Thirumalai Chemicals Ltd // Commodity Chemicals

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 27.39%
Company has been maintaining a healthy dividend payout of 20.52%
Cons:
The company has delivered a poor growth of -0.84% over past five years.

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Tata Chemicals 707.95 6.67 18035.73 3.11 261.63 8.21 2769.12 12.95 2.08
2. Guj Alkalies 573.70 6.76 4213.25 1.13 183.17 92.08 752.85 38.35 24.27
3. Godrej Inds. 535.90 31.25 18026.65 0.33 128.94 -15.30 3031.26 13.57 0.45
4. Polyplex Corpn 570.75 4.78 1825.26 7.01 115.38 310.75 1065.04 30.57 8.57
5. Aarti Inds. 1233.30 29.26 10026.73 0.08 89.28 41.60 1078.48 36.20 19.97
6. GHCL 234.90 8.58 2302.21 2.12 61.59 -60.98 754.59 1.25 18.23
7. Jindal Poly Film 305.20 5.54 1336.36 0.33 -57.43 9283.19 791.07 -57.77 6.83
8. Thirumalai Chem. 127.80 7.75 1308.52 1.57 31.30 -5.75 258.42 -19.88 66.07

Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
230 205 243 219 255 248 307 323 312 346 333 258
235 190 200 180 222 208 262 261 234 266 263 204
Operating Profit -5 15 43 39 33 40 45 62 78 80 70 54
OPM % -2.02% 7.14% 17.63% 17.89% 12.78% 16.28% 14.54% 19.15% 25.11% 23.05% 21.0% 20.9%
Other Income 3 1 2 2 1 1 2 1 2 2 1 5
Depreciation 5 6 6 6 5 10 14 7 7 7 9 9
Interest 6 4 6 5 3 4 5 5 3 4 1 2
Profit before tax -13 5 33 29 25 27 28 51 70 71 61 48
Tax 2 1 9 9 9 12 9 18 24 19 21 17
Net Profit -15 4 24 20 16 15 19 33 46 51 40 31

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 TTM
764 1,052 1,369 1,275 1,070 940 1,028 1,312 1,250
701 980 1,234 1,193 1,032 842 871 1,022 968
Operating Profit 64 72 135 82 38 98 158 290 282
OPM % 8.32% 6.84% 9.85% 6.41% 3.56% 10.4% 15.33% 22.07% 22.57%
Other Income 7 5 5 5 8 5 4 7 10
Interest 31 53 52 49 35 23 17 13 10
Depreciation 15 23 23 23 18 25 36 31 33
Profit before tax 25 2 64 15 -7 55 109 253 250
Tax 8 1 21 3 7 23 39 83 81
Net Profit 18 1 44 12 -14 32 71 170 169
EPS 1.75 0.09 4.15 1.16 0.0 2.94 6.9 16.26
Dividend Payout % 0.0% 0.0% 17.53% 0.0% -29.88% 50.95% 27.17% 12.02%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:-0.84%
3 Years:7.04%
TTM:10.41%
Compounded Profit Growth
10 Years:%
5 Years:31.21%
3 Years:%
TTM:101.40%
Return on Equity
10 Years:%
5 Years:20.42%
3 Years:27.39%
TTM:35.09%

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
10 10 10 10 10 10 10 10
Reserves 110 144 189 205 183 208 388 563
Borrowings 183 276 305 222 142 91 62 50
305 328 291 324 216 216 332 208
Total Liabilities 608 758 796 761 550 526 792 831
242 257 249 230 243 256 317 310
CWIP 3 3 1 18 7 18 9 44
Investments 5 5 5 5 5 5 77 104
357 493 540 507 295 247 389 373
Total Assets 608 758 796 761 550 526 792 831

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
99 -14 19 133 154 126 108 80
-130 -13 0 -15 -19 -32 -44 -53
29 38 -26 -116 -142 -93 -52 -16
Net Cash Flow -2 11 -7 3 -8 0 12 10