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 delivered good profit growth of 27.41% CAGR over last 5 years

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

Cons:

Stock is trading at 7.81 times its book value

Peer comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
	161	186	213	260	249	303	302	291	245	238	245	232
	115	136	148	173	158	197	177	171	145	155	144	134
Operating Profit	46	50	65	87	91	106	125	120	100	83	102	97
OPM %	29%	27%	31%	33%	37%	35%	41%	41%	41%	35%	41%	42%
Other Income	5	2	8	17	15	7	5	11	11	15	16	9
Interest	1	0	1	0	0	0	0	0	0	0	0	0
Depreciation	7	5	4	7	7	7	7	7	7	9	10	11
Profit before tax	43	46	68	97	99	107	123	124	104	89	108	95
Tax %	33%	31%	23%	34%	34%	34%	33%	34%	-6%	25%	31%	24%
Net Profit	29	32	52	64	65	71	83	82	110	67	75	72
EPS in Rs	2.82	3.08	5.03	6.25	8.01	10.70	8.03	6.33	6.87	6.50	7.26	7.03
	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	960
	121	157	179	253	352	434	543	580	424	423	531	703	579
Operating Profit	25	33	53	70	95	120	153	192	207	218	198	405	382
OPM %	17%	17%	23%	22%	21%	22%	22%	25%	33%	34%	27%	37%	40%
Other Income	4	5	8	6	3	4	9	9	6	12	31	50	51
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	37
Profit before tax	23	32	52	62	82	103	129	174	187	206	203	425	395
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	324
EPS in Rs	1.51	2.51	0.81	1.06	1.11	1.35	1.70	10.86	12.34	13.59	14.00	27.48	27.66
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	Mar 2020
	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	1,269
Borrowings	34	51	63	77	173	237	162	65	42	2	15	4	0
	21	22	23	37	45	67	80	100	104	139	168	173	163
Total Liabilities	98	137	185	258	405	546	552	599	687	821	980	1,228	1,443
	41	45	80	111	144	290	304	327	382	468	457	475	751
CWIP	11	43	38	36	57	14	10	20	25	7	35	191	31
Investments	0	0	0	3	8	13	3	3	3	62	132	96	227
	46	49	67	107	196	229	235	249	278	284	356	465	434
Total Assets	98	137	185	258	405	546	552	599	687	821	980	1,228	1,443

	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	9.81	10.71	9.36	7.55	7.50	7.50	8.98	9.65	6.61	6.15	5.78	6.66

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
73.97	74.01	74.01	74.01	74.01	74.01	74.01	74.01	74.01	74.01	74.05	74.06
3.18	3.48	3.61	3.53	3.47	3.50	3.63	4.11	4.77	5.09	5.13	5.08
6.51	6.47	6.58	6.75	6.84	6.96	6.56	6.20	6.39	5.97	6.06	6.17
0.00	1.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
16.35	14.95	15.80	15.71	15.68	15.53	15.80	15.68	14.83	14.93	14.76	14.69