The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The document summarizes Ethiopia's Agricultural Mechanization Strategy. It provides an overview of Ethiopia's agriculture sector and the historical background of agricultural mechanization. The strategy aims to raise Ethiopia's mechanization index from 0.13 to 1kw/ha by 2025. It identifies priorities and interventions such as improving seed and fertilizer application, addressing women/youth, and minimizing post-harvest losses. The status of implementation is outlined, noting initiatives underway and challenges remaining around standards, testing/certification, and private sector engagement.
National Fertilizers Limited operates five urea plants in India with a total annual capacity of 35.68 lakh metric tons. One of its plants is located in Nangal, Punjab and has an installed capacity of 478,500 metric tons per annum. The Nangal plant produces urea using a Montedison total recycle process and consists of steam generation, ammonia production, urea synthesis, and nitric acid generation facilities. Urea is produced through a reaction of ammonia and carbon dioxide that yields ammonium carbamate as an intermediate and urea as the final product. The urea melt is then prilled into spherical granules and packaged meeting quality specifications.
This document provides an overview of the IFFCO Aonla Unit, including its power generation, offsite plants, ammonia plant, and urea manufacturing processes. It describes the key components of the power plant like the gas turbine generator, compressor, combustion system, and turbine. It also summarizes the various offsite plants that support production, such as the raw water system, water treatment plant, cooling towers, and effluent treatment plant. The document contains flow charts and descriptions of the ammonia and urea production processes.
The green revolution is the significant increase in agricultural productivity resulting from the introduction of high - yield varieties of grains, use of pesticides , and improved management techniques.
Scope of agricultural entrepreneurship in jharkhandArun Savera
Agricultural entrepreneurship has significant opportunities in Jharkhand given its large agricultural sector. There are opportunities for entrepreneurs in farming, providing agricultural services and inputs, value addition and processing, and marketing. However, challenges include implementation issues with promoting entrepreneurship and lack of incubation support. Research and training institutes can help address problems, provide affordable solutions, test technologies, and make them available to entrepreneurs. One example of success is an entrepreneur who started an agri-inputs and consultancy business working with 15,000 farmers and employing 200 people. Overall, agricultural entrepreneurship has great potential in Jharkhand if efforts are made in the right areas.
The document discusses opportunities for entrepreneurship in agriculture. It defines entrepreneurship as developing, organizing, and managing business ventures to make a profit, noting that starting new businesses is a clear example. Successful entrepreneurs are described as energetic risk-takers focused on taking control of their lives. The document outlines essential entrepreneurial skills like leadership, teamwork, resilience and core values. It discusses the need for entrepreneurship in agriculture to address issues like low productivity and high input costs. Government schemes to support agri-entrepreneurship through training and financing are also summarized.
This document provides an overview of a presentation on farm machinery in India. It discusses how farm mechanization can play a major role in increasing food production. It notes that India has over 166 million hectares of cultivable land and produces over 2.5 lakh tractors and other farm machines annually. The document classifies farm machines and discusses the materials they are constructed from, as well as heat treatments and principles for selecting appropriate farm machines based on land holdings, soil/climate conditions, cropping patterns, and costs.
The document summarizes Ethiopia's Agricultural Mechanization Strategy. It provides an overview of Ethiopia's agriculture sector and the historical background of agricultural mechanization. The strategy aims to raise Ethiopia's mechanization index from 0.13 to 1kw/ha by 2025. It identifies priorities and interventions such as improving seed and fertilizer application, addressing women/youth, and minimizing post-harvest losses. The status of implementation is outlined, noting initiatives underway and challenges remaining around standards, testing/certification, and private sector engagement.
National Fertilizers Limited operates five urea plants in India with a total annual capacity of 35.68 lakh metric tons. One of its plants is located in Nangal, Punjab and has an installed capacity of 478,500 metric tons per annum. The Nangal plant produces urea using a Montedison total recycle process and consists of steam generation, ammonia production, urea synthesis, and nitric acid generation facilities. Urea is produced through a reaction of ammonia and carbon dioxide that yields ammonium carbamate as an intermediate and urea as the final product. The urea melt is then prilled into spherical granules and packaged meeting quality specifications.
This document provides an overview of the IFFCO Aonla Unit, including its power generation, offsite plants, ammonia plant, and urea manufacturing processes. It describes the key components of the power plant like the gas turbine generator, compressor, combustion system, and turbine. It also summarizes the various offsite plants that support production, such as the raw water system, water treatment plant, cooling towers, and effluent treatment plant. The document contains flow charts and descriptions of the ammonia and urea production processes.
The green revolution is the significant increase in agricultural productivity resulting from the introduction of high - yield varieties of grains, use of pesticides , and improved management techniques.
Scope of agricultural entrepreneurship in jharkhandArun Savera
Agricultural entrepreneurship has significant opportunities in Jharkhand given its large agricultural sector. There are opportunities for entrepreneurs in farming, providing agricultural services and inputs, value addition and processing, and marketing. However, challenges include implementation issues with promoting entrepreneurship and lack of incubation support. Research and training institutes can help address problems, provide affordable solutions, test technologies, and make them available to entrepreneurs. One example of success is an entrepreneur who started an agri-inputs and consultancy business working with 15,000 farmers and employing 200 people. Overall, agricultural entrepreneurship has great potential in Jharkhand if efforts are made in the right areas.
The document discusses opportunities for entrepreneurship in agriculture. It defines entrepreneurship as developing, organizing, and managing business ventures to make a profit, noting that starting new businesses is a clear example. Successful entrepreneurs are described as energetic risk-takers focused on taking control of their lives. The document outlines essential entrepreneurial skills like leadership, teamwork, resilience and core values. It discusses the need for entrepreneurship in agriculture to address issues like low productivity and high input costs. Government schemes to support agri-entrepreneurship through training and financing are also summarized.
This document provides an overview of a presentation on farm machinery in India. It discusses how farm mechanization can play a major role in increasing food production. It notes that India has over 166 million hectares of cultivable land and produces over 2.5 lakh tractors and other farm machines annually. The document classifies farm machines and discusses the materials they are constructed from, as well as heat treatments and principles for selecting appropriate farm machines based on land holdings, soil/climate conditions, cropping patterns, and costs.
