Vidhi Specialty Food Ingredients Ltd

₹ 465 1.76%

18 Apr 10:31 a.m.

vidhifoodcolors.com BSE: 531717 NSE : VIDHIING

About

Vidhi Specialty Food Ingredients Limited, incorporated in 1994, is a leading manufacturer of Superior Synthetic and Natural Food Grade Colours. The company is Asia’s 2nd largest food colour manufacture. The company’s products have applications in industries of Food & Beverage, Confectionary, Pharmaceuticals, Pet Foods, Cosmetics, Inkjet Inks, Personal Care, and Home Care. ^[1]^[2]

Key Points

Products
The company manufactures Synthetic Water Soluble Colours, Aluminium Lakes, FD&C Colours, FD&C Lakes, D&C Colours, Blends, Co-Blended Lakes & Co-Blended Granules, Natural Colours. Besides food colours the company is also engaged in sourcing and exporting high quality non food dyes as under: Acid Dyes, Textile Dyes,Reactive Dyes, Basic Dyes, Pigments. ^[1]^[2]
The Group has ISO and Kosher certifications, and product approvals from customers and majorly caters to export market with 90% of revenue.^[3]

Website BSE NSE

Market Cap ₹ 2,323 Cr.
Current Price ₹ 465
High / Low ₹ 497 / 326
Stock P/E 66.6
Book Value ₹ 53.4
Dividend Yield 0.22 %
ROCE 17.6 %
ROE 16.2 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company has a good return on equity (ROE) track record: 3 Years ROE 23.4%

Cons

Stock is trading at 8.55 times its book value

* 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.

Peer comparison

Sector: Chemicals Industry: Dyes And Pigments

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	79.28	97.80	103.48	127.62	160.96	145.00	120.69	107.42	86.41	89.47	79.67	80.15	62.97
	63.72	80.95	84.62	106.23	135.80	125.76	104.54	92.63	73.81	77.27	66.65	66.44	48.65
Operating Profit	15.56	16.85	18.86	21.39	25.16	19.24	16.15	14.79	12.60	12.20	13.02	13.71	14.32
OPM %	19.63%	17.23%	18.23%	16.76%	15.63%	13.27%	13.38%	13.77%	14.58%	13.64%	16.34%	17.11%	22.74%
	0.00	0.55	0.21	0.17	0.02	0.98	0.38	0.17	0.06	0.60	0.62	0.24	0.04
Interest	0.60	0.45	0.49	0.74	1.50	1.18	0.92	1.06	0.88	0.78	1.12	0.88	0.77
Depreciation	0.70	0.67	0.67	0.72	0.79	0.78	0.81	0.81	0.83	0.91	0.97	1.38	1.93
Profit before tax	14.26	16.28	17.91	20.10	22.89	18.26	14.80	13.09	10.95	11.11	11.55	11.69	11.66
Tax %	26.37%	26.47%	25.07%	27.96%	25.64%	24.21%	25.68%	21.24%	29.77%	20.25%	27.45%	22.24%	26.76%
	10.50	11.97	13.42	14.48	17.02	13.84	11.00	10.31	7.68	8.86	8.38	9.09	8.54
EPS in Rs	2.10	2.40	2.69	2.90	3.41	2.77	2.20	2.06	1.54	1.77	1.68	1.82	1.71
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	115	120	143	189	185	193	213	228	225	266	537	404	312
	105	108	127	162	156	164	181	182	174	214	452	348	259
Operating Profit	10	12	16	27	29	29	31	46	51	53	85	56	53
OPM %	8%	10%	11%	14%	16%	15%	15%	20%	22%	20%	16%	14%	17%
	0	0	0	0	1	1	0	1	1	2	1	1	2
Interest	4	5	5	6	6	4	5	3	3	2	4	4	4
Depreciation	1	2	2	2	2	2	2	2	3	3	3	3	5
Profit before tax	5	6	9	19	23	24	24	41	45	50	79	50	46
Tax %	33%	35%	34%	36%	35%	38%	36%	29%	25%	26%	26%	24%
	3	4	6	12	15	15	16	29	34	37	59	38	35
EPS in Rs	0.68	0.83	1.20	2.49	2.95	2.93	3.13	5.82	6.82	7.35	11.76	7.58	6.98
Dividend Payout %	0%	24%	34%	20%	27%	27%	26%	14%	15%	11%	3%	11%

Compounded Sales Growth
10 Years:	13%
5 Years:	14%
3 Years:	22%
TTM:	-32%

Compounded Profit Growth
10 Years:	24%
5 Years:	19%
3 Years:	4%
TTM:	-19%

Stock Price CAGR
10 Years:	60%
5 Years:	42%
3 Years:	36%
1 Year:	25%

Return on Equity
10 Years:	25%
5 Years:	25%
3 Years:	23%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	5	5	5	5	5	5	5	5	5	5	5	5	5
Reserves	24	27	31	40	50	61	72	96	124	157	212	246	262
	39	43	44	47	49	62	44	44	34	31	90	52	40
	15	18	21	39	18	36	35	25	23	33	44	29	35
Total Liabilities	83	93	100	131	123	164	155	170	186	226	352	332	342
	13	19	18	17	31	30	29	31	31	29	38	47	121
CWIP	4	0	0	9	0	0	0	0	2	5	33	65	0
Investments	0	0	0	0	0	0	0	0	13	13	13	13	13
	65	73	82	105	92	134	126	139	140	179	268	207	207
Total Assets	83	93	100	131	123	164	155	170	186	226	352	332	342

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	1	4	7	17	17	-9	33	22	28	11	-22	96
	-7	-4	-1	-10	-7	-1	-1	-4	-17	-3	-40	-42
	8	-1	-7	-4	-7	5	-29	-8	-19	-8	53	-47
Net Cash Flow	3	-1	-0	3	3	-5	3	10	-8	0	-9	6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	106	112	111	91	77	116	101	99	124	130	102	91
Inventory Days	57	85	92	103	81	111	93	97	102	92	67	75
Days Payable	51	60	59	77	38	75	74	50	53	63	34	28
Cash Conversion Cycle	112	138	144	117	120	152	120	146	173	159	135	138
Working Capital Days	135	153	146	114	123	179	145	154	175	187	153	156
ROCE %	15%	16%	19%	30%	29%	24%	24%	33%	31%	29%	33%	18%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	64.27%	64.27%	64.27%	64.27%	64.27%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%
	0.22%	0.16%	0.22%	0.37%	0.34%	0.20%	0.08%	0.09%	0.08%	0.07%	0.07%	0.08%
	0.30%	0.31%	0.00%	0.00%	0.11%	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%
	35.21%	35.26%	35.51%	35.36%	35.27%	35.51%	35.63%	35.63%	35.64%	35.66%	35.65%	35.64%
No. of Shareholders	18,943	21,199	21,652	20,626	21,128	21,972	21,341	20,508	19,929	18,432	17,814	18,808

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	64.27%	64.27%	64.27%	64.27%	64.27%	64.27%	64.28%	64.28%
	0.10%	0.55%	0.10%	0.15%	0.26%	0.37%	0.09%	0.08%
	0.06%	0.30%	0.07%	0.19%	0.00%	0.00%	0.00%	0.00%
	35.57%	34.88%	35.55%	35.39%	35.47%	35.36%	35.63%	35.64%
No. of Shareholders	10,289	12,561	11,412	10,974	14,169	20,626	20,508	18,808

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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