“Narmada Gelatines (NGL), a member of Jumbo Group, formerly known as Shaw Wallace Gelatines was incorporated on 13 Jan.'61 as Leiner-Knit Gelatin Company. In 1978, the original promoters P Leiner & Sons fully divested in favour of Shah Wallace & Company and the name was changed to the Shaw Wallance Gelatines. The plant located at Jabalpur has capacity of 2, 400 tpa of gelatin.”
“During Q4FY12, net profit has surged by 28.9% to Rs3.6 crore on 18.2% higher sales of Rs30.5 crore. OP and NP margin stood at 18.8% and 11.6% as against 18.1% and11.0% respectively in Q4FY11. (YoY). EPS for Q4FY12 works out to Rs9.0 During FY12, net profit advanced by 16.8% to Rs11.1 crore on 17.3% higher sales of Rs106.7 crore. OP and NP margin stood at 16.8% and 10.4% Vs 17.4% and 10.4% respectively in FY11. FY12 EPS works out to Rs27.8 Vs Rs23.8 in FY11. A dividend of 45% has been proposed.”
“Around 85% of the use of gelatine in the country is in the pharmaceutical industry while the balance is for edible and other uses. From a market size of around $7 billion, the Indian pharmaceutical market is projected to grow to about $20 billion by 2015 maintaining 12.3% CAGR. The size of edible oil market in India is to the tune of Rs750 billion. The industry is growing at the rate of 5-6% per annum. The growth of these industries augurs well for the future prospects of Gelatine industry. At the CMP of Rs113, the share is trading at a P/E of 3.4x on FY13E and 3.0x on FY14E. We recommend BUY with a target price of Rs148 in the medium term,” says Sunidhi Securities research report.
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