During mid- sixties the Co-operative sector in India was responsible for distribution of 70 per cent of fertilisers consumed in the country. This Sector had adequate infrastructure to distribute fertilisers but had no production facilities of its own and hence dependent on public/private Sectors for supplies. To overcome this lacuna and to bridge the demand supply gap in the country, a new cooperative society was conceived to specifically cater to the requirements of farmers. It was an unique venture in which the farmers of the country through their own Co-operative Societies created this new institution to safeguard their interests. The number of Co-operative Societies associated with IFFCO have risen from 57 in 1967 to 39,824 at present.
The document presents a project on designing and fabricating an agricultural cycle sprayer. It discusses the various types of agricultural sprayers and their purposes. The objectives are to evaluate sprayer effectiveness and develop new technologies. The design process uses systems engineering and prototypes are tested. The results show sprayers can control pests and improve crop yields if used properly. It concludes sprayers are important tools for farmers but must be handled safely according to instructions.
1) Farm mechanization in India faces problems due to small land holdings, lack of knowledge and financial constraints among small farmers. Government initiatives to promote mechanization include training programs and subsidies.
2) The average farm power availability in India is 1.5 kW/ha but varies widely between states. States with higher availability such as Punjab have much higher agricultural productivity. In Assam, availability is only 0.8 kW/ha, below the national average.
3) Strategies to increase farm mechanization in India include developing equipment suitable for different terrains, establishing farm machinery banks, increasing average power availability, and strengthening collaboration between farmers and researchers.
This document discusses different sources of farm power, including human power, animal power, mechanical power, electrical power, and renewable energy. Human and animal power are the most common traditional sources, providing labor and draft power respectively. Mechanical power sources like tractors and engines provide higher efficiency but require more investment. Electrical power allows smooth operation but infrastructure is needed. Renewable energy sources like biomass, solar, and wind offer cheap sustainable power but have limitations in availability. Overall the document provides an overview of various power sources used in agricultural operations and their relative advantages and disadvantages.
Mechanization in agriculture refers to the use of machinery to support and enhance farming operations. Over the past few centuries, but particularly in the last 300 years, agricultural techniques have increasingly relied on mechanization to boost productivity and efficiency. The introduction of steam and gasoline-powered machines in the early 1900s drove a rapid decline in the percentage of the US workforce engaged in farming, from 38% to just 3% by century's end. Key farm equipment includes tractors for plowing and hauling, tillage implements for soil preparation, spraying devices for crop protection, combines for harvesting grains, and planters/seeders for establishing crops. Mechanization provides benefits like substituting for expensive labor and compensating for seasonal workload variations,
This document discusses farm mechanization in India. It begins by outlining the objectives of understanding farm mechanization concepts, examining problems, and exploring strategies. It then defines farm mechanization as substituting machine power for human and animal power in agriculture. The sources of farm power are identified as human, animal, mechanical, and electrical. Benefits of mechanization include increased timeliness, safety, productivity and farmer income while reducing drudgery. Challenges include small land holdings, financial constraints, lack of knowledge and repair facilities. Strategies proposed to promote mechanization include establishing farm machinery banks, increasing power supply, mechanizing all regions, training and demonstrations, and gender-friendly equipment.
The document provides details about Kamalpreet Kaur's industrial training at National Fertilizers Limited (NFL) in Bathinda. It discusses the various sections and processes within NFL's ammonia plant. The ammonia plant uses an air separation unit and nitrogen wash unit to produce oxygen, nitrogen, and other gases. It then uses these gases in various processes to produce ammonia. The document also describes transducers used to measure pressure, level, flow, and temperature throughout the plant.
Appropriate mechanization of small farmsSandeep Pawar
Increasing food production to feed the growing population is a primary challenge of Indian
farming system. Indian agriculture is characterized by millions of small and marginal
farmers. About 100 million farm families with 250 million workers (50% of work force)
contribute not more than 14 % to GDP. One of the major reasons behind these figures is lack
of appropriate mechanization mainly in small farms in India. One of the main causes for low
agricultural productivity in most of the developing countries, including India, is the lack of
appropriate machineries that suit the requirements of small scale farms. Thus many farms are
deemed as unproductive and inefficient. Need of appropriate mechanization for Indian farms
is defined in the report. This study report attempts to throw a light on other countries
scenario in case of mechanization and possible learning so as to improve outcomes in
agriculture in India.
This document provides a training report submitted by Arif Khan to Mr. Rohit Pal regarding Arif's 6-week vocational training at the IFFCO Urea Manufacturing Plant in Aonla, India. The report includes an abstract describing IFFCO as an organization and details about the Aonla plant. It then covers various sections of the plant including steam and power generation, naptha storage, offsite plants like water treatment and cooling towers, the ammonia and urea production plants, and safety practices.
Mechanization in Ethiopia: Experience of the private sectoressp2
Mechanization in Ethiopia is led by the private sector through importation, distribution, rental services and domestic manufacturing of agricultural machinery. Ethiopia has over 74 million hectares suitable for agriculture but only 13.6 million currently under production. The private sector imports and rents out tractors, harvesters, and other equipment to farmers. Domestic companies also manufacture plows, planters and other implements adapted to Ethiopia's conditions. However, challenges remain in the small landholding sizes and plots, rugged terrain, and need for skills and infrastructure development to better support agricultural mechanization in the country.
This document discusses the scope and importance of farm mechanization. It notes that farm mechanization involves the use of machinery in agriculture, such as tractors and tube wells. The document outlines how farm mechanization improves efficiency, increases productivity and crop yields, reduces costs and labor needs, and helps conserve resources. It provides examples of how mechanizing operations like tilling, sowing, irrigation and harvesting can help ensure timely completion of tasks. The document estimates that farm mechanization can result in savings of 15-30% for seeds, fertilizers, time and labor, and an overall 10-15% increase in farm productivity.
