Basant Agro-Tech India Ltd Sector Industry
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1 Page 1 of 5 Basant gro-tech India Ltd Sector Industry Basic Materials gricultural Inputs Company Profile Incorporated as M/s Shisherkumar Basantkumar Fertilizers Private Limited on 16th October, 1990 and subsequently converted into public limited company and changed its name to Basant gro Tech (India) Limited on 5th January, Presently, the company has a multi-product portfolio which includes various grades of fertilizers, seeds and agriculture inputs. The company manufactures single super phosphate (SSP) fertilizers in India. The company is also engaged in the manufacturing of nitrogen, phosphorus and potash (NPK) mixture granulated fertilizers and development and marketing of hybrid seeds. The company has manufacturing and processing plants in kola, Neemuch, Hospet, Sangli and Nagpur in India. It also has a research and development centre at Kaulkhed. It is one of the largest producers of open pollinated and hybrid variety of seeds in and around the Vidarbha region of Maharashtra. Mr. S.C. Bhartia is the Chairman and Managing Director of the company. He has vast experience in the marketing of seeds, fertilizers and other agro products that the company produces. Business Overview The company operates in three segments: Fertilisers, Seeds and Others. The fertilizer division includes NPK fertilizers and SSP fertilizers. NPK fertilizer has a slow releasing nature & remains in the field for a long time. It is tailor made as per soil and is crop specific. SSP is used in the basal dose for crops such as Cotton, Oil Seed, Sugarcane, Wheat etc. SSP is a multi-nutrient carrier fertilizer. Other than Phosphate it carries Sulphur, Calcium and number of micronutrients. The Seeds division is involved in research, development, bio-technology, processing and marketing of hybrid seeds & BT seeds of field and vegetable crops. The company offers it s fertilizers and seeds under the brand name Krishi Sanjivani. In FY 2015, Fertilizers contributed about 61% of revenues, with Seeds and others contributing 38% and 0.6% respectively. In terms of operating income, Seeds contributed about 81%, Fertilizers about 11% and others 7%. Stock Price Price in Rs. Last Close Price 6.83 (04/02/2016) 52 Wk High/Low 9.80/5.81 Market Cap (Cr.) (29/01/2016) vg. Volume (1 Mo) Financials (Rescaled to 100 for ease of comparison) Revenue Gross Margin % Operating Income Operating Margin % Diluted EPS Book Value Per Share Operating Cash Flow Capital Expenditure Free Cash Flow Profitability Return on ssets % Return on Equity % sset Turnover Net Margin % Financial Leverage Financial Health except Debt/Equity (Ratio) Long Term Debt Total Equity Debt/Equity Working Capital Report as of 05-Feb Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.
2 Page 2 of 5 Basant gro-tech India Ltd Sector Industry Basic Materials gricultural Inputs Income Statement Total Revenue Cost of Revenue Gross Profit Operating Expense Operating Income Pre-tax Income Tax Provision Minority Interests Balance Sheet Stock Holders Equity Long Term Debt Total Non-Current Liabilities Payables Total Liabilities Net PPE Goodwill and other Intangible ssets Total Investments Total Non-current ssets Trading and Other Receivables Inventory Cash and Cash Equivalents Total ssets Cash Flows Depreciation and mortization Change in Working Capital Operating Cash Flow Capital Expenditure Investing Cash Flow Net Common Stock Issuance Net Issuance Payments of Debt Cash Dividends Paid Financing Cash Flow Changes in Cash Report as of 05-Feb Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.
3 Page 3 of 5 Basant gro-tech India Ltd Sector Industry Basic Materials gricultural Inputs Financial Performance Basant gro-tech s total revenues decreased by 2.4% to INR crores in FY 2015 from INR crores a year ago. The company achieved a lower turnover in the fertilizer segment versus FY 2014 whereas revenues from the seeds segment grew by 6.2%. The company registered an operating income of INR 10.2 crores in FY 2015 compared to INR 13.6 crores the previous year, a decrease of 24.7%, while its net profit stood at INR 9.2 crore in FY 2015 from INR 16.5 crores in FY 2014, registering a growth of -44%, largely as a result of lower profitability in the fertiliser segment, higher interest cost and salaries & wages. Revenue Growth Key Risks The company s fortunes are largely linked to the agriculture sector in India. The performance of the agricultural sector is dependent on the vagaries of weather conditions and government policies. Hence, risks include adverse weather conditions and change in government policies related to agri subsidies. Further with regard to phosphates, majority of the requirement of raw materials is met through imports. Hence exposing the company to fluctuations in foreign exchange rates and international prices of raw materials. Gross Margin Competitors Coromandel International Limited (COROMNDEL) and Rashtriya Chemicals & Fertilizers (RCF) are two of the company s key competitors. Coromandel is the flagship company of the Murugappa Group and is a subsidiary of E.I.D. Parry (India) Limited (EIDP). The Company is engaged in the business of farm inputs comprising of Fertilisers, Crop protection, Speciality Nutrients and Organic compost. The Company also operates a network of around 800 rural retail outlets under its retail business across ndhra Pradesh, Telangana and Karnataka. The Company has 15 manufacturing facilities located across the country. The Company s products are marketed all over the country through an extensive network of dealers and its own retail centers. The crop protection products are exported to various countries. It has a fertiliser production capacity of 47 lac MT and is a market leader in the complex fertiliser segment with a 26% market share. In FY 2015, revenue increased by 20.1% to INR 11,341 crores versus a year ago. RCF is a Government of India undertaking. It manufactures fertilisers and industrial chemicals. In FY 2015 the company produced lac MT of fertilisers. Its revenue grew by 17% to INR 7713 crores from FY Operating Margin Report as of 05-Feb Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.
