Sharda Cropchem Ltd

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.

See full details
  • Market Cap 2,956 Cr.
  • Current Price 328
  • High / Low 387 / 231
  • Stock P/E 12.4
  • Book Value 179
  • Dividend Yield 1.53 %
  • ROCE 23.2 %
  • ROE 16.8 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 20.69%

Cons

  • Company has high debtors of 177.13 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
309 471 763 421 324 382 876 389 425 494 1,088 623
258 424 609 361 304 343 713 328 361 385 885 508
Operating Profit 51 47 154 59 20 39 163 61 64 109 203 115
OPM % 17% 10% 20% 14% 6% 10% 19% 16% 15% 22% 19% 18%
Other Income 2 5 9 11 9 12 11 10 9 10 17 6
Interest 4 0 0 1 0 0 0 1 1 0 1 1
Depreciation 20 23 38 35 33 34 35 35 42 40 52 54
Profit before tax 29 28 125 34 -5 17 138 35 30 78 167 66
Tax % 44% 28% 16% 34% -18% 66% -3% 20% 37% 38% 20% 43%
Net Profit 16 20 106 23 -6 6 142 28 19 48 134 38
EPS in Rs 1.79 2.25 11.71 2.52 -0.62 0.65 15.70 3.09 2.11 5.35 14.84 4.22

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
352 442 614 778 790 1,061 1,222 1,399 1,707 1,998 2,003 2,396 2,629
290 362 492 639 630 878 941 1,075 1,343 1,621 1,653 1,907 2,139
Operating Profit 62 80 121 138 160 183 281 324 364 376 350 488 490
OPM % 18% 18% 20% 18% 20% 17% 23% 23% 21% 19% 17% 20% 19%
Other Income 4 8 8 16 32 25 23 14 9 -22 -12 8 42
Interest 0 0 0 0 8 9 8 9 15 20 16 16 3
Depreciation 31 37 43 37 29 23 35 56 70 99 137 170 189
Profit before tax 35 51 86 118 155 175 261 272 287 235 185 309 341
Tax % 18% 19% 21% 28% 29% 30% 33% 30% 34% 25% 11% 26%
Net Profit 29 41 69 84 111 123 175 190 191 176 165 229 239
EPS in Rs 16.04 22.96 7.62 9.35 12.31 13.63 19.41 21.11 21.14 19.55 18.25 25.40 26.52
Dividend Payout % 0% 0% 0% 0% 16% 18% 21% 19% 19% 20% 22% 20%
Compounded Sales Growth
10 Years:18%
5 Years:14%
3 Years:12%
TTM:33%
Compounded Profit Growth
10 Years:20%
5 Years:7%
3 Years:9%
TTM:41%
Stock Price CAGR
10 Years:%
5 Years:-4%
3 Years:0%
1 Year:28%
Return on Equity
10 Years:19%
5 Years:17%
3 Years:16%
Last Year:17%

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
18 18 90 90 90 90 90 90 90 90 90 90
Reserves 261 302 303 377 466 564 715 870 1,045 1,194 1,313 1,524
Borrowings 2 2 3 46 40 38 2 0 170 0 0 68
137 168 237 284 319 354 522 686 914 914 940 1,176
Total Liabilities 419 489 634 796 914 1,047 1,329 1,646 2,219 2,198 2,343 2,858
107 88 58 64 64 88 130 210 226 372 416 544
CWIP 18 34 63 88 133 149 210 232 360 220 161 131
Investments 21 30 36 97 174 95 90 61 22 212 116 83
273 339 476 547 542 715 899 1,143 1,611 1,394 1,650 2,099
Total Assets 419 489 634 796 914 1,047 1,329 1,646 2,219 2,198 2,343 2,858

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
156 46 197 181 17 556 146 246
-145 -19 -113 -104 -160 -351 -59 -282
-22 -24 -89 -38 132 -215 -60 43
Net Cash Flow -11 3 -6 40 -11 -11 27 8

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 223 205 194 178 185 156 185 175 191 148 180 177
Inventory Days 56 68 89 62 57 72 74 117 169 96 100 117
Days Payable 135 138 152 130 146 117 179 186 202 167 180 180
Cash Conversion Cycle 144 135 131 111 97 111 81 106 158 77 100 114
Working Capital Days 127 121 121 101 85 95 96 99 130 71 101 104
ROCE % 17% 24% 26% 28% 27% 36% 32% 27% 23% 18% 23%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
74.78 74.78 74.78 74.78 74.78 74.78 74.79 74.82 74.82 74.82 74.82 74.82
5.98 5.81 5.51 5.47 5.44 5.09 4.95 4.85 4.63 4.36 3.15 1.19
15.30 15.83 16.62 16.66 16.70 16.90 17.00 16.97 16.93 16.93 16.66 16.52
3.94 3.58 3.09 3.09 3.08 3.23 3.26 3.36 3.62 3.89 5.37 7.47

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