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GSFC

₹222.3 4.5 | 2.1%

Market Cap ₹8858 Cr.

Stock P/E 11.6

P/B 0.7

Current Price ₹222.3

Book Value ₹ 312.7

Face Value 2

52W High ₹322.5

Dividend Yield 4.5%

52W Low ₹ 146.2

GSFC Research see more...

Overview Inc. Year: 1962Industry: Fertilizers

Gujarat State Fertilizers and Chemicals Ltd is an India-based company which is in to the manufacturing of fertilizers. The Company has fertilizer products consisting of urea, ammonium sulfate, ammonium diphosphate, ammonium sulfate, nitrogen phosphorus and patadium (NPK), and traded fertilizer products. The employer's industrial products comprises caprolactam, nylon 6, nylon filaments, nylon chips, melanin, polymer products and traded commercial products. The Company additionally has a soil and water high-quality laboratory that offers soil testing (for macro and micronutrients) and irrigation water testing services.

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GSFC Share Price

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Peer Comparison

GSFC 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 2532 2667 2035 3018 2488 3479 2384 2063 3119 2008
Other Income 64 31 65 31 72 18 28 49 195 81
Total Income 2596 2698 2099 3049 2560 3497 2412 2112 3313 2089
Total Expenditure 2201 2297 1616 2493 2097 3133 2058 1921 2881 1900
Operating Profit 395 401 484 556 463 364 354 191 432 189
Interest 3 2 3 3 3 6 3 2 2 1
Depreciation 45 45 44 45 46 46 45 45 46 46
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 347 354 436 508 415 312 306 144 385 142
Provision for Tax 117 110 150 163 130 -97 80 34 78 26
Profit After Tax 231 244 286 345 285 408 225 110 306 116
Adjustments 1 2 -1 1 1 2 -1 2 2 2
Profit After Adjustments 231 246 286 346 285 410 225 112 309 118
Adjusted Earnings Per Share 5.8 6.2 7.2 8.7 7.2 10.3 5.6 2.8 7.8 3

GSFC Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 5412 5325 6108 5265 6266 8491 7798 7634 9085 11369 9574
Other Income 124 101 65 56 99 108 107 183 181 149 353
Total Income 5537 5426 6173 5321 6365 8598 7904 7817 9266 11518 9926
Total Expenditure 4850 4732 5451 4775 5701 7742 7481 7063 7764 9781 8760
Operating Profit 687 693 722 545 664 856 424 754 1502 1737 1166
Interest 45 18 31 65 51 61 115 43 10 15 8
Depreciation 145 101 97 104 119 126 171 177 179 182 182
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 496 575 594 382 493 669 141 535 1315 1543 977
Provision for Tax 153 174 185 -42 19 176 31 85 417 277 218
Profit After Tax 343 401 408 424 474 493 110 450 899 1266 757
Adjustments 7 9 8 0 0 0 -0 0 0 -0 5
Profit After Adjustments 349 409 416 424 474 493 110 450 899 1266 764
Adjusted Earnings Per Share 8.8 10.3 10.4 10.7 11.9 12.4 2.8 11.3 22.6 31.8 19.2

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 25% 13% 13% 0%
Operating Profit CAGR 16% 60% 21% 0%
PAT CAGR 41% 126% 22% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 32% 26% 18% 15%
ROE Average 11% 8% 7% 8%
ROCE Average 13% 11% 9% 9%

GSFC Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 4223 4505 5545 6619 7303 7321 6861 9240 11772 12040
Minority's Interest 0 0 0 0 1 1 1 2 2 2
Borrowings 224 192 106 52 200 147 93 0 0 0
Other Non-Current Liabilities 425 451 562 583 532 508 750 893 1004 787
Total Current Liabilities 1711 1352 2178 1837 2278 2487 2364 1030 1347 1081
Total Liabilities 6583 6500 8390 9091 10315 10464 10070 11164 14125 13909
Fixed Assets 2016 1958 1656 2022 2108 2821 2902 2804 2680 2580
Other Non-Current Assets 1297 1437 2698 3316 4059 3040 2699 4859 6872 5957
Total Current Assets 3269 3105 4034 3749 4141 4596 4462 3496 4572 5373
Total Assets 6583 6500 8390 9091 10315 10464 10070 11164 14125 13909

