bls e services ipo

BLS E-Services IPO is a book built issue of Rs 310.91 crores. The issue is entirely a fresh issue of 2.3 crore shares.

BLS E-Services IPO bidding started from January 30, 2024 and ended on February 1, 2024. The allotment for the BLS E-Services IPO is expected to be finalized on Friday, February 2, 2024. BLS E-Services IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, February 6, 2024.

 

BLS E-Services IPO price band is set at ₹129 to ₹135 per share. The minimum lot size for an application is 108 Shares. The minimum amount of investment required by retail investors is ₹14,580. The minimum lot size investment for sNII is 14 lots (1,512 shares), amounting to ₹204,120, and for bNII, it is 69 lots (7,452 shares), amounting to ₹1,006,020.

Unistone Capital Pvt Ltd is the book running lead manager of the BLS E-Services IPO, while Kfin Technologies Limited is the registrar for the issue.

Refer to BLS E-Services IPO RHP for detailed information.

BLS E-Services IPO Details

IPO DateJanuary 30, 2024 to February 1, 2024
Listing Date[.]
Face Value₹10 per share
Price Band₹129 to ₹135 per share
Lot Size108 Shares
Total Issue Size23,030,000 shares
(aggregating up to ₹310.91 Cr)
Fresh Issue23,030,000 shares
(aggregating up to ₹310.91 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Share holding pre issue66,726,485
Share holding post issue89,756,485

BLS E-Services IPO Reservation

BLS E-Services IPO offers 23,030,000 shares. 6,218,154 (27.00%) to QIB, 3,109,050 (13.50%) to NII, 2,072,700 (9.00%) to RII and 9,327,096 (40.50%) to Anchor investors. 19,191 RIIs will receive minimum 108 shares and 685 (sNII) and 1,370 (bNII) will receive minimum 1,512 shares. (in case of oversubscription)

Investor CategoryShares OfferedMaximum Allottees 
Anchor Investor Shares Offered9,327,096 (40.50%)NA
QIB Shares Offered6,218,154 (27.00%)NA
NII (HNI) Shares Offered3,109,050 (13.50%)
  bNII > ₹10L2,072,700 (9.00%)1,370
  sNII < ₹10L1,036,350 (4.50%)685
Retail Shares Offered2,072,700 (9.00%)19,191
Other Shares Offered2,303,000 (10.00%)NA
Total Shares Offered23,030,000 (100%)

BLS E-Services IPO Anchor Investors Details

BLS E-Services IPO raises Rs 125.92 crore from anchor investors. BLS E-Services IPO Anchor bid date is January 29, 2024. BLS E-Services IPO Anchor Investors list

Bid DateJanuary 29, 2024
Shares Offered9,327,096
Anchor Portion Size (In Cr.)125.92
Anchor lock-in period end date for 50% shares (30 Days)March 18, 2024
Anchor lock-in period end date for remaining shares (90 Days)June 18, 2024

BLS E-Services IPO Timeline (Tentative Schedule)

BLS E-Services IPO opens on January 30, 2024, and closes on February 1, 2024.

IPO Open DateTuesday, January 30, 2024
IPO Close DateThursday, February 1, 2024
Basis of AllotmentFriday, February 2, 2024
Initiation of RefundsMonday, February 5, 2024
Credit of Shares to DematMonday, February 5, 2024
Listing DateTuesday, February 6, 2024
Cut-off time for UPI mandate confirmation5 PM on February 1, 2024

BLS E-Services IPO Lot Size

Investors can bid for a minimum of 108 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (Min)1108₹14,580
Retail (Max)131404₹189,540
S-HNI (Min)141,512₹204,120
S-HNI (Max)687,344₹991,440
B-HNI (Min)697,452₹1,006,020

BLS E-Services IPO Promoter Holding

The promoter of the company is BLS International Services Limited

Share Holding Pre Issue93.80%
Share Holding Post Issue68.90%

About BLS E-Services Limited

Incorporated in April 2016, BLS-E Services Limited is a digital service provider that offers Business Correspondence services to major banks in India, Assisted E-Services, and E-Governance Services at the grassroots level in India.

The company’s service offerings can be categorized into three parts (i) Business Correspondents Services; (ii) Assisted E-services; and (iii) E-Governance Services.

The company being a subsidiary of BLS International Services Limited provides visa, passport, consular, and other citizen services to state and provincial governments across Asia, Africa, Europe, South America, North America, and the Middle East through its technology-enabled platform. It is the only listed company engaged in this domain in India.

