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BSE: 500690 | NSE: GSFC | Fertilizers | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Gujarat State Fertilizers & Chemicals Ltd is a below average quality company.
The key valuation ratios of Gujarat State Fertilizers & Chemicals Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gujarat State Fertilizers & Chemicals Ltd is likely to Rise-somewhat 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 % ⓘ | 11.6% | 10.4% | 6.2% | 6.9% | 8.7% | 2.9% | 6.3% | 12.6% | 13.4% | 5.5% | - |
| Value Creation Index ⓘ | -0.2 | -0.3 | -0.6 | -0.5 | -0.4 | -0.8 | -0.6 | -0.1 | 0.0 | -0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 5,325 | 6,108 | 5,265 | 6,271 | 8,575 | 7,621 | 7,500 | 8,998 | 11,298 | 8,932 | 9,045 |
| Sales YoY Gr. | - | 14.7% | -13.8% | 19.1% | 36.7% | -11.1% | -1.6% | 20% | 25.6% | -20.9% | - |
| Adj EPS ⓘ | 10.6 | 11.1 | 11.1 | 12.5 | 13.5 | 3 | 9.9 | 21.9 | 32.6 | 13.2 | 12.8 |
| YoY Gr. | - | 4.6% | 0.4% | 12.1% | 8.2% | -77.7% | 227.2% | 121.9% | 49.1% | -59.7% | - |
| BVPS (₹) ⓘ | 112 | 138.2 | 165 | 182.2 | 182.4 | 170.6 | 229.5 | 292.8 | 300.2 | 316.5 | 318.8 |
| Adj Net Profit ⓘ | 423 | 443 | 444 | 498 | 538 | 120 | 392 | 871 | 1,299 | 524 | 511 |
| Cash Flow from Ops. ⓘ | 258 | -242 | 907 | 361 | 507 | -23.7 | 1,769 | 252 | 929 | -272 | - |
| Debt/CF from Ops. ⓘ | 2.9 | -5.3 | 0.9 | 3 | 2.1 | -65.8 | 0 | 0 | 0 | -0 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.9% | 0.8% | 6% | -20.9% | ||||
| Adj EPS ⓘ | 2.4% | -0.5% | 10.1% | -59.7% | ||||
| BVPSⓘ | 12.2% | 11.7% | 11.3% | 5.4% | ||||
| Share Price | 12.6% | 25.1% | 31.3% | 34.4% | ||||
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 % ⓘ | 9.8 | 8.9 | 7.4 | 7.2 | 7.4 | 1.7 | 4.9 | 8.4 | 11 | 4.3 | 4 |
| Op. Profit Mgn % ⓘ | 11.7 | 11.5 | 10 | 9.6 | 9.5 | 4.6 | 7.7 | 14.7 | 14.4 | 5.4 | 5.1 |
| Net Profit Mgn % ⓘ | 7.9 | 7.2 | 8.4 | 7.9 | 6.3 | 1.6 | 5.2 | 9.7 | 11.5 | 5.9 | 5.7 |
| Debt to Equity ⓘ | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 201 | 218 | 291 | 254 | 203 | 237 | 207 | 166 | 143 | 167 | 107 |
| Cash Conv. Cycle ⓘ | 135 | 155 | 134 | 49 | 48 | 73 | 62 | 33 | 28 | 40 | 81 |
Net Profit is growing at healthy rate in last 3 years 10.11%
Return on Equity has declined versus last 3 years average to 4.00%
Sales growth has been subdued in last 3 years 6.00%
Sales growth is not so good in last 4 quarters at -7.93%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 12.8 | 13.5 |
| TTM Sales (₹ Cr.) | 9,045 | 9,254 |
| BVPS (₹.) ⓘ | 318.8 | 321.5 |
| Reserves (₹ Cr.) ⓘ | 12,624 | 12,733 |
| P/BV ⓘ | 0.73 | 0.72 |
| PE ⓘ | 18.11 | 17.16 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 163.50 / 322.45 |
| All Time Low / High (₹) | 1.80 / 322.45 |
| Market Cap (₹ Cr.) | 9,247 |
| Equity (₹ Cr.) | 79.7 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 37.2 |
| 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 | 5,325 | 6,108 | 5,265 | 6,271 | 8,575 | 7,621 | 7,500 | 8,998 | 11,298 | 8,932 |
| Operating Expenses ⓘ | 4,734 | 5,453 | 4,778 | 5,704 | 7,827 | 7,318 | 6,950 | 7,685 | 9,681 | 8,450 |
| Manufacturing Costs | 653 | 678 | 610 | 703 | 885 | 882 | 864 | 1,257 | 1,519 | 1,409 |
| Material Costs | 3,278 | 3,805 | 3,145 | 3,984 | 5,801 | 5,115 | 4,794 | 5,294 | 6,877 | 5,667 |
| Employee Cost | 387 | 477 | 510 | 509 | 521 | 714 | 684 | 656 | 656 | 836 |
