Vidhi Specialty Food Ingredients Ltd

Vidhi Specialty Food Ingredients Ltd

₹ 447 3.00%
01 Dec 11:48 a.m.
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]

  • Market Cap 2,231 Cr.
  • Current Price 447
  • High / Low 465 / 317
  • Stock P/E 65.6
  • Book Value 53.4
  • Dividend Yield 0.18 %
  • ROCE 17.6 %
  • ROE 16.2 %
  • Face Value 1.00

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 8.31 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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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
49.13 79.28 97.80 103.48 127.62 160.96 145.00 120.69 107.42 86.41 89.47 79.67 80.15
39.10 63.72 80.95 84.62 106.23 135.80 125.76 104.54 92.63 73.81 77.27 66.65 66.44
Operating Profit 10.03 15.56 16.85 18.86 21.39 25.16 19.24 16.15 14.79 12.60 12.20 13.02 13.71
OPM % 20.42% 19.63% 17.23% 18.23% 16.76% 15.63% 13.27% 13.38% 13.77% 14.58% 13.64% 16.34% 17.11%
0.90 -0.00 0.55 0.21 0.17 0.02 0.98 0.38 0.17 0.06 0.60 0.62 0.24
Interest 0.21 0.60 0.45 0.49 0.74 1.50 1.18 0.92 1.06 0.88 0.78 1.12 0.88
Depreciation 0.71 0.70 0.67 0.67 0.72 0.79 0.78 0.81 0.81 0.83 0.91 0.97 1.38
Profit before tax 10.01 14.26 16.28 17.91 20.10 22.89 18.26 14.80 13.09 10.95 11.11 11.55 11.69
Tax % 24.98% 26.37% 26.47% 25.07% 27.96% 25.64% 24.21% 25.68% 21.24% 29.77% 20.25% 27.45% 22.24%
7.52 10.50 11.97 13.42 14.48 17.02 13.84 11.00 10.31 7.68 8.86 8.38 9.09
EPS in Rs 1.51 2.10 2.40 2.69 2.90 3.41 2.77 2.20 2.06 1.54 1.77 1.68 1.82
Raw PDF

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
115 120 143 189 185 193 213 228 225 266 537 404 336
105 108 127 162 156 164 181 182 174 214 452 348 284
Operating Profit 10 12 16 27 29 29 31 46 51 53 85 56 52
OPM % 8% 10% 11% 14% 16% 15% 15% 20% 22% 20% 16% 14% 15%
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 4
Profit before tax 5 6 9 19 23 24 24 41 45 50 79 50 45
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 34
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 6.81
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: -37%
Compounded Profit Growth
10 Years: 24%
5 Years: 19%
3 Years: 4%
TTM: -35%
Stock Price CAGR
10 Years: 63%
5 Years: 41%
3 Years: 53%
1 Year: 18%
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

Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
64.27% 64.27% 64.27% 64.27% 64.27% 64.27% 64.27% 64.28% 64.28% 64.28% 64.28% 64.28%
0.15% 0.26% 0.22% 0.16% 0.22% 0.37% 0.34% 0.20% 0.08% 0.09% 0.08% 0.07%
0.00% 0.00% 0.30% 0.31% 0.00% 0.00% 0.11% 0.00% 0.00% 0.00% 0.01% 0.00%
35.58% 35.47% 35.21% 35.26% 35.51% 35.36% 35.27% 35.51% 35.63% 35.63% 35.64% 35.66%
No. of Shareholders 13,44814,16918,94321,19921,65220,62621,12821,97221,34120,50819,92918,432

* 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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