gujarat fluorochemicals ltd…gujarat fluorochemicals limited (gfl), a subsidiary of inox leasing...

Document code: FOTL_061220185_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

GUJARAT FLUOROCHEMICALS LTDResult Update (CONSOLIDATED BASIS): Q2 FY19

CMP: 894.45 DEC 6th, 2018

Overweight ISIN: INE538A01037

Index Details

SYNOPSIS

Gujarat Fluorochemicals Limited (GFL), a subsidiaryof Inox Leasing and Finance Limited has evolved asthe largest producer of chloromethanes, refrigerantsand Polytetrafluoroethylene (PTFE) in India.

Consolidated revenue for the quarter registered at Rs.14794.50 mn as against Rs. 8753.90 mn, whencompared with the prior year period, up by 69.00%.

During Q2 FY19, consolidated net profit registered agrowth of 683.65% and stood at Rs. 4683.10 mn asagainst Rs. 597.60 mn in Q2 FY18.

During Q2 FY19, consolidated EBIDTA is Rs.3360.50 mn as against Rs. 2298.90 mn in Q2 FY18,up by 46.18%.

During Q2 FY19, consolidated PBT stood at Rs.1965.70 mn as against Rs. 851.60 mn in Q2 FY18.

EPS of the company stood at Rs. 42.61 a shareduring the quarter as compared to Rs. 5.44 incorresponding previous year same quarter.

Revenue of the company registered a growth of44.82% at Rs. 28392.30 mn in H1 FY19 as againstRs. 19605.80 mn in H1 FY18.

During H1 FY19, PAT of the company rose by419.76% at Rs. 6154.50 mn as compared to Rs.1184.10 mn in H1 FY18.

Stock DataSector Industrial GasesBSE Code 500173Face Value 1.0052wk. High / Low (Rs.) 958.00/722.40Volume (2wk. Avg.) 4147Market Cap (Rs. in mn.) 98300.06

Annual Estimated Results(A*: Actual / E*: Estimated)Years (Rs. in mn) FY18A FY19E FY20ENet Sales 39212.90 52545.29 62528.89EBITDA 8675.10 11946.75 14435.18Net Profit 2400.70 6748.50 6794.28EPS 21.84 61.41 61.82P/E 40.95 14.57 14.47

Shareholding Pattern (%)

As on Sep 2018 As on June 2018

Promoter 68.34 68.34

Public 31.66 31.66

Others -- --

1 Year Comparative Graph

GUJARAT FLUOROCHEMICALS LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Gujarat Fluorochemicals Ltd 894.45 98300.06 67.07 13.34 2.06 350.00

Refex Industries Ltd 20.30 314.10 2.09 9.71 2.82 0.00

Linde India Ltd 666.65 56854.70 3.23 -- 4.04 10.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q2 FY19,

(Rs. in million) Sep-18 Sep -17 % Change

Revenue 14794.50 8753.90 69.00%

Net Profit 4683.10 597.60 683.65%

EPS 42.61 5.44 683.65%

EBIDTA 3360.50 2298.90 46.18%

The consolidated net profit rose by 683.65% and stood at Rs. 4683.10 million in Q2 FY19 as compared to Rs. 597.60

million in the corresponding quarter ending of previous year. Revenue for the quarter registered at Rs. 14794.50 million as

against Rs. 8753.90 million compared with the prior year period, up by 69.00%. Reported earnings per share of the

company stood at Rs. 42.61 a share during the quarter as against Rs. 5.44. Profit before interest, depreciation and tax is

Rs. 3360.50 million as against Rs. 2298.90 million in the corresponding period of the previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q2 FY19 Q2 FY18 %Change

Cost of MaterialConsumed 5182.60 1526.90 239%

Employee BenefitExpenses 955.80 851.60 12%

Power and Fuel 1478.00 1293.20 14%

EPC, O&M andcommon infra facilityexpenses

285.70 325.60 -12%

Film Exhibition Cost 951.40 884.60 8%

Depreciation andAmortization Expenses 821.60 751.10 9%

Other Expenses 3504.10 2407.30 46%


Segment Revenue:

H1 FY19 Analysis:

Revenue of the company registered a growth of 44.82% at Rs. 28392.30 mn in H1 FY19 as against Rs. 19605.80 mn

in H1 FY18.

During H1 FY19, PAT of the company rose by 419.76% at Rs. 6154.50 mn as compared to Rs. 1184.10 mn in H1

FY18.

Key Highlights:

Chemicals Business:

Continued momentum in chemicals business led by higher sales and price improvements

Revenues up 48%, EBITDA up 28%, PAT (excluding Income Tax Refund) up 26% in Q2 FY19 vs. Q2 FY18 (YoY)

Wind Turbine Manufacturing Business:

Business turning around after 1 ½ year of transition pain, with execution of auction based order book

Sales of 90 MW and commissioning of 16 MW from SECI-1.