Indian Oil: Vocational Training Report 2013Pawan Kumar
This document provides a report on a vocational training completed by Pawan Kumar at the Indian Oil Corporation Limited (IOCL) Panipat Refinery & Petrochemical Complex from June 10 to July 5, 2013. It thanks various managers and engineers at IOCL for their guidance and support during the training. The report then provides an overview of IOCL and details of the Panipat Refinery. It also describes various field instruments used for process measurement and control including pressure, temperature, flow, and level measurement as well as valves. Process control and monitoring systems used at the refinery including distributed control systems, programmable logic controllers, vibration analysis, and plant resource managers are also summarized.
This document summarizes a seminar on the green revolution and the need for a second green revolution. The seminar covered the history and introduction of the original green revolution, including the development of high-yielding varieties, expansion of irrigation, and use of fertilizers and pesticides. Constraints on current agricultural practices and the need for changes were also discussed. The second green revolution would focus on issues like poor irrigation infrastructure, stagnating yields, and rising population through techniques like drought-tolerant crops developed using biotechnology.
This document provides an overview of agricultural mechanization research in Ethiopia. It discusses the establishment of agricultural engineering and mechanization research programs at both the federal and regional levels from the 1970s to present. It outlines the current focus of research, which includes pre-harvest, harvest, and post-harvest technologies. Achievements are highlighted for different time periods, including the development of various farm implements and equipment as well as studies on draft animals, planters, weeders, and small tractors. The document stresses the importance of agricultural mechanization for Ethiopia's predominantly smallholder farmers and the need to increase farm power availability.
Ethanol is produced by fermenting sugars and starches from biomass feedstocks like grains, cellulosic materials, and waste products. The production process involves milling the feedstock, cooking it to produce fermentable sugars, fermenting the sugars with yeast to produce ethanol, distilling the ethanol to increase its concentration, and denaturing the ethanol before blending it with gasoline. Ethanol has benefits as a fuel such as being renewable, having a high octane rating, and being suitable for high compression engines. However, it is not suitable for use in diesel engines due to differences in their combustion processes.
This document provides an overview of agricultural mechanization and tractor operation and maintenance. It discusses:
1) What agricultural mechanization is, including the use of farm machinery from land clearing to processing to maximize production.
2) The importance of farm mechanization for timely production, availability of spare parts, and maintenance for productivity and profits.
3) The different levels of mechanization from human to animal to mechanical power.
4) Proper daily care, operation and safety procedures for tractors, including checking fluid levels, lubricating parts, and following starting and stopping protocols.
5) Attributes of good tractor operators, such as keeping equipment clean, reporting issues, and following maintenance schedules.
The document discusses balance sheets, including how to prepare and analyze them. It provides definitions of key balance sheet elements like assets, liabilities, and equity. It also gives examples of current and fixed assets and current and long-term liabilities. The document includes an example balance sheet for a small tea farm and analyzes financial ratios like working capital, current ratio, and debt-to-equity ratio.
The document is an internship report that provides an overview of a thermal power generating station. It describes the key components of a thermal power station, including the pumping plant, water treatment plant, boiler, turbines (high pressure, medium pressure, low pressure), condenser, reheater, burners, and fans. It explains that thermal power stations produce electricity by heating water to create steam that drives turbines connected to generators. The report also discusses efficiency considerations and provides examples of thermal power plants in Pakistan.
Chambal Fertilisers & Chemicals Limited is one of India's largest private fertilizer producers. It reported its highest ever quarterly and annual financial performance in Q4 FY19 and FY19. Revenue and net profit increased significantly during this period due to the commencement of commercial production from its new urea plant. The company expects to benefit from various government schemes and plans to reduce its debt within the next 1-2 years through cash flows from the new plant. Analysts expect healthy earnings and margin growth going forward as well as improvement in monsoon conditions which would boost the top line.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
During mid- sixties the Co-operative sector in India was responsible for distribution of 70 per cent of fertilisers consumed in the country. This Sector had adequate infrastructure to distribute fertilisers but had no production facilities of its own and hence dependent on public/private Sectors for supplies. To overcome this lacuna and to bridge the demand supply gap in the country, a new cooperative society was conceived to specifically cater to the requirements of farmers. It was an unique venture in which the farmers of the country through their own Co-operative Societies created this new institution to safeguard their interests. The number of Co-operative Societies associated with IFFCO have risen from 57 in 1967 to 39,824 at present.
The document presents a project on designing and fabricating an agricultural cycle sprayer. It discusses the various types of agricultural sprayers and their purposes. The objectives are to evaluate sprayer effectiveness and develop new technologies. The design process uses systems engineering and prototypes are tested. The results show sprayers can control pests and improve crop yields if used properly. It concludes sprayers are important tools for farmers but must be handled safely according to instructions.
1) Farm mechanization in India faces problems due to small land holdings, lack of knowledge and financial constraints among small farmers. Government initiatives to promote mechanization include training programs and subsidies.
2) The average farm power availability in India is 1.5 kW/ha but varies widely between states. States with higher availability such as Punjab have much higher agricultural productivity. In Assam, availability is only 0.8 kW/ha, below the national average.
3) Strategies to increase farm mechanization in India include developing equipment suitable for different terrains, establishing farm machinery banks, increasing average power availability, and strengthening collaboration between farmers and researchers.
This document discusses different sources of farm power, including human power, animal power, mechanical power, electrical power, and renewable energy. Human and animal power are the most common traditional sources, providing labor and draft power respectively. Mechanical power sources like tractors and engines provide higher efficiency but require more investment. Electrical power allows smooth operation but infrastructure is needed. Renewable energy sources like biomass, solar, and wind offer cheap sustainable power but have limitations in availability. Overall the document provides an overview of various power sources used in agricultural operations and their relative advantages and disadvantages.