4 Page 4 of 5 Basant gro-tech India Ltd Sector Industry Basic Materials gricultural Inputs Industry Overview Urea is the key fertiliser consumed accounting for almost 55-60% of all fertiliser consumed in India. The fertiliser industry has been heavily regulated for decades by the Government of India. s a major part of the cost is recovered by way of subsidy from the Government, timely receipt of subsidy remains critical for the companies for managing their working capital. There has been inadequate subsidy budgeting leading to delay in the subsidy payments. This leads to cash flow mismatches for the players, leading to an increase in the working capital borrowings & interest charges thereby a reduction in profitability to that extent. Overall, Indian fertiliser consumption grew by 6% from 45 MMT in FY07 to 60 MMT in FY12, following which it fell sharply by 11% to 53 MMT in FY13 due to high channel inventory and weak monsoon. The Indian seeds industry can broadly be classified into three segments (i) Self-pollinating certified seeds, (ii) Hybrid seeds and (iii) Genetically Modified seeds. lthough the Indian seed market is one of the largest, it is almost exclusively supplied by locally produced seeds. In recent years, the seed market, especially the hybrid seed market has grown at CGR of ~18-20% with increased seed replacement rate. Price/Earnings Trailing Returns Quarterly Results except EPS (Rs.) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Revenue Expenditure Interest PBDT Depreciation PBT Tax Net Profit Equity EPS Return on Invested Capital (ROIC) *Standalone figures Report as of 05-Feb Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.
5 Page 5 of 5 Important Disclaimers This Research Report is current as of the date on the report until it is replaced, updated or withdrawn. This report may be withdrawn or changed at any time as other information becomes available to us. This report will be updated if events affecting the report materially change. This research on securities [as defined in clause (h) of Section 2 of the Securities Contracts (Regulation) ct, 1956], such research being referred to for the purpose of this document as Investment Research, is issued by Morningstar Investment dviser India Private Limited ( MI ). Please note that this Investment Research is intended for educational purposes only; it is not intended to be a legal, tax, securities or investment advice or offer or solicitation or call-to-action for the purchase or sale of or otherwise any dealing in a security. You should seek the advice of a financial professional and your legal, tax, business or other consultant, and read all relevant issue documents pertaining to the security concerned, including without limitation, the detailed risk factors involved in the investment, before making an investment decision, so as to ensure, among other things, that the security is suitable based on your particular needs and circumstances. Please note further that this Investment Research may not be construed as a representation with respect to a security, regarding the legality of investing in the said security, under the applicable investment or similar laws or regulations of any person or entity accessing this Investment Research. Please note that investments in securities are subject to market and other risks and there is no assurance or guarantee that your intended investment objectives will be achieved. Past performance of a security may or may not be sustained in future and is no indication of future performance. s the price / value / interest rate of a security fluctuates, the value of your investments in the said security and in the income, if any, derived therefrom may go up or down. It is to be distinctly understood that MI, its affiliates, and its officers, directors and employees (i) are not responsible for any trading decisions, damages or other losses related to the Investment Research or its use and also that (ii) they do not take any responsibility for the accuracy, timeliness and/or completeness of the Investment Research, or for the financial soundness of any security. MI is registered with the Securities and Exchange Board of India under the SEBI (Investment dvisers) Regulations, 2013, vide Registration number IN , dated March 27, 2014, and in compliance of the aforesaid regulations and the SEBI (Research nalysts) Regulations, 2014, it carries on the business activities of investment advice and research. MI has not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. MI is a wholly owned subsidiary of Morningstar ssociates LLC, which is a part of the Morningstar Investment Management group of Morningstar, Inc., and Morningstar, Inc. is a leading provider of independent investment research that offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. In India, MI has only one associate, viz., Morningstar India Private Limited, and this company predominantly carries on the business activities of providing data input, data transmission and other data related services, financial data analysis, software development etc. The author/creator of this Investment Research ( Research nalyst ) or his associates or his relatives does/do not have (i) any financial interest in the subject company; (ii) any actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of this Investment Research; and (iii) any other material conflict of interest at the time of publication of this Investment Research. The Research nalyst or his associates or his relatives has/have not received any (i) compensation from the subject company in the past twelve months; (ii) compensation for products or services from the subject company in the past twelve months; and (iii) compensation or other benefits from the subject company or third party in connection with this Investment Research. The terms and conditions on which MI offers Investment Research to clients, varies from client to client, and are spelt out in detail in the client agreement.
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