Revenues up 449%, EBITDA up by 370%, PAT increased by 103% in Q2 FY19 vs. Q2 FY18 (YoY).

In advance stage of launching next generation Multi megawatt wind turbine.

Wind Farming Business:

Substantially exited wind farming business by selling 246 MW out of 269 MW of operational capacity

Developing further capacity for creating value


Film Exhibition Business:

Now present in 66 cities with 132 properties, 536 screens and 129,544 seats.

Revenues up 17%, EBITDA up by 2%, PAT increased by 2% in Q2 FY19 vs. Q2 FY18 (YoY).

Improved performance due to sustained focus on non box office revenue

Consolidated Revenues – Business Wise Breakup:

COMPANY PROFILEGujarat Fluorochemicals Limited (GFL), a subsidiary of Inox Leasing and Finance Limited, and incorporated in 1987, has

evolved as the largest producer of chloromethanes, refrigerants and Polytetrafluoroethylene (PTFE) in India. The

Company is a part of the Inox Group, which is diversified across the industrial gases, engineering plastics, refrigerants,

chemicals, cryogenic engineering, renewable energy and entertainment sectors.

GFL was incorporated in 1987 after it set up India’s largest refrigerant plant in Ranjitnagar, Gujarat. The Company

primarily supplied CFC and HCFC to more than 75 countries across the globe. As CFC and HCFC were eventually

phased out under the Montreal Protocol, in 2007 the Company forward integrated into PTFE (Poly Tetra Fluoro Ethylene)

by commissioning one of the worlds’s most integrated and technologically advanced PTFE facility in Dahej, Gujarat.

GFL is fully focused on and diversified within fluorine chemistry, making refrigerant gases, Fluoro-intermediates and a

host of fluoropolymers. Fluorine chemistry is the most interesting molecule today due to its increasing use in life saving

pharma molecules, dose efficient and eco-friendly crop protection chemicals a host of fluoropolymers meeting increasing

demands from automotive, semis, mobile telephony, oil & gas, and high speed LAN cables.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20EASSETS1) Non-Current Assets

a) Property, Plant And Equipment 33845.10 37026.90 38878.25 41210.94b) Capital Work in Progress 4102.10 7243.20 9778.32 12516.25c) Investment Property 100.90 99.20 104.16 107.28d) Goodwill 175.50 175.50 184.28 191.65e) Other Intangible Assets 925.20 831.70 748.53 688.65f) Investments in Subsidiaries, Associates & Joint Ventures 330.10 329.40 839.97 1133.96g) Financial Assets

i) Other Investments 3563.60 4079.80 4283.79 4540.82ii) Loans 918.80 961.60 1038.53 1100.84iii) Other Financial Liabilities 2445.80 2771.10 3463.88 4087.37

h) Deferred Tax Assets (net) 482.90 1675.50 1876.56 2064.22i) Other Non-Current Assets 2606.30 2802.80 2886.88 3031.23j) Current Tax Assets 1073.90 1544.10 926.46 667.05Sub Total - Non Current Assets 50570.20 59540.80 65009.60 71340.25

2) Current Assetsa) Inventories 10585.30 13139.40 12482.43 12107.96b) Financial Assets

i) Investments 2887.20 831.20 897.70 951.56ii) Trade Receivables 27746.90 19436.90 21769.33 23946.26iii) Cash and Cash Equivalents 2376.90 1107.60 276.90 207.68iv) Bank Balances Other than Cash 2585.00 845.70 1597.54 2044.85v) Loans 213.10 460.20 483.21 502.54vi) Other Financial Assets 408.00 641.40 673.47 700.41

c) Other Current Assets 2176.00 3199.80 4799.70 5999.63Sub Total - Current Assets 48978.40 39662.20 42980.27 46460.87

3) Assets Included in Disposal Group Held for Sale 10241.90 0.00 0.00 0.00Total Assets (1+2+3) 109790.50 99203.00 107989.87 117801.13EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 109.90 109.90 109.90 109.90b) Other Equity 45072.70 47558.10 54306.60 61100.88c) Non-Controlling Interest 10814.70 11928.80 12644.53 13403.20

Total Equity 55997.30 59596.80 67061.03 74613.982) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 11437.80 5952.00 6428.16 6749.57ii) Other Financial Liabilities 320.30 75.20 78.96 81.33

b) Provisions 332.40 371.80 390.39 413.81c) Deferred Tax Liabilities (net) 2095.60 2012.50 100.63 72.45d) Other Non – Current Liabilities 2033.70 1381.20 1450.26 1508.27Sub Total - Non Current liabilities 16219.80 9792.70 8448.40 8825.43

