Past 10 year's financial track record analysis by Moneyworks4me indicates that Resonance Specialties Ltd is a average quality company.
The key valuation ratios of Resonance Specialties Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Resonance Specialties Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 10.4% | 11.4% | 8.6% | 3.1% | 25.3% | 31.5% | 48.3% | 39.8% | 14.1% | 7.9% | - |
| Value Creation Index ⓘ | -0.3 | -0.2 | -0.4 | -0.8 | 0.8 | 1.3 | 2.5 | 1.8 | 0.0 | -0.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 38 | 38.9 | 34.2 | 36 | 40.3 | 56.1 | 70.3 | 75.8 | 58.8 | 55.3 | 67 |
| Sales YoY Gr. | - | 2.4% | -12.2% | 5.2% | 12% | 39.4% | 25.2% | 7.8% | -22.4% | -6% | - |
| Adj EPS ⓘ | 0.1 | 1.1 | 0.8 | -0.7 | 2.6 | 5.4 | 8.7 | 10.4 | 3.9 | 2.3 | 3.5 |
| YoY Gr. | - | 950% | -27.6% | -197.4% | NA | 106.9% | 61.9% | 19.9% | -62.6% | -40.3% | - |
| BVPS (₹) ⓘ | 13.7 | 14.8 | 15.9 | 15.3 | 18.1 | 21.6 | 30.4 | 40 | 43.4 | 46.6 | 48.7 |
| Adj Net Profit ⓘ | 0.1 | 1.2 | 0.9 | -0.9 | 3 | 6.2 | 10.1 | 12.1 | 4.5 | 2.7 | 4 |
| Cash Flow from Ops. ⓘ | 1.1 | 3.2 | 0.6 | 2.1 | 5.3 | 1.4 | 4.3 | 13.3 | -8.4 | 4.2 | - |
| Debt/CF from Ops. ⓘ | 2.8 | 0.6 | 7.3 | 1.6 | 0 | 0.3 | 0.3 | 0 | -0.3 | 1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.3% | 6.6% | -7.7% | -6% | ||||
| Adj EPS ⓘ | 41.9% | -2.2% | -35.6% | -40.3% | ||||
| BVPSⓘ | 14.5% | 20.9% | 15.4% | 7.5% | ||||
| Share Price | 18.4% | 24.6% | -15.3% | 18.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.6 | 5.5 | 3.8 | -3.6 | 12.1 | 21.8 | 28.2 | 26.1 | 8.4 | 4.8 | 7.3 |
| Op. Profit Mgn % ⓘ | 3.3 | 8.1 | 5.9 | 1.8 | 12 | 13.8 | 20.3 | 22.1 | 11.6 | 8.8 | 10.2 |
| Net Profit Mgn % ⓘ | 0.3 | 3.1 | 2.6 | -2.4 | 7.5 | 11.1 | 14.3 | 15.9 | 7.7 | 4.9 | 6 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0.2 | 0.2 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 |
| Working Cap Days ⓘ | 169 | 163 | 204 | 212 | 171 | 126 | 128 | 141 | 208 | 248 | 130 |
| Cash Conv. Cycle ⓘ | 96 | 83 | 104 | 86 | 63 | 57 | 59 | 69 | 134 | 154 | 103 |
Sales growth is good in last 4 quarters at 40.24%
Return on Equity has declined versus last 3 years average to 7.30%
Sales growth has been subdued in last 3 years -7.68%
Net Profit has been subdued in last 3 years -35.57%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 3.5 | - |
| TTM Sales (₹ Cr.) | 67.1 | - |
| BVPS (₹.) ⓘ | 48.7 | - |
| Reserves (₹ Cr.) ⓘ | 45 | - |
| P/BV ⓘ | 2.18 | - |
| PE ⓘ | 30.44 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 87.05 / 133.45 |
| All Time Low / High (₹) | 1.05 / 254.95 |
| Market Cap (₹ Cr.) | 123 |
| Equity (₹ Cr.) | 11.5 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 55.9 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 38 | 39 | 34 | 36 | 40 | 56 | 70 | 76 | 59 | 55 |
| Operating Expenses ⓘ | 37 | 36 | 32 | 35 | 35 | 48 | 56 | 59 | 52 | 50 |
| Manufacturing Costs | 12 | 12 | 13 | 13 | 12 | 21 | 23 | 28 | 31 | 18 |
| Material Costs | 21 | 18 | 13 | 16 | 18 | 21 | 26 | 24 | 13 | 24 |
| Employee Cost | 2 | 2 | 3 | 4 | 3 | 4 | 4 | 4 | 4 | 5 |
| Other Costs ⓘ | 2 | 3 | 3 | 2 | 2 | 2 | 3 | 2 | 4 | 3 |
| Operating Profit ⓘ | 1 | 3 | 2 | 1 | 5 | 8 | 14 | 17 | 7 | 5 |
