Aarti Inds

₹678.6 13.4 | 2%

WEBSITE BSE:524208 NSE : AARTI INDUST 10 May, 16:01

Market Cap ₹24600 Cr.

Stock P/E 56.6

P/B 4.8

Current Price ₹678.6

Book Value ₹ 142.2

Face Value 5

52W High ₹769.5

Dividend Yield 0.37%

52W Low ₹ 438.1

Edit Ratio

Aarti Inds Research see more...

Overview Inc. Year: 1984Industry: Chemicals

Aarti Industries Limited is engaged in production and dealing in distinctiveness chemical substances and prescription drugs. The Company operates thru segments as Speciality Chemicals and Pharmaceuticals. Its Speciality Chemicals section serves polymer and additives; agrochemicals and intermediates; dyes, pigments, paints, and printing inks; pharma intermediates, and fuel additives, rubber chemical substances, and resins markets. Its Pharmaceuticals section serves active pharmaceutical ingredients and intermediates for innovators and generic businesses. The Company is incorporated across over 200 products. Its products consist of Benzene products, Toluene products, Sulphuric Acid products,etc.

Aarti Inds Share Price

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Peer Comparison

Aarti Inds Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	1256	2076	1437	1610	1685	1668	1656	1414	1454	1732
Other Income	1	0	0	0	0	0	0	0	0	8
Total Income	1256	2076	1437	1610	1685	1668	1656	1414	1454	1740
Total Expenditure	1001	1186	1175	1327	1418	1379	1404	1214	1221	1472
Operating Profit	255	890	262	283	267	289	252	200	233	268
Interest	14	24	26	45	44	47	33	40	58	54
Depreciation	57	57	63	72	73	82	84	89	93	97
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	184	809	173	166	150	160	135	71	82	117
Provision for Tax	34	84	27	30	26	23	-14	1	-9	-7
Profit After Tax	150	725	146	136	124	137	149	70	91	124
Adjustments	0	-0	0	0	0	0	0	0	0	0
Profit After Adjustments	150	725	146	136	124	137	149	70	91	124
Adjusted Earnings Per Share	4.1	20	4	3.8	3.4	3.8	4.1	1.9	2.5	3.4

Aarti Inds Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2096	2632	2908	3007	3163	3806	4168	4186	4506	6086	6619	6256
Other Income	4	11	6	6	2	8	2	9	1	1	1	8
Total Income	2100	2643	2913	3013	3165	3814	4170	4195	4507	6086	6619	6264
Total Expenditure	1735	2231	2442	2434	2510	3107	3202	3209	3525	4365	5530	5311
Operating Profit	365	412	471	578	655	707	967	986	982	1721	1090	953
Interest	95	118	138	117	117	132	183	125	86	102	168	185
Depreciation	83	89	82	99	123	146	163	185	231	246	310	363
Exceptional Income / Expenses	0	0	3	0	0	0	0	0	0	0	0	0
Profit Before Tax	187	206	255	363	416	429	622	676	665	1372	611	405
Provision for Tax	54	54	61	95	88	83	118	129	129	186	66	-29
Profit After Tax	133	152	194	268	328	346	504	547	535	1186	545	434
Adjustments	1	10	12	-11	-12	-13	-12	-11	-12	-0	0	0
Profit After Adjustments	134	162	206	257	316	333	492	536	523	1186	545	434
Adjusted Earnings Per Share	4.2	4.6	5.8	7.7	9.6	10.2	14.2	15.4	15	32.7	15	11.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	9%	17%	12%	12%
Operating Profit CAGR	-37%	3%	9%	12%
PAT CAGR	-54%	-0%	10%	15%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	34%	-8%	11%	33%
ROE Average	12%	19%	20%	21%
ROCE Average	10%	15%	16%	18%

Aarti Inds Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	756	871	1016	1137	1362	1578	2631	2979	3503	4516	4920
Minority's Interest	4	4	6	52	64	77	84	95	12	1	1
Borrowings	117	255	419	527	596	908	815	581	1268	930	635
Other Non-Current Liabilities	292	353	409	127	156	241	396	762	458	211	189
Total Current Liabilities	1007	1187	1088	1123	1320	1586	1932	1916	2400	2166	2783
Total Liabilities	2176	2670	2938	2966	3499	4391	5858	6333	7642	7823	8528
Fixed Assets	674	826	967	1246	1697	1998	2147	2468	3593	3595	4861
Other Non-Current Assets	483	619	773	487	485	709	1134	1859	1682	1529	1208
Total Current Assets	1020	1225	1198	1234	1317	1685	2577	2005	2368	2699	2459
Total Assets	2176	2670	2938	2966	3499	4391	5858	6333	7642	7823	8528

Aarti Inds Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	11	12	15	34	29	29	32	804	247	412	174
Cash Flow from Operating Activities	230	315	340	574	470	335	736	1102	873	519	1310
Cash Flow from Investing Activities	-229	-291	-298	-452	-529	-610	-797	-1124	-1322	-1169	-1330
Cash Flow from Financing Activities	1	-22	-23	-128	58	279	833	-535	614	412	47
Net Cash Inflow / Outflow	1	2	19	-7	-0	4	772	-557	165	-239	27
Closing Cash & Cash Equivalent	12	15	34	29	29	32	804	247	412	174	201

