Insecticides India Ltd

Insecticides India Ltd

₹ 540 -3.30%
22 Feb - close price
About

Insecticides India is into manufacturing of agrochemicals (technicals and formulations) and biological and household products. They cater to Indian market where they directly sell to the end consumer and also sell technicals and formulations to the companies who are in the business of formulation. They also export to 30 countries with more than 100 customers through registrations. IIL has more than 75 registrations so far.[1]

Key Points

Product Wise Revenue Mix
Insecticides: 53% of sales in FY vs 58% in FY21
Herbicides: 33% of sales in FY 22 vs 31% in FY21
Fungicides: 11% of sales in FY 22 vs 9% in FY21
PGR/Biologicals: 3% of sales in FY 22 vs 2% in FY21
The Co earned 55% of its revenue from Maharatna products and the remaining 45% from other branded products [1]

Segment-wise Revenue Split
B2C Segment: 65% of Net Revenue in FY22
B2B Segment: 26% of Net Revenue in FY22 [1]

Geography Wise Revenue Split as of FY22
South: 36%
East: 22%
West: 21%
North: 21% [1]

Brand
Some of its key brands are Pulsor, Green Label, Hercules, Kunoichi, Dominant, Lethal Gold, and KK Pro. The Co had partnered with Suniel Shetty, the Bollywood superstar, to build brand recognition. And in FY22, it has appointed Bollywood superstar Ajay Devgn as its brand ambassador to enhance its brand. [2]

New Products
The Co has recently launched four products: Hachiman, Oxim, Tory and Shinwa to further bolster its market share. [3]

Manufacturing Plants and Capacities
The Co. has six formulation plants , two technical synthesis plants, and one biological manufacturing plant. [4]
Its manufacturing capacity:
Liquid: 30,900 KLPA
Granules: 80,750 MTPA
Powder: 24,770 MTPA
Active Ingredient & Bulk: 13,800 MTPA [5]
It aims to increase its technical manufacturing capacity by nearly 50% at its Chopanki (Rajasthan) and Dahej (Gujarat) plants. [3]

Wide Dealer and Distribution Network
The Co has a distribution network of 380 SKUs, 6,000+ distributor connections, and 70,000+ dealer and retailer connections. [4]

Export
The Co exports its products to over 22 countries across the world. [4]
It as earned 9% of its total revenue through exports in FY22, compared to 4% in FY21. [6]

Special Tie-ups
The Co has entered into a JV with OAT Agrio Company Limited, Japan for innovation and the discovery of new molecules, as well as the marketing of its specialty products.
It has also tied up with Nissan Chemical Corporation (Japan), Momentive (USA), and Nihon Nohyaku Company Limited (Japan) for the marketing of its specialty products. [7]

Ban
In August 2018, the Ministry of Agriculture and Farmers Welfare prohibited four pesticides (contributing around Rs 160 Cr in FY18) being manufactured by the Co. However, continuous addition of new products mitigates the risk to a large extent. [8]

R&D
R&D as a percentage of revenue: <1% in FY22. [9]
It has 4 technologically advanced research and development units helping the company to develop a comprehensive range of agrochemical products. [4]

Patents
Till date the Company has filed 30 patents out of which 18 patents are already received. [9]

  • Market Cap 1,597 Cr.
  • Current Price 540
  • High / Low 727 / 410
  • Stock P/E 24.5
  • Book Value 338
  • Dividend Yield 0.56 %
  • ROCE 9.71 %
  • ROE 7.08 %
  • Face Value 10.0

Pros

Cons

  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company has a low return on equity of 10.9% over last 3 years.
  • Dividend payout has been low at 7.99% of profits over last 3 years

