Vidhi Specialty Food Ingredients Ltd

Vidhi Specialty Food Ingredients Ltd

₹ 437 -0.05%
24 Jul 2:14 p.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 2,184 Cr.
  • Current Price 437
  • High / Low 497 / 380
  • Stock P/E 59.6
  • Book Value 56.3
  • Dividend Yield 0.23 %
  • ROCE 17.2 %
  • ROE 13.8 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 7.87 times its book value
  • The company has delivered a poor sales growth of 5.85% over past five 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.

Peer comparison

Sector: Chemicals Industry: Dyes And Pigments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
98 103 128 161 145 121 107 86 89 80 80 63 81
81 85 106 136 126 105 93 74 77 67 66 49 65
Operating Profit 17 19 21 25 19 16 15 13 12 13 14 14 16
OPM % 17% 18% 17% 16% 13% 13% 14% 15% 14% 16% 17% 23% 20%
1 0 0 0 1 0 0 0 1 1 0 0 0
Interest 0 0 1 2 1 1 1 1 1 1 1 1 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 2 2
Profit before tax 16 18 20 23 18 15 13 11 11 12 12 12 14
Tax % 26% 25% 28% 26% 24% 26% 21% 30% 20% 27% 22% 27% 25%
12 13 14 17 14 11 10 8 9 8 9 9 11
EPS in Rs 2.40 2.69 2.90 3.41 2.77 2.20 2.06 1.54 1.77 1.68 1.82 1.71 2.13
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
120 143 189 185 193 213 228 225 266 537 404 303
108 127 162 156 164 181 182 174 214 452 348 246
Operating Profit 12 16 27 29 29 31 46 51 53 85 56 57
OPM % 10% 11% 14% 16% 15% 15% 20% 22% 20% 16% 14% 19%
0 0 0 1 1 0 1 1 2 1 1 1
Interest 5 5 6 6 4 5 3 3 2 4 4 3
Depreciation 2 2 2 2 2 2 2 3 3 3 3 6
Profit before tax 6 9 19 23 24 24 41 45 50 79 50 49
Tax % 35% 34% 36% 35% 38% 36% 29% 25% 26% 26% 24% 25%
4 6 12 15 15 16 29 34 37 59 38 37
EPS in Rs 0.83 1.20 2.49 2.95 2.93 3.13 5.82 6.82 7.35 11.76 7.58 7.33
Dividend Payout % 24% 34% 20% 27% 27% 26% 14% 15% 11% 3% 11% 14%
Compounded Sales Growth
10 Years: 8%
5 Years: 6%
3 Years: 4%
TTM: -25%
Compounded Profit Growth
10 Years: 20%
5 Years: 5%
3 Years: 0%
TTM: -3%
Stock Price CAGR
10 Years: 55%
5 Years: 50%
3 Years: 16%
1 Year: 12%
Return on Equity
10 Years: 23%
5 Years: 21%
3 Years: 19%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 5 5 5 5 5 5 5 5 5 5 5 5
Reserves 27 31 40 50 61 72 96 124 157 212 246 276
43 44 47 49 62 44 44 34 31 90 52 20
18 21 39 18 36 35 25 23 33 44 29 24
Total Liabilities 93 100 131 123 164 155 170 186 226 352 332 325
19 18 17 31 30 29 31 31 29 38 47 125
CWIP 0 0 9 0 0 0 0 2 5 33 65 0
Investments 0 0 0 0 0 0 0 13 13 13 13 13
73 82 105 92 134 126 139 140 179 268 207 187
Total Assets 93 100 131 123 164 155 170 186 226 352 332 325

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
4 7 17 17 -9 33 22 28 11 -22 96 63
-4 -1 -10 -7 -1 -1 -4 -17 -3 -40 -42 -19
-1 -7 -4 -7 5 -29 -8 -19 -8 53 -47 -40
Net Cash Flow -1 -0 3 3 -5 3 10 -8 0 -9 6 4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 112 111 91 77 116 101 99 124 130 102 91 106
Inventory Days 85 92 103 81 111 93 97 102 92 67 75 108
Days Payable 60 59 77 38 75 74 50 53 63 34 28 30
Cash Conversion Cycle 138 144 117 120 152 120 146 173 159 135 138 184
Working Capital Days 153 146 114 123 179 145 154 175 187 153 156 187
ROCE % 16% 19% 30% 29% 24% 24% 33% 31% 29% 33% 18% 17%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
64.27% 64.27% 64.27% 64.27% 64.28% 64.28% 64.28% 64.28% 64.28% 64.28% 64.28% 64.28%
0.16% 0.22% 0.37% 0.34% 0.20% 0.08% 0.09% 0.08% 0.07% 0.07% 0.08% 0.14%
0.31% 0.00% 0.00% 0.11% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00%
35.26% 35.51% 35.36% 35.27% 35.51% 35.63% 35.63% 35.64% 35.66% 35.65% 35.64% 35.60%
No. of Shareholders 21,19921,65220,62621,12821,97221,34120,50819,92918,43217,81418,80817,114

* 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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Documents

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