 90 188 290 53
OPM % 14% 6% 10% 19% 16% 15% 22% 19% 18% 14% 21% 20% 6%
11 9 12 11 10 9 10 17 6 13 7 3 20
Interest 1 0 0 0 1 1 0 1 1 0 0 1 1
Depreciation 35 33 34 35 35 42 40 52 54 61 59 72 55
Profit before tax 34 -5 17 138 35 30 78 167 66 42 136 220 18
Tax % 34% -18% 66% -3% 20% 37% 38% 20% 43% 23% 25% 20% -28%
Net Profit 23 -6 6 142 28 19 48 134 38 32 102 177 23
EPS in Rs 2.52 -0.62 0.65 15.70 3.09 2.11 5.35 14.84 4.22 3.55 11.33 19.62 2.51
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
442 614 778 790 1,061 1,222 1,399 1,707 1,998 2,003 2,396 3,580 3,782
362 492 639 630 878 941 1,075 1,343 1,621 1,653 1,945 2,884 3,160
Operating Profit 80 121 138 160 183 281 324 364 376 350 450 696 621
OPM % 18% 20% 18% 20% 17% 23% 23% 21% 19% 17% 19% 19% 16%
8 8 16 32 25 23 14 9 -22 -12 46 29 43
Interest 0 0 0 8 9 8 9 15 20 16 16 15 2
Depreciation 37 43 37 29 23 35 56 70 99 137 170 245 246
Profit before tax 51 86 118 155 175 261 272 287 235 185 309 464 415
Tax % 19% 21% 28% 29% 30% 33% 30% 34% 25% 11% 26% 25%
Net Profit 41 68 84 111 123 175 190 191 176 165 229 349 334
EPS in Rs 22.96 7.62 9.35 12.31 13.63 19.41 21.11 21.14 19.55 18.25 25.40 38.71 37.01
Dividend Payout % 0% 0% 0% 16% 18% 21% 19% 19% 20% 22% 20% 16%
Compounded Sales Growth
10 Years: 19%
5 Years: 21%
3 Years: 21%
TTM: 44%
Compounded Profit Growth
10 Years: 18%
5 Years: 13%
3 Years: 19%
TTM: 40%
Stock Price CAGR
10 Years: %
5 Years: 0%
3 Years: 14%
1 Year: 37%
Return on Equity
10 Years: 18%
5 Years: 17%
3 Years: 17%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
18 90 90 90 90 90 90 90 90 90 90 90
Reserves 302 303 377 466 564 715 870 1,045 1,194 1,313 1,524 1,822
2 3 46 40 38 2 0 170 0 0 81 47
168 237 284 319 354 522 686 914 914 940 1,163 1,779
Total Liabilities 489 634 796 914 1,047 1,329 1,646 2,219 2,198 2,343 2,858 3,738
88 58 64 64 88 130 210 226 372 416 544 592
CWIP 34 63 88 133 149 210 232 360 220 161 131 212
Investments 30 36 97 174 95 90 61 22 212 116 83 134
339 476 547 542 715 899 1,143 1,611 1,394 1,650 2,099 2,800
Total Assets 489 634 796 914 1,047 1,329 1,646 2,219 2,198 2,343 2,858 3,738

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
156 46 197 181 17 556 146 246 267
-145 -19 -113 -104 -160 -351 -59 -282 -205
-22 -24 -89 -38 132 -215 -60 43 -91
Net Cash Flow -11 3 -6 40 -11 -11 27 8 -29

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 205 194 178 185 156 185 175 191 148 180 177 157
Inventory Days 68 89 62 57 72 74 117 169 96 100 117 130
Days Payable 138 152 130 146 117 179 186 202 167 180 180 172
Cash Conversion Cycle 135 131 111 97 111 81 106 158 77 100 114 115
Working Capital Days 121 121 101 85 95 96 99 130 71 101 105 92
ROCE % 17% 24% 26% 28% 27% 36% 32% 27% 23% 18% 21% 26%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
74.78 74.78 74.79 74.82 74.82 74.82 74.82 74.82 74.82 74.82 74.82 74.82
5.44 5.09 4.95 4.85 4.63 4.36 3.15 1.19 0.89 1.00 1.69 2.16
16.70 16.90 17.00 16.97 16.93 16.93 16.66 16.52 13.55 12.74 12.84 12.76
3.08 3.23 3.26 3.36 3.62 3.89 5.37 7.47 10.74 11.44 10.64 10.26

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