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×

indofil industries Limited

710.00
-3.40 %
Scrip Name
INDOFIL INDUSTRIES
ISIN No.
INE071I01016
PAN No.
AABCI4568D
Face Value
10
No. of Outstanding Shares
22,958,222
Market Capitalization
1,630.03 Crore

INDOFIL INDUSTRIES LIMITED

ABOUT INDOFIL INDUSTRIES LTD


INDOFIL INDUSTRIES LIMITED(Indofil) is one of the largest players in theAgricultural Chemicals as well as Industrial Chemicalssegment. Indofil Industries Limited has now well-equipped manufacturing infrastructure, an experienced Research and Development team and an excellent distribution network in global marketplace.


Indofil Industries Limited is now present in more than 120 countries. Indofil Industries Limited is a successful marketer of Insecticides in India. The company is a promoter of “Crop Care Concept”, where the needs and problems of the crops are identified and attempts are made to fulfil all the need and solve the problems in a systematic approach.


Indofil Industries Limited is also a leader in manufacturing of speciality performance chemicals and supplies its products to wide variety of small, medium and large industrial manufacturers across the globe. The Specialty and Performance Chemical Division (SPCD) is headquartered in Mumbai and its manufacturing facilities are located in Thane, Vashi(Navi Mumbai) and Vapi in Gujarat.


The company has started a new initiative called “IndoLife Super Specialities”, in  which they will work mainly to improve the return on investments for farmers by providing the research based innovative solutions. The department will address various issues at different stages of crop growth.


INCORPORATION DETAILS


CIN

U24110MH1993PLC070713

Registration Date

9 February 1993

Category / Sub-Category of the Company

Company having Share Capital

Address of the Registered office and contact details

Kalpataru Square, 4th Floor, off Andheri Kurla

Road, Andheri(East), Mumbai- 400059

Tel.No. 022-66637373

Name, Address and Contact details of Registrar and Transfer Agent, if any

MAS Services Ltd, T-34, 2nd Floor, Okhla Indl

Area, Phase-II, New Delhi – 110 020

Telephone No. 011-26387281 - 83

E-Mail id: info@masserv.com

 

PARTICULARS OF SUBSIDIARY AND ASSOCIATECOMPANIES

Name of the Company

Subsidiary

% of shares held

Good Investment (India) Limited

Subsidiary

100%

Quick Investment (India) Limited

Subsidiary

100%

Indo Baijin Chemicals Private Limited

Subsidiary

51%

Indofil Bangladesh Industries Private Limited

Subsidiary

100%

Indofil Costa Rica S.A., Sanjose

Subsidiary

100%

Indofil Industries (Netherlands) BV

Subsidiary

100%

Indofil Industries (International) BV

Subsidiary

100%

Indofil Industries DO Brasil LTDA

Subsidiary

100%

Indofil Philippines Incorporated

Subsidiary

100%

Agrowin Bioscience s.r.l.

Subsidiary

80%

Indo Reagens Polymer Additives Private Limited

Associate/Joint Venture

49.90%

PT Industries Indonesia

Subsidiary

100%

Finkotech Private Limited

Subsidiary

100%



BOARD OF DIRECTORS

Dr. Bina Modi (Chairperson and Managing Director)

Ms. Charu Modi (Executive Director)

Mr. Samir Modi (Non-Executive and Non-independentDirector)

Ms. Aliya Modi (Non-Executive and Non-independentDirector)

Mr. Sunil K. Alagh (Non-Executive and Independent Director)

Mr. M. N. Thakkar (Non-Executive and Independent Director)

Mr. Sanjay Buch (Non-Executive and Independent Director)

Mr. S. Lakshminarayanan, IAS(Retd.) (Non-Executive and Independent Director)

Dr. Atchutuni L. Rao (Whole-time Director)


PRINCIPAL BUSINESS ACTIVITES OF THE COMPANY

Name and Description of main products/services

NIC Code of the product/service

% to total turnover of the Company

Agro Chemicals

20211

86%

Specialty & Performance Chemicals

20297

14%

INDOFIL INDUSTRIES LIMITED UNLISTED SHARE DETAILS

Total Available Shares:

2,29,58,222

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE071I01016

PAN NO.

AABCI4568D

Lot Size:

100

Last Traded Price

Rs 750

Market Cap:

1721.87 CRORE

 

SHAREHOLDING PATTERN

(As on 31-03-2020).

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

Promoters Shareholding

1,42,63,475

62.128

2

Public Shareholding

86,94,747

37.862

 

Total

2,29,58,222

100

 

INDUSTRY OUTLOOK

Agro Chemical is the second largest and the fastest growingsegment in the Indian agri-input industry. With the recent outbreak of Covid-19, almost all the sectors of the economyare affected, leaving out only a few niche segments. Sectors that produce raw materials like agrochemicals includingpesticides and insecticides are currently in high demand as agriculture and other allied activities are defined as essential commodities in the country.Pests and diseases, on an average, destroy around 20-25% of the total foodproduced in India. India has been losingagricultural production worth Rs 1.48Lakh crore annually, due to the damage caused by pests, weeds and plant diseases.Agrochemicals act as a key input for crop protection and better yield. As per a report, the cost of pesticides is roughly around 0.4% of the total cost incurred by farmers.


The global market for agrochemicalsis expected to grow at aCAGR of 4.3% between 2019 and 2024and canreach $299.8billion by 2024.The industry is being significantly shaped by newdevelopments such as precision farming, integratedpestmanagement (IPM), and off-patent products.India is the 4thlargest producer of agrochemicals after United States, Japan& China. The agrochemicals industry is broadly classified intoinsecticides, herbicides, fungicides, rodenticides, biopesticidesand nematicides. Demand for Insecticides constitute around 60% of the overalldemand in the industry. Maximum consumption of cropprotection chemicals arise from the state of Andhra Pradesh,followed by states like Maharashtra, Punjab, MadhyaPradesh, Chhattisgarh, Gujarat, Tamil Nadu and Haryana.