By 31st March 2023, the merchant network had grown to 92,427 in order to serve the underserved and unserved populations in hard-to-reach areas.

The revenue from operations in Fiscal years 2021, 2022 and 2023 were ₹6,448.72 lakhs, ₹9,669.82 lakhs and ₹24,306.07 lakhs, respectively.

As of June 30, 2023, the company has a total of 3,071 employees, including 2,413 contract employees.

BLS E-Services Limited Financial Information (Restated Consolidated)

BLS E-Services Limited’s revenue increased by 150.31% and profit after tax (PAT) rose by 277.94% between the financial year ending with March 31, 2023 and March 31, 2022.

Period Ended30 Sep 202331 Mar 202331 Mar 202231 Mar 2021
Assets213.77179.4755.9340.59
Revenue158.05246.2998.4065.23
Profit After Tax14.6820.335.383.15
Net Worth120.37106.9415.079.68
Total Borrowing0.000.008.7611.02
Amount in ₹ Crore

Key Performance Indicator

The market capitalization of BLS E-Services IPO is Rs 1226.56 Cr.

KPIValues
ROE33.33%
ROCE30.62%
Debt/Equity0.05
RoNW16.46%
P/BV7.2
Pre IPOPost IPO
EPS (Rs) 3.052.24
P/E (x) 44.3160.33

Note:

  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2023 that is available in RHP.

Objects of the Issue (BLS E-Services IPO Objectives)

The company proposes to utilise the Net Proceeds towards funding the following objects:

  1. Strengthening the technology infrastructure to develop new capabilities and consolidating the existing platforms;
  2. Funding initiatives for organic growth by setting up of BLS Stores;
  3. Achieving inorganic growth through acquisitions; and
  4. General Corporate Purposes

BLS E-Services IPO Review (Apply)

[Dilip Davda]  BEL is a one-point technology enabled digital service provider and providing almost all related services under one roof. Considering “Digital India” move by the government, this company has very bright prospects going forward. Based on annualized FY24 earnings, though the issue appears fully priced, it has bright prospects ahead with major infra in place. Investors may park funds for the medium to long term rewards. 


BLS E-Services IPO Subscription Status (Bidding Detail)

The BLS E-Services IPO is subscribed 162.38 times on February 1, 2024 7:02:00 PM. The public issue subscribed 236.53 times in the retail category, 123.30 times in the QIB category, and 300.05 times in the NII category. 

CategorySubscription (times)
QIB123.30
NII300.05
    bNII (bids above ₹10L)305.27
    sNII (bids below ₹10L)289.59
Retail236.53
Others15.30
Total162.38

Total Application : 3,961,160 (206.41 times)

BLS E-Services Shareholders Reservation in BLS E-Services IPO

Investors holding shares of BLS E-Services as of January 23, 2024 (the date of filing of the RHP with SEBI) are eligible to apply in the shareholder category of the BLS E-Services IPO. BLS International shareholders reservation portion of up to 23,03,000 Equity Shares available for allocation to BLS International Shareholders, on a proportionate basis. As per the RHP:

1. BLS E-Services shareholders holding more than and up to Rs 2 Lakh are eligible to apply for the SH category.

2. BLS E-Services shareholders (bidding up to Rs 2 lakhs) are also eligible to apply in the Retail Category.

3. Maximum Subscription Amount for Retail Investor & BLS International Shareholders Category is Rs. 2,00,000.

4. If you are a shareholder of BLS International as of January 23, 2024, you can apply under the BLS shareholder category up to Rs. 2,00,000.

5. To clarify, you can apply in the retail category up to Rs 2 lakhs and also in the BLS shareholder category up to Rs 2 lakhs. Similarly, you can apply in the S-HNI category over Rs 2 lakhs and also in the BLS International Reservation up to Rs 2 lakhs. You can apply either in the Retail category along with the BLS shareholder category or the SHNI category along with the BLS shareholder category.

6. Applicants in the BLS E-Services Shareholders Reservation Portion who bid up to Rs 200,000 are allowed to bid at the Cut-off Price.

Note: In the BLS International Shareholder Reservation, there is an upfront discount of Rs 7 and bids of 14 lots are allowed at the upper limit. However, due to lack of clarification to the bankers, many banks are not allowing 14 lots under this category.

