NOCIL Limited Company Analysis

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OVERVIEW

Let’s understand the NOCIL Limited Company Analysis and dig deeper into it.

NOCIL is a part of the Arvind Mafatlal Group of industries, a well known business house of India having diversified business interests.

NOCIL commenced rubber chemical production in the year 1975. Situated in a designated chemical zone about 40 km away from Mumbai city. NOCIL’s involvement in the rubber chemicals business span over 4 decades. NOCIL is one of the few players in this business to offer wide range of rubber chemicals to suit the customer needs.

Due to its rich experience and offering a one stop shop to customers, NOCIL is today acknowledged as a dependable supplier of rubber chemicals.

Globally NOCIL is recognized for its technical capabilities and on this aspect alone, NOCIL enjoys an edge over other players in this business. NOCIL today is the largest rubber chemical manufacturer in India.

Its brands PILFLEX Antidegradants, PILNOX Antioxidants, PILCURE Accelerators, Post Vulcanization Stabilizer and PILGARD Pre Vulcanization Inhibitor are well recognized in both domestic as well as international markets. NOCIL has set up new manufacturing facility at Dahej in Gujarat, with a much improved process technology to strengthen its position in the field of rubber chemicals.

The Dahej facility has started its commercial operation in FY2012-13. Another plant of NOCIL is at Navi Mumbai. The manufacturing facilities is fully automated through PLC/DCS controls not only to ensure quality and consistency but also built in safety features to ensure safety of all operations.

NOCIL has its research and development center at its Dahej plant. NOCIL also has patents to its honour for scientific development in the field of rubber chemicals. NOCIL product portfolio encompasses the gamut of all 22 varieties of rubber chemicals, making NOCIL a one stop shop for its customer.

The tyre industry is the largest end user consumer for rubber chemicals and the growth in this space largely depends on the auto industry. Against this backdrop, NOCIL enjoys the advantage of long term business relationships with tyre majors not only in India, but also globally.

Industries Catered: Tyres, moulded components for vehicles, industrial belts, gloves and other latex applications, hoses, footwear, active pharmaceutical ingredients.

With its technical capabilities being recognized globally, exports contributes to about 35% to NOCIL’s topline currently. Even during the difficult times of the pandemic, NOCIL dispatched goods to meet export commitments. Indian rubber chemical market came up to US$ 288 million for the FY18 and is expected to rise at a CAGR of 7.5% reaching US$ 443 million by the year 2023. Approx 80% of the rubber produces is consumed by the tyre industry in India and rest by other rubber products manufacturers.

TYPES OF RUBBER CHEMICALS:

Rubber chemicals are divided into different types based on product segments like anti-degradants, flame retardants, accelerators, processing aid/promoters and others.

1) Anti-Degradant Rubber Chemicals:

Anti-Degradant is mixed with natural rubber during vulcanization to improve its quality to get better results, increase tensile strength, better finishing, and high resistance from heat. These rubber chemicals help in deterring the ageing and inhibit degradation due to oxygen attack of rubber products, helping to improve product life. It is the largest segment with 55% market share globally.

2) Accelerator rubber chemicals:

Accelerators are used in combination with sulfur, zinc oxide, and stearic acid during vulcanization process to improve its effectiveness. These rubber chemicals basically help to increase the speed of vulcanization.

3) Flame Retardants and Other Rubber Chemicals:

Flame Retardants help to prevent the rubber from flaming incidents and heat. Additionally, flame retardants also help in preventing rubber from moisture, dust and heat. Other rubber chemicals are used for pre-vulcanization inhibition, post vulcanization stabilization, latex based applications, etc.

Global Chemical Rubber Consumption:

Rubber consumption globally reached 290 lakh tonnes, growing at 2.2% CAGR. The growth was futed in 2019, and de-growth is visible in 2020.

Global Rubber Consumption (Natural + Synthetic) in lakh tonnes:

Year

Consumption

Total Consumption till 2013

255.4

2014

6.1

2015

4.5

2016

8.6

2017

9.3

2018

8.0

2019

7.0

Total

298.9

Global Rubber Consumption is mainly for tyre manufacturing, as can be seen in the table below:

Products

Global Rubber Consumption (%)

Car Tyres

61

Other Tyres

9

Boots

10

Tube/Tape

6

Latex

4

Other Products

10

For every 100 tonnes of tyre, 6 tonnes of weight is of rubber chemicals. Rubber chemicals accounts for 3% of total tyre cost. However rubber chemicals are important raw material for the tyre, and hence tyre companies cannot compromise on the quality.