3) Current Liabilitiesa) Financial Liabilities

i) Borrowings 18565.50 10728.20 10617.88 10936.90ii) Trade Payables 11049.00 8415.40 11360.79 12703.51iii) Other financial liabilities 6058.00 7148.90 6076.57 5468.91

b) Other Current Liabilities 1422.20 2994.50 3593.40 4240.21c) Provisions 254.40 253.80 291.87 321.06d) Current Tax Liabilities 224.30 272.70 539.95 691.13Sub Total- Current Liabilities 37573.40 29813.50 32480.45 34361.72

Total Equity and Liabilities (1+2+3) 109790.50 99203.00 107989.87 117801.13


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12mNet Sales 63929.50 39212.90 52545.29 62528.89Other Income 916.10 1140.30 912.24 985.22Total Income 64845.60 40353.20 53457.53 63514.11Expenditure -52128.80 -31678.10 -41510.78 -49078.93Operating Profit 12716.80 8675.10 11946.75 14435.18Interest -2789.90 -2792.10 -2177.84 -1785.83Gross profit 9926.90 5883.00 9768.91 12649.36Depreciation -3487.00 -2992.20 -3351.26 -3619.37Exceptional Items -2008.20 -95.70 0.00 0.00Profit Before Tax 4431.70 2795.10 6417.65 9029.99Tax -2269.00 -393.60 325.40 -2240.34Profit After Tax 2162.70 2401.50 6743.05 6789.65Share of Profit & Loss Assoc. -17.50 -0.80 5.45 4.63Net Profit 2145.20 2400.70 6748.50 6794.28Equity capital 109.90 109.90 109.90 109.90Reserves 45072.70 47558.10 54306.60 61100.88Face value 1.00 1.00 1.00 1.00EPS 19.52 21.84 61.41 61.82

Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E

Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18EDescription 3m 3m 3m 3mNet sales 9917.40 13597.80 14794.50 15978.06Other income 167.70 91.40 391.70 293.78Total Income 10085.10 13689.20 15186.20 16271.84Expenditure -8249.00 -10036.00 -11825.70 -12692.97Operating profit 1836.10 3653.20 3360.50 3578.86Interest -634.40 -530.70 -573.20 -538.81Gross profit 1201.70 3122.50 2787.30 3040.06Depreciation -740.00 -799.50 -821.60 -870.90Exceptional Items -78.00 0.00 0.00 0.00Profit Before Tax 383.70 2323.00 1965.70 2169.16Tax 238.90 -850.90 2714.60 -791.74Profit After Tax 622.60 1472.10 4680.30 1377.42Share of Profit & Loss Assoc. -0.50 -0.70 2.80 3.50Net Profit 622.10 1471.40 4683.10 1380.92Equity capital 109.90 109.90 109.90 109.90Face value 1.00 1.00 1.00 1.00EPS 5.66 13.39 42.61 12.57


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 19.52 21.84 61.41 61.82EBITDA Margin (%) 19.89% 22.12% 22.74% 23.09%PBT Margin (%) 6.93% 7.13% 12.21% 14.44%PAT Margin (%) 3.38% 6.12% 12.83% 10.86%P/E Ratio (x) 45.82 40.95 14.57 14.47ROE (%) 4.79% 5.04% 12.39% 11.09%ROCE (%) 21.55% 18.13% 21.41% 22.88%Debt Equity Ratio 0.66 0.35 0.31 0.29EV/EBITDA (x) 9.47 12.93 9.42 7.81Book Value (Rs.) 411.12 433.74 495.15 556.97P/BV 2.18 2.06 1.81 1.61

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 894.45, the stock P/E ratio is at 14.57 x FY19E and 14.47 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 61.41 and Rs. 61.82

respectively.

On the basis of EV/EBITDA, the stock trades at 9.42 x for FY19E and 7.81 x for FY20E.

Price to Book Value of the stock is expected to be at 1.81 x and 1.61 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

The Fluoropolymers Industry:

The market size of high performance fluoropolymers is estimated to grow from US$ 3.69 billion in 2017 to US$ 5.08

billion by 2022, at a CAGR of 6.6%, according to the report “High Performance Fluoropolymers Market – Global

Forecast to 2022” by Markets and Markets, a global research firm. The market is driven due to the replacement of

conventional materials by HPFs in various end-use industries such as electrical & electronics, medical industrial

processing, and transportation for high temperature applications, as well as improved regulations by the regional

environment associations.

Fluorpolymers play a vital role in numerous services and products that are frequently used by human beings in their day-

to-day activities. They are extensively used in numerous applications for various industries including automobiles,

electrical and electronics and chemicals processing industries owing to its high heat resistance and excellent tensile

strength. Rising demand for the polymer for manufacturing semi-conductors which are used in electrical appliances

including computers and smart phones is expected to drive growth. The growing electronics industry, particularly in


China, South Korea and Japan, in light of increasing domestic demand, along with presence of R&D base, is expected to

augment growth in the near future, according to a report by Grand View Research.

