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Indian Phosphate Limited (IPhL) Introduction

Indian Phosphate Limited (IPhL) is a versatile and dynamic business enterprise engaged in a wide range of activities. Their operations include the manufacturing of Single Super Phosphate (SSP) and Linear Alkyl Benzine Sulphonic Acid (LABSA-90%), as well as mining of minerals, supply chain management, education, hospitality, and trading