Breakup Of Tyre Raw Material (%):

Raw Material

Percentage

Rubber

55-60

Fabrics

15

Carbon Black

10-12

Rubber Chemicals

3-4

Others

15

Global rubber chemical industry was valued at US$4.8 billion in 2019 and is expected to reach US$5.31 billion by 2025. Global rubber chemical demand is of 1.0 to 1.1 million tonnes.

Top Global Rubber Chemical Companies are:

Company

Capacity (MT)

China Sunshine Chemicals

1,72,000 (Expanding to 1,92,000)

Lanxess

1,35,000

Eastman

75,000

NOCIL Ltd

73,000 (Expanding to 1,10,000)

Tainjin Kemai

51,000

Yanggu Huatai

30,000

Indian rubber chemical demand is of 70,000 -75,000 MT.

Indian Rubber Chemical Supply Breakup is as follows:

Indian Rubber Chemical Supply Breakup

Percentage

NOCIL

45

Imports

45

Other Domestic Players

10

Shift towards Radialization:

In India, only passenger cars have high radicalization of tyres.

Radialisation by vehicle types in India is as follows:

Vehicles

Radial Tyres (%)

Truck & Buses

36

Light Commercial Vehicles

40

Passenger Cars

98

Weight of radial tyres generally costs 20% – 30% more than that of bias tyres. This will lead to high rubber chemical consumption in radial tyres compared to bias tyres. This will further increases the demand as radialisation of tyres increases.

Radialisation of truck and bus, light commercial vehicles has improved over last two years and is expected to improve further as commercial vehicle OEM’s have started using radial technology.

Indian tyre industry was expected to grow at 7-9% between 2019-2023. The tyre companies were expected to do a capex of Rs 20,000 cr in FY19-23 period, which will further increase the demand for rubber chemicals in future. However, the expected growth and capex plans might be delayed due to the coronavirus pandemic impact.

Rubber Chemical companies prefer volume growth and increasing capacity utilization over margins. The price trends in the market have been decline and NOCIL did not want to stop supply due to pricing situation.

With its capacities that has been scheduled to be doubled, as a strategy NOCIL aggressively are pushing volumes in the market.

Further NOCIL is consciously looking at sales from all its 22 products and it would utilize its capacities so that the productions and sales are optimized. The strategy have a temporary impact on its margins, but it falls in line with its long term strategy to expand NOCIL’s sales substantially in view of the expanded capacities coming the board shortly.

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Gross Margin of NOCIL and Sunshine (%):

Company

FY2015

FY2016

FY2017

FY2018

FY2019

NOCIL

46

50

52

55

56

China Sunshine

26

27

29

34

29

Additionally, with 50% plus gross margins, the company like NOCIL actually can afford temporary drop in realization to maintain/gain market share.

Volume Growth for both the companies are as follows (MT):

Company

FY2014

FY2019

CAGR FY14-19 (%)

NOCIL

37,333

60,898

10.3

China Sunshine

1,08,973

1,67,455

9.0

Despite being bad demand for tyres NOCIL volume increase by 10.3% CAGR between 2014-2019.

India tyre market reached a consumption volume of 185 million units in 2019. India represents the fourth largest market for tyres in the world after China, Europe and the United states.

In, India the market is currently being driven by increasing radicalization of tyres especially in buses and trucks.

Moreover, the tyre industry consists of a vast consume base, they are used in all types of vehicles which include passenger cars, buses, military vehicles, motorcycles, trucks, etc. The demand of tyres is primarily catalyzed from two end user segments OEM’s and the replacement segment.

The replacement market currently dominates the tyre market accounting for most of the total sales trend, whereas the replacement market is linked to the usage patterns and replacement cycles. The market is primarily driven by population explosion, increasing middle class population and the inflating disposable income levels will facilitate the uptake of automobiles in the country.

There has also been a considerable increase in the passenger and public transport vehicle fleets in India. This, along with improvement in road infrastructure and the growing demand for high quality tyres with enhanced durability and reliability, is acting as a major growth inducing factor. Moreover, automobile tyres with improved sidewall puncture resistance and high design cushion for minimizing road shock are gaining widespread among the masses.

The market is further driven by the growing popularity of electric vehicles in India. The tyre market in India is expected to reach a volume of 245 million units by 2025, growing at a CAGR of 4.8% during 2020-2025.

