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“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; the one who seeks finds; and to the one who knocks, the door will be opened. Matthew 7:7-8

23 Feb 2020


IOL Chemicals & Pharmaceuticals Ltd
Dated 3 June 19 and Vol.XXVIII No.31

(BSE Code: 524164) (CMP: Rs.213.90) (FV: Rs.10)
We first recommended this stock at Rs.63.8 on 30 October 2017. At that time, the broader markets were in a bear grip and most stocks were available 50-70% below their January 2018 high. IOL Chemicals & Pharmaceuticals has delivered 265% returns in 19 months! We recommend this stock once again based on its excellent Q4FY19 results.

Company Background: Established in 1986, IOL Chemicals & Pharmaceuticals Ltd (IOLCP) is a leading generic pharmaceutical company and a significant player in the Organic Chemicals space. It operates through two segments: Chemicals and Pharmaceuticals.

Chemicals: IOLCP is a major manufacturer in the speciality organic chemical space. It is one of the largest producers of Ethyl Acetate (87,000 TPA) and ISO Butyl Benzene (IBB) in India with over 30% of the global market share and a major player in Ibuprofen. It has forward-integrated this vertical to the pharmaceutical segment with end products such as Ethyl Acetate, IBB, MCA and Acetyl Chloride used as key raw materials for Ibuprofen. It plans to explore its presence in other industries such as paints, flexible packaging and glass. In line with this approach, it has added many MNC giants to its customer base.

16 Feb 2020


Chairman's Message
Dear Shareholders,
I would like to take this opportunity to thank you for your continuous support and for reposing your faith in the Company. It gives me immense pleasure to take you through the key developments and financial performance for the fiscal year 2019.
On the financial front, we ended the year with a Total Operating Income of ₹ 854.7 million (mn) for FY19 as compared to ₹ 806.0 mn in the corresponding period of the previous year reflecting an increase of 6.0 %. EBITDA stood at ₹230.4 mn as compared to ₹283.3 mn during the corresponding period of previous year resulting in decline in margin by 27.0%. Net profit was thereby impacted, and we closed the year with a net profit of ₹152.1 mn for FY19 as compared to ₹170.9 mn in the corresponding period of the previous year which is a decrease of 11.0 %.

20 Nov 2019

Mind of Christ – What Perspectives Does Christ have?

When believers have the mind of Christ, we understand God’s plan for the world and understand that He wants to bring about His purpose. It doesn’t mean that we are infallible and can start “playing God” in the lives of other people.

The Bible describes several things that Jesus valued. With the mind of Christ, believers should value them as well.

  • A desire to bring glory to God. In John 17:5, Jesus said, “And now, Father, glorify me in your presence with the glory I had with you before the world began.”

  • A longing to provide salvation for sinners. Luke 19:10 says, “For the Son of Man came to seek and to save what was lost.”

  • A perspective on humility and obedience. Philippians 2:5-8 explains, “Your attitude should be the same as that of Christ Jesus: Who, being in very nature God, did not consider equality with God something to be grasped, but made himself nothing, taking the very nature of a servant, being made in human likeness. And being found in appearance as a man, he humbled himself and became obedient to death—even death on a cross!”

  • A compassionate heart. Matthew 9:36 shows Jesus’ compassion on the people, “When he saw the crowds, he had compassion on them, because they were harassed and helpless, like sheep without a shepherd.”

  • Prayerful dependence on God. Luke 5:16 says, “But Jesus often withdrew to lonely places and prayed.”