Gujarat State Fertilizers & Chemicals Ltd

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Gujarat State Fertilizers & Chemicals Ltd

₹ 193 1.49%
22 Nov - close price
gsfclimited.com BSE: 500690 NSE: GSFC
About

Incorporated in 1962, Gujarat State Fertilizers & Chemicals Ltd is a public sector company promoted by the Government of Gujarat. It is engaged in manufacturing of various fertilizers and industrial products like plastics & synthetic rubbers and man-made fibres [1]

Key Points

Market Leader in Carpolactam
GSFC is a market leader in the value chain of Carpolactam, Nylon 6 virgin polymer and its compounds. The compounds of Nylon 6 are used in diverse performance applications ranging from consumer durables and automotives.[1]

Website BSE NSE
  • Market Cap ₹ 7,699 Cr.
  • Current Price ₹ 193
  • High / Low ₹ 322 / 183
  • Stock P/E 14.6
  • Book Value ₹ 334
  • Dividend Yield 2.07 %
  • ROCE 5.50 %
  • ROE 4.27 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Stock is trading at 0.58 times its book value
  • Company has been maintaining a healthy dividend payout of 24.1%

Cons

  • The company has delivered a poor sales growth of 0.82% over past five years.
  • Company has a low return on equity of 7.84% over last 3 years.
  • Earnings include an other income of Rs.334 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

Part of BSE 500 BSE 400 MidSmallCap Index Nifty 500 BSE Allcap BSE Commodities

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
2,511 2,567 2,047 3,061 2,405 3,421 2,410 2,032 3,017 1,943 1,940 2,144 2,623
2,187 2,207 1,623 2,525 2,011 3,076 2,068 1,893 2,802 1,840 1,915 2,026 2,334
Operating Profit 324 360 425 536 394 345 342 138 215 104 25 117 289
OPM % 13% 14% 21% 18% 16% 10% 14% 7% 7% 5% 1% 5% 11%
65 30 66 30 72 18 26 49 195 81 52 49 152
Interest 3 2 3 3 3 6 3 2 2 1 7 2 2
Depreciation 45 45 44 45 46 46 45 45 46 46 46 47 48
Profit before tax 341 343 443 519 418 310 321 140 362 138 23 118 391
Tax % 34% 32% 34% 31% 31% -31% 25% 24% 21% 19% 10% 22% 23%
226 235 292 356 289 408 240 106 285 112 21 93 303
EPS in Rs 5.68 5.89 7.33 8.93 7.26 10.23 6.04 2.67 7.15 2.81 0.53 2.32 7.60
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
6,236 5,386 5,311 6,108 5,265 6,271 8,575 7,621 7,500 8,998 11,298 8,932 8,650
5,437 4,820 4,720 5,453 4,778 5,704 7,827 7,314 6,950 7,685 9,680 8,449 8,114
Operating Profit 799 566 591 656 487 567 748 307 549 1,312 1,618 483 536
OPM % 13% 10% 11% 11% 9% 9% 9% 4% 7% 15% 14% 5% 6%
137 120 102 65 57 94 105 105 183 180 146 376 334
Interest 36 45 18 31 65 51 61 115 43 10 15 11 12
Depreciation 132 145 101 97 103 119 126 170 176 178 182 183 187
Profit before tax 768 495 574 593 375 491 665 127 513 1,305 1,568 664 671
Tax % 33% 31% 30% 31% -12% 3% 26% 22% 19% 32% 18% 21%
518 342 401 409 420 476 494 99 418 891 1,293 524 529
EPS in Rs 13.00 8.59 10.05 10.27 10.53 11.94 12.39 2.48 10.48 22.36 32.45 13.16 13.26
Dividend Payout % 15% 23% 22% 21% 21% 18% 18% 48% 21% 11% 31% 30%
Compounded Sales Growth
10 Years: 5%
5 Years: 1%
3 Years: 6%
TTM: -21%
Compounded Profit Growth
10 Years: 4%
5 Years: 1%
3 Years: 11%
TTM: -49%
Stock Price CAGR
10 Years: 6%
5 Years: 22%
3 Years: 19%
1 Year: 6%
Return on Equity
10 Years: 7%
5 Years: 6%
3 Years: 8%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 80 80 80 80 80 80 80 80 80 80 80 80 80
Reserves 3,862 4,111 4,385 5,426 6,495 7,182 7,188 6,718 9,064 11,589 11,884 12,531 13,234
1,505 789 744 1,288 805 1,093 1,069 1,559 37 6 2 5 101
1,471 1,566 1,244 1,543 1,648 1,885 2,015 1,667 1,838 2,301 1,807 2,264 2,326
Total Liabilities 6,918 6,545 6,452 8,337 9,028 10,240 10,351 10,024 11,019 13,975 13,773 14,880 15,740
1,365 2,016 1,958 1,653 2,019 2,105 2,813 2,895 2,798 2,674 2,574 2,544 2,498
CWIP 684 185 260 403 272 761 187 107 117 157 199 235 463
Investments 672 827 858 1,694 2,479 2,740 2,315 2,023 4,284 6,265 5,279 5,956 6,634
4,196 3,517 3,377 4,587 4,259 4,633 5,036 4,999 3,820 4,878 5,721 6,145 6,144
Total Assets 6,918 6,545 6,452 8,337 9,028 10,240 10,351 10,024 11,019 13,975 13,773 14,880 15,740

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-887 1,573 258 -242 907 361 507 -24 1,769 252 929 -272
-637 -412 -134 -170 -238 -488 -279 -266 -24 -19 -40 105
786 -938 -155 410 -656 133 -242 267 -1,560 -125 -114 -403
Net Cash Flow -737 223 -31 -2 13 7 -13 -23 185 108 775 -570

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 170 134 133 197 55 56 40 43 23 15 16 21
Inventory Days 62 77 70 56 82 74 90 90 69 90 62 78
Days Payable 48 65 39 54 70 75 63 29 37 53 31 48
Cash Conversion Cycle 184 147 164 199 67 55 68 104 55 51 47 50
Working Capital Days 161 115 131 174 178 154 125 167 110 116 92 84
ROCE % 17% 10% 12% 10% 6% 7% 9% 3% 6% 13% 13% 6%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84% 37.84%
20.95% 23.79% 26.38% 25.05% 22.41% 21.36% 20.54% 20.69% 19.82% 14.12% 13.31% 12.60%
7.83% 6.80% 6.17% 4.50% 2.49% 2.14% 2.57% 3.16% 3.65% 4.55% 4.90% 5.87%
0.00% 0.00% 0.00% 0.00% 5.65% 5.65% 5.65% 5.65% 5.65% 5.65% 5.65% 5.65%
33.37% 31.57% 29.61% 32.61% 31.60% 33.01% 33.41% 32.65% 33.04% 37.84% 38.30% 38.05%
No. of Shareholders 1,48,7931,47,2631,53,2781,70,2691,85,3321,87,5701,80,8531,92,0961,98,3933,20,4853,38,2663,35,088

* 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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