Mechanization in agriculture refers to the use of machinery to support and enhance farming operations. Over the past few centuries, but particularly in the last 300 years, agricultural techniques have increasingly relied on mechanization to boost productivity and efficiency. The introduction of steam and gasoline-powered machines in the early 1900s drove a rapid decline in the percentage of the US workforce engaged in farming, from 38% to just 3% by century's end. Key farm equipment includes tractors for plowing and hauling, tillage implements for soil preparation, spraying devices for crop protection, combines for harvesting grains, and planters/seeders for establishing crops. Mechanization provides benefits like substituting for expensive labor and compensating for seasonal workload variations,
This document discusses farm mechanization in India. It begins by outlining the objectives of understanding farm mechanization concepts, examining problems, and exploring strategies. It then defines farm mechanization as substituting machine power for human and animal power in agriculture. The sources of farm power are identified as human, animal, mechanical, and electrical. Benefits of mechanization include increased timeliness, safety, productivity and farmer income while reducing drudgery. Challenges include small land holdings, financial constraints, lack of knowledge and repair facilities. Strategies proposed to promote mechanization include establishing farm machinery banks, increasing power supply, mechanizing all regions, training and demonstrations, and gender-friendly equipment.
The document provides details about Kamalpreet Kaur's industrial training at National Fertilizers Limited (NFL) in Bathinda. It discusses the various sections and processes within NFL's ammonia plant. The ammonia plant uses an air separation unit and nitrogen wash unit to produce oxygen, nitrogen, and other gases. It then uses these gases in various processes to produce ammonia. The document also describes transducers used to measure pressure, level, flow, and temperature throughout the plant.
Appropriate mechanization of small farmsSandeep Pawar
Increasing food production to feed the growing population is a primary challenge of Indian
farming system. Indian agriculture is characterized by millions of small and marginal
farmers. About 100 million farm families with 250 million workers (50% of work force)
contribute not more than 14 % to GDP. One of the major reasons behind these figures is lack
of appropriate mechanization mainly in small farms in India. One of the main causes for low
agricultural productivity in most of the developing countries, including India, is the lack of
appropriate machineries that suit the requirements of small scale farms. Thus many farms are
deemed as unproductive and inefficient. Need of appropriate mechanization for Indian farms
is defined in the report. This study report attempts to throw a light on other countries
scenario in case of mechanization and possible learning so as to improve outcomes in
agriculture in India.
This document provides a training report submitted by Arif Khan to Mr. Rohit Pal regarding Arif's 6-week vocational training at the IFFCO Urea Manufacturing Plant in Aonla, India. The report includes an abstract describing IFFCO as an organization and details about the Aonla plant. It then covers various sections of the plant including steam and power generation, naptha storage, offsite plants like water treatment and cooling towers, the ammonia and urea production plants, and safety practices.
Mechanization in Ethiopia: Experience of the private sectoressp2
Mechanization in Ethiopia is led by the private sector through importation, distribution, rental services and domestic manufacturing of agricultural machinery. Ethiopia has over 74 million hectares suitable for agriculture but only 13.6 million currently under production. The private sector imports and rents out tractors, harvesters, and other equipment to farmers. Domestic companies also manufacture plows, planters and other implements adapted to Ethiopia's conditions. However, challenges remain in the small landholding sizes and plots, rugged terrain, and need for skills and infrastructure development to better support agricultural mechanization in the country.
This document discusses the scope and importance of farm mechanization. It notes that farm mechanization involves the use of machinery in agriculture, such as tractors and tube wells. The document outlines how farm mechanization improves efficiency, increases productivity and crop yields, reduces costs and labor needs, and helps conserve resources. It provides examples of how mechanizing operations like tilling, sowing, irrigation and harvesting can help ensure timely completion of tasks. The document estimates that farm mechanization can result in savings of 15-30% for seeds, fertilizers, time and labor, and an overall 10-15% increase in farm productivity.
Indian Oil: Vocational Training Report 2013Pawan Kumar
This document provides a report on a vocational training completed by Pawan Kumar at the Indian Oil Corporation Limited (IOCL) Panipat Refinery & Petrochemical Complex from June 10 to July 5, 2013. It thanks various managers and engineers at IOCL for their guidance and support during the training. The report then provides an overview of IOCL and details of the Panipat Refinery. It also describes various field instruments used for process measurement and control including pressure, temperature, flow, and level measurement as well as valves. Process control and monitoring systems used at the refinery including distributed control systems, programmable logic controllers, vibration analysis, and plant resource managers are also summarized.
This document summarizes a seminar on the green revolution and the need for a second green revolution. The seminar covered the history and introduction of the original green revolution, including the development of high-yielding varieties, expansion of irrigation, and use of fertilizers and pesticides. Constraints on current agricultural practices and the need for changes were also discussed. The second green revolution would focus on issues like poor irrigation infrastructure, stagnating yields, and rising population through techniques like drought-tolerant crops developed using biotechnology.
This document provides an overview of agricultural mechanization research in Ethiopia. It discusses the establishment of agricultural engineering and mechanization research programs at both the federal and regional levels from the 1970s to present. It outlines the current focus of research, which includes pre-harvest, harvest, and post-harvest technologies. Achievements are highlighted for different time periods, including the development of various farm implements and equipment as well as studies on draft animals, planters, weeders, and small tractors. The document stresses the importance of agricultural mechanization for Ethiopia's predominantly smallholder farmers and the need to increase farm power availability.
Ethanol is produced by fermenting sugars and starches from biomass feedstocks like grains, cellulosic materials, and waste products. The production process involves milling the feedstock, cooking it to produce fermentable sugars, fermenting the sugars with yeast to produce ethanol, distilling the ethanol to increase its concentration, and denaturing the ethanol before blending it with gasoline. Ethanol has benefits as a fuel such as being renewable, having a high octane rating, and being suitable for high compression engines. However, it is not suitable for use in diesel engines due to differences in their combustion processes.
This document provides an overview of agricultural mechanization and tractor operation and maintenance. It discusses:
1) What agricultural mechanization is, including the use of farm machinery from land clearing to processing to maximize production.
2) The importance of farm mechanization for timely production, availability of spare parts, and maintenance for productivity and profits.
3) The different levels of mechanization from human to animal to mechanical power.
4) Proper daily care, operation and safety procedures for tractors, including checking fluid levels, lubricating parts, and following starting and stopping protocols.
5) Attributes of good tractor operators, such as keeping equipment clean, reporting issues, and following maintenance schedules.