BLS E-Services IPO Prospectus

    BLS E-Services Limited Contact Details

    BLS E-Services Limited
    G-4B-1, Extension, Mohan Co-operative
    Indl. Estate Mathura Road,
    South Delhi, New Delhi – 110044, India
    Phone: +91-11- 45795002
    Email: [email protected]
    Website: https://www.blseservices.com/

    BLS E-Services IPO Registrar

    bls e services ipo

    BLS E-Services IPO is a book built issue of Rs 310.91 crores. The issue is entirely a fresh issue of 2.3 crore shares. BLS E-Services IPO bidding started from January 30, 2024 and ended on February 1, 2024. The allotment for the BLS E-Services IPO is expected to be...

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    बड़े से बड़ा नास्तिक हो जाए आस्तिक

    बड़े से बड़ा नास्तिक हो जाए आस्तिक

    बहुत से लोग नास्तिक होते हैं, लेकिन फिर उनके साथ ऐसा कुछ होता है कि वे भगवान में विश्वास करने लग जाते हैं। 

    भोलानाथ बिहार के एक छोटा सा गांव चकिया में रहता था। वह मेडिकल दुकान चलाता था। सारी दवाइयों की उसे अच्छी जानकारी थी। पूरी दुकान खुद संभालता था, इसलिए कौन-सी दवा कहां रखी है, उसे अच्छी तरह पता था।

    वो पूरी ईमानदारी से अपना काम करता था। ग्राहकों को सही दवा, सही दाम पर देता था। सबकुछ अच्छा होने के बाद भी भोलानाथ नास्तिक था। भगवान में उसका जरा भी विश्वास नहीं था।

    वह पूरा दिन दुकान पर काम करता और शाम को परिवार तथा दोस्तों के साथ समय गुजारता था। उसे ताश खेलने का शौक था। जब भी टाइम मिलता, दोस्तों के साथ ताश खेलने बैठ जाता था।

    एक दिन वह दुकान पर था, तभी कुछ दोस्त आए। तभी भारी बारिश भी शुरू हो गई। रात हो गई थी, लेकिन सभी बारिश थमने का इंतजार कर रहे थे। बिजली भी चली गई थी। बैठे-बैठे क्या करें, सोचा मोमबत्ती की रोशनी में ताश ही खेल लेते हैं। सारे दोस्त दुकान में ताश खेलने बैठ गए।

    सभी ताश में मगने थे, तभी एक लड़का दौड़ा-दौड़ा आया। वह पूरी तरह भीग चुका था। उसने जेब से दवा की एक पर्ची निकाली और भोलानाथ से दवा मांगी। भोलानाथ खेल में मगन था। उसने पहली बार में तो ध्यान ही नहीं दिया।

    तभी लड़ने को जोर से आवाज देते हुए कहा, मेरी मां बहुत बीमार है। सारी दवा दुकानें बंद हो गई हैं। एक आपकी दुकान ही खुली है। आप दवा देंगे तो मेरी मां ठीक हो जाएगी।

    भोलानाथ आधे-अधूरे मन से उठा, पर्ची देखी और अंदाज से दवा की एक शीशी उठाकर उसे दे दी। पैसे काटकर लड़के को लौटा दिए। लड़का भागते हुए चला गया।

    तभी बारिश थम गई। भोलानाथ के दोस्त चले गए और भोलानाथ भी दुकान बंद करने लगा, तभी उसे ध्यान आया कि रोशनी कम होने के कारण उसने गलती से लड़के को चूहे मारने वाली दवा की शीशी दे दी है। भोलानाथ के हाथ-पांव फूल गए। उसका दिल जोर-जोर से धड़कने लगा। उसकी दस साल की नेकी पर मानो जैसे ग्रहण लग गया।

    उस लड़के बारे में वह सोच कर वह तड़पने लगा। सोचा यदि यह दवाई उसने अपनी बीमार मां को देगा, तो वह अवश्य मर जाएगी। लड़का भी बहुत छोटा होने के कारण उस दवाई को तो पढ़ना भी नहीं जानता होगा।

    एक पल वह अपनी इस भूल को कोसने लगा और ताश खेलने की अपनी आदत को छोड़ने का निश्चय कर लिया पर यह बात तो बाद के बाद देखी जाएगी। अब क्या किया जाए ?