| Operating Profit Margin (%) | 3.3% | 7.8% | 5.9% | 1.8% | 12.0% | 13.8% | 20.3% | 22.1% | 11.6% | 8.8% |
| Other Income ⓘ | 1 | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 1 |
| Interest ⓘ | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Exceptional Items ⓘ | 1 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 1 | 2 | 1 | 0 | 5 | 7 | 15 | 16 | 7 | 4 |
| Tax ⓘ | 0 | 0 | 0 | 1 | 2 | 1 | 4 | 4 | 2 | 1 |
| Profit After Tax | 1 | 1 | 1 | -1 | 3 | 6 | 11 | 12 | 5 | 3 |
| PAT Margin (%) | 3.4% | 3.1% | 3.0% | -1.9% | 8.0% | 9.8% | 15.0% | 16.3% | 8.5% | 5.4% |
| Adjusted EPS (₹) | 1.1 | 1.0 | 0.9 | -0.6 | 2.8 | 4.8 | 9.1 | 10.7 | 4.3 | 2.6 |
| Dividend Payout Ratio (%) | 45% | 0% | 0% | 0% | 0% | 21% | 11% | 9% | 23% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 21 | 23 | 24 | 23 | 26 | 31 | 41 | 52 | 56 | 57 |
| Share Capital ⓘ | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves ⓘ | 10 | 11 | 12 | 12 | 15 | 19 | 29 | 40 | 44 | 46 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 3 | 2 | 4 | 3 | 0 | 0 | 1 | 0 | 2 | 3 |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 |
| Short Term Debt | 3 | 2 | 4 | 3 | 0 | 0 | 1 | 0 | 0 | 0 |
| Trade Payables | 7 | 5 | 9 | 6 | 7 | 7 | 8 | 1 | 5 | 8 |
| Others Liabilities ⓘ | 3 | 2 | 3 | 4 | 5 | 4 | 5 | 4 | 3 | 5 |
| Total Liabilities ⓘ | 35 | 32 | 40 | 37 | 38 | 41 | 55 | 57 | 66 | 74 |
Fixed Assets | ||||||||||
| Gross Block | 38 | 39 | 41 | 41 | 42 | 42 | 45 | 44 | 52 | 56 |
| Accumulated Depreciation | 24 | 25 | 26 | 27 | 27 | 28 | 29 | 30 | 32 | 33 |
| Net Fixed Assetsⓘ | 14 | 14 | 15 | 15 | 14 | 14 | 16 | 14 | 20 | 23 |
| CWIP ⓘ | 0 | 0 | 0 | 1 | 1 | 2 | 0 | 0 | 0 | 0 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 3 |
| Inventories | 8 | 8 | 14 | 10 | 9 | 13 | 17 | 12 | 23 | 23 |
| Trade Receivables | 10 | 7 | 7 | 7 | 8 | 6 | 9 | 8 | 12 | 13 |
| Cash Equivalents | 1 | 1 | 1 | 1 | 2 | 2 | 6 | 9 | 4 | 2 |
| Others Assetsⓘ | 2 | 3 | 3 | 4 | 5 | 3 | 6 | 14 | 6 | 9 |
| Total Assets ⓘ | 35 | 32 | 40 | 37 | 38 | 41 | 55 | 57 | 66 | 74 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 1 | 3 | 1 | 2 | 5 | 1 | 4 | 13 | -8 | 4 |
| PBT ⓘ | 1 | 1 | 1 | 0 | 5 | 7 | 15 | 16 | 7 | 4 |
| Adjustment ⓘ | 1 | 2 | 2 | 2 | 1 | -1 | 1 | 1 | 1 | 1 |
| Changes in Working Capital ⓘ | -1 | 1 | -2 | 1 | -1 | -3 | -7 | 1 | -14 | 0 |
| Tax Paid ⓘ | 0 | 0 | 0 | 0 | 0 | -2 | -4 | -5 | -2 | -1 |
| Cash Flow From Investing Activity ⓘ | 0 | -1 | -3 | -1 | -1 | -2 | -1 | -9 | 3 | -7 |
| Capex | 0 | -1 | -3 | -1 | -1 | -2 | -1 | 0 | -8 | -4 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 1 | 0 | -3 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9 | 11 | 0 |
| Cash Flow From Financing Activityⓘ | -2 | -2 | 2 | -1 | -4 | 1 | 0 | -2 | 1 | 0 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 |
| Interest Paid ⓘ | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Paid ⓘ | -1 | -1 | 0 | 0 | 0 | 1 | 0 | -1 | -1 | -1 |
| Others ⓘ | 0 | -1 | 2 | -1 | -3 | 0 | 1 | -1 | 0 | 1 |
| Net Cash Flow ⓘ | -1 | 0 | 0 | 0 | 1 | 1 | 3 | 3 | -4 | -2 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 8.2 | 7.24 | 5.8 | -3.86 | 16.66 | 24.08 | 35.11 | 30.44 | 10.39 | 5.71 |
