Vinati Organics Ltd

Vinati Organics is engaged in manufacturing of speciality organic intermediates and monomers.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Company has good consistent profit growth of 27.41% over 5 years

Company has a good return on equity (ROE) track record: 3 Years ROE 24.95%

Cons:

Stock is trading at 8.09 times its book value

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs

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Detailed Comparison with:

	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019
	164	195	184	161	186	213	260	249	303	297	291	245
	109	132	134	115	136	148	173	158	197	177	171	145
Operating Profit	55	63	50	46	50	65	87	91	106	120	120	100
OPM %	33%	32%	27%	29%	27%	31%	33%	37%	35%	40%	41%	41%
Other Income	3	4	4	5	2	8	17	15	7	10	11	11
Interest	1	0	1	1	0	1	0	0	0	0	0	0
Depreciation	5	5	7	7	5	4	7	7	7	7	7	7
Profit before tax	51	61	47	43	46	68	97	99	107	123	124	104
Tax %	32%	33%	33%	33%	31%	23%	34%	34%	34%	33%	34%	-6%
Net Profit	35	41	31	29	32	52	64	65	71	83	82	110
EPS in Rs	6.79	7.95	6.03	5.65	6.17	10.07	12.50	12.66	13.75	16.06	16.03	21.41
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	146	190	232	323	447	554	696	772	631	641	730	1,108	1,135
	121	157	179	253	352	434	543	580	424	423	531	703	689
Operating Profit	25	33	53	70	95	120	153	192	207	218	198	405	446
OPM %	17%	17%	23%	22%	21%	22%	22%	25%	33%	34%	27%	37%	39%
Other Income	4	5	8	6	3	4	9	9	6	12	31	50	40
Interest	3	3	4	7	9	12	18	10	8	3	2	2	1
Depreciation	3	3	5	6	7	10	15	18	19	22	23	27	28
Profit before tax	23	32	52	62	82	103	129	174	187	206	203	425	457
Tax %	34%	21%	23%	17%	33%	33%	33%	33%	29%	32%	29%	34%
Net Profit	15	25	40	52	55	69	86	116	132	140	144	282	346
EPS in Rs	3.01	5.01	1.62	2.10	2.22	2.69	3.39	21.73	24.69	27.19	28.00	54.97	67.25
Dividend Payout %	13%	10%	12%	12%	18%	18%	17%	16%	16%	2%	16%	13%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	33	55	89	134	177	231	300	424	530	670	786	1,041	1,190
Borrowings	34	51	63	77	173	237	162	65	42	2	15	4	0
	21	22	23	38	45	67	81	100	105	139	169	175	139
Total Liabilities	98	138	185	258	405	546	553	600	688	822	981	1,229	1,339
	41	45	80	111	144	290	304	327	382	468	457	475	651
CWIP	11	43	38	36	57	14	10	20	25	7	35	191	75
Investments	0	0	0	3	8	13	3	3	3	62	132	96	176
	46	49	67	108	196	229	236	250	278	285	357	467	438
Total Assets	98	138	185	258	405	546	553	600	688	822	981	1,229	1,339

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	12	30	29	31	20	92	131	113	167	130	138	200
	-17	-40	-35	-39	-61	-113	-9	-53	-72	-27	-39	-243
	5	10	6	7	72	22	-113	-75	-50	-45	-30	-40
Net Cash Flow	0	1	-0	0	30	2	9	-16	45	59	70	-83

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	40%	36%	40%	36%	31%	27%	30%	38%	36%	33%	28%	46%
Debtor Days	55	54	56	59	70	75	60	61	66	80	89	80
Inventory Turnover	14.39	15.75	14.98	11.97	11.47	11.35	13.75	15.26	12.72	11.68	9.91	12.69