Over the recent years, India has emerge as one of the leading manufacturing and consumption hub for off highway vehicle tyre, primarily in the agriculture and mining segments.

The growth of off highway vehicle tyres is backed up by rising spending in construction and mining sector. Major demand driving vehicle categories include tractors and earth moving equipments such as loaders, excavators, etc.

Adoption rate of tractors in agriculture sector has been increasing to support the rising crop demand on account of increasing population in India. Growing use of earth movers for infrastructure development projects across the country is expected to boost demand for off highway vehicle tyres.

The Indian off highway vehicle tyre market is projected to grow at 15% during 2020-2025.

India is now the fifth biggest passenger car market, world’s biggest motorcycle market and third biggest commercial vehicle market.

There are more than 250 million scooters/motorcycles on Indian roads, 40 million cars and 10 million commercial vehicles on Indian roads. Due to very high vehicle PARC, the OE demand is 1/3rd of replacement in Indian tyre market. The Indian tyre market size is estimated at US$9-US$9.5 billion annually, exports make up for less than 20% of overall industry revenue.

Annual Car Sales in India (M Units)- FY2004-19:

Year

Sales

2004

0.9

2007

1.5

2010

2.3

2013

2.5

2016

2.9

2019

2.9

2.6% CAGR in past 9 years.

The capex allocation for Apollo tires is expected to be Rs 2,300 cr in FY20 and Rs 1,700 in FY21. In FY20 CEAT, MRF and Apollo have committed capex to the tune of US$ 800 million, which is a significant number when the auto industry in the country is battling severe slowdown across all segments.

Indian tyre industry is an integral part of the auto sector. it contributes to 3% of the manufacturing GDP of India and 5% of the total GDP directly. Indian Tyre industry has almost doubled from Rs 30,000 crores in 2011 to Rs 59,500 crores in 2019. The segmentation of tyres can be divided in two ways based on end market and based on product.

Replacement, OEMs & Exports:

Year

Replacement

OEM,s + Exports

2011-12

62%

38%

2019-20

70%

30%

Indian Tyre market is clearly skewed towards the replacement segment which contributes 70% of total revenues. Whereas in volume (tonnage) terms the replacement segment contributes 60% indicating realizations in the after market are clearly higher than OEM’s.

Truck & Bus (T&B), Passenger Vehicle (PV), 2/3 –wheeler, off highway tyres (OHT) and others:

Vehicles

Global

India

Truck &bus

28%

55%

Passenger Vehicle

58%

22%

2/3 Wheeler

14%

13%

Off High Tyres & Others

7%

10%

Raw materials required to produce tyres:

Raw Materials

Percentage

Natural Rubber

47

Carbon Black

24

Nylon Tyre Cord Fiber

11

Styrene Butadiene Rubber

5

Poly Butadiene Rubber

5

Chemicals

5

Other

3

Tyre industry is known for its capital intensive structure where 60% to 65% of the revenues is raw material cost.

Raw Material cost (%):

Raw Material

Cost Percentage

Natural Rubber

35-45

Synthetic Rubber

15-20

Other Crude Derivatives

25-30

Others

10-25

Capacity Expansion Plans:

The Indian tyre industry is expected to see significant capacity expansion in the upcoming two to three years. All major players in the industry have announced their plans

1) MRF: MRF has announced to set up new facality in Gujarat where it plans to spend Rs 4,500 crores over next few years.

2) Apollo Tyres: Apollo tyres laid the foundation for their fifth Indian facality in Andhra Pradesh which they will manufacture passenger vehicle tyres. The company is spending Rs 1,800 crores in the first phase of the project. The facility is expected to commence operation in short period of time. Apollo is also planning to expand itd T&B capacity at the Chennai plant which is expected to commence operation shortly.

3)CEAT: CEAT has announced a capex of Rs 3,000 to 4,000 crores over next 4-5 years. The company is entering into off highway tyre segment with a new facility in Amber Nath. It has also plans to expand it T&B and 2/3 wheeler capacity by brown field expansion at Halol and Nagpur plant.

4) Balkrishna Industries: The company is spending Rs 500 crores in its domestic Waluj plant which will generate incremental capacity of 5,000 tonnes every years. Balkrishna also plans to set up 1,40,000 tonnes/year carbon black facility

All this will help NOCIL since rubber chemicals will be required by these companies.