The document discusses balance sheets, including how to prepare and analyze them. It provides definitions of key balance sheet elements like assets, liabilities, and equity. It also gives examples of current and fixed assets and current and long-term liabilities. The document includes an example balance sheet for a small tea farm and analyzes financial ratios like working capital, current ratio, and debt-to-equity ratio.
The document is an internship report that provides an overview of a thermal power generating station. It describes the key components of a thermal power station, including the pumping plant, water treatment plant, boiler, turbines (high pressure, medium pressure, low pressure), condenser, reheater, burners, and fans. It explains that thermal power stations produce electricity by heating water to create steam that drives turbines connected to generators. The report also discusses efficiency considerations and provides examples of thermal power plants in Pakistan.
Chambal Fertilisers & Chemicals Limited is one of India's largest private fertilizer producers. It reported its highest ever quarterly and annual financial performance in Q4 FY19 and FY19. Revenue and net profit increased significantly during this period due to the commencement of commercial production from its new urea plant. The company expects to benefit from various government schemes and plans to reduce its debt within the next 1-2 years through cash flows from the new plant. Analysts expect healthy earnings and margin growth going forward as well as improvement in monsoon conditions which would boost the top line.
Reliance Industries reported strong growth in its overall turnover and consumer businesses in the recent quarter. Its retail revenue grew 52% and EBITDA surged 77% due to store expansion and consumer traction. Digital business revenue also grew 10.6% due to a strong subscriber base of 306.7 million. Going forward, the company expects its retail and digital businesses to be the next major growth drivers. It plans to further expand its retail segment and increase market share in telecom to boost profitability.
Rudra Shares Fundamental Call Report- Bodal chemicals ltdAnkurShah108
Volume growth in key products such as SPS, Trion and Thionol Chloride will drive growth for Bodal Chemicals over the next 2-3 years. However, turbulence in China could impact realized growth and put pressure on margins. Significant negative surprises in free cash flow could also put the company's balance sheet at risk given its large recent capital expenditures. The company is pursuing capacity expansions, business integration, new product lines, inorganic growth, and geographical expansion to transform into a fully integrated global dyestuff company.
The document provides an analysis of the Indian fertilizer sector for fiscal year 2013-2014. Some key points:
- Fertilizer demand declined in FY2013 due to a delayed and deficient monsoon as well as price increases, while subsidy delays impacted company profitability.
- The approval of higher domestic gas prices as per the Rangarajan committee's formula will negatively impact the industry by increasing subsidy requirements and reducing profits.
- Equal priority for gas allocation to the power sector may further constrain supply to fertilizers and raise subsidy costs.
- Subsidy rates for non-urea fertilizers were reduced for FY2014 but currency fluctuations could impact import prices.
-
1) Stocks are recommended as buys with target prices, including Ultratech Cement (Rs 8600), SRF (Rs 2800), and Titan (Rs 2900).
2) Company summaries are provided for each stock, highlighting factors such as market leadership, growth drivers, valuation, and earnings outlook.
3) Analysts maintain buy ratings based on factors like market share gains, earnings growth, recent corrections providing good entry points, and attractive valuations.
The document summarizes the key challenges facing India's fertilizer sector. It notes that fertilizer sales volumes declined in FY2014 due to high inventory levels from previous years. Volumes of non-urea fertilizers declined more sharply. El Nino weather patterns also threaten weaker sales in FY2015. International urea prices remain low due to oversupply from China. The new Indian government approved a modest increase in subsidies to boost urea producer profitability but also increase subsidy outflows. The government faces challenges around timely subsidy payments, increasing fertilizer prices, and reforming policies around gas and urea pricing to improve the long-term viability of the industry.
This document discusses India's energy landscape and opportunities for liquid fuels from sugarcane. It notes that India imports a large portion of its energy needs and is seeking to boost domestic production. Sugarcane is discussed as a feedstock for ethanol, butanol, methanol, and hydrogen. The sugar industry has become more integrated as a biorefinery model. Opportunities exist to increase ethanol production to meet blending mandates and fuel demand through increasing sugarcane acreage and yields. Other liquid fuels like butanol and methanol are mentioned as alternatives that can be produced from sugarcane.
This document provides a summary of the agrochemicals industry in India. It discusses key topics like industry overview, Porter's 5 forces analysis, existing policies and their impact, and trends in the industry. India is the 4th largest producer of agrochemicals globally. The industry can be divided into pesticides, seeds, and fertilizers segments. Intensity of rivalry is medium-high due to large market share of top players. Existing policies around gas pricing and subsidy cuts could impact fertilizer manufacturers. Herbicide consumption and strategic alliances are growing trends in the industry.
This document provides an earnings presentation for Grasim Industries Limited for the fourth quarter of fiscal year 2020. It discusses Grasim's response to COVID-19, including ensuring employee safety and maintaining business continuity. Financially, Grasim achieved record consolidated revenue, EBITDA, and PAT for fiscal year 2020 despite challenges from the pandemic. It also reviews performance in key business segments such as viscose, chemicals, and fertilizer.
GAIL (India) Ltd is India's largest state-owned natural gas processing and distribution company. It was established in 1984 as a Central Public Sector Undertaking. GAIL engages in several business segments including natural gas, LPG transmission, petrochemicals, city gas distribution and more. In 2013, GAIL was conferred with Maharatna status, providing it greater financial and operational autonomy. It is a pioneer in India's city gas distribution business and aims to achieve excellence across its diverse energy businesses.
- RCF is a major fertilizer producer in India with two operating units in Mumbai and Raigad district of Maharashtra.
- It is pursuing several expansion projects to increase fertilizer production capacity, including a project to add 12.7 LMT urea capacity at Thal and setting up a 1.27 MMT urea plant in Ghana.
- It aims to have a turnover of Rs. 15,000 crore by the end of India's 12th five-year plan through capacity expansion, revamps, trading activities and new projects.
Rudra Shares International Paper Ltd.- Short Term Call Research ReportAnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
This pre-feasibility report examines the viability of starting an LPG refilling plant in Nigeria. Key points include:
- The LPG market in Nigeria is growing rapidly due to government initiatives to increase consumption from 100,000MT to 1,000,000MT annually.
- A proposed 80-ton storage facility with 5-ton daily filling capacity requires $61 million startup capital and is projected to be profitable within 2 years.