Aarti Inds Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.25	4.58	5.81	7.71	9.61	10.24	14.19	15.38	15.02	32.71	15.04
CEPS(Rs)	6.82	6.79	7.78	11	13.7	15.14	19.24	21	22	39.51	23.6
DPS(Rs)	1	1.13	1.38	8.5	1	1	11	3.5	1.5	3.5	2.5
Book NAV/Share(Rs)	23.75	24.57	28.66	34.12	41.46	48.52	75.87	85.46	100.5	124.58	135.73
Core EBITDA Margin(%)	15.89	14.22	14.91	19.03	20.66	18.37	20.51	21.15	19.54	25.03	14.95
EBIT Margin(%)	12.41	11.47	12.58	15.96	16.85	14.73	17.1	17.33	14.95	21.46	10.7
Pre Tax Margin(%)	8.21	7.3	8.16	12.06	13.14	11.27	13.22	14.63	13.23	19.97	8.39
PAT Margin (%)	5.85	5.39	6.2	8.92	10.35	9.09	10.71	11.83	10.65	17.26	7.49
Cash Profit Margin (%)	9.49	8.52	8.83	12.19	14.23	12.94	14.17	15.84	15.26	20.85	11.75
ROA(%)	6.93	6.28	6.91	9.08	10.13	8.77	9.84	8.97	7.66	15.34	6.67
ROE(%)	19.83	18.75	20.54	24.9	26.21	23.55	23.96	19.5	16.52	29.58	11.56
ROCE(%)	19.99	18.43	19.03	20.65	19.91	17.02	18.51	15.85	13.15	21.96	10.48
Receivable days	67.09	56.38	51.56	58.42	60.46	56.55	55.49	60.41	56.21	50.07	50.92
Inventory Days	63.24	69.06	67.67	63.55	61.53	63.23	58.92	63.49	64.36	49.66	49.25
Payable days	65.85	72.36	68.67	64.26	71.89	63.1	62.9	64.86	93.35	70.37	41.96
PER(x)	4.79	6.68	15.18	16.78	19.91	27.94	27.72	24.76	43.82	29.24	34.45
Price/Book(x)	0.86	1.25	3.08	3.79	4.62	5.9	5.18	4.46	6.55	7.68	3.82
Dividend Yield(%)	4.91	3.67	1.56	1.64	0.13	0.09	0.7	0.46	0.23	0.37	0.48
EV/Net Sales(x)	0.71	0.8	1.48	1.85	2.47	2.98	3.65	3.61	5.63	6.09	3.24
EV/Core EBITDA(x)	4.06	5.12	9.11	9.64	11.94	16.06	15.75	15.34	25.83	21.53	19.69
Net Sales Growth(%)	25.28	25.58	10.46	3.39	5.22	20.31	9.5	0.45	7.64	35.05	8.76
EBIT Growth(%)	42.46	14.82	21.24	22.15	11.1	5.2	43.49	-0.44	-6.25	96.36	-47.14
PAT Growth(%)	47.72	14.33	27.39	38.4	22.17	5.68	45.66	8.45	-2.11	121.57	-54.02
EPS Growth(%)	30.17	7.93	26.73	32.68	24.73	6.5	38.55	8.44	-2.35	117.74	-54.02
Debt/Equity(x)	1.13	1.19	1.18	1.14	1.15	1.32	0.91	0.7	0.81	0.57	0.58
Current Ratio(x)	1.01	1.03	1.1	1.1	1	1.06	1.33	1.05	0.99	1.25	0.88
Quick Ratio(x)	0.55	0.52	0.59	0.66	0.56	0.59	0.93	0.61	0.6	0.81	0.51
Interest Cover(x)	2.96	2.75	2.85	4.1	4.54	4.26	4.41	6.42	8.69	14.41	4.63
Total Debt/Mcap(x)	1.32	0.96	0.38	0.3	0.25	0.22	0.18	0.16	0.12	0.07	0.15

Aarti Inds Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	44.21	44.19	44.19	44.16	44.16	44.07	43.65	43.57	43.55	43.43
FII	12.27	12.46	11.82	12.11	12.05	12.32	12.17	10.57	10.83	10.93
DII	14.54	14.91	15.07	15.04	14.55	14.76	14.85	16.14	15.85	17.27
Public	28.98	28.45	28.91	28.69	29.25	28.86	29.33	29.71	29.77	28.38
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	16.03	16.02	16.02	16.01	16.01	15.97	15.82	15.79	15.79	15.74
FII	4.45	4.52	4.29	4.39	4.37	4.46	4.41	3.83	3.93	3.96
DII	5.27	5.4	5.46	5.45	5.27	5.35	5.38	5.85	5.74	6.26
Public	10.51	10.31	10.48	10.4	10.6	10.46	10.63	10.77	10.79	10.29
Others	0	0	0	0	0	0	0	0	0	0
Total	36.25	36.25	36.25	36.25	36.25	36.25	36.25	36.25	36.25	36.25

Pros

Debtor days have improved from 70.37 to 41.96days.
Company has reduced debt.

Cons

Promoter holding is low: 43.43%.
Stock is trading at 4.8 times its book value.
The company has delivered a poor profit growth of 9% over past five 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.