ASAHI SONGWON COLORS LTD
Q1 FY 21 RESULTS REVIEW
Management
Paru M Jaykrishna Chairperson & Managing Director
Gokul M Jaykrishna Joint Managing Director & CEO
Munjal M Jaykrishna Director
|
Asahi Songwon Colors (in Rs. Cr.) |
JUN'20 |
Mar '20 |
Dec '19 |
Sep '19 |
Jun '19 |
YOY |
QOQ |
|
Net Sales |
57.82 |
71.76 |
58.48 |
71.61 |
81.79 |
-29.31 |
-19.43 |
|
Consumption of Raw Materials |
35.94 |
30.85 |
35.47 |
38.16 |
39.84 |
-9.79 |
16.5 |
|
Interest |
0.47 |
0.83 |
0.82 |
0.86 |
1.08 |
-56.48 |
-43.37 |
|
P/L Before Exceptional Items & Tax8.47 |
8.28 |
4.74 |
6.28 |
3.97 |
-100 |
-100 |
|
|
Exceptional Items |
3.78 |
-- |
-- |
-- |
-- |
||
|
P/L Before Tax |
12.25 |
8.28 |
4.74 |
6.28 |
3.97 |
208.56 |
47.95 |
|
Tax |
2.71 |
2.2 |
1.23 |
-1.58 |
-1.4 |
-293.57 |
23.18 |
|
P/L After Tax from Ordinary Activities |
9.53 |
6.08 |
3.51 |
7.86 |
5.38 |
77.14 |
56.74 |
|
Net Profit/ |
9.53 |
6.08 |
3.51 |
7.86 |
5.38 |
77.14 |
56.74 |
|
EQUITY FV 10 |
12.27 |
12.27 |
12.27 |
12.27 |
12.27 |
0 |
0 |
|
Basic EPS |
7.77 |
4.95 |
2.86 |
6.4 |
4.38 |
77.4 |
56.97 |
|
Diluted EPS |
7.77 |
4.95 |
2.86 |
6.4 |
4.38 |
77.4 |
56.97 |
|
NOTE : GAIN FROM SALE OF LAND AT DAHEJ, BHARUCH RS.3.7759 cr |
|||||||
|
PBT W/O EXCEPTIONAL ITEMS |
8.47 |
||||||
|
NPT W/O EXCEPTIONAL ITEMS |
5.75 |
||||||
NOTE : GAIN FROM SALE OF LAND AT DAHEJ, BHARUCH RS.3.78 CR
PBT W/O EXCEPTIONAL ITEMS 8.47
NPT W/O EXCEPTIONAL ITEMS 5.75
MP 230
PE 7.4002574
PE ON EPS 4.95 11.61616162
52 Wk L/H 63.05 242.8
Valuation
Market Cap (Rs Cr.) 255.57
P/E 11.24
Book Value (Rs) 164.26
Dividend (%) 30
Industry P/E 17.4
EPS (TTM) 18.6
Price/Book 1.27
Dividend Yield.(%) 1.44
Face Value (RS) 10
|
Historical Prices |
||||
|
3 Y BEFORE |
Current Price |
%Gain / Loss |
||
|
Open Price |
290 |
212.25 |
-26.81 |
|
|
High Price |
292.5 |
242.8 |
-16.99 |
|
|
Low Price |
285 |
195 |
-31.58 |
|
|
Close Price |
290.35 |
207.15 |
-28.66 |
|
|
Volume |
9,132 |
100,850 |
1004.36 |
|
|
Share Holding Pattern in (%) |
||||
|
Standalone |
Mar-19 |
Dec-18 |
Jun-18 |
Sep-17 |
|
Promoters |
65.81 |
65.81 |
65.72 |
65.28 |
|
Pledged |
0 |
0 |
0 |
0 |
|
FII/FPI |
0.39 |
0.44 |
0.44 |
0.17 |
|
Total DII |
12.46 |
12.5 |
12.63 |
13.93 |
|
Fin.Insts |
0.04 |
0.04 |
0.02 |
0.04 |
|
Insurance Co |
0 |
0 |
0 |
0 |
|
MF |
0 |
0 |
0 |
0 |
|
Others DIIs |
12.42 |
12.46 |
12.61 |
13.89 |
|
Others |
21.35 |
21.26 |
21.2 |
20.63 |
|
Total |
100.01 |
100.01 |
99.99 |
100.01 |
|
Profit & Loss account (in Rs. Cr.) |
20-Mar |
19-Mar |
18-Mar |
17-Mar |
16-Mar |
|
12 mths |
12 mths |
12 mths |
12 mths |
12 mths |
|
|
INCOME |
|||||
|
Total Revenue |
284.42 |
293.66 |
296.98 |
256.58 |
227.55 |
|
EXPENSES |
|||||
|
Cost Of Materials Consumed |
144.32 |
198.83 |
168.34 |
141.61 |
114.82 |
|
Total Expenses |
261.16 |
267.42 |
265.01 |
216.21 |
196.17 |
|
PBT |
23.27 |
26.24 |
31.97 |
40.37 |
31.39 |
|
Tax Expenses |
0.44 |
7.95 |
8.89 |
12.95 |
10.4 |
|
Profit/Loss For The Period |
22.82 |
18.3 |
23.08 |
27.42 |
20.98 |
|
Basic EPS (Rs.) |
18.6 |
14.91 |
