Thirumalai Chemicals Ltd

Thirumalai Chemicals is engaged in manufacturing and selling chemicals.

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Pros:

Company is virtually debt free.

Company has good consistent profit growth of 38.98% over 5 years

Company has a good return on equity (ROE) track record: 3 Years ROE 29.52%

Company has been maintaining a healthy dividend payout of 21.36%

Cons:

The company has delivered a poor growth of -2.45% over past five years.

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018
	193.62	168.00	217.16	216.79	255.27	258.16	258.60	253.84	241.01	196.13	295.92	249.89
	168.19	139.61	186.99	181.23	220.84	206.91	195.68	186.92	194.40	156.26	224.74	230.32
Operating Profit	25.43	28.39	30.17	35.56	34.43	51.25	62.92	66.92	46.61	39.87	71.18	19.57
OPM %	13.13%	16.90%	13.89%	16.40%	13.49%	19.85%	24.33%	26.36%	19.34%	20.33%	24.05%	7.83%
Other Income	3.07	3.28	1.49	3.46	3.89	2.43	3.57	3.17	2.15	2.38	4.43	2.81
Interest	5.04	4.68	2.59	3.45	3.83	4.21	2.46	3.42	0.84	1.20	2.21	3.67
Depreciation	2.74	2.52	2.51	5.20	3.80	2.57	2.58	2.52	2.72	3.04	4.11	3.60
Profit before tax	20.72	24.47	26.56	30.37	30.69	46.90	61.45	64.15	45.20	38.01	69.29	15.11
Tax %	32.09%	34.16%	34.22%	38.23%	28.41%	36.44%	32.17%	32.60%	35.24%	34.12%	34.49%	32.36%
Net Profit	14.07	16.11	17.47	18.76	21.97	29.81	41.68	43.24	29.27	25.04	45.39	10.22
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	542	591	470	626	764	906	1,145	1,034	923	777	857	1,012	983
	488	521	518	560	701	840	1,044	988	879	692	725	783	806
Operating Profit	55	70	-48	66	64	66	101	45	44	84	133	229	177
OPM %	10%	12%	-10%	11%	8%	7%	9%	4%	5%	11%	15%	23%	18%
Other Income	5	2	7	4	7	6	8	16	16	12	8	10	12
Interest	10	14	17	20	31	52	52	45	33	21	15	11	8
Depreciation	11	11	12	12	13	14	13	12	7	11	14	10	13
Profit before tax	39	47	-70	38	26	6	44	3	20	64	112	218	168
Tax %	35%	43%	34%	32%	30%	18%	37%	-3%	27%	33%	34%	34%
Net Profit	25	27	-46	26	19	5	28	4	14	43	74	144	110
EPS in Rs	2.32	2.44	0.00	2.43	1.81	0.47	2.59	0.35	1.31	3.97	7.24	13.68
Dividend Payout %	36%	38%	-0%	20%	0%	0%	28%	0%	29%	24%	26%	14%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Sep 2018
	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	106	121	75	77	95	106	128	132	141	174	357	504	534
Borrowings	143	196	212	199	183	223	251	162	83	28	0	0	0
	194	117	163	190	236	311	280	293	187	183	288	146	331
Total Liabilities	454	444	461	476	525	650	669	597	421	395	655	660	875
	106	109	108	111	100	100	92	77	74	79	146	147	161
CWIP	0	12	15	0	3	3	1	3	0	6	9	39	84
Investments	24	24	24	5	28	33	33	33	32	32	79	173	248
	323	299	314	360	394	514	543	485	314	278	421	301	381
Total Assets	454	444	461	476	525	650	669	597	421	395	655	660	875

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	-5	-19	8	24	69	84	21	127	106	114	97	77
	-2	-24	-12	-0	-23	-64	6	20	-1	-21	-42	-33
	42	6	17	-20	-48	-15	-31	-139	-112	-94	-43	-34
Net Cash Flow	35	-38	13	4	-3	5	-5	8	-8	-0	12	10

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	20%	22%	-17%	20%	20%	19%	26%	13%	19%	38%	44%	52%
Debtor Days	98	96	101	123	91	103	81	67	54	52	48	26
Inventory Turnover	4.39	4.96	4.68	6.66	7.55	7.15	6.94	5.46	7.08	11.95	8.98	8.23