GSFC Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 164 388 35 31 48 55 41 34 235 327
Cash Flow from Operating Activities 1575 260 -243 911 358 508 -8 1783 237 924
Cash Flow from Investing Activities -413 -134 -173 -238 -484 -281 -266 -23 -18 -39
Cash Flow from Financing Activities -938 -155 412 -656 134 -242 267 -1559 -126 -114
Net Cash Inflow / Outflow 225 -30 -4 17 7 -15 -7 201 92 770
Closing Cash & Cash Equivalent 388 358 31 48 55 41 34 235 327 1098

GSFC Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 8.77 10.28 10.44 10.65 11.89 12.38 2.75 11.3 22.55 31.77
CEPS(Rs) 12.25 12.59 12.69 13.25 14.89 15.54 7.04 15.74 27.04 36.34
DPS(Rs) 2 2.2 2.2 2.2 2.2 2.2 1.2 2.2 2.5 10
Book NAV/Share(Rs) 105.97 113.06 139.15 166.11 183.28 183.72 172.19 231.89 295.43 302.15
Core EBITDA Margin(%) 9.87 10.62 10.39 8.93 8.96 8.82 4.07 7.48 14.54 13.97
EBIT Margin(%) 9.5 10.63 9.88 8.16 8.63 8.6 3.28 7.57 14.58 13.7
Pre Tax Margin(%) 8.71 10.31 9.38 6.97 7.82 7.88 1.81 7.01 14.48 13.57
PAT Margin (%) 6.02 7.19 6.46 7.75 7.51 5.81 1.41 5.9 9.89 11.14
Cash Profit Margin (%) 8.57 9 8 9.64 9.41 7.29 3.6 8.22 11.86 12.74
ROA(%) 6.87 6.13 5.49 4.86 4.88 4.75 1.07 4.24 7.11 9.03
ROE(%) 11.87 9.19 8.13 6.98 6.8 6.74 1.55 5.59 8.55 10.63
ROCE(%) 14.38 11.55 10.34 6.27 6.88 8.7 3.04 6.53 12.59 13.08
Receivable days 88.5 128.11 150.58 136.27 50.22 37.54 38.88 31.51 16.76 13.86
Inventory Days 39.45 43.45 35.2 43.01 45.67 54.34 70.89 56.66 47.97 43.59
Payable days 51.82 52.38 44.03 67.9 66.05 60.02 51.3 36.12 45.52 37.88
PER(x) 6.42 8.1 6.19 12.27 9.61 8.42 13.31 7.2 7.18 3.75
Price/Book(x) 0.53 0.74 0.46 0.79 0.62 0.57 0.21 0.35 0.55 0.39
Dividend Yield(%) 3.55 2.64 3.41 1.68 1.92 2.11 3.28 2.71 1.54 8.4
EV/Net Sales(x) 0.49 0.7 0.63 1.13 0.89 0.61 0.38 0.4 0.67 0.29
EV/Core EBITDA(x) 3.85 5.34 5.29 10.92 8.4 6.02 7.01 4.01 4.08 1.9
Net Sales Growth(%) 63.09 -1.62 14.72 -13.81 19.02 35.51 -8.16 -2.1 19 25.14
EBIT Growth(%) 25.73 9.49 5.41 -28.48 21.79 34.12 -64.97 126.01 129.26 17.56
PAT Growth(%) 27.86 16.95 1.86 3.94 11.6 4.1 -77.77 310.52 99.64 40.88
EPS Growth(%) 10.52 17.19 1.58 2.04 11.62 4.09 -77.78 310.76 99.63 40.87
Debt/Equity(x) 0.19 0.17 0.23 0.12 0.15 0.15 0.23 0 0 0
Current Ratio(x) 1.91 2.3 1.85 2.04 1.82 1.85 1.89 3.4 3.39 4.97
Quick Ratio(x) 1.51 1.83 1.58 1.66 1.43 1.18 1.31 2.43 2.36 3.75
Interest Cover(x) 11.99 32.92 19.95 6.88 10.6 11.96 2.23 13.44 135.59 103.67
Total Debt/Mcap(x) 0.35 0.22 0.5 0.15 0.24 0.26 1.07 0.01 0 0

GSFC Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84 37.84
FII 20.95 23.79 26.38 25.06 22.41 21.36 20.54 20.69 19.81 14.12
DII 7.83 6.8 6.16 4.5 8.14 7.79 8.2 8.81 9.3 10.2
Public 33.37 31.57 29.61 32.6 31.61 33.01 33.41 32.66 33.04 37.84
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Stock is trading at 0.7 times its book value
  • Company has delivered good profit growth of 21% CAGR over last 5 years
  • Debtor days have improved from 45.52 to 37.88days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 37.84%.
  • Company has a low return on equity of 8% over the 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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