Shivalik Rasayan Ltd

₹ 708 -0.69%
01 Jul - close price
About

The company is into manufacturing of agrochemicals and in 2015 it forayed into pharmaceuticals.
The company acquired Medicamen Biotech Limited in 2015 which is engaged in manufacturing pharmaceutical formulations. [1] [2]

Key Points

Business Segments
Shivalik Rasayan is into 2 business segments :
1. Agrochemicals: Largest producer of Dimethoate Technical and second largest producer of Malathion Technical in India.
2. API: The Company has commenced new pharma API manufacturing facility at PCPIR (Petroleum, Chemicals and Petrochemicals Investment Region) zone in Dahej (Gujarat) which is US FDA and EU standard compliant and provides one stop solution for direct commercial production, R&D, pilot scale batches, Contract Manufacturing (CMO) and Contract Research (CRO) services.[1]

  • Market Cap 1,026 Cr.
  • Current Price 708
  • High / Low 1,197 / 661
  • Stock P/E 53.0
  • Book Value 189
  • Dividend Yield 0.07 %
  • ROCE 8.34 %
  • ROE 8.54 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 42.46% CAGR over last 5 years
  • Debtor days have improved from 48.10 to 24.92 days.

Cons

  • Stock is trading at 3.76 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 7.23% for last 3 years.

* 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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
14.52 16.06 15.95 14.25 18.23 21.63 22.93 22.08 22.86 24.17 26.89 25.39
12.66 14.40 13.60 10.67 15.82 18.33 16.52 15.46 16.38 18.39 21.27 20.07
Operating Profit 1.86 1.66 2.35 3.58 2.41 3.30 6.41 6.62 6.48 5.78 5.62 5.32
OPM % 12.81% 10.34% 14.73% 25.12% 13.22% 15.26% 27.95% 29.98% 28.35% 23.91% 20.90% 20.95%
0.44 0.76 0.00 0.00 0.13 0.00 0.23 0.02 0.00 0.00 0.47 1.52
Interest 0.21 0.29 0.17 0.25 0.02 0.18 0.18 0.14 0.31 0.22 0.24 0.32
Depreciation 0.18 0.19 0.21 0.44 0.95 1.10 2.32 1.69 1.27 1.29 1.35 1.32
Profit before tax 1.91 1.94 1.97 2.89 1.57 2.02 4.14 4.81 4.90 4.27 4.50 5.20
Tax % -4.71% 2.06% -1.02% 1.04% -3.18% -3.47% -1.21% -1.04% -1.63% -2.81% -2.00% -4.04%
Net Profit 2.01 1.90 1.99 2.86 1.62 2.09 4.19 4.85 4.98 4.38 4.59 5.40
EPS in Rs 1.46 1.38 1.44 2.08 1.18 1.52 3.04 3.52 3.61 3.18 3.17 3.73

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
25 26 29 35 41 43 41 44 48 61 85 99
24 24 27 33 38 38 34 36 42 51 66 76
Operating Profit 1 1 2 2 3 5 7 7 6 9 19 23
OPM % 3% 6% 5% 6% 7% 11% 17% 17% 13% 16% 22% 23%
0 0 0 0 0 1 1 1 4 1 0 2
Interest 0 0 0 0 0 1 2 1 1 1 1 1
Depreciation 0 0 0 0 0 0 0 0 1 1 6 5
Profit before tax 1 1 1 2 3 4 5 6 9 9 13 19
Tax % 31% 31% 32% 34% 33% 33% 33% 19% -3% -0% -1% -3%
Net Profit 1 1 1 1 2 3 3 5 9 9 13 19
EPS in Rs 0.71 1.01 1.08 1.37 2.10 3.10 3.84 4.84 6.47 6.35 9.20 13.36
Dividend Payout % 0% 0% 0% 0% 0% 0% 10% 8% 8% 4% 5% 4%
Compounded Sales Growth
10 Years: 14%
5 Years: 19%
3 Years: 27%
TTM: 17%
Compounded Profit Growth
10 Years: 36%
5 Years: 42%
3 Years: 30%
TTM: 53%
Stock Price CAGR
10 Years: %
5 Years: 35%
3 Years: 41%
1 Year: -9%
Return on Equity
10 Years: 9%
5 Years: 8%
3 Years: 7%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
3 3 3 3 3 3 3 4 7 7 7 7
Reserves 3 4 5 6 8 10 14 42 153 161 173 256
0 2 0 0 0 11 14 8 9 0 11 14
4 6 8 9 11 12 7 7 10 18 31 40
Total Liabilities 10 15 16 18 23 37 38 61 178 186 223 318
2 6 7 6 7 8 8 15 16 18 120 128
CWIP 0 0 0 0 0 0 0 0 11 61 0 3
Investments 0 0 0 0 0 16 18 27 27 39 53 55
8 9 10 12 16 13 12 19 124 68 49 131
Total Assets 10 15 16 18 23 37 38 61 178 186 223 318

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-0 6 -3 -1 4 6 4 -2 -12 -7 46 7
-0 -4 0 0 -0 -17 -2 -16 -9 -65 -61 -16
0 -3 3 0 1 7 -2 19 104 -9 10 76
Net Cash Flow -1 -1 -0 -0 4 -4 1 2 83 -81 -5 66

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 79 78 76 93 80 61 47 64 66 49 70 25
Inventory Days 18 42 32 8 5 14 22 36 82 33 45 97
Days Payable 54 72 112 103 126 139 76 66 92 166 119 113
Cash Conversion Cycle 42 48 -4 -2 -41 -64 -8 34 56 -83 -4 9
Working Capital Days 49 40 4 17 -11 -40 -37 38 169 202 33 86
ROCE % 14% 20% 19% 23% 29% 28% 25% 18% 9% 6% 7% 8%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52.50 52.50 52.78 52.92 52.92 52.92 52.92 52.92 52.92 52.92 50.32 50.32
0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06
0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47.46 47.50 47.21 47.08 47.08 47.08 47.08 47.08 47.08 47.08 49.68 49.62

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