Tyre industry is integral part of auto industry. OEM tyre demand is directly related to auto production. As per automotive mission plan 2026 the Indian Automotive Industry is expected to grow 3.5 to 4 times in value from its output of Rs 4.64 lakh crores in 2016 to Rs 26.16 to Rs 18.88 lakh crores in 2026 with an average growth rate of 6%

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Global Tyre Investments:

Countries

Percentage

China

19

Thailand

8

India

6

Vietnam

5

Indonesia

2

Rest Of Asia

6

North America

27

Europe

17

Africa/Middle East

9

South America

1

Total Asia contributes 46% investments.

The global demand for tyres attained almost 3249 million units. It is projected to grow at CAGR of 4% between 2020-2025 and is expected to reach a volume of 4201 million units in 2025.The global advanced tyre market is expected to valued at US$248.7 million in 2020 and is projected to reach US$1,349.7 million by 2030, registering a CAGR of 18.4% from 2020 to 2030.

Asia – Pacific will account for the highest share in 2020 and is expected to be the highest contributor to the global market in terms of revenue. Advanced tyres are made up of various combination of different types of materials. Generally advanced tyres are airless and has no chance of being punctured.

India become the fifth largest auto market in 2019 with sales reaching to 3.81 million units. It was the seventh largest manufacturer of commercial vehicles in 2019.

Domestic automobiles production increased at 2.36% CAGR between 2016-2020 with 26.36 million vehicles being manufactured in the country in FY20. Overall, domestic automobiles sales increased at 1.29% CAGR between FY2016 – FY2020 with 21.55 million vehicles being sold in FY20.

Overall, automobile exports reached 4.77 million vehicles in FY20, growing at a CAGR of 6.94% during FY2016 – FY2020. Two wheelers made up 73.9% of the vehicles exported followed by passenger vehicles at 14.2%, three wheelers at 10.5% and commercial vehicles at 1.3%.

Market Size:

Number of automobiles produced (in million):

Year

Number Of Automobile Produced

FY17

25.33

FY18

29.07

FY19

30.92

FY20

26.36

Number of automobiles sold in India (in millions):

Year

Number Of Automobiles Sold In India

FY17

21.86

FY18

24.97

FY19

26.27

FY20

21.55

Share Of Each Segment In Total Production Volume (FY20):

Vehicles

Share Of Each Segment In Total

Production Volume

Passenger

12.9

Commercial

3.3

Three wheelers

3.0

Two Wheelers

80.8

Number Of Automobiles Exported (in million):

Year

Number Of Automobiles Exported

FY17

3.48

FY18

4.04

FY19

4.63

FY20

4.77

The global heavy duty truck market size exceed USD 360 billion in 2019 and is estimated to grow at over 4% CAGR between 2020-2026.

OEM’s end use segment is expected to dominate the market revenue share between 2020-2026 by its installation during vehicle assemble. Low replacement rates and significant expertise requirement for installation have led to the significant concentration of automotive wheels to OEM’s .

India is expected to be the world’s third largest automotive market in terms of value by 2026. Demand for compact small cars mostly by first time buyers is driving the car sales in India besides the pent up demand due to stringent lockdown restrictions.

The new realities of social distancing and scare of contracting the virus is driving more and more individuals, who were earlier dependent upon public transport, to buy a car.

The big part of the recovery in demand is from people who want to avoid public transport and want to have their own vehicle. Signaling a possible recovery from the COVID-19 induced shock for the automobile sector, the country’s largest car maker Maruti Suzuki posted a year on year growth of 1% in domestic wholesale sales in July, while Hero MotoCorp, the two wheeler market leader, inched closer to the dispatch numbers of July 2019.

Domestic Vehicles sales:

Company

July 2020

July 2019

June 2020

Maruti Suzuki

1,01,307

1,00,006

53,139

Hyundai Motor India

38,200

39,010

21,230

Mahindra & Mahindra

24,211

37,474

18,505

Hero MotoCorp

5,06,946

5,11,374

4,50,744

Honda Motorcycle And Scooter India

3,09,332

4,55,000

2,02,837

Estimated Auto Sales in August 2020

Company Name

July 2020

August 2019

August 2020

YOY Change (%)

Ashok Leyland

4,775

9,321

6,100

-33.9

Bajaj Auto

2,55,832

3,90,026

3,15,300

-19.2

Eicher Motors (MotorCycle)

40,334

52,904

53,500

1.1

Escorts – Agri

5,322

4,035

5,820

44.2

Hero MotoCorp

5,14,509

5,43,406

5,92,000

8.9

M&M Auto

25,678

36,085

30,300

-16.0

M&M Tractor

25,402

13,871

19,200

38.4

Maruti Suzuki

1,08,064

1,06,413

1,31,000

23.1

TVS Motors

2,52,744

2,90,455

2,85,600

-1.7

In light of better rural outlook and opening up of the economy automobile industry expects the tractor industry to outperform the larger automobile space due to increased rural income and better rainfall.