Uses of Fluoropolymers

Data Communication

Renewable Energy

Chemical Process Industries

Automotive

Electricals & Electronics

Cookware

Fabrics

Aerospace

Building Applications

The utility of fluoropolymers arises from properties such as high temperature resistance, outstanding chemical resistance,

better toughness, outstanding electrical properties, and low coefficient of friction. Fluoropolymers are also being used in

coatings for all-weather apparel and non-stick cookware. Fluoropolymers are widely used in numerous chemical plants

and various semiconductor parts as they are maintenance-free even under severe circumstances and contribute to

improving productivity. The excellent performance of fluoropolymers in extreme environments and demanding

applications act as major drivers for the global fluoropolymer market.

The PTFE Landscape:

Polytetrafluoroethylene (PTFE) is a fast-growing fluoropolymer formed by the polymerisation of monomer

tetrafluoroethylene (TFE) in presence of an initiator. It is also combined with other materials such as glass fibers, carbon,

and graphite to improve its mechanical properties. It is found in numerous product types ranging from flexible foam to

elastomers, and from rigid foams to solid compositions.

Features of PFTE:

Extreme chemical inertness

Excellent heat resistance

Optimum dielectric properties

Low frictional co-efficient

Key Growth Drivers for PTFE:

Consumption of PTFE by the medical industry is high in North America and Europe.

In North America, PTFE is also used by the chemical and industrial processing and automotive sectors.

Development in the automotive, aerospace, and other transportation systems is anticipated to drive the fluoropolymer

market in Asia Pacific.

Lightweight materials are preferred in most industries owing to the need for enhanced fuel efficiency and lower emission,

giving rise to the growth of fluoropolymers market in India, China and Japan.

Electronics and electrical is the largest end-user industry of fluoropolymers, where they are gradually being preferred for

usage in cable and wire insulation, jacketing, lithium-ion batteries, and semiconductor fabrication.

Technological development in the field of electronics, particularly in South Korea and Taiwan, has led to increase in

utilization of these materials to enable superior tensile strength and high thermal stability.


Global PTFE Market:

The global PTFE market is forecast to exhibit a CAGR of 4.6% between 2016 and 2024, reaching a size of US$ 3.57

billion by 2024, up from US$ 1.87 billion in 2015. Market demand for PTFE is growing considerably due to the emerging

industry applications. Asia Pacific is anticipated to be the fastest-growing market for fluoropolymers. Asia Pacific held

the dominant 44.3% of the global PTFE market in 2015, followed by Europe and North America. The demand in this

region is projected to grow on account of persistent growth in the chemical industry in this region.

Demand for fluoropolymer materials in the region is estimated to be chiefly driven by a swift rise in consumption of

fluoropolymers in India and China. There is also a growing demand for PTFE in Asia-Pacific due to the continuous

industrial expansion there. An increase in the purchasing power of PTFE in the developing countries and the need for

high-performance products is adding to the high demand in the future. Over the next few years, US and Europe will

contribute majorly to the rising demand, fueling the PTFE market in North America. Untapped opportunities across

developing regions and innovative strategies adopted by leading players are seen resulting in faster growth over the years.

Management Outlook:

The company aim to become a leading fluoropolymer player globally. The outlook for company’s business is steadfast

with a robust business model, competition from China lessening and with fluoropolymers growing at a healthy pace of 6%

to 7% CAGR globally. Company’s vision for 2020 is to consolidate the capacities company had created in each business

segment, especially in fluoropolymers and operate these in a world-class and safe manner to serve its global customers as

a reliable, long-term and high quality supply chain partner. Company’s backward integration plan also provides with a

competitive base to stand upon. Further, PTFE, FKM, FEP, PFA and PVDF are versatile fluoropolymers going into about

20 top industries, which take care of >75% of India’s GDP. As the GDP grows, company hope to leverage on this, being

the only producer of fluoropolymers.

Over the next few years, the Company will be ramping up capacity utilization, improving realizations by churning product

mix in favor of higher value added grades, and implementing cost reduction schemes. It will also be value adding by

diversifying into fluoro-speciality chemicals as well as other fluoro-polymers, based on low-cost captive availability of a

host of fluoro-feed stocks.

The Company has already incurred a capex of around Rs. 20000 mn to build-up the current capacities and the integrated

value chain. Since most of the capex on creating capacities has already been incurred, the proposed value addition will

need a marginal capex. Barring unforeseen circumstances and considering build-up for these initiatives, the Company

plans to incur additional capex and estimates to reap the benefits of these initiatives by April 2020.


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Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

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Pharma &Diversified

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