    उस लड़के का पता ठिकाना भी तो वह नहीं जानता। कैसे उस बीमार मां को बचाया जाए ? सच कितना विश्वास था उस लड़के की आंखों में। भोलानाथ को कुछ सूझ नहीं रहा था। घर जाने की उसकी इच्छा अब ठंडी पड़ गई। दुविधा और बेचैनी उसे घेरे हुए था।

    घबराहट में वह इधर-उधर देखने लगा। पहली बार उसकी नजर दीवार के उस कोने में पड़ी, जहां उसके पिता ने जिद्द करके भगवान श्रीकृष्ण की तस्वीर दुकान के उद्घाटन के वक्त लगाई थी।

    तब पिता ने कहा था, भगवान की भक्ति में बड़ी शक्ति होती है, वह हर जगह व्याप्त है और हमें सदैव अच्छे कार्य करने की प्रेरणा देता है। भोलानाथ को यह सारी बात याद आने लगी। आज उसने इस अद्भुत शक्ति को आजमाना चाहा।

    उसने कई बार अपने पिता को भगवान की तस्वीर के सामने कर जोड़कर, आंखें बंद करते हुए पूजते देखा था। उसने भी आज पहली बार कमरे के कोने में रखी उस धूल भरे कृष्ण की तस्वीर को देखा और आंखें बंद कर दोनों हाथों को जोड़कर वहीं खड़ा हो गया।

    थोड़ी देर बाद वह छोटा लड़का फिर दुकान में आया। भोलानाथ के पसीने छूटने लगे। वह बहुत अधीर हो उठा।

    पसीना पोंछते हुए उसने कहा- क्या बात है बेटा तुम्हें क्या चाहिए?

    लड़के की आंखों से पानी छलकने लगा। उसने रुकते-रुकते कहा- बाबूजी.. बाबूजी मां को बचाने के लिए मैं दवाई की शीशी लिए भागे जा रहा था, घर के करीब पहुंच भी गया था। बारिश की वजह से आंगन में पानी भरा था और मैं फिसल गया। दवाई की शीशी गिर कर टूट गई। क्या आप मुझे वही दवाई की दूसरी शीशी दे सकते हैं बाबूजी? लड़के ने उदास होकर पूछा।

    हां ! हां ! क्यों नहीं ? भोलानाथ ने राहत की सांस लेते हुए कहा। लो, यह दवाई!

    पर उस लड़के ने दवाई की शीशी लेते हुए कहा, पर मेरे पास तो पैसे नहीं हैं, उस लड़के ने हिचकिचाते हुए से कहा।

    भोलानाथ को उस पर दया आई। कोई बात नहीं – तुम यह दवाई ले जाओ और अपनी मां को बचाओ। जाओ जल्दी करो, और हां अब की बार जरा संभल के जाना। लड़का, अच्छा बाबूजी कहता हुआ खुशी से चल पड़ा।

    अब भोलानाथ की जान में जान आई। भगवान को धन्यवाद देता हुआ अपने हाथों से उस धूल भरे तस्वीर को लेकर अपनी धोती से पोंछने लगा और अपने सीने से लगा लिया।

    Best Stocks Under Rs 50 – Analysis & Top Picks

    Best Microcap Stocks Under Rs 50 – Analysis & Top Picks

    Best Microcap Stocks Under Rs 50: Emerging microcap stocks are like rockets which can give multi-bagger returns to their shareholders. They are small in size and any growth in profits happens on a low base, taking their stock prices to new highs.

    After huge success, I am adding new Microcap Stock under Rs.50

    However, it is difficult to spot emerging microcap stocks from such a large pool of companies. In this article, we’ll present you the best microcap stocks under Rs 50 which you can to your watchlist.

    Best Microcap Stocks Under Rs 50

    For our article on ‘best microcap stocks under Rs 50’, we’ll learn about 5 different companies, studying their business models, key metrics, strengths and any recent developments. Later, a list puts together more stocks and a summary concludes the article. So without further ado, let us jump in.

    Best Microcap Stocks Under Rs 50

    #1 – Orient Paper & Industries

    CK Birla group
    ParticularsAmountParticularsAmount
    CMP₹48Market Cap (Cr.)₹1,039.71
    EPS₹5Stock P/E8.05
    RoE6%RoCE8%
    Promoter Holding39%Book Value₹71
    Debt to Equity0.18Price to Book Value0.61
    Net Profit Margin9.5%Operating Margin17.2%

    Part of C.K. Birla Group, Orient Paper & Industries Ltd is India’s largest tissue paper manufacturing and exporting company. It is engaged in the manufacturing of paper and paper-based products for various end applications.