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
299 256 468 444 314 278 561 582 357 302 640 696 358
284 227 415 380 295 244 502 514 333 331 594 614 332
Operating Profit 15 29 53 64 19 34 58 68 23 -29 46 82 26
OPM % 5% 11% 11% 14% 6% 12% 10% 12% 7% -9% 7% 12% 7%
1 2 2 -0 1 2 1 0 0 0 4 0 1
Interest 2 1 2 2 2 1 1 3 5 4 3 3 3
Depreciation 6 6 6 6 7 7 7 6 6 7 7 7 7
Profit before tax 8 24 46 56 11 28 51 60 12 -39 40 72 17
Tax % 25% 8% 25% 25% 25% 20% 25% 25% 25% 25% 26% 26% 28%
6 22 35 42 8 22 38 45 9 -29 29 53 12
EPS in Rs 1.98 7.03 11.81 14.15 2.79 7.54 12.94 15.15 3.17 -9.90 9.85 17.96 4.16
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
142 175 240 893 906 994 1,073 1,194 1,363 1,420 1,504 1,801 1,996
130 157 211 782 814 882 925 1,006 1,207 1,268 1,333 1,679 1,871
Operating Profit 12 18 28 111 92 112 148 188 156 153 171 122 125
OPM % 8% 10% 12% 12% 10% 11% 14% 16% 11% 11% 11% 7% 6%
0 2 1 0 0 7 3 1 3 -2 3 1 6
Interest 2 2 4 33 26 20 16 15 24 7 7 13 13
Depreciation 0 1 1 15 16 16 17 20 24 25 26 26 28
Profit before tax 10 17 24 64 50 82 118 153 111 120 141 84 89
Tax % 15% 15% 14% 14% 21% 27% 29% 20% 22% 21% 24% 25%
9 14 21 55 40 60 84 123 87 94 107 63 65
EPS in Rs 4.03 5.03 7.34 19.24 12.77 19.26 27.19 39.62 28.04 30.29 36.29 21.36 22.07
Dividend Payout % 0% 13% 12% 0% 10% 7% 5% 3% 10% 4% 6% 14%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 10%
TTM: 12%
Compounded Profit Growth
10 Years: %
5 Years: -6%
3 Years: -10%
TTM: -43%
Stock Price CAGR
10 Years: 18%
5 Years: 6%
3 Years: 21%
1 Year: 2%
Return on Equity
10 Years: %
5 Years: 13%
3 Years: 11%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 9 13 13 13 21 21 21 21 21 21 20 30 30
Reserves 25 70 88 278 388 444 527 641 711 800 850 889 971
14 15 14 322 206 237 114 305 191 100 54 163 183
39 64 87 308 321 277 338 388 372 505 473 615 546
Total Liabilities 87 162 201 920 936 978 1,000 1,356 1,294 1,426 1,396 1,696 1,729
8 20 25 210 198 185 232 240 239 239 253 263 299
CWIP 5 0 1 38 51 58 17 19 39 59 91 123 124
Investments 0 18 17 3 3 11 17 12 12 14 16 17 18
74 124 159 670 684 725 735 1,084 1,004 1,115 1,037 1,294 1,288
Total Assets 87 162 201 920 936 978 1,000 1,356 1,294 1,426 1,396 1,696 1,729

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
0 -11 6 -6 86 4 182 -133 242 155 135 -11
0 -25 -4 -34 -19 -14 -26 -49 -24 -113 9 -86
0 38 -3 36 -64 9 -143 172 -159 -104 -115 80
Net Cash Flow 0 3 -1 -4 4 -0 13 -11 59 -61 30 -17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 67 66 50 68 84 78 80 75 86 65 70 60
Inventory Days 137 213 230 220 190 232 214 355 202 248 228 247
Days Payable 106 131 106 118 114 108 128 141 96 136 117 128
Cash Conversion Cycle 97 148 174 170 159 201 166 289 192 177 181 178
Working Capital Days 87 109 102 138 137 155 126 206 147 132 123 124
ROCE % 26% 27% 12% 16% 20% 21% 14% 15% 16% 10%

Shareholding Pattern

Numbers in percentages

5 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
68.89% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16% 72.16%
4.74% 4.87% 5.06% 5.29% 5.42% 6.66% 6.32% 6.27% 6.46% 6.02% 5.19% 4.41%
9.88% 9.73% 9.56% 8.79% 8.91% 10.98% 10.94% 10.94% 10.77% 10.53% 9.36% 9.12%
16.49% 13.24% 13.22% 13.77% 13.51% 10.20% 10.58% 10.64% 10.62% 11.30% 13.31% 14.32%
No. of Shareholders 16,32815,88315,97715,99915,40114,23320,22319,18916,35518,01218,86818,232

* 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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