18.8 |
22.35 |
17.1 |
ABOUT THE COMPANY
Asahi Songwon Colors Ltd. is manufacturing pigments. Pigments are basically colourants, adding colour to everything around us, namely ink, paints, plastics, textiles, rubber etc.
Asahi Songwon Colors Ltd. is a leading player in the Indian Pigment industry and intends to become a leading manufacturer of pigments around the world.
The company is in the manufacturing of CPC Beta Blue and Blue Crude, exporting substantial production to leading MNCs around the world on account of quality of its products.
Basic Objectives
ASCL aims to become a market leader in the pigment industry. The company's
principal manufacturing facilities at Padra (Vadodara), is manufacturing CPC
Blue Crude and Beta Blue pigment and has an installed capacity of 11400 tonnes
per annum. The company is in the process of adding new products in its basket
in future.
VISION
Company’s vision is to be the world leader in its field of pigments by supplying quality and environment friendly products to MNC’s worldwide.
Asahi Songwon to set up greenfield factory in JV with U.K. firm
Asahi Songwon Colors Ltd. had announced setting up of a greenfield factory in a joint venture with U.K. major Tennants Textile Colours Ltd. to manufacture red and yellow pigments in the plant.
The new plant to be commissioned in March 2021 was to set up in industrial town Dahej with a capacity of 2,400 tonnes annual production.
Asahi will have 51% shareholding and TTC 49% shareholding in the JV company Asahi Tennants Color Private Limited.
“The JV gives Asahi the perfect launching pad to widen their presence as a leading global supplier of pigments. With TTC’s technology and Asahi’s manufacturing efficiencies, Asahi Tennants Color Pvt. Ltd. is set to make a mark in the AZO pigment space,” Arjun Jaykrishna, executive director of Asahi Songwon Colors Limited, said after the announcement.
According to Gokul Jaykrishna, CEO of the company, the new venture with the U.K.-based group will enable Asahi to expand its global pigment presence, currently dominant in the phthalocyanine pigment space, to the full range of pigment colours.
“Currently, Asahi is market leader in the Blue pigment business, supplying to top global MNCs, but now, after commissioning this project, we will widen the product basket,” he added.
Pigment is a basic raw material as almost all industrial sectors need pigments with printing ink, paints, plastics and textiles.
SALE OF LAND
According to the latest quarterly results, Asahi songwon has sold some land at Dahej, Bharuch dt and the gain from the sale of land AT DAHEJ, BHARUCH is RS.3.7759 cr. We do not know the further details of this Land sale.
STRENGTHS
- Promoters increasing shareholding
- Rising Net Cash Flow and Cash from Operating activity
- increasing Profit Margin (QoQ)
- increasing Profit Margin (YoY)
- Company with Low Debt
- Book Value per share Improving for last 2 years
- Company with Zero Promoter Pledge
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