    Orient Paper makes cartridge paper, drawing paper, cup stock, MF cover paper, pulpboard, HRT towel, ice cream paper, and more. It owns 1 manufacturing plant and 5 offices. Its products are supplied to 21 states and 4 union territories across India. 

    Furthermore, the paper producer has a global presence with 11.3% of its income coming from customers located in 8 different countries across the globe.

    Along with the paper & tissue business, Orient also has a chemicals division under which it manufactures caustic soda. The paper & tissue division and chemicals division accounted for 81.71% and 17.37% of the total revenue in FY23 respectively.

    The microcap stock under Rs 50 presently trades at a P/E of 8.05 giving a market capitalization of Rs 1,039.71 crore to the company. Orient earned a net profit of Rs 99 crore on sales of Rs 943 crore. 

    Best Microcap Stocks Under Rs 50 #2 – XT Global Infotech

    Best Microcap Stocks Under Rs 50 - XT Global Logo
    ParticularsAmountParticularsAmount
    CMP₹40Market Cap (Cr.)₹534.53
    EPS₹1Stock P/E50.61
    RoE11%RoCE13%
    Promoter Holding63%Book Value₹12
    Debt to Equity0.23Price to Book Value3.64
    Net Profit Margin6.5%Operating Margin10.1%

    Founded 25 years ago in 1998, XT Global Infotech is one of the leading providers of information technology, business process outsourcing, and consulting services. 

    XT Global offers a broad range of solutions and services such as Oracle Cloud, Oracle integration, Oracle analytics, application transformation management, cloud & infrastructure, AP automation, digital business services, and more.

    The net profit of the technology company increased fourfold from Rs 4 crore in FY20 to Rs 16 crore in FY23. During this period, it reported profits consistently. Similarly, its sales increased from Rs 195 crore in FY20 to Rs 242 crore in FY23.

    As a technology business, it trades at a slightly higher P/B ratio of 3.65 and a P/E ratio of 50.61. XT Global Infotech has a high promoter holding of 62.8% and is currently valued at Rs 534.53 crore.

    Best Microcap Stocks Under Rs 50 #3 – BMW Industries

    BMWIL Industries Logo
    ParticularsAmountParticularsAmount
    CMP₹46.52Market Cap (Cr.)₹1,047.55
    EPS₹2Stock P/E17.05
    RoE9%RoCE12%
    Promoter Holding74%Book Value₹27
    Debt to Equity0.39Price to Book Value1.53
    Net Profit Margin9.7%Operating Margin23.1%

    BMW Industries was started in 1970 as the first tube mill company in Kolkata. It started producing lighting poles soon. Over the years, it has grown into a leading steel products player in the nation.

    It owns five manufacturing facilities across Howrah and Jamshedpur which churn out TMT, structural, poles, low-diameter pipes, HR & CR coils, speciality flats, high-diameter pipes, and more.

    It has well-established partnerships with India’s two steel giants: Tata Steel Limited (TSL) and Steel Authority of India Limited (SAIL). BMW Industries works alongside them in joint ventures and takes projects from them.

    It has a total installed capacity of 5,72,000 tonnes per annum. It has a large order from Tata Steel to manufacture and supply 3,00,000 MTPA TMT rebars till 2025 for which it has invested Rs 400 crore.

    As a feather in its cap, this microcap stock under Rs 50 has a high promoter shareholding of 74% highlighting promoters’ belief in the business. It earned a profit of Rs 54 crore in FY23, the largest ever in its history on the sale of Rs 562 crore.

    Best Microcap Stocks Under Rs 50 #4 – Virinchi

    Best Microcap Stocks Under Rs 50 - virinchi Logo
    ParticularsAmountParticularsAmount
    CMP₹39Market Cap (Cr.)₹320
    EPS₹2Stock P/E16
    RoE3%RoCE8%
    Promoter Holding41%Book Value₹48
    Debt to Equity0.78Price to Book Value0.83
    Net Profit Margin4.1%Operating Margin34.0%

    Three decades old, Virinchi is a prominent software products and services company with an international presence. Along with its IT business, it also has a healthcare division under which it operates 3 hospitals with a total capacity of 700 beds.

    Talking about its IT products and services portfolio, it offers a Saas loan management platform for NBFCs, data centres & IT services, and UPI-enabled payment & credit services.

    Furthermore, as part of its expansion efforts, it is adding 400 more beds to its healthcare division through 2 hospitals. Virinchi has been putting focused efforts behind its ‘vCard’ brand to capture the organised credit market in India.

