Zuari Agro Chemicals Ltd

₹ 141 -6.66%

30 May - 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]

Website BSE NSE

Market Cap ₹ 591 Cr.
Current Price ₹ 141
High / Low ₹ 205 / 116
Stock P/E 1.73
Book Value ₹ 293
Dividend Yield 0.00 %
ROCE 15.7 %
ROE 47.5 %
Face Value ₹ 10.0

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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

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 53.5% of their holding.
Earnings include an other income of Rs.621 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

	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
	603	588	775	381	659	812	935	950	893	1,296	502	1,416	1,339
	726	629	719	396	629	755	855	876	871	1,210	522	1,282	1,208
Operating Profit	-123	-41	56	-14	31	57	80	74	22	86	-20	134	131
OPM %	-20%	-7%	7%	-4%	5%	7%	9%	8%	2%	7%	-4%	9%	10%
	69	31	54	37	27	26	106	44	48	1,168	19	63	-629
Interest	63	62	56	52	30	43	44	40	45	45	51	56	54
Depreciation	22	16	15	16	21	17	16	18	16	18	17	22	21
Profit before tax	-139	-88	39	-46	7	24	126	60	8	1,191	-70	119	-573
Tax %	-119%	-8%	58%	-1%	128%	56%	13%	27%	14%	23%	27%	13%	25%
Net Profit	-305	-95	16	-46	-2	10	109	44	7	913	-51	104	-427
EPS in Rs	-75.20	-23.68	-0.56	-11.02	-2.09	-0.19	22.81	7.05	1.35	214.51	-8.65	16.46	-108.99
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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	4,553
	7,872	7,524	7,092	7,313	7,334	5,905	6,722	7,783	3,382	2,369	3,351	4,221
Operating Profit	358	342	210	300	277	472	542	320	-340	35	239	331
OPM %	4%	4%	3%	4%	4%	7%	7%	4%	-11%	1%	7%	7%
	91	95	138	71	50	23	113	-11	124	146	220	621
Interest	153	303	380	318	419	440	404	488	278	200	173	205
Depreciation	29	38	34	30	66	77	83	87	68	68	67	79
Profit before tax	267	95	-66	23	-157	-22	169	-266	-562	-88	218	668
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	539
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	113.33
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:	27%

Compounded Profit Growth
10 Years:	-2%
5 Years:	33%
3 Years:	41%
TTM:	147%

Stock Price CAGR
10 Years:	3%
5 Years:	-17%
3 Years:	20%
1 Year:	-4%

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 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

Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
65.04	65.04	65.04	65.04	65.04	65.04	65.04	65.04	65.28	65.28	65.28	65.28
0.90	0.90	0.90	0.90	0.90	0.95	1.05	1.01	0.84	1.43	1.10	1.13
5.10	4.69	3.85	3.06	2.11	2.11	1.77	1.42	1.43	1.08	1.00	1.00
0.21	0.21	0.21	0.23	0.23	0.23	0.28	0.28	0.28	0.00	0.00	0.00
28.75	29.16	29.99	30.76	31.72	31.66	31.86	32.24	32.17	32.22	32.62	32.58

Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
66.08	66.08	65.04	65.04	65.04	65.04	65.28
0.41	1.63	2.21	0.97	0.90	1.01	1.13
10.06	9.29	8.08	5.16	3.06	1.42	1.00
0.00	0.00	0.00	0.21	0.23	0.28	0.00
23.46	23.01	24.66	28.62	30.76	32.24	32.58

* 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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Zuari Agro Chemicals Ltd

Zuari Agro Chemicals Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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