Passenger vehicle sales are set to grow in double digits for the first time in 26 months in August, boosted by strong demand for personal mobility amid the pandemic and a favourable base effect.

Two wheeler sales, meanwhile, will be back in the positive zone for the first time since December 2018. Passenger vehicle sales this month are estimated to be 2,25,000-2,35,000 units, up 16-21% from August last years and 29% more compared with a month prior. Vehicle dispatches in August 2019 had declined over 30% from a year earlier, at that time, it was the lowest monthly volume since 2014.

Two wheeler sales are estimated to be around 1.57 million units, a YOY expansion from the previous month.

In August last year, two wheeler sales had fallen 22% which helped the comparison to turn favourable this year. Industry players said even as supply chain was ramping up, overall market inventory still remained in the month range, giving enough breathing space to produce more ahead of festive.

The automotive sector will have an expansion of 3.6% for two wheelers and 16% for passenger vehicles in August, on account of sustained demand and inventory refilling. Order & inquiries at leading car makers showroom said to be inching close to pre covid levels.

Many tyre players sees a clear growth in demand stemming from replacement of tyres in the latter three quarters of this fiscal even as sales to vehicle manufacturers and exports market remain under pressure.

The segment got back to pre-Covid levels in June and the growth in coming quarters could even possibly compensate for the lost sales during the June quarter on account of Covid induced lockdowns.

The replacement segment, which is more profitable, has bounced back to normal or even higher than normal levels, whereas OEM’ segment continues to be in difficult position. The tyre sector has high hopes from rural demand. The normal rainfall and it timely onset has bolstered the prospects of a bumper crop output, which along with MSP hike and recently announced rural focused government programs, augur well for the rural economy.

This can strengthen rural income and demand which is seen positive for two wheeler and tractors manufacturers and to tyre makers also. Thus, a recovery in the rural economy will have a domino effect on tyre manufacturers. In M&HCV tyres over 80% of the demand is currently in the replacement segment.

In case of two wheelers, over 90% demand is from the replacement market. As the automobile industry picks up steam, OEM demand for tyres will also go up in coming months.

The global footwear sole market is expected to reach around US$ 26594.4 million by the end of 2027 in the terms of revenue, growing at CAGR of 4.1% between 2020-2027. The market of footwear is penetrating into women segments owing to the rising number of women participating in outdoor activities.

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This is expected to open new doors of opportunity to the market of the footwear sole. Moreover, an increasing number of working women is also expected to augment the market growth. growing demand for therapeutic footwear around the globe for the patient suffering from chronic diseases such as arthritis, diabetes, and the knee problem is estimated to accelerate market growth.

Growth in the medical footwear industry is expected to positively impact market growth. Shifting preferences of customers towards outdoor activities such as hiking, running and cycling is also contributing to the growth of the footwear sole material. The Indian footwear market will be worth Rs 790.6 billion by 2023.

The global footwear market size was valued at USD 365.5 billion in 2020 and is estimated to reach USD 530.3 billion by 2027 with a CAGR of 5.5% from 2020 to 2027.

The Indian disposable latex gloves market generated USD 181.2 million in 2019, and is estimated to reach USD 282.8 million by 2027, registering a CAGR of 5.8% from 2020 to 2027. The demand for disposable latex gloves from the pharmaceutical industry has been increased during the Covid-19 pandemic. This is due to surge in usage of these gloves to prevent cross contamination of virus.

Anti Dumping Duty:

NOCIL limited has filed an application seeking initiation of anti-dumping investigation concerning imports of Rubber Chemical PX-13 (here in after also referred to as subject goods or product under consideration or PUC from China, Korea and USA before the designated authority in accordance with custom Tariff act.

The NOCIL has alleged that material injury to the domestic industry is being caused due to dumped imports from China, Korea and USA, and has requested for imposition of anti-dumping duty on the imports of the subject goods from these countries.

