Zuari Agro Chemicals Ltd

₹ 140 -2.74%
27 Jan - close price
About

Zuari Agro Chemicals Ltd is in the business of manufacturing, trading and marketing of chemical fertilisers and fertiliser products.
The Company caters to the demand of the farmers across the country, through its “Jai Kisaan” brand of Fertilisers. [1]

Key Points

Products & Brands
The co sells different products under Jai Kisaan brand portfolio which include:
Fertilisers: Samarth, Sampatti, Sampurna, Samrat, SOP, Urea & Suraksha.
Specialty Fertilisers: Atom 61, Boon 45, Boost 52, Calnit 19, Poorna 19, Sanjeevni, Satej, Sulpho 50.
Organic Manure: JK Compost
Micro nutrients: Adbor, Gandhak 90, Granubor Natur, Zinc 21. [1]

  • Market Cap 590 Cr.
  • Current Price 140
  • High / Low 219 / 110
  • Stock P/E 12.4
  • Book Value 293
  • Dividend Yield 0.00 %
  • ROCE 15.7 %
  • ROE 47.5 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.48 times its book value
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 33.2% CAGR over last 5 years
  • Debtor days have improved from 133 to 64.4 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -10.9% over past five years.
  • Company has a low return on equity of -59.3% over last 3 years.
  • Contingent liabilities of Rs.186 Cr.
  • Promoters have pledged 51.8% of their holding.
  • Earnings include an other income of Rs.1,305 Cr.

* 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: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,245 885 603 588 775 381 659 812 935 950 893 1,296 502
1,297 980 726 629 719 396 629 755 855 903 871 1,210 522
Operating Profit -51 -95 -123 -41 56 -14 31 57 80 48 22 86 -20
OPM % -4% -11% -20% -7% 7% -4% 5% 7% 9% 5% 2% 7% -4%
22 22 69 31 54 37 27 26 106 71 48 1,168 19
Interest 155 113 63 62 56 52 30 43 44 40 45 45 51
Depreciation 27 27 22 16 15 16 21 17 16 18 16 18 17
Profit before tax -212 -213 -139 -88 39 -46 7 24 126 60 8 1,191 -70
Tax % -7% 44% -119% -8% 58% -1% 128% 56% 13% 27% 14% 23% 27%
Net Profit -226 -118 -305 -95 16 -46 -2 10 109 44 7 913 -51
EPS in Rs -56.23 -30.15 -75.20 -23.68 -0.56 -11.02 -2.09 -0.19 22.81 7.05 1.35 214.51 -8.65
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
8,229 7,865 7,302 7,613 7,611 6,377 7,265 8,103 3,042 2,404 3,590 3,641
7,872 7,524 7,092 7,313 7,334 5,905 6,722 7,783 3,382 2,369 3,351 3,505
Operating Profit 358 342 210 300 277 472 542 320 -340 35 239 136
OPM % 4% 4% 3% 4% 4% 7% 7% 4% -11% 1% 7% 4%
91 95 138 71 50 23 113 -11 124 146 220 1,305
Interest 153 303 380 318 419 440 404 488 278 200 173 182
Depreciation 29 38 34 30 66 77 83 87 68 68 67 69
Profit before tax 267 95 -66 23 -157 -22 169 -266 -562 -88 218 1,190
Tax % 32% 22% 14% 29% 22% 40% 14% -3% -37% -44% 22%
Net Profit 181 74 -57 14 -123 -13 146 -273 -773 -126 171 913
EPS in Rs 130.31 15.29 -10.52 2.13 -27.40 -5.22 27.91 -68.57 -190.74 -37.35 31.01 214.26
Dividend Payout % 2% 20% -29% 94% -7% -19% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -8%
5 Years: -11%
3 Years: -24%
TTM: 31%
Compounded Profit Growth
10 Years: -2%
5 Years: 33%
3 Years: 41%
TTM: 25%
Stock Price CAGR
10 Years: -6%
5 Years: -22%
3 Years: 8%
1 Year: 21%
Return on Equity
10 Years: -9%
5 Years: -20%
3 Years: -59%
Last Year: 47%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
42 42 42 42 42 42 42 42 42 42 42 42
Reserves 977 1,027 975 965 1,305 1,325 1,423 1,110 299 154 325 1,190
3,577 4,426 3,747 3,434 5,047 4,299 4,506 5,235 3,368 1,851 2,643 2,184
1,467 1,001 1,284 1,678 1,617 1,914 2,279 2,886 2,845 3,297 3,201 1,434
Total Liabilities 6,034 6,496 6,048 6,118 8,011 7,580 8,250 9,273 6,554 5,344 6,211 4,850
345 374 450 488 1,829 1,793 1,798 1,835 1,862 1,431 1,424 1,953
CWIP 50 134 282 424 102 143 147 154 168 78 320 13
Investments 1 1 206 209 774 878 911 815 855 952 1,126 1,160
5,637 5,987 5,111 4,998 5,306 4,767 5,395 6,469 3,668 2,883 3,341 1,724
Total Assets 6,034 6,496 6,048 6,118 8,011 7,580 8,250 9,273 6,554 5,344 6,211 4,850

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-1,922 919 839 -869 1,097 293 -355 2,635 1,521 571
-105 -149 -286 -489 -40 -63 -103 -16 -171 -137
2,364 -952 -547 1,363 -1,003 -148 360 -2,404 -1,188 -296
Net Cash Flow 338 -182 6 5 54 82 -98 215 162 138

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 166 201 188 159 197 198 170 176 266 69 64
Inventory Days 57 55 55 61 45 56 74 107 94 52 78
Days Payable 56 32 45 70 54 86 102 118 339 96 91
Cash Conversion Cycle 168 224 198 149 188 168 142 164 22 25 52
Working Capital Days 173 223 194 153 177 158 148 152 22 -113 -14
ROCE % 8% 5% 7% 5% 8% 10% 5% -6% 4% 16%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.28 65.28 65.28
0.97 0.90 0.90 0.90 0.90 0.90 0.95 1.05 1.01 0.84 1.43 1.10
5.16 5.10 4.69 3.85 3.06 2.11 2.11 1.77 1.42 1.43 1.08 1.00
0.21 0.21 0.21 0.21 0.23 0.23 0.23 0.28 0.28 0.28 0.00 0.00
28.62 28.75 29.16 29.99 30.76 31.72 31.66 31.86 32.24 32.17 32.22 32.62

* 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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