    The diversified services provider has consistently remained profitable over the last ten years. Virinchi earned a net profit of Rs 13 crore in FY23 on the sale of Rs 312 crore. At the current P/E ratio of 16.64, it gives a market capitalization of Rs 320.03 crore to the company. 

    Best Microcap Stocks Under Rs 50 #5 – Wardwizard Innovations & Mobility

    Ward Wizard Logo
    ParticularsAmountParticularsAmount
    CMP₹40Market Cap (Cr.)₹1,047
    EPS₹0.4Stock P/E114
    RoE13%RoCE18%
    Promoter Holding70%Book Value₹3
    Debt to Equity0.16Price to Book Value10.90
    Net Profit Margin4.0%Operating Margin8.0%

    Wardwizard Innovations & Mobility is a microcap electric vehicles (EV) company engaged in the production and sale of electric bikes and scooters through company outlets and a large dealer network.

    One of the front runners in India’s EV sector, it launched its first electric bicycle in 2016. In the last seven years, it has grown into a full-fledged EV player with a broad product range from high-speed e-bikes to 3-wheelers.

    It has a large production facility of 90,000 sq ft giving it an annual capacity of 1,20,000 units for 2-wheelers and 3-wheelers each. 

    It sold 36,500 EVs during FY23 totaling an income of Rs 239 crore and resulting in a net profit of Rs 9 crore. Recently, the EV player also started an in-house batter assembly line with an annual capacity of 1 GWh.

    As for its geographical presence, it has a presence in more than 50 cities across 19 states and union territories of the nation through its 750+ dealers, 4 zonal offices and 1 branch office.

    List of Top Microcap Stocks Under Rs 50

    We are almost at the end of our article on ‘best microcap stocks under Rs 50’. The table below compiles more stocks along with the ones covered above.

    Company NameCMPMarket Cap (Cr)Industry
    Orient Paper & Industries₹48.95₹1,039.71Paper & Paper Products
    XT Global Infotech₹40.1₹534.53IT Services
    BMW Industries₹46.52₹1,047Steel
    Virinchi₹35.2₹320.03IT Services
    Wardwizard Innovations & Mobility₹40.1₹1,047.99Electric Vehicles
    Megasoft₹50₹379IT Services
    Pudumjee Paper Products₹49.7₹471.71Paper & Paper Products
    Kothari Sugars & Chemicals₹60₹506Sugar
    VIP Clothing₹44₹363Textiles
    Manaksia Steels₹43₹279Steel

    Conclusion

    As we conclude our study of the ‘best microcap stocks under Rs 50’, we can say that companies with higher earnings potential in the future are better placed than their peers. Thus, even if a business is small in size, it can be an attractive proposition if the management is putting sustained efforts towards capacity expansion or newer business lines.

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    Tata Chemicals Vs Aarti Industries

    Tata Chemicals Vs Aarti Industries

    Tata Chemicals Vs Aarti Industries – Financials, Future Plans & More

    Tata Chemicals Vs Aarti Industries: Chemical companies were the trend a few quarters ago with almost all of them giving multi-bagger returns. However, the margins and volume came down, and so did the stock prices.

    However, they are in fashion again with heavy CAPEX announcements. Are they expanding for a brighter future and are attractive to investors again?

    In this article, we’ll do a comparative analysis of Tata Chemicals Vs Aarti Industries and attempt to know which of them is better suited for an investor.

    Tata Chemicals Vs Aarti Industries

    For our study, we’ll read about the business and financials of both stocks. Further, we’ll learn about the chemicals industry landscape and their future plans. So without further ado, let us move ahead.

    Company Overview

    As the first step, we’ll understand the business, scale of operations and segments of both the stocks

    Tata Chemicals

    Tata Chemicals Vs Aarti Industries - Tata Chemicals Logo

    Part of the salt to software conglomerate the Tata Group, Tata Chemicals Ltd. (TCL) is the 3rd largest soda ash and 6th largest sodium bicarbonate manufacturer worldwide. The business group holds a 38% shareholding in the chemicals company.

    Set up in 1939, TCL has evolved into one of the leading chemicals and specialty chemicals companies in India with a global presence. It manufactures basic chemistry and specialty products such as table salt, soda ash, halogen chemicals, silica, prebiotics, and more.