The product under consideration is Rubber Chemicals PX-13 also known as 6PPD, antioxidant 6PPD, Kumanox 13, Santoflex 6PPD, Sirantox 6PPD, Vulkanox 4020, Antioxidant 4020, Dussantox 6PPD, Antage 6C, N-1, 3-Dimethylbutyl-N-Phenyl-P-Phenylenediamine, etc. PX-13 is an alkyl-aryl-PPD antidegradant most widely used in the tyre and non tyre sector of the rubber industry.

NOCIL has claimed that they have neither imported the subject goods from the subject countries nor are related to any exporter or producer of subject goods in the subject countries or any importer of the PUC in India.

NOCIL accounts for a major portion of the Indian production. Government has accepted the application filed by NOCIL on imposing of anti-dumping duty. NOCIL has claimed that China PR should be treated as a non-market economy.

China plus strategy:

In the near to medium term volume growth is expected to improve gradually as there are signs that the domestic auto industry is past its worst.

As tyre imports are under restrictive list, the domestic tyre industry is expected to be in better place to increase production and hence lead to higher domestic demand for rubber chemicals. Further third of the NOCIL’s sales is dedicated towards non-tyre applications such as medical gloves wherein demand is relatively better.

On the export front, enquires from new customers have increased as many clients want to contain the China supply chain risk. A major client has increased status of NOCIL from being a regional supplier to global supplier.

Though exports volumes to the USA at present is miniscule at 1,000 tonnes, the opportunities due to China plus strategy for procuring raw materials by the tyre manufacturers is a key aspect to watch. Additionally, given the market conditions and NOCIL’s recently increased capacity, NOCIL is likely to aim for a volume play at the cost of lower margins.

There is also a case for anti-dumping duty on key raw material which can also weigh on operating margins, if finally notified by DGFT. In fiscal 2022, NOCIL expects better margins on the back of operating leverage and potential benefit in case of imposition of anti-dumping duty on anti-oxidant PX-13.

In long term NOCIL will maintain its dominant presence in the Indian market due to its technological leadership, client relationships and focus on substitution. Secondly, due to various supply chain disruptions and reduced preference for China due to geopolitical reasons, NOCIL is emerging as a secured source of rubber chemical for tyre companies. NOCIL enjoys monopoly in rubber chemical business.

Since the base scenario is one of global auto demand improving in the medium to long term, NOCIL is well positioned to capitalize on it with its spare capacity and strong balance sheet. Any faster execution of the China plus opportunity would be a rerating trigger.

Restrictions on imports of tyres will accentuate Vocal for Local in the tyre sector. convinced of the quality of domestically manufactured tyres, OEMs too have practically stopped importing tyres for vehicles being rolled out in India and are sourcing Indian manufactured tyre.

Indiscriminate imports of tyres has been bane of the tyre industry in India.

Most of the imports are from China which accounts for over 40% of truck and bus radial tyres and passenger car radial tyres shipments to India from overseas. In case of tractor tyres, Chinese import is three-fourths of total imports.

The government has imposed curbs on imports of certain tyres used in motor cars, busses, lorries and motorcycles in move to promote domestic manufacturing. This will be big benefit to NOCIL. Government of India is looking plug loopholes as it seeks to reduce import dependence on China.

NOCIL has recently completed its mega capex plan of Rs 450 crore for antioxidants and accelerators at its Dahej plant.

This includes capacity addition for accelerator –TBBS-(N-tert-butyl-benzothiazole sulfonamide; 4,500 tonnes capacity) which is so far imported into India, whose domestic demand in estimated to be 9,000 tonnes.

So a scenario of lower imports of rubber chemicals from China in near future can help NOCIL ramp up its production.

NOCIL’s internal accruals towards the capex funding further enabled NOCIL to maintain a debt free status.

NOCIL is a debt free company. Company’s income from operation grew to Rs 846.29 crore in March 2020 from Rs 359.26 crore in March 2008. Company’s net profit grew to Rs 130.67 crore in March 2020 from Rs 11.24 crore in March 2008. Between March 2008 – March 2020 company posted a highest profit of Rs 184.84 crore in March 2019. Between 2008-2020 NOCIL has not posted loss in any year.

End of the report.

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Pritesh Patel
The founder of Patel Securities, Pritesh loves to talk about Stocks, Businesses, and Sectors.
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