| Other Costs ⓘ | 415 | 493 | 513 | 508 | 620 | 607 | 608 | 478 | 629 | 537 |
| Operating Profit ⓘ | 591 | 656 | 487 | 567 | 747 | 303 | 549 | 1,312 | 1,617 | 482 |
| Operating Profit Margin (%) | 11.1% | 10.7% | 9.2% | 9.0% | 8.7% | 4.0% | 7.3% | 14.6% | 14.3% | 5.4% |
| Other Income ⓘ | 102 | 66 | 57 | 95 | 105 | 109 | 183 | 180 | 146 | 376 |
| Interest ⓘ | 18 | 31 | 65 | 51 | 61 | 115 | 43 | 10 | 15 | 11 |
| Depreciation ⓘ | 101 | 97 | 103 | 119 | 126 | 170 | 176 | 178 | 182 | 183 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 574 | 593 | 375 | 491 | 665 | 127 | 513 | 1,305 | 1,568 | 664 |
| Tax ⓘ | 173 | 183 | -45 | 15 | 172 | 28 | 96 | 414 | 274 | 140 |
| Profit After Tax | 401 | 409 | 420 | 476 | 494 | 99 | 418 | 891 | 1,293 | 524 |
| PAT Margin (%) | 7.5% | 6.7% | 8.0% | 7.6% | 5.8% | 1.3% | 5.6% | 9.9% | 11.4% | 5.9% |
| Adjusted EPS (₹) | 10.1 | 10.3 | 10.5 | 11.9 | 12.4 | 2.5 | 10.5 | 22.4 | 32.5 | 13.2 |
| Dividend Payout Ratio (%) | 22% | 21% | 21% | 18% | 18% | 48% | 21% | 11% | 31% | 30% |
| 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 | 4,464 | 5,506 | 6,575 | 7,262 | 7,268 | 6,798 | 9,144 | 11,669 | 11,964 | 12,611 |
| Share Capital ⓘ | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 |
| Reserves ⓘ | 4,385 | 5,426 | 6,495 | 7,182 | 7,188 | 6,718 | 9,064 | 11,589 | 11,884 | 12,531 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 703 | 1,190 | 753 | 1,041 | 1,015 | 1,506 | 35 | 3 | 0 | 3 |
| Long Term Debt | 192 | 106 | 52 | 200 | 147 | 93 | 0 | 0 | 0 | 0 |
| Short Term Debt | 511 | 1,084 | 701 | 841 | 869 | 1,412 | 35 | 3 | 0 | 3 |
| Trade Payables | 347 | 561 | 600 | 824 | 1,000 | 407 | 487 | 766 | 586 | 752 |
| Others Liabilities ⓘ | 938 | 1,080 | 1,100 | 1,113 | 1,069 | 1,246 | 1,352 | 1,538 | 1,223 | 1,515 |
| Total Liabilities ⓘ | 6,452 | 8,337 | 9,029 | 10,240 | 10,351 | 9,957 | 11,019 | 13,975 | 13,773 | 14,880 |
Fixed Assets | ||||||||||
| Gross Block | 4,749 | 1,750 | 2,219 | 2,419 | 3,251 | 3,476 | 3,544 | 3,531 | 3,604 | 3,737 |
| Accumulated Depreciation | 2,791 | 97 | 200 | 314 | 437 | 581 | 746 | 857 | 1,030 | 1,193 |
| Net Fixed Assetsⓘ | 1,958 | 1,653 | 2,019 | 2,105 | 2,813 | 2,895 | 2,798 | 2,674 | 2,574 | 2,544 |
| CWIP ⓘ | 260 | 403 | 272 | 761 | 187 | 107 | 117 | 157 | 199 | 235 |
| Investmentsⓘ | 858 | 1,694 | 2,479 | 2,740 | 2,315 | 2,023 | 4,284 | 6,265 | 5,279 | 5,956 |
| Inventories | 632 | 585 | 703 | 806 | 1,430 | 1,263 | 908 | 1,299 | 1,176 | 1,206 |
| Trade Receivables | 1,930 | 3,290 | 800 | 967 | 951 | 892 | 479 | 359 | 492 | 502 |
| Cash Equivalents | 355 | 40 | 54 | 62 | 49 | 25 | 212 | 316 | 1,423 | 2,280 |
| Others Assetsⓘ | 460 | 672 | 2,702 | 2,798 | 2,605 | 2,752 | 2,221 | 2,905 | 2,631 | 2,157 |
| Total Assets ⓘ | 6,452 | 8,337 | 9,029 | 10,240 | 10,351 | 9,957 | 11,019 | 13,975 | 13,773 | 14,880 |
| 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 ⓘ | 258 | -242 | 907 | 361 | 507 | -24 | 1,769 | 252 | 929 | -272 |
| PBT ⓘ | 574 | 593 | 375 | 491 | 665 | 127 | 513 | 1,305 | 1,568 | 664 |
| Adjustment ⓘ | 79 | 118 | 189 | 150 | 152 | 271 | 140 | 91 | 85 | -142 |
| Changes in Working Capital ⓘ | -244 | -784 | 408 | -202 | -209 | -366 | 1060 | -918 | -258 | -639 |
| Tax Paid ⓘ | -150 | -168 | -66 | -77 | -101 | -56 | 57 | -226 | -465 | -155 |
| Cash Flow From Investing Activity ⓘ | -134 | -170 | -238 | -488 | -279 | -266 | -24 | -19 | -40 | 105 |