    The chemicals produced by the company are consumed in a variety of sectors such as glass manufacturing, paper products, medicines & drugs, pharmaceutical and more.

    It has a large operational base with 13 production units and 3 R&D centres located in the US, United Kingdom, Kenya and India.  Over the years, it has built a robust marketing network in 30 nations of the world.

    In addition to this, TCL has a listed subsidiary, Rallis India, which manufactures and processes seeds and crop care chemicals.

    Business Segments of Tata Chemicals

    As for its business segments, the basic chemistry division is the largest division accounting for 81% of the income generated in FY23. The balance of 19% came from specialty products. 

    Talking about geographical revenue contribution, India and America bought the majority of 43% and 33% of revenue while the balance came from other Asian countries, Europe, Africa and other regions respectively.

    Aarti Industries

    Aarti Industries Limited logo

    Aarti Industries Ltd. (AIL) was started in 1984 as Aarti Organic Private Limited. Over the last 40 years, it has grown into one of the leading chemical companies in India with a global presence. It ranks among the top three chlorination & nitration and top two hydrogenation companies worldwide. 

    Aarti Industries manufactures a wide variety of benzene, sulphuric and toluene specialty chemicals. Furthermore, it produces fuel additives, calcium chloride granules, SSP, and more. 

    Its products find applications in agrochemicals, pharmaceuticals, pigments, polymer additives, FMCG, rubber, and other industries. DuPont, Indian Oil, BASF, Sumitomo Chemical, Atul, and UPL are some of the high-profile clients of the company. 

    It employs over 6,000 people across its 16 manufacturing plants, 2 research & development centres, 11 discharge plants, 5 captive power plants, 1 corporate office and 1 project & engineering office.

    The chemicals maker has an extensive portfolio of 100+ products which are used by 1,100+ Indian & international customers from more than 60 countries.

    Business Segments of Aarti Industries

    Talking about its revenue segments, agrochemicals and polymer & additives are the two largest divisions for the company accounting for 30% and 26% of income share respectively.

    The contribution of pharmaceuticals, dyes & pigments and FMCG stood at 18%, 12%, and 2% respectively with the balance of 12% coming from a mix of discretionary sectors.

    As for the geographical income distribution, Indian and overseas customers brought an equitable revenue share of 52% and 48% respectively.

    Industry Overview

    Indian chemicals industry commands a 4% market share (worth $ 186 billion) in the global chemicals industry valued at $ 5,027 billion. China, the European Union and the US are the largest markets commanding 39%, 15% and 13% share respectively. 

    The sector worldwide is segmented into bulk commodity chemicals (80% share) and specialty chemicals (20% share). As for the sector-wise distribution in India, basic chemistry formulations (25%), biotech & pharmaceuticals (20%), specialty grade (21%), and petrochemicals (21%) are the primary industry segments.

    Talking about the future industry prospects, the global chemicals industry is expected to grow at an annualised rate of 6.2% to touch $ 6,780 by the year 2025. The outlook for India’s chemicals sector is stronger. 

    For the domestic industry, the market experts have projected a CAGR of 12.2% during the period to become $ 330 billion in value. A variety of factors including higher income, a steady rise in healthcare expenditure, rapid urbanization, faster growth in certain sub-segments (personal care, home care, & food processing), and more will be the primary demand drivers going forward.

    Tata Chemicals Vs Aarti Industries

    Revenue & Net Profit Growth

    The operating revenue of Tata Chemicals increased at a faster annualised rate of 13% in the past five fiscals than that of Aarti Industries at 9%. Similarly, the former’s net profit growth was also impressive at 20% against 3% of the latter.

    The table below showcases the growth in operating revenue and net profit of Tata Chemicals and Aarti Industries over the last five financial years.

    Particulars202320222021202020195-Yr CAGR
    Tata Chemicals – Operating Revenue16,78912,62210,20010,35710,33713%
    Tata Chemicals – Net Profit2,4521,4004361,0281,16320%
    Aarti Industries – Operating Revenue6,6196,0864,5064,1864,7069%
    Aarti Industries – Net Profit5451,1865235364923%

    (figures in Rs Cr except for CAGR)

    Note: Aarti Industries FY22 net profit is inflated on account of the demerger of its pharmaceutical business. 

    Profit Margins

    In FY23, Tata Chemicals reported better margins than Aarti Industries on the back of heavy volumes and strong demand. Previously, AIL’s margins were more than that of its counterpart. 