- LPG represents an attractive investment opportunity given Nigeria's large untapped market and need to transition from firewood and kerosene.
Activities in oil and gas industry,Top 10 oil and gas companies in India, contribution to India's GDP,oil supply and Demand in India, challenges for the oil and gas industry, Investment and FDI.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
Exclusive report on budget 2015 16 by epic research private limitedEpic Research Limited
Epic Research Private Limited Budget Simplified Version of the Union Budget 2015-16. This report includes all the highlights and overview of the union budget as well as Railway Budget of India.
ONGC is an Indian state-owned oil and gas company that produces around 77% of India's crude oil and 81% of its natural gas. It has significant infrastructure including over 15,000 km of pipelines. ONGC focuses on exploring for and producing oil and gas both domestically and through international subsidiaries. It aims to increase oil and gas production capacity to meet India's growing demand and reduce reliance on imports.
The key Indian indices opened higher supported by strong Asian markets and quarterly results. Gains were trimmed in the afternoon but markets recovered on buying in metal, realty and auto stocks. The Sensex and Nifty ended up 0.7%.
IVRCL won its first international contracts worth $440 million in Saudi Arabia and Nepal, diversifying geographically. BGR Energy won a $490 million contract in India. Allcargo Global acquired controlling stakes in Hong Kong logistics firms, expecting to boost earnings. Market sentiment was positive supported by company results and deals.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Positional Call Report which will brief about Kaveri Seeds Company Ltd.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Positional Call Report which will brief about
Astron Paper Ltd
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Positional Call Report which will brief about
Ipca Laboratories Ltd.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 225 business partners. Rudra Shares Fundamental Call Report which will brief about Fundamental coverage of CADILA Healthcare Ltd
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in India, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners. Rudra Shares Fundamental Call Report which will brief about fundamenent coverage of DFM Foods Pvt Ltd.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Rudra Shares Fundamental Report Insecticides india ltd (update) Wonderla l...AnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
Rudra Shares Fundamental Report Insecticides india ltd (update)AnkurShah108
The best stock broker and share broker in India, Rudra Shares & Stock Brokers Ltd. is member of all the leading Equity & commodity exchanges in india, dealing in stocks, shares, commodity & currency serving clientele in 18 states through 175 business partners.
LIC Housing Finance reported strong results for Q4 FY19, with revenue growing 20% and PAT up 17%. The company is guided to grow disbursements by over 15% in FY20. Key strengths that differentiate LIC Housing include a retail loan book composition of 93%, low loan to value ratio of 46%, and 93% of loans having floating interest rates. The analyst values LIC Housing at Rs. 535 per share in the medium term, offering an upside of 12% from current levels.
The document discusses the performance of Federal Bank. It notes that the bank continues to enjoy a strong retail franchise and saw healthy growth in non-interest income. While asset quality improved with a drop in slippages, the bank remains cautious about growing loans in the current macro environment. The bank aims to improve return ratios through higher productivity and maintaining credit costs.
ESAB India has been able to manage volatility in its major raw material of steel due to its leading position in the domestic market. It has stable profitability and cash flows that allow it to price competitively and gain market share. The company is also focused on growing its services segment to offset impacts in its manufacturing segment.
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The document discusses Deepak Fertilisers Limited, an Indian company that produces fertilizers and chemicals. It notes that the company's TAN business performed well but other divisions like crop nutrition faced challenges from high raw material prices. The company's new greenfield plant in Dahej, Gujarat started commercial production and is expected to boost performance. The document recommends buying shares of Deepak Fertilisers Limited based on its expansion plans, new plant, and expected benefits from lower raw material prices.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
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South Dakota State University degree offer diploma Transcriptynfqplhm
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
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1. www.rudrashares.com 1
The company is eyeing a sales turnover of ` 13,500 crore in
FY20 on the back of strong performance of its non-urea
business, which is 10 % higher than previous year. High ca-
pacity utilization and energy savings soared operational revenue to
`12245 crore during FY 19 accompanied its highest-ever urea pro-
duction of 38.59 LMT with 119.46 % capacity utilization and biggest-
ever total fertilizers sale of 48.95 LMT in FY19, a jump of more than
14% over the previous year .
A significant booster to this year’s fertilizer sale remained the
biggest ever share of complex fertilizers like DAP and NPK, a
quantum jump of 152 % at 9.89 LMT.
LEAD RATIONALE
BUY | CMP 39| TARGET 57 | POTENTIAL UPSIDE 46%
03 JUNE 2019
FUNDAMENTAL COVERAGE
RUDRA SHARES &
STOCK BROKERS LTD
NATIONAL FERTILIZERS LTD
Index Detail
Sensex 40267.62
Nifty 12088.55
Index S&P BSE Small
M.Cap (` in cr) 1913.26
Equity ( ` in cr) 490.58
52 wk H/L ` 55.25/30.70
Face Value ` 10.00
Div. Yield 2.77%
NSE Code NFL
BSE Code 523630
Stock Data
P/E 6.39
EV/EBITDA 11.19
P/BV 0.86
RONW(%) 13%
Valuation Data
Additionally, company invested an estimated `675 crore on en-
ergy saving projects at its Nangal, Bathinda and Panipat units, and
is likely to be completed by November 2019. Besides, NFL is reviv-
ing a closed urea plant at Ramagundam in a JV with EIL,
FCIL and the state government at an estimated cost of ` 5,920 crore.
The plant is expected to produce 3,850 MTPD of urea and 2,200
MTPD of ammonia per day, and is likely to be completed by De-
cember 2019 and is expected to produce 13 LMT of fertilizers an-
nually. After the commissioning of plant, NFL will become the
largest indigenous Urea player in the country.
Company’s borrowing went up due to an increase in subsidy receivables, currently, the com-
pany had a subsidy outstanding of around ` 5,000 crores as on March 31 and borrowing was needed
to finance it. Interestingly, subsidy inflow has started in April 2019 and it will help to bringing
down the borrowing levels as well.
