Gujarat Fluorochemicals Ltd


BSE: 500173 | NSE: GUJFLUORO | ISIN: INE538A01037 
Market Cap: [Rs.Cr.] 3,474 | Face Value: [Rs.] 1
Industry: Chemicals

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Company Profile

Gujarat Fluorochemicals Ltd is an India-based company and is a part of Inox group of companies. The company is the largest manufacturer of refrigerant gases used in air conditioners, refrigerators and cooling plants. The company operated in two segments, namely chemicals and power. Chemicals comprise of chlorofluorocarbons, hydro fluorocarbons, anhydrous hydrochloric acid, caustic-chlorine, chloromethane, PTFE and revenue from carbon credits, and Power comprises of power generation. They also operate and manage multiplex entertainment centers. Their subsidiaries include Inox Leisure Ltd and Inox Infrastructure Pvt Ltd. Gujarat Fluorochemicals Ltd, a public limited company was incorporated in the year 1987, primarily to manufacture refrigerants in India. The company was jointly promoted by Industrial Oxygen Company along with its subsidiary and the Gujarat Industrial Investment Corporation. Over time, they have diversified into other businesses like PTFE, Chemicals, Carbon Trading and Family entertainment (Multiplexes) through their subsidiary. The company commenced their commercial operations in the year 1989. The company entered into a technical collaboration with Stauffer Chemicals, Pennwalt Corporation and Stearns Catalytic Corporation, USA and commissioned a plant near Vadodara. In October 1988, the company came out with a public issue of 39.20 lakh shares at par, aggregating Rs 3.92 crore. The amount is utilized for setting up a plant to manufacture chloro-fluorocarbon refrigerant gases and hydrofluoric acid in Panchmahal, Gujarat. In the year 1998-99, the company diversified in Entertainment business by setting up a national chain of multiplexes, with the help of Mckinsey & Co Inc, a leading international management consultancy organisation specializing in corporate strategy. In the year 2000-01, the company entered into IT-enabled services business, by setting up a 150 seat call centre / remote transaction facility. During the year 2004-05, the company installed a new unit for manufacturing anhydrous hydrochloric acid with a capacity of 5000 MT. In October 2005, the company sub-divided their equity share face value from Rs.10/- per share to Rs.2/- per share. In February 2006, the company implemented a Clean Development Mechanism Project, which involves reduction of green house gas emissions by the thermal oxidation of HFC23, a waste product generated at their refrigerant gas plant at Ranjitnagar in Gujarat. In the process, the company was issued Carbon Credits by the UNFCCC, which they trade in the international markets. In April 2007, the company set up a new wind farm project at a capacity of 23.1 MW at Panchgini in Maharashtra, at a total cost of approximately Rs 1.60 billion. During the year 2007-08, the company set up a chemical complex at an industrial plot allotted to them at Dahej in Gujarat. The chemical complex comprises of a 30 MW captive power plant, a 54,000 tpa caustic soda and chlorine plant, a 41,630 tpa chloromethane plant and a 5,500 tpa poly tetra fluoro ethane (PTFE) plant. The PTFE plant is the largest in the country. During the year, the company entered into an agreement for formation of a joint venture company in the People's Republic of China which will be engaged in the business of manufacture of anhydrous hydrogen fluoride and allied activities. From July 1, 2008, Inox infrastructure Pvt Ltd became the wholly owned subsidiary of the company by issuing 5,00,00,000 equity shares of Rs.10/- each to the company. In February 2008, the company entered into an agreement to divest their stake in Inox Global Services Ltd, an associate company. The company has decided to invest in the wind energy business. They have commissioned wind farms of around 55 MW of capacity in the past two years.

Peer Comparison

Company Market Cap
(Rs. in Cr.)
P/E (TTM)
(x)
P/BV (TTM)
(x)
EV/EBIDTA
(x)
ROE
(%)
ROCE
(%)
D/E
(x)
Pidilite Inds. 16,477.53 34.34 9.51 19.58 29.7 36.6 0.10
Castrol India 14,866.51 30.12 29.50 20.39 71.4 104.3 0.00
Godrej Inds. 10,514.57 186.55 6.50 56.01 2.7 4.8 0.50
Guj Fluorochem 3,473.94 28.61 1.39 5.44 17.2 20.8 0.37
BASF India 3,438.31 24.30 3.01 11.60 10.4 12.8 0.26
Linde India 2,772.45 246.29 1.94 15.35 4.1 4.0 0.75
Clariant Chemica 1,897.39 22.63 3.30 6.48 15.2 19.8 0.00
Solar Inds. 1,795.16 20.09 4.54 17.76 25.2 20.7 0.70
Micro Inks 1,584.47 11.78 1.98 0.00 18.5 25.5 0.38
Gulf Oil Corpn. 1,164.02 22.32 2.70 6.31 12.7 13.7 0.66
Aarti Inds. 1,068.96 7.61 1.58 4.11 22.1 18.3 1.24
Tide Water Oil 707.82 10.06 2.00 5.43 19.1 26.6 0.00
Elantas Beck 511.45 16.11 4.72 21.75 15.1 19.7 0.00
Deepak Nitrite 489.58 15.36 1.75 7.35 12.9 10.2 1.14
Wimco 482.78 165.32 67.43 0.00 6.8 1.9 0.05

Futures & Options Quote

 
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Open Interest: NA
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Option Type: NA
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Previous Close: NA
Day’s High | Low: NA | NA
Turnover (Cr.): NA
Open Int. Change: NA | NA
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Key Information

Key Executives:

D K Jain , Chairman  

Shailendra Swarup , Director  

Pavan Jain , Director  

Vivek Jain , Managing Director  


Company Head Office / Quarters:
Survey No 16/3 26 & 27,
Ranjitnagar Ghoghamba Taluka,
Panch Mahal,
Gujarat-389380
Phone : 91-02678-248153/248152/248107
Fax : 91-02678-248153
E-mail : bvdesai@gfl.co.in
Web : http://www.gfl.co.in
Registrars:
Link Intime India Pvt Ltd
B-102&103 Shangrila
Complex First Floor
Akota
Vadodara - 390 020

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