Indofil Industries ltd

Platform	Last Traded Price	Min Quantity

Strengths & Weaknesses

Strengths

Strong Market Position: IIL has a strong presence in fungicides, with 12% CAGR growth and operations in over 100 countries. Exports make up 40%-45% of revenue, which reached Rs 3041 crores in fiscal 2023.

Extensive Distribution Network: With 892 product registrations and 550 global distributors, IIL has a competitive edge globally.

Diverse Products and Strong Margins: IIL offers 110+ brands with operating margins of 14.5%, expected to stay healthy at 14%-15%.

Solid Financial Profile: Strong net worth of Rs 2904 crores and low gearing, ensuring financial stability.

Weaknesses

Working Capital Intensive: The company’s operations require high working capital due to significant debtor and inventory levels, though debtor days have improved in recent years.

Weather and Regulatory Risks: IIL’s performance is sensitive to rainfall patterns, which affect agricultural production. Additionally, changing regulations or product approval processes could impact revenue and profitability.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	21.35	21.35	21.35	21.35	21.35	21.35
Reserves	3973.00	2896.18	2201.50	1931.35	1905.67	1979.60
Total Equity	3994.35	2917.53	2222.85	1952.70	1927.02	2000.95
Borrowings	53.32	116.28	175.76	278.52	422.49	527.94
Provision	10.83	15.10	17.47	10.79	25.91	23.95
Other Non-Current Liabilities	226.37	124.17	41.03	19.07	25.02	20.55
Total Non Current Liabilities	290.52	255.55	234.26	308.38	473.42	572.44
Borrowings	309.97	442.71	502.95	493.33	587.14	596.80
Other Current Liabilities	561.79	516.77	884.43	592.85	564.23	736.71
Total Current Liabilities	871.76	959.48	1387.38	1086.18	1151.37	1333.51
Equity + Liabilities	5156.63	4132.56	3844.49	3347.26	3551.81	3906.90
Fixed Assets (incl. WIP)	585.10	607.07	613.56	809.76	700.16	737.26
Other Non Current Assets	2590.32	1694.13	1112.16	924.07	1325.55	1388.69
Total Non Current Assets	3175.42	2301.20	1725.72	1733.83	2025.71	2125.95
Trade Receivables	902.88	758.01	784.71	774.88	772.03	823.94
Cash & Cash Equivalents	406.57	231.55	519.85	316.10	194.18	188.20
Other Current Assets	671.46	840.48	813.85	503.49	559.89	768.81
Total Current Assets	1980.91	1830.04	2118.41	1594.47	1526.10	1780.95
Assets Held for Sale	0.30	1.32	0.36	18.96	0.00	0.00
Total Assets	5156.63	4132.56	3844.49	3347.26	3551.81	3906.90

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	3,068.77	3,046.63	2,795.09	2,428.95	2,216.33	2,251.76
Growth %	0.73%	9.00%	15.07%	9.59%	-1.57%	0
Operating Expenses	2,626.33	2,667.76	2,438.62	1,974.22	1,930.60	1,875.04
Growth %	-1.55%	9.40%	23.52%	2.26%	2.96%	0
Operating Profit	442.44	378.87	356.47	454.73	285.73	376.72
Op. Profit Margin %	14.42%	12.44%	12.75%	18.72%	12.89%	16.73%
Other Income	49.94	48.82	75.03	11.88	19.55	12.44
Finance Costs	39.34	46.07	45.23	64.73	89.88	68.83
Depreciation	89.36	86.84	89.87	111.74	118.10	91.36
Profit Before Tax	0.00	10.32	0.00	149.54	31.41	0.00
Tax	363.68	284.46	296.40	140.60	65.89	228.97
Tax %	89.76	97.16	89.36	93.06	-12.79	43.29
Profit After Tax	2.92%	3.19%	3.20%	3.83%	-0.58%	1.92%
Growth %	46.25%	-9.53%	335.51%	-39.58%	-57.63%	0
PAT %	8.93%	6.15%	7.41%	1.96%	3.55%	8.25%
Diluted EPS	155.57	112.94	102.49	31.35	44.37	88.40

Shareholding Pattern

Color	Shareholder	Holding
	AB Inbev Asia B V	63.00%
	Anheuser Busch Inbev Breweries Private Limited	34.77%
	Sabmilier India Holdings	1.36%
	Austindia Pty Limited	0.40%
	Others	0.47%

Fundamentals

Quick Insights

Strong Market Position: IIL has a strong presence in fungicides, with 12% CAGR growth and operations in over 100 countries. Exports make up 40%-45% of revenue, which reached Rs 3041 crores in fiscal 2023.

Market Cap₹107,850.72 Cr

PE Ratio7.71

EPS₹155.57

Dividend Yield-

Book Value₹44.44 Cr

Debt/Equity0.09

Price/Book27

Price/Sales-

Industry PE-

Sales₹3,068.77 Cr

Profit After Tax₹273.92 Cr

Share Capital₹21.35 Cr

Shares Outstanding-

ISININE071I01016

SectorChemicals/Manufacturing

Symbol-

About Company

Indofil Industries Limited (IIL), part of the KK Modi Group, is a leading global manufacturer of agrochemicals and specialty chemicals. Known for its expertise in Mancozeb, the world’s top-selling fungicide

Quick Insights

Strong Market Position: IIL has a strong presence in fungicides, with 12% CAGR growth and operations in over 100 countries. Exports make up 40%-45% of revenue, which reached Rs 3041 crores in fiscal 2023.