Fertilizer companies have seen a decline in their power consumption costs mainly due to the intro-
duction of pooling of gas mechanism which has facilitated delivery of gas at similar prices to all
manufacturers. Furthermore, lower cost and adequate availability of natural gas have also al-
lowed company to produce beyond reassessed capacities resulting in higher production and
revenues.
2. www.rudrashares.com 2
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NATIONAL FERTILIZERS LTD
Industry Outlook - Government Initiatives, Direct Subsidy Transfer to Revive
the Space
Government of India is targeting a doubling of farmer’s income by 2022 on the back of strong
agricultural growth, developing of technology backed markets, direct subsidy transfers and re-
forms in fertilizer space.
In lieu of improving the conditions of the farmers, the government has come out with various re-
forms such as, DBT (direct benefit transfer) subsidy with the help of POS (Point of sale) machines.
As of yet, the DBT was given to fertilizer companies, which would then sell to farmers through
POS. Government budgeted around ` 70079.85 crore for fertilizer subsidies for the FY19, but
sources said nearly half of the money was used to settle dues from the previous year. Still the out-
standing is around ` 15000 crore, down from ` 30,000 crore due to the non-availability of funds,
which is quite evident due to lower tax collections. However, on an average, the DBT scheme has
worked out well, as 55 million tones of nutrients have been sold to around 138 million farmers
through around 2 lakh POS machines.
Already, higher allocation has been pegged for this sector with fertilizer subsidy pegged at ` 74986
crore for FY20 (interim budget). And we expect that government would work on subsidy delays
for companies hovering with higher working capital borrowings and that the particular
amount would be paid well on time, unlike in previous years.
Further, a Nutrient Based Subsidy scheme was implemented for P&K fertilizers, prescribing sub-
sidy based on nutrient component present in it and also to save the farmers from the impact of an
increase in international prices. This is extended for the upcoming year as well. In addition, the
new investment policy initiated in 2015 is aimed at promoting the production of urea, and as a re-
sult, three new fertilizer plants are in line. Further, it is expected to reduce the import burden
of urea by FY21, making India self reliant.
By 2020, the global fertilizer industry is expected invested $130 billion in expanding capacity
by over 150 million tones. The capacity expansion is in line with the expectation of global de-
mand which should prevent any run-offs in the international Urea prices. Declining consumption,
scaling back of ammonia capacities in China has resulted in lower demand for input materi-
als, natural gas. This should help the existing players with lower input, energy costs.
3. www.rudrashares.com 3
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RUDRA SHARES &
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NATIONAL FERTILIZERS LTD
Projects and Other Activities status
Commercial production of Bentonite Sulphur Plant at Panipat with annual capacity of
25000 MT declared w.e.f. 20.09.2018
Company has contributed `273.69 crore towards equity in its JV Company (RFCL) out of total
requirement ` 396 crore.
Energy saving scheme at Nangal, Bathinda and Panipat units at an estimated cost of `675
crore has been taken up and likely to be completed by 30.11.2019.
Energy saving schemes at Vijaipur I & II with capex of `235 crore. TEFR finalized and different
Capex schemes are under execution at units.
Hyderabad Zonal office of marketing has become fully operational w.e.f. 01.04.2019.
Seed processing plant at 3 locations i.e. Panipat, Bathinda & Indore with capacity of 2 TPH
(Tone Per Hour) for each plant are being set up.
New products being procured for trading like Calcium Nitrate and Water Soluble Fertiliz-
ers (19:19:19).
Setting up of Agro-chemical manufacturing facility at Bathinda plant.
Company issued tender for System Integrator for implementation of ERP which is likely to
be completed in 2020-21.
An Eye on Quarterly Numbers:
Company has earned PBT of ` 119.65 crore during Q4 FY19 as against ` 104.24 crore during
CPLY i.e. an increase in profit by ` 15.41crore (14.78%), mainly due to ; increase in contribu-
tion from Urea (mainly due to higher contribution from sale of urea be beyond RAC during
the current year as compared to CPLY), increase in profitability from traded goods, de-
crease in selling expenses (net of higher under-recovery of freight expenditure through
freight subsidy), and Increase in interest income on Income tax refund.
4. www.rudrashares.com 4
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RUDRA SHARES &
STOCK BROKERS LTD
NATIONAL FERTILIZERS LTD
However, the increase was partially off-set by:
Reduction in energy norms (2% penalty at all units except Vijaipur-II unit and reduction in en-
ergy norm to 5.50 Gcal/MT for VP-II) for the FY 2018-19 pursuant to DoF notification dated
28.03.2018.
Decrease in profitability from urea due to higher gas pool credit during CPLY (net of higher past
period subsidy during current year as compared to CPLY)
Increase in depreciation charge mainly on account of capitalization of assets in respect of AFCP
Nangal unit, Bentonite Sulphur Plant at Panipat Unit and LED lightings etc.
Higher profit from one-time sale of assets during CPLY (mainly due to profit from sale of re-
dundant front end of Ammonia Plant in CPLY)
Increase in energy consumption at Nangal and Panipat units (net of saving in energy consump-
tion at Bathinda, Vijaipur I & II units)
Decrease in contribution from Industrial products.
Sale Breakup All Fertilizers (% sale)
5. www.rudrashares.com 5
FUNDAMENTAL COVERAGE
RUDRA SHARES &
STOCK BROKERS LTD
NATIONAL FERTILIZERS LTD
Particulars Q4 FY 19 Q4 FY 18 Variation %
Revenue 3088.14 2099.74 47.07
EBITDA 252.55 168.26 50.10
PBT 119.65 104.24 14.78
PAT 80.88 67.68 19.50
EPS 1.65 1.38 19.57
Key Financials (` in crores)
EV 9860.36
Net Worth 2213.80
BV 45.13
EPS(TTM) 6.10
Key Financial Data
` In crores except EPS
SEGMENT WISE REVENUE AND RESULTS (` in Crores)
6. www.rudrashares.com 6
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RUDRA SHARES &
STOCK BROKERS LTD
NATIONAL FERTILIZERS LTD
Leverage of existing marketing network for un-
dertaking trading and other businesses.
Opportunity for New Investments abroad in
NPK.
Scaling up of production & sale of certified
seeds.
