GSFC Ltd
Fertilizers
FV – Rs 2; 52wks H/L –98.7/57.65; TTQ – 4.34 Lacs; CMP – Rs 97.05  (As On October 21st 2016; 11.00);                                 

 Market Cap – Rs3857 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
79.7	4787	106	6228	387.43	120	9.72	9.98	20.40	0.81	37.84	1.08

 

Standalone Financials and Valuations for Q1 FY17

Equity Capital	Net worth	Total Sales	PAT	BV (Rs)	TTM EPS (Rs)	TTM P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
79.7	4787	1082	46.30	120	1.16	83.7	20.40	0.81	37.84	1.08

*In Sept,2012 there was a stock split from Rs.10 to Rs.2 per share.

Valuation Parameters:

1. Long Term Debt to Equity – 0.02
2. ROE % – 8.1
3. Market Cap/Sales – 0.62

GSFC is India’s largest producer of the chemical Caprolactam and also has a leading position in the complex fertiliser.

Gujarat State Fertilisers and Chemicals Ltd explores setting up urea plant in Congo. (1.3 million tonne urea plant in Iran and a consortium of Indian fertiliser firms has shortlisted Iran’s Falat Group Co. to set the Rs.5,000 crore joint venture (JV) urea manufacturing plant. )

http://www.vccircle.com/infracircle/gujarat-state-fertilisers-chemicals-ltd-explores-setting-urea-plant-congo/

Urea manufacturing plants have made the record production of 411431 tonnes during FY 2015-16.

Overview:

• Established in the year 1962, Gujarat State Fertilizers and Chemicals Limited is a leading fertilisers and industrial chemical products manufacturer.
• The Company is engaged in manufacturing and marketing fertilizers, petrochemicals, chemicals, industrial gases, plastics, fibers and other products.
• GSFC operates in two segments: Fertilizer Products and Industrial Products.
• Its fertilizer products include urea, ammonium sulphate, di-ammonium phosphate, ammonium phosphate sulphate, nitrogen phosphorus and potassium (NPK) and traded fertilizer products.
• GSFC Industrial Products include caprolactam, nylon-6, nylon filament yarn, nylon chips, melamine, polymer products and traded industrial products.
• Manufacturing facilities of the Company are located at Vadodara, Surat and Jamnagar in Gujarat.

 

Projects Under Execution:

Project	Location	Expected Capacity
DAP/NPK Train 4	Sikka	5 lakh MTPA
Nylon-6	Vadodara	15,000 MTPA
Water soluble fertilizers	Vadodara	20,000 MTPA
Melamine	Vadodara	40,000 MTPA

 

Projects Under consideration:

Project	Location	Expected Capacity
Phosphoric Acid	Sikka	1.65 lakh MTPA
Sulphuric Acid	Sikka	6 lakh MTPA
Amonia	Dahej	7.26 lakh MTPA
Urea	Dahej	10 lakh MTPA
Caprolactam	Dahej	1 lakh MTPA
Melamine	Dahej	40,000 MTPA
MMA	Dahej	50,000 MTPA
PMMA	Dahej	25,000 MTPA
Nylon 6	Dahej	30,000 MTPA

 

Management:

• Mr. A M Tiwari  – MD
• Mr. G R Aloria – Chairman
• Mr. V. D. Nanavaty  – CFO

The Equity Capital is @ Rs 79.7 Crs consisting of 398477530 equity Shares of FV Rs 2 currently held as under

None Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Sr.No	Non – Promoters	No. of shares held	% of shares held
1	Reliance Capital Trustee Company Limited A/C Reliance Growth Fund	11922972	2.99
2	Ghi Ltp Ltd	6114648	1.53
3	Government Pension Fund Global	6903901	1.73
4	Fidelity Puritan Trust-Fidelity Low-Priced Stock Fund	31500000	7.91
5	Life Insurance Corporation Of India	31778658	7.98
6	Gujarat Mineral Development Corporation Ltd	5000000	1.25
7	Gujarat Narmada Valley Fertilizers Company Limited	7500000	1.88
8	Gujarat Alkalies And Chemicals Limited	7500000	1.88

 

Snapshot of Prices since 2000 :

Year	Open Price (Rs.)	High Price (Rs.)	Low Price (Rs.)	Close Price (Rs.)
2000	56	56	37	37
2000	50	63.5	19.15	26.5
2001	26.7	34.6	16	16.65
2001	17.6	17.6	9	11.9
2002	11.2	41	9.15	25.35
2003	25.9	56.7	14.05	49
2004	49	103.4	41.05	97.2
2005	97.65	167.8	93.9	160.5
2006	161.95	251	144.5	180.55
2007	181	357	151.8	340.15
2008	345	370	61	74.5
2009	74.2	197	71	190.65
2010	193	412.9	190.5	376.7
2011	371.15	503.95	316.15	332.05
2012	334	455.7	64.75	66.5
2013	67	73.9	44.2	53.95
2014	54.4	124.5	43.7	105.1
2015	106	124.25	61	74.05
2016	74.4	98.35	57.65	96.25

 

 

Consolidated Financial Trends (In Rs. Crs) :

Particulars	FY16	FY15	FY14	FY13	FY12	FY11
Equity Paid Up	79.7	79.7	79.7	79.7	79.7	79.7
Networth	4787	4505	4191	3942	3517	2829
Total Debt	1190	703	749	1505	617	392
Net Sales	6228	5426	5570	6391	5464	4856
Other Income	64	101	157	138	162	101
PAT	387.43	409.49	342.17	518.1	757.57	749.37
Book Value (Rs)	120	113	105	99	88	71
EPS (Rs)	9.72	10.28	8.59	13.00	19.01	18.80