Market Cap₹107,850.72 Cr

PE Ratio7.71

EPS₹155.57

Dividend Yield-

Book Value₹44.44 Cr

Debt/Equity0.09

Price/Book27

Price/Sales-

Industry PE-

Sales₹3,068.77 Cr

Profit After Tax₹273.92 Cr

Share Capital₹21.35 Cr

Shares Outstanding-

ISININE071I01016

SectorChemicals/Manufacturing

Symbol-

About Company

Strengths

Extensive Distribution Network: With 892 product registrations and 550 global distributors, IIL has a competitive edge globally.

Diverse Products and Strong Margins: IIL offers 110+ brands with operating margins of 14.5%, expected to stay healthy at 14%-15%.

Solid Financial Profile: Strong net worth of Rs 2904 crores and low gearing, ensuring financial stability.

Weaknesses

Working Capital Intensive: The company’s operations require high working capital due to significant debtor and inventory levels, though debtor days have improved in recent years.

Annual Reports

FY FY FY FY FY

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	21.35	21.35	21.35	21.35	21.35	21.35
Reserves	3973.00	2896.18	2201.50	1931.35	1905.67	1979.60
Total Equity	3994.35	2917.53	2222.85	1952.70	1927.02	2000.95
Borrowings	53.32	116.28	175.76	278.52	422.49	527.94
Provision	10.83	15.10	17.47	10.79	25.91	23.95
Other Non-Current Liabilities	226.37	124.17	41.03	19.07	25.02	20.55
Total Non Current Liabilities	290.52	255.55	234.26	308.38	473.42	572.44
Borrowings	309.97	442.71	502.95	493.33	587.14	596.80
Other Current Liabilities	561.79	516.77	884.43	592.85	564.23	736.71
Total Current Liabilities	871.76	959.48	1387.38	1086.18	1151.37	1333.51
Equity + Liabilities	5156.63	4132.56	3844.49	3347.26	3551.81	3906.90
Fixed Assets (incl. WIP)	585.10	607.07	613.56	809.76	700.16	737.26
Other Non Current Assets	2590.32	1694.13	1112.16	924.07	1325.55	1388.69
Total Non Current Assets	3175.42	2301.20	1725.72	1733.83	2025.71	2125.95
Trade Receivables	902.88	758.01	784.71	774.88	772.03	823.94
Cash & Cash Equivalents	406.57	231.55	519.85	316.10	194.18	188.20
Other Current Assets	671.46	840.48	813.85	503.49	559.89	768.81
Total Current Assets	1980.91	1830.04	2118.41	1594.47	1526.10	1780.95
Assets Held for Sale	0.30	1.32	0.36	18.96	0.00	0.00
Total Assets	5156.63	4132.56	3844.49	3347.26	3551.81	3906.90

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue from Operations	3,068.77	3,046.63	2,795.09	2,428.95	2,216.33	2,251.76
Growth %	0.73%	9.00%	15.07%	9.59%	-1.57%	0
Operating Expenses	2,626.33	2,667.76	2,438.62	1,974.22	1,930.60	1,875.04
Growth %	-1.55%	9.40%	23.52%	2.26%	2.96%	0
Operating Profit	442.44	378.87	356.47	454.73	285.73	376.72
Op. Profit Margin %	14.42%	12.44%	12.75%	18.72%	12.89%	16.73%
Other Income	49.94	48.82	75.03	11.88	19.55	12.44
Finance Costs	39.34	46.07	45.23	64.73	89.88	68.83
Depreciation	89.36	86.84	89.87	111.74	118.10	91.36
Profit Before Tax	0.00	10.32	0.00	149.54	31.41	0.00
Tax	363.68	284.46	296.40	140.60	65.89	228.97
Tax %	89.76	97.16	89.36	93.06	-12.79	43.29
Profit After Tax	2.92%	3.19%	3.20%	3.83%	-0.58%	1.92%
Growth %	46.25%	-9.53%	335.51%	-39.58%	-57.63%	0
PAT %	8.93%	6.15%	7.41%	1.96%	3.55%	8.25%
Diluted EPS	155.57	112.94	102.49	31.35	44.37	88.40

Shareholding Pattern

Color	Shareholder	Holding
	AB Inbev Asia B V	63.00%
	Anheuser Busch Inbev Breweries Private Limited	34.77%
	Sabmilier India Holdings	1.36%
	Austindia Pty Limited	0.40%
	Others	0.47%

Board of Directors

Dr. Bina ModiChairperson & Managing Director

Ms. Charu ModiExecutive Director

Mr. Samir ModiNon-Executive & Non-Independent Director

Ms. Aliya ModiNon-Executive & Non-Independent Director

Mr. S. LakshminarayananNon-Executive & Independent Director

Mr. Mayur MaheshwariNominee Director

Mr. M. N. ThakkarNon-Executive & Independent Director

Dr. Atchutuni L. RaoWhole time Director - Operations

Senior Management

Dr. Bina Modi Managing Director

CS Jayni GadaCompany Secretary