Scope for Increase in capacity utilization of Ni-
tric Acid & Ammonium Nitrate Plants at Nan-
gal.
Manufacturing of Customized, Fortified, Water
Soluble & Liquid Fertilizers for balanced fer-
tilization.
Manufacturing of Agro Chemicals.
Manufacturing Di-Nitrogen Tetroxide for ISRO
Opportunities
Lower international price of Urea restricting ad-
ditional production.
Inadequate subsidy budget of the Government.
Increased Government regulations & procedures.
Strict energy norms w.e.f. 2020-21 under NUP-
2015.
Inadequate availability of domestic natural gas.
Adverse demand supply scenario of Fertilizers
due to adverse agro Climatic condition.
Volatility in prices of Industrial Products.
Decontrol of Urea.
Threats
Outlook and Recommendation
Company’s ability to maintain an adequate level of cash to meet upcoming liabilities is a good
sign for its financial health; implies that NFL manages its cash and cost levels well, which is a key
determinant for its future growth.
Moreover, implementation of NBS Policy by the Government of India few years back has opened
new business avenues and company has grabbed this opportunity with rapid expansion of its DAP
and MOP business. Supported by the new initiatives, improved government policies, falling
fertilizer prices, reduction in raw material prices, GoI’s Urea policy and initiatives for higher
domestic production, pilot projects towards targeting of direct subsidy transfer, favorable
gas prices and availability have revived the sector & would definitely lead to improved prof-
itability & margins for NFL in years ahead.
We recommend to BUY this script.
8. www.rudrashares.com 8
Disclosures :
Business Activity :
Rudra Shares & Stock Brokers Limited is engaged in the business of providing broking services & distribu-
tion of various financial products. RUDRA is also registered as a Research Analyst under SEBI(Research
Analyst) Regulations, 2014. SEBI Reg. No. INH100002524.
Disciplinary History :
There has been no instance of any Disciplinary action, penalty etc. levied/passed by any regula-
tion/administrative agencies against RUDRA and its Directors. Pursuant to SEBI inspection of books and
records of Rudra, as a Stock Broker, SEBI has not issued any Administrative warning to Rudra.
Terms & Conditions of issuance of Research Report:
The Research report is issued to the registered clients. The Research Report is based on the facts, figures
and information that are considered true, correct and reliable. The information is obtained from publicly
available media or other sources believed to be reliable. The report is prepared solely for informational pur-
pose and does not constitute an offer document or solicitation to buy or sell or subscribe for securities or
other financial instruments for clients.
Disclosures with regard to ownership and material conflicts of interest :
Rudra or its research analysts, or his/her relative or associate has any direct or
Indirect financial interest in the subject company. NO
Rudra or its research analysts, or his/her relative or associate has any other
material conflict of interest at time of publication of the research report. NO
Rudra or its research analysts, or his/her relative or associates have actual
ownership of one per cent or more securities of the subject company. NO
Disclosures with regard to receipt of compensation :
Rudra or its associates have received any compensation from the subject
company in the past twelve months. NO
Rudra or its associates have managed or co-managed public offering of
securities for the subject in the past twelve months. NO
Rudra or its associates have received any compensation or other benefits
from the subject company or third party in connection with the
research report . NO
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Other Disclosures:
The research analyst has served as an officer,director,employee of the
subject company. NO
Rudra or its research analyst has been engaged in market making activity
for the subject company. NO
Rudra or its or associates have received any compensation from the
subject company in the past twelve months. NO
Disclaimers:
This Research Report (hereinafter called report) has been prepared and presented by RUDRA SHARES & STOCK
BROKERS LIMITED, which does not constitute any offer or advice to sell or does solicitation to buy any securities.
The information presented in this report, are for the intended recipients only. Further, the intended recipients are ad-
vised to exercise restraint in placing any dependence on this report, as the sender, Rudra Shares & Stock Brokers
Limited, neither guarantees the accuracy of any information contained herein nor assumes any responsibility in rela-
tion to losses arising from the errors of fact, opinion or the dependence placed on the same.
Despite the information in this document has been previewed on the basis of publicly available information, internal
data , personal views of the research analyst(s)and other reliable sources, believed to be true, we do not represent it as
accurate, complete or exhaustive. It should not be relied on as such, as this document is for general guidance only.
Besides this, the research analyst(s) are bound by stringent internal regulations and legal and statutory requirements
of the Securities and Exchange Board of India( SEBI) and the analysts' compensation was, is, or will be not directly
or indirectly related with the other companies and/or entities of Rudra Shares & Stock Brokers Ltd and have no bear-
ing whatsoever on any recommendation, that they have given in the research report. Rudra Shares & Stock Brokers
Ltd or any of its affiliates/group companies shall not be in any way responsible for any such loss or damage that may
arise to any person from any inadvertent error in the information contained in this report. Rudra Shares & Stock Bro-
kers Ltd has not independently verified all the information, which has been obtained by the company for analysis
purpose, from publicly available media or other sources believed to be reliable. Accordingly, we neither testify nor
make any representation or warranty, express or implied, of the accuracy, contents or data contained within this
document. Rudra Share & Stock Brokers Ltd and its affiliates are engaged in investment advisory, stock broking,
retail & HNI and other financial services. Details of affiliates are available on our website i.e. www.rudrashares.com.
We hereby declare, that the information herein may change any time due to the volatile market conditions, therefore,
it is advised to use own discretion and judgment while entering into any transactions, whatsoever.
Individuals employed as research analyst by Rudra Shares & Stock Brokers Ltd or their associates are not allowed to
deal or trade in securities, within thirty days before and five days after the publication of a research report as pre-
scribed under SEBI Research Analyst Regulations.
Subject to the restrictions mentioned in above paragraph, we and our affiliates, officers, directors, employees and
their relative may: (a) from time to time, have long or short positions acting as a principal in, and buy or sell the secu-
rities or derivatives thereof, of Company mentioned herein or (b) be engaged in any other transaction involving such
securities and earn brokerage or profits.
FUNDAMENTAL COVERAGE
RUDRA SHARES &
STOCK BROKERS LTD
NATIONAL FERTILIZERS LTD