    The figures below represent the operating profit margin and net profit margin of Tata Chemicals and Aarti Industries for the past few years.

    Particulars20232022202120202019
    Tata Chemicals – Operating Profit Margin18.813.96.615.415.7
    Tata Chemicals – Net Profit Margin14.59.34.39.912.5
    Aarti Industries – Operating Profit Margin11.823.416.719.117.1
    Aarti Industries – Net Profit Margin8.218.711.913.110.7

    (figures in %)

    Return Ratios

    We read above in our comparative analysis of Tata Chemicals Vs Aarti Industries that the Tata Group company saw a turnaround in the recent fiscal. Higher profitability helped the company to post better return ratios for investors. Similarly, Aarti’s RoCE and RoE fell on account of lesser profits.

    The table below compares the two return ratios: RoCE and RoE of Tata Chemicals and Aarti Industries for the previous few financial years.

    Particulars20232022202120202019
    Tata Chemicals – Debt / Equity0.30.40.40.40.4
    Tata Chemicals – Interest Coverage10.08.54.74.74.6
    Aarti Industries – Debt / Equity0.60.40.70.60.8
    Aarti Industries – Interest Coverage6.516.98.76.44.4

    (figures in %)

    Debt Analysis

    During the study period, the debt situation of Tata Chemicals improved significantly with improvement in its interest coverage ratio and debt-to-equity. The reduction in Aarti Industries’ figures was not pronounced because of the large capital expenditure underway.

    The table below showcases the debt/equity ratio and interest coverage ratio of Tata Chemicals and Aarti Industries over the last five fiscals.

    Particulars20232022202120202019
    Tata Chemicals – RoCE10.46.64.17.77.1
    Tata Chemicals – RoE11.76.91.87.59.4
    Aarti Industries – RoCE13.422.414.318.120.5
    Aarti Industries – RoE11.122.114.918.018.7

    Tata Chemicals Vs Aarti Industries  Future Plans

    So far we looked at the previous fiscals’ data for our comparative study of Tata Chemicals vs Aarti Industries. Let us try to get some sense of what lies ahead for the two companies and their investors.

    Tata Chemicals

    1. The Tata Group company spent Rs 2,100 in FY23 as capital expenditure to increase production capacity. Furthermore, the management has guided Rs 800 crore CAPEX for FY24.
    2. For the medium-term period till FY27, Tata Chemicals has CAPEX plans worth Rs 2,000 crore.
    3. Along these lines, the management has anticipated achieving volume growth of 30%, 40%, and 400% for soda, bicarbonate, and silica respectively. This growth guidance is after incorporating current CAPEX as the base.
    4. Lastly, its listed subsidiary Rallis India is also putting efforts to grow its product portfolio and drive sales growth in the future.

    Aarti Industries

    1. Aarti Industries has consistently spent over Rs 1,000 crore every year over the last four years towards capital expenditure. Its CAPEX stood at Rs 1,306 crore in FY23.
    2. Furthermore, the management has earmarked additional CAPEX of roughly Rs 3,000 crore for the next few years.
    3. The chemicals maker had 40+ products in its R&D pipeline at the end of FY23, highlighting growth opportunities in the future.
    4. Along these lines, the company has plans to increase production capacity for Chlorotoulene, NCB, NT, Ethylation, and more products.

    Tata Chemicals Vs Aarti Industries  Key Metrics

    We are almost at the end of our Tata Chemicals Vs Aarti Industries comparative analysis. Let us take a quick look at some of the key metrics of the two stocks.

    ParticularsTata ChemicalsAarti Industries
    CMP₹1,004.65₹461.25
    Market Cap (Cr.)₹25,571₹16,385
    EPS₹89₹15
    Stock P/E11.431.5
    RoE11.7%11.1%
    Book Value₹774₹136
    Price to Book Value1.313.49
    Promoter Holding38.0%43.6%

    Conclusion

    As we conclude our comparative study of Tata Chemicals Vs Aarti Industries, we can say that the recent fiscal was not good for AIL while for TCL it turned out to be a stellar one. However, Aarti Industries still trades at an expensive valuation highlighting investors’ belief in the future prospects and CAPEX execution.

    In your opinion, which of the two is better placed? The legacy business of Tata Chemicals of Aarti Industries? How about we continue this conversation in the comments below?

    Best Stocks Under Rs 50 – Analysis & Top Picks

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    Tata Chemicals Vs Aarti Industries

    Tata Chemicals Vs Aarti Industries

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