| Capex | -139 | -217 | -249 | -498 | -296 | -302 | -46 | -94 | -142 | -240 |
| Net Investments | -30 | -2 | -8 | -18 | -22 | -1 | -18 | 0 | -20 | 123 |
| Others ⓘ | 35 | 49 | 19 | 28 | 39 | 36 | 40 | 76 | 122 | 222 |
| Cash Flow From Financing Activityⓘ | -155 | 410 | -656 | 133 | -242 | 267 | -1,560 | -125 | -114 | -403 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -31 | -30 | -100 | 148 | -105 | -53 | -93 | 0 | 0 | 0 |
| Interest Paid ⓘ | -18 | -29 | -69 | -50 | -59 | -117 | -41 | -4 | -10 | -7 |
| Dividend Paid ⓘ | -79 | -87 | -105 | -105 | -106 | -106 | -48 | -88 | -100 | -398 |
| Others ⓘ | -27 | 556 | -383 | 139 | 28 | 544 | -1,377 | -34 | -4 | 1 |
| Net Cash Flow ⓘ | -31 | -2 | 13 | 7 | -13 | -23 | 185 | 108 | 775 | -570 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.26 | 8.21 | 6.94 | 6.88 | 6.8 | 1.4 | 5.24 | 8.56 | 10.94 | 4.27 |
| ROCE (%) | 11.62 | 10.4 | 6.21 | 6.89 | 8.71 | 2.9 | 6.34 | 12.61 | 13.39 | 5.5 |
| Asset Turnover Ratio | 0.86 | 0.86 | 0.63 | 0.65 | 0.83 | 0.75 | 0.72 | 0.72 | 0.81 | 0.62 |
| PAT to CFO Conversion(x) | 0.64 | -0.59 | 2.16 | 0.76 | 1.03 | -0.24 | 4.23 | 0.28 | 0.72 | -0.52 | Working Capital Days |
| Receivable Days | 128 | 151 | 136 | 51 | 41 | 44 | 33 | 17 | 14 | 20 |
| Inventory Days | 43 | 35 | 43 | 44 | 48 | 64 | 53 | 45 | 40 | 49 |
| Payable Days | 52 | 44 | 67 | 65 | 57 | 50 | 34 | 43 | 36 | 43 |
Gujarat State Fertilisers & Chemicals (GSFC) incorporated in 1962, is engaged in manufacturing of fertilizers and industrial products. It was earlier known as Gujarat State Fertilizer Company (GSFC) which was joint sector enterprise set up by the Government of Gujarat.
Earlier the equity structure consisted of 49% of State Government and the rest of public and financial institutions. Currently, the State Government has reduced its equity participation to 38.4%. The motive behind formation of this organisation was to support farmers.
The company’s manufacturing units is located at Kosamba, Sikka and Nandesari. It has marketing network spread across
GSFC has set up several companies such as Gujarat Narmada Valley Fertilizers Company, Gujarat Industries Power Company, Gujarat Green Revolution Company, GSFC Investment and Leasing Company, GSFC-Polymer Unit and GSFC - Fiber Unit.
Products
GSFC has created more than 24 brands of fertilizers, petrochemicals, chemicals, industrial gases, plastics, fibers and other products.
Industrial Products- Under this it manufactures Anhydrous Ammonia, Argon Gas, Caprolactam, Melamine, Methyl Ethyl Ketoxime, Nylon-6, Oleum and Sulphuric Acid.
Agro products- In this segment the company manufactures a range of fertiliser, bio-fuels and seeds.
Biotech products- The Company manufactures range of biotech products under various brands such as Sardargib, Sardar Eco Green, Sardarvam, Sardartrap and Sardarlures, Sardarneem, Sardaramin and Sardaramin Granules.
Awards
GSFC bags National Award for Excellence in Cost Management for 2006.
The company received National Award for one of the best employers for disabled persons by Ministry of Social Justice and Empowerment,
Outlook
Gujarat State Fertilizers and Chemicals is planning to set up its third diammonium phosphate (DAP) plant at Sihka in
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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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