Zuari Agro Chemicals Ltd

About

Zuari Agro Chemicals is engaged in the business of manufacturing, trading and marketing of chemical fertilizers, water soluble fertilizers, seeds, pesticides and fertilizer products.

  • Market Cap 431 Cr.
  • Current Price 102
  • High / Low 159 / 82.1
  • Stock P/E 10.8
  • Book Value 72.6
  • Dividend Yield 0.00 %
  • ROCE 3.77 %
  • ROE -58.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Debtor days have improved from 170.39 to 68.93 days.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -20.59% over past five years.
  • Company has a low return on equity of -53.69% for last 3 years.
  • Contingent liabilities of Rs.237.33 Cr.
  • Promoters have pledged 44.58% of their holding.
  • Earnings include an other income of Rs.196.42 Cr.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,653 2,000 1,874 1,245 885 603 588 775 381 659 812 935
1,595 1,993 1,833 1,297 980 726 629 719 396 629 755 855
Operating Profit 59 7 41 -51 -95 -123 -41 56 -14 31 57 80
OPM % 4% 0% 2% -4% -11% -20% -7% 7% -4% 5% 7% 9%
Other Income 34 -104 16 22 22 69 31 54 37 27 26 106
Interest 120 139 154 155 113 63 62 56 52 30 43 44
Depreciation 22 23 26 27 27 22 16 15 16 21 17 16
Profit before tax -49 -260 -123 -212 -213 -139 -88 39 -46 7 24 126
Tax % -15% 2% -0% -7% 44% -119% -8% 58% -1% 128% 56% 13%
Net Profit -63 -252 -123 -236 -127 -316 -100 -2 -46 -9 -1 96
EPS in Rs -15.02 -60.01 -29.26 -56.23 -30.15 -75.20 -23.68 -0.56 -11.02 -2.09 -0.19 22.81

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 TTM
8,229 7,865 7,302 7,613 7,611 6,377 7,265 8,103 3,042 2,404 2,787
7,872 7,524 7,092 7,313 7,334 5,905 6,722 7,783 3,382 2,369 2,634
Operating Profit 358 342 210 300 277 472 542 320 -340 35 154
OPM % 4% 4% 3% 4% 4% 7% 7% 4% -11% 1% 6%
Other Income 91 95 138 71 50 23 113 -11 124 146 196
Interest 153 303 380 318 419 440 404 488 278 200 169
Depreciation 29 38 34 30 66 77 83 87 68 68 70
Profit before tax 267 95 -66 23 -157 -22 169 -266 -562 -88 111
Tax % 32% 22% 14% 29% 22% 40% 14% -3% -37% -44%
Net Profit 164 64 -44 9 -115 -22 117 -288 -802 -157 40
EPS in Rs 130.31 15.29 -10.52 2.13 -27.40 -5.22 27.91 -68.57 -190.74 -37.35 9.51
Dividend Payout % 2% 20% -29% 94% -7% -19% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: -21%
3 Years: -31%
TTM: -2%
Compounded Profit Growth
10 Years: %
5 Years: -28%
3 Years: %
TTM: 107%
Stock Price CAGR
10 Years: %
5 Years: -14%
3 Years: -24%
1 Year: 18%
Return on Equity
10 Years: %
5 Years: -22%
3 Years: -54%
Last Year: -58%

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 Sep 2021
42 42 42 42 42 42 42 42 42 42 42
Reserves 977 1,027 975 965 1,305 1,325 1,423 1,110 299 154 263
Borrowings 3,577 4,426 3,747 3,434 5,047 4,299 4,506 5,235 3,368 1,851 2,580
1,467 1,001 1,284 1,678 1,617 1,914 2,279 2,886 2,845 3,297 2,873
Total Liabilities 6,034 6,496 6,048 6,118 8,011 7,580 8,250 9,273 6,554 5,344 5,759
345 374 450 488 1,829 1,793 1,798 1,835 1,862 1,431 1,398
CWIP 50 134 282 424 102 143 147 154 168 78 108
Investments 1 1 206 209 774 878 911 815 855 952 1,055
5,637 5,987 5,111 4,998 5,306 4,767 5,395 6,469 3,668 2,883 3,198
Total Assets 6,034 6,496 6,048 6,118 8,011 7,580 8,250 9,273 6,554 5,344 5,759

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
-1,922 919 839 -869 1,097 293 -355 2,635 1,521
-105 -149 -286 -489 -40 -63 -103 -16 -171
2,364 -952 -547 1,363 -1,003 -148 360 -2,404 -1,188
Net Cash Flow 338 -182 6 5 54 82 -98 215 162

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
Debtor Days 166 201 188 159 197 198 170 176 266 69
Inventory Days 57 55 55 61 45 56 74 107 94 52
Days Payable 56 32 45 70 54 86 102 118 339 96
Cash Conversion Cycle 168 224 198 149 188 168 142 164 22 25
Working Capital Days 174 223 194 155 183 168 156 166 87 -113
ROCE % 8% 5% 7% 5% 8% 10% 5% -6% 4%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04 65.04
2.31 2.21 2.08 1.06 1.06 0.97 0.90 0.90 0.90 0.90 0.90 0.95
8.74 8.08 8.07 7.34 5.36 5.16 5.10 4.69 3.85 3.06 2.11 2.11
0.00 0.00 0.00 0.00 0.21 0.21 0.21 0.21 0.21 0.23 0.23 0.23
23.91 24.66 24.81 26.56 28.32 28.62 28.75 29.16 29.99 30.76 31.72 31.66

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