| ROCE (%) | 10.41 | 11.37 | 8.62 | 3.14 | 25.29 | 31.51 | 48.33 | 39.75 | 14.14 | 7.9 |
| Asset Turnover Ratio | 1.16 | 1.24 | 1.03 | 1.01 | 1.21 | 1.61 | 1.63 | 1.53 | 1.07 | 0.92 |
| PAT to CFO Conversion(x) | 1 | 3 | 1 | N/A | 1.67 | 0.17 | 0.36 | 1.08 | -1.6 | 1.33 | Working Capital Days |
| Receivable Days | 91 | 76 | 71 | 66 | 57 | 39 | 36 | 38 | 57 | 73 |
| Inventory Days | 62 | 69 | 106 | 110 | 76 | 64 | 70 | 61 | 96 | 131 |
| Payable Days | 102 | 119 | 200 | 165 | 130 | 117 | 107 | 73 | 85 | 100 |
Resonance Specialties incorporated in 1989 is a pioneer in Pyridine chemistry and one of the few manufacturers of the product in the world. The company, formerly known as Armour Polymers Limited, was the first in India to manufacture Pyridines. Resonance is also one of the largest manufacturers of Lutidines in the world.Despite the fact that these technologies are available only with a select few companies worldwide, Resonance was able to innovate and commercialise production with its own technology.
The company is promoted by Dr Atma. B. Gupta, a technocrat with a doctorate from the University of New York, and several years of post doctorate research in USA.
The company produces a range of value added products and continues to be the largest manufacturer and exporter of products like Alpha Picolinic acid and Dipicolinic acid. Resonance has exclusive supply arrangements with global industry leaders.
In 1994, just two years after the commissioning of the Pyridine and Picoline plants, the company repeated its pioneering feat. It became the first company in India to manufacture Cyanopyridines. This successful effort brought company recognition from the government of India for technological excellence. Resonance is also the first in India to manufacture various Collidines. True to its ethos, products manufactured by the company are comparable to the world’s best. The company employs green manufacturing to minimise its ecological impact and is able to deliver products that meet and surpass customer expectations and standards. Many of their innovative processes improve the yield; enhance the efficiency of manufacturing as well as the quality of the product.
Resonance products are exported to many countries worldwide through their supply agreements with many multinationals as well as through direct exports.In the company, quality is a way of life and it adhere to a stringent regimen to ensure the quality of their products.Every raw material is thoroughly tested and quality is monitored through the entire manufacturing process up to the final packaging.
Product range of the company includes:
These products cater to the requirements of various industries.
Resonance products are exported to many countries worldwide through its supply agreements with many multinationals as well as through direct exports.
Achievements/ recognition
The promoter of the company is the proud recipient of the Government of India award for technological excellence when he set up the first Cyanopyridines plant in India.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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