The future of agrochemicals is bright. And the growth can be attributed to global populationgrowth, growing impetus to prevent crop loss and increase yields and rising consumer demands for sustainably producedfood. However, there are some factors than can slow down the growth of the industry. These factors are Longer product development cycles and escalating costs, Increasing severity of regulatory requirements and Government farm subsidy reduction.


Talking about Speciality chemical industry,Global speciality chemical market isexpected to grow at a CAGRof around 4%, between 2020 and 2025. It is expected toreach a market size of $1.2 trillion by 2024.Major factorsdriving this market growth are the increasing efforts for oilexploration and production, a robust growth of constructionactivities, especially in the Asia-Pacific and the Middle East& African regions. On the contrary, increasing environmentalregulations and decreasing fossil fuel reserves may hamperthe growth of the market.In India, the  segment is expected togrow at a CAGR of 12%to reachover $87 billion by 2025.



KEY FINANCIALS OF INDOFIL INDUSTRIES LIMITED (In Rs. Crores)

 

Particulars

2020

2019

2018

2017

Revenue from Operations

2,216.33

2,251.76

2,048.08

1,956.78

EBITDA

285.73

376.72

380.17

407.42

EBITDA margins

12.89%

16.73%

18.56%

20.82%

Finance Cost

89.88

68.83

62.71

41.32

Depreciation

118.1

91.36

70.78

62.38

Other income

19.55

12.44

14.46

14.45

Profit before exceptional items and tax

97.30

228.97

261.14

318.17

Profit from Exceptional items

-31.41

0

0

0.00

Tax

-12.79

43.29

36.10

75.20

Profit after Tax (PAT)

78.68

185.68

225.04

242.98

Share of profit from associates

16.08

3.04

10.98

16.33

Profit for the year

94.76

188.72

236.02

259.31

PAT margins

4.24%

8.33%

11.44%

13.15%

EPS (In Rs.)

44.37

88.4

110.53

121.45

BALANCE SHEET OF INDOFIL INDUSTRIES LIMITED(In Rs. Crores)

Particulars

2020

2019

ASSETS



NON CURRENT ASSETS



Tangible assets

751.3

746.82

Intangibles assets

376.44

389.74

Financial assets

751.21

858.68

Tax assets

140.14

88.55

Other non current assets

6.62

42.16

TOTAL NON CURRENT ASSETS

2,025.71

2,125.95

CURRENT ASSETS



Inventories

459.82

640.39

Financial assets

5.71

2.92

Trade receivables

772.03

823.94

Cash and cash equivalents

194.18

188.2

Other current assets

94.36

125.5

TOTAL CURRENT ASSETS

1,526.1

1,780.95

TOTAL ASSETS

3,551.81

3,906.9

EQUITY AND LIABILITIES



EQUITY



Equity Share capital

21.35

21.35

Other equity

1,905.40

1,979.29

Non controlling interest

0.27

0.31

TOTAL EQUITY

1,927.02

2,000.95

LIABILITIES



NON CURRENT LIABILITIES



Borrowings and lease liabilities

427.08

527.94

Provisions

20.43

20.55

financial liabilities

25.91

23.95

TOTAL NON CURRENT LIABILITIES

473.42

572.44

CURRENT LIABILITIES



Borrowings and lease liabilities

589.3

596.8

Trade payables

248.17

374.93

Financial liabilities

295.93

331.84

Other current liabilities

2.47

6.92

Provisions

13.49

18.01

Tax liabilities

2.01

5.01

TOTAL CURRENT LIABILITIES

1,151.37

1,333.51

TOTAL LIABILITIES

1,624.79

1,905.95

TOTAL EQUITY AND LIABILITIES

3,551.81

3,906.9

 

DIVIDEND AND RETAINED EARNINGS

Particulars

2020

2019

2018

Dividend (In Rs.)

5

8

8

Retained Earnings (In Rs. Crores)

1,372.92

1,321.01

1,192.02

 

PERFORMANCE OF THE COMPANY

Revenue from operations reduced by 1.5% from Rs. 2,251.76 Crores in FY 2019 to Rs. 2,216.33 Crores in FY 2020.


EBITDA decreased by 24.15% from Rs. 376.72 Crores in FY 2019 to Rs. 285.73 Crores in FY 2020. EBITDA margins also fell from 16.73% in FY 2019 to 12.89% in FY 2020. This states that the efficiency of the company is decreasing.


Consolidated Profit of the company stood at Rs. 94.76 Crores in FY 2020, 49.79% less than Rs. 188.72 Crores profit of FY 2019. Because of fall in Net profit, EPS also fell by 50.19% to Rs. 44.37 in FY 2020.


It can be assessed that, although the revenue of the company is increasing, EBITDA of the company decreasing.


Current ratio of the company is 1.35. This states that the company does not have any liquidity issues.


The company has consistently given dividends from the past 3 years. However, the Dividend per share in FY 2020 was only Rs. 5, less than dividend per share of FY 2019, which was Rs. 8.         


In FY 2020, the Company sold its stake in Hifil Chemicals Private Limited to the Joint Venture Partner as Hifil could not commence any business operations for over a decade since its inception.


The Company has established Indo Baijin Chemicals PrivateLimited, a Subsidiary, in the form of a Joint Venture with ShanghaiBaijin Group, China for the manufacture of important raw material. In FY 2020, the joint venture generated Profit (excluding Tax) of Rs. 38.14 Crores, against Rs. 10.91 Crores in FY 2019.


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