Rashtriya Chemicals & Fertilizers Ltd(RCF) HOLD CMP: Rs.107.05 Market Cap: Rs.59058.41mn. Date: 1 Feb,2010. Key Ratios: Particulars FY09 A FY10E FY11E OPM(%) 6 8 9 PAT(%) 3 4 5 ROE(%) 13 13 14 ROCE(%) 13 11 12 P/BV(x) 1.08 3.08 2.66 P/E(x) 8.55 24.2 19.3 EV/EBDITA(x) 12.1 13.8 12.5 Debt Equity(x) 0.85 0.78 0.71 Key Data: Sector Fertilizers Face Value 10.00 52 wk. High/Low (Rs.) 117.90/30.50 Volume (2 wk. Avg.)(lakh) 114.44 BSE Code 524230 SYNOPSIS • RCF is the one of the largest fertilizer and chemical company in Asia. • RCF is one of leading producers of fertilizer in India. It has product portfolio consisting Sujala, Suphala 15:15:15, Suphala 20:20:0, Ujjwala, Microla and Biola. • The company has a total of four urea fertilizer plants, two complex fertilizer plants, four ammonia plants and several industrial product plants. • R.C.F is the only manufacture of DMF in India • The company's manufacturing facilities are located at Trombay and Thal in Maharashtra. • The revenue of the company for the quarter ended on Dec 31st decreased 29.5 % YoY while profit increased 13%. • The topline of the company is expected to grow at a CAGR of 8% over 2008A to 2011E. Share Holding Pattern: V.S.R. Sastry Vice President Equity Research Desk 91-22-25276077 [email protected]Dr. V.V.L.N. Sastry Ph.D. Chief Research Officer [email protected]
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Rashtriya Chemicals & Fertilizers Ltd(RCF)
HOLD CMP: Rs.107.05 Market Cap: Rs.59058.41mn.
Date: 1 Feb,2010.
Key Ratios:
Particulars FY09 A FY10E FY11E
OPM(%) 6 8 9
PAT(%) 3 4 5
ROE(%) 13 13 14
ROCE(%) 13 11 12
P/BV(x) 1.08 3.08 2.66
P/E(x) 8.55 24.2 19.3
EV/EBDITA(x) 12.1 13.8 12.5
Debt Equity(x) 0.85 0.78 0.71
Key Data:
Sector Fertilizers
Face Value 10.00
52 wk. High/Low (Rs.) 117.90/30.50
Volume (2 wk.
Avg.)(lakh)
114.44
BSE Code 524230
SYNOPSIS
• RCF is the one of the largest fertilizer and chemical
company in Asia.
• RCF is one of leading producers of fertilizer in India.
It has product portfolio consisting Sujala, Suphala
15:15:15, Suphala 20:20:0, Ujjwala, Microla and
Biola.
• The company has a total of four urea fertilizer
plants, two complex fertilizer plants, four ammonia
plants and several industrial product plants.
• R.C.F is the only manufacture of DMF in India
• The company's manufacturing facilities are located
at Trombay and Thal in Maharashtra.
• The revenue of the company for the quarter ended
on Dec 31st decreased 29.5 % YoY while profit
increased 13%.
• The topline of the company is expected to grow at
Peer Group Comparison ................................................................................................................................ 5
Outlook and Conclusion .............................................................................................................................. 11
Industry Overview ....................................................................................................................................... 11
Investment Highlights
• Results Updates (Q3 FY10)
The bottomline of the company for the quarter increased at 13% yoy that is Rs.777.80mn
from Rs.687.80mn of same period of last year. Total revenue for the third quarter stood at
Rs.16065.80 mn from Rs.22782.00 which is 29.5% decreased than that of a year ago period.
EPS for the quarter stood at Rs.1.41 per equity share of Rs.10.00 each.
Expenditure of the company decreased 33% YoY to Rs.14762.50mn from Rs.21905.30mn of
same period of last year. Interest expenses for the quarter stood at Rs.32.9mn. OPM &
NPM for the quarter stood at 9% and 5% respectively.
Quarterly Results - Standalone (Rs in mn)
As at Dec - 09 Dec - 08 %Change
Net Sales 16065.80 22782.00 (29.5)
Net Profit 777.80 687.80 13
Basic EPS 1.41 1.25 13
Equity Capital 5516.90 5516.90
• Registration of CDM Project
Rashtriya Chemicals & Fertilizers Ltd (RCF) has informed BSE that the Company has been
informed by UNFCCC that the Company's CDM project "N20 abatment in HP Nitric Acid
Plants" has been registered
Company Profile
Rashtriya Chemicals & Fertilizers (RCF) is engaged in manufacturing of fertiliser and industrial
products. RCF is government undertaking with a turnover of over Rs 5000 crore.
The company was selected to be part of the Coal Gasification Committee by ministry of
chemicals and fertilizers.
The company's manufacturing facilities are located at Trombay and Thal in Maharashtra. These
facilities have received various certifications such as ISO-14001 for the environmental systems,
ISO 9002 certification for quality control and OSHAS-18001.
RCF has also received Indira Gandhi Memorial award for Pollution Control and the Rajiv Gandhi
Award for Clean Technology awarded to Thal plant.
Products
Fertilizers
RCF is one of leading producers of fertilizer in India. It has product portfolio consisting Sujala,
Suphala 15:15:15, Suphala 20:20:0, Ujjwala, Microla and Biola.
Industrial products
Under this the company produces methanol, methylamines, ammonium nitrate, sodium nitrate,
ammonium bi-carbonate, formic acid, dimethyl formamide, dimethylacetamide etc. Currently
RCF is the only company that manufactures of DMF in India.
RCF produced 23 lakh metric tonnes of fertilizers, 9.13 lakh metric tonnes of nitrogen, 0.7 lakh
metric tonnes of phosphate and 0.7 lakh metric tonnes of potassium. Further it also produced
1.34 lakh metric tonnes of various industrial chemical products.