Shivalik Rasayan Ltd

₹ 721 -2.16%
02 Dec - 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 1,045 Cr.
  • Current Price 721
  • High / Low 1,197 / 661
  • Stock P/E 42.4
  • Book Value 194
  • Dividend Yield 0.07 %
  • ROCE 15.3 %
  • ROE 11.2 %
  • Face Value 5.00

Pros

  • Company has delivered good profit growth of 24.8% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 11.7% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 9.93% over 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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
44.72 51.28 37.77 46.01 52.40 55.85 43.32 50.39 56.69 59.53 48.14 57.83 56.33
38.91 43.50 31.24 39.52 43.55 44.18 32.36 37.86 44.69 47.60 37.84 45.99 45.32
Operating Profit 5.81 7.78 6.53 6.49 8.85 11.67 10.96 12.53 12.00 11.93 10.30 11.84 11.01
OPM % 12.99% 15.17% 17.29% 14.11% 16.89% 20.90% 25.30% 24.87% 21.17% 20.04% 21.40% 20.47% 19.55%
4.66 0.45 1.10 0.21 0.13 0.23 0.55 0.08 0.48 1.30 1.85 1.45 0.85
Interest 0.18 0.36 0.25 0.25 0.56 0.27 0.50 0.36 0.52 0.74 0.89 1.03 0.88
Depreciation 0.84 0.84 1.11 1.65 1.79 3.03 2.11 2.60 2.64 2.92 2.85 3.01 2.83
Profit before tax 9.45 7.03 6.27 4.80 6.63 8.60 8.90 9.65 9.32 9.57 8.41 9.25 8.15
Tax % 10.37% 19.20% 14.67% 19.58% 19.76% 16.16% 4.49% 5.28% 7.62% 12.64% 3.09% 8.54% 6.26%
Net Profit 8.47 5.68 5.35 3.87 5.31 7.20 8.50 9.14 8.61 8.37 8.14 8.46 7.65
EPS in Rs 4.09 2.50 2.79 1.82 2.44 3.90 4.77 4.88 4.44 4.28 4.51 4.40 3.82
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
41 110 123 155 171 186 198 215 222
38 99 105 131 147 157 159 167 177
Operating Profit 3 10 18 24 24 29 38 47 45
OPM % 7% 9% 15% 16% 14% 16% 19% 22% 20%
0 1 1 3 8 3 1 4 5
Interest 0 5 6 4 3 2 2 3 4
Depreciation 0 2 2 2 3 4 9 11 12
Profit before tax 3 5 11 20 26 27 29 37 35
Tax % 33% 33% 25% 25% 20% 17% 15% 7%
Net Profit 2 3 8 15 21 22 25 34 33
EPS in Rs 2.10 3.66 9.84 14.39 9.88 10.17 12.77 17.68 17.01
Dividend Payout % -0% -0% 4% 3% 5% 2% 4% 3%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 8%
TTM: 8%
Compounded Profit Growth
10 Years: %
5 Years: 25%
3 Years: 23%
TTM: -1%
Stock Price CAGR
10 Years: %
5 Years: 28%
3 Years: 49%
1 Year: -19%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 10%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
3 3 3 4 7 7 7 7 7
Reserves 8 11 7 45 158 169 172 270 274
0 31 32 22 20 10 29 38 46
11 36 52 81 103 142 155 172 192
Total Liabilities 23 81 94 152 288 328 363 488 520
7 27 27 40 41 52 210 221 219
CWIP -0 -0 0 0 26 102 -0 3 11
Investments -0 0 0 0 -0 -0 -0 -0 -0
16 53 66 111 222 175 153 264 289
Total Assets 23 81 94 152 288 328 363 488 520

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
4 12 8 -7 -8 6 59 11
-0 -18 -4 -24 -24 -102 -65 -23
1 3 -3 52 100 10 2 78
Net Cash Flow 4 -3 2 21 69 -86 -4 66

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 80 77 92 108 111 114 127 119
Inventory Days 5 64 76 65 71 65 34 148
Days Payable 126 152 137 103 123 171 152 216
Cash Conversion Cycle -41 -11 31 71 59 7 9 51
Working Capital Days -11 36 52 107 147 160 98 146
ROCE % 33% 39% 43% 22% 15% 16% 15%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
52.78 52.92 52.92 52.92 52.92 52.92 52.92 52.92 50.32 50.32 50.32 50.32
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.04 0.01
0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47.21 47.08 47.08 47.08 47.08 47.08 47.08 47.08 49.68 49.62 49.64 49.67

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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