Vinati Organics Ltd

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

Pros:
Company has reduced debt.
Company is virtually debt free.
Company is expected to give good quarter
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 11.22 times its book value

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

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
140 164 195 184 161 186 213 260 249 303 297 291
94 109 132 134 115 136 148 173 158 197 177 171
Operating Profit 46 55 63 50 46 50 65 87 91 106 120 120
OPM % 33% 33% 32% 27% 29% 27% 31% 33% 36% 35% 40% 41%
Other Income 2 3 4 4 5 2 8 17 15 7 10 11
Interest 1 1 0 1 1 0 1 0 0 0 0 0
Depreciation 5 5 5 7 7 5 4 7 7 7 7 7
Profit before tax 42 51 61 47 43 46 68 97 99 107 123 124
Tax % 27% 32% 33% 33% 33% 31% 23% 34% 34% 34% 33% 34%
Net Profit 31 35 41 31 29 32 52 64 65 71 83 82
EPS in Rs 5.95 6.79 7.95 6.03 5.65 6.17 10.07 12.50 12.66 13.75 16.06 16.03
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

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 1,139
121 157 179 253 352 434 543 580 424 423 531 703 702
Operating Profit 25 33 53 70 95 120 153 192 207 218 198 405 437
OPM % 17% 17% 23% 22% 21% 22% 22% 25% 33% 34% 27% 37% 38%
Other Income 4 5 8 6 3 4 9 9 6 12 31 50 44
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 82 103 129 174 187 206 203 425 453
Tax % 34% 21% 23% 17% 33% 33% 33% 33% 29% 32% 29% 34%
Net Profit 15 25 40 52 55 69 86 116 132 140 144 282 301
EPS in Rs 3.01 5.01 7.95 10.32 10.78 13.48 16.94 21.73 24.69 27.19 28.00 54.97 58.50
Dividend Payout % 13% 10% 12% 12% 18% 18% 17% 16% 16% 15% 16% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.26%
5 Years:9.74%
3 Years:20.65%
TTM:39.14%
Compounded Profit Growth
10 Years:27.38%
5 Years:27.41%
3 Years:29.06%
TTM:69.79%
Return on Equity
10 Years:27.92%
5 Years:26.00%
3 Years:24.95%
Last Year:30.60%

Balance Sheet Figures in Rs. Crores

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

Cash Flows Figures in Rs. Crores

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

Ratios Figures in Rs. Crores

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