Vidhi Dyestuffs was posted on this blog on 18th May 2015 when
it was trading @21/- and appreciated around 25% within one month. Recently
company has announces audited results for FY 2014-15.
Comparison of our estimated figures posted on blog and actual figures
are as under:
Particulars
|
Comparative Figures
|
||
FY
|
2013-14
Actual
|
2014-15
(Estimated on 18.05.15)
|
2014-15
(Actual published on 30.05.15)
|
Sales
|
142.77
|
185
|
188.77
|
Net Profit
|
5.98
|
12.75
|
12.42
|
Net Profit
Margin
|
4.19%
|
6.89%
|
6.58%
|
Capital
|
5.00
|
5.00
|
5.00
|
Face Value
(Rs)
|
1
|
1
|
1
|
EPS
|
1.19
|
2.55
|
2.48
|
Dividend
|
40%
|
50%
|
50%
|
WHAT IS NEW ABOUT COMPANY? - FURTHER DEVELOPMENTS
As per audited results published by the company, it is expanding the
existing capacity at Roha. Capital work is in progress for Rs.8.70 crores.
I have talked with company management about this matter and they have
informed that expansion is funded from internal accruals and no further loan
taken by the company for expansion. They have not commented on how much
capacity addition is going on but confirmed that commercial production will
start after one month i.e. July 2015.
Company has not published annual reports till date, but it is assumed
that around 50% capacity addition is going on and its financial effect will
reflect from second quarter results. Company will announce first quarter
results in mid August. That time picture may be more clear or company may
announce it in Annual General Meeting scheduled in last week of September 2015.
Net profit of the company increased from Rs.1.62 crores as on 31.03.2009
to Rs.12.42 crores as on 31.03.2015. Looking in view of 50% capacity addition
and company has not taken any fresh loan, net profit may around Rs.20/- crores
in FY 2015-16. Here capital of the company is only Rs. 5/- crores and net
profit of Rs.20/- crores means 400% return on capital. It is fantastic.
Since, HDFC Bank and Vijaya Bank are the bankers of the company, we
should also keep faith on company management. Present term loan on the company is
Rs.1.98 crores and working capital loan is Rs.44.16 crores. After completion of
expansion, company may be use the profits to repay the loan and in next 2-3
years it may be a DEBT FREE company.
Annual Results of Vidhi Dyestuffs since 2009, Figures in Rs. Cr.
Narration
|
Mar
09
|
Mar
10
|
Mar
11
|
Mar
12
|
Mar
13
|
Mar
14
|
Mar
15
|
Period
|
12 months
|
12 months
|
12 months
|
12 months
|
12 months
|
12 months
|
12 Months
|
Sales
|
38.40
|
70.52
|
98.62
|
114.54
|
119.99
|
142.76
|
188.77
|
Operating
Profit
|
3.03
|
4.78
|
7.66
|
9.53
|
12.31
|
16.06
|
26.70
|
OPM
|
7.89%
|
6.78%
|
7.77%
|
8.32%
|
10.26%
|
11.25%
|
14.06
|
Other
Income
|
0.07
|
0.07
|
1.56
|
0.22
|
0.33
|
0.38
|
0.80
|
EBIDT
|
3.10
|
4.85
|
9.22
|
9.75
|
12.64
|
16.44
|
27.50
|
Interest
|
0.84
|
1.16
|
2.26
|
3.80
|
4.55
|
5.34
|
6.11
|
Depreciation
|
0.96
|
1.00
|
0.92
|
0.94
|
1.73
|
1.97
|
1.63
|
Profit
before
tax
|
1.30
|
2.69
|
6.04
|
5.00
|
6.36
|
9.12
|
19.76
|
Tax
|
0.83
|
1.59
|
2.35
|
1.63
|
2.21
|
3.15
|
6.88
|
Net
profit
|
1.62
|
2.85
|
3.68
|
3.37
|
4.15
|
5.97
|
12.49
|
EPS in Rs.
|
0.32
|
0.57
|
0.74
|
0.67
|
0.83
|
1.19
|
2.50
|
Comapring of price charts
Compare the 2 Years charts of Vidhi Dyestuffs since 2013 and 3
Years charts of Camlin Finechem since 2012. Vidhi is on same path of Camlin. Camlin
has taken one year to reach from 20/- to 100/-.
Vidhi
has recently started the journey from 20/-; It will take another one year to
reach on full appreciation.
2
Years charts of Vidhi Dyestuffs since 2013
3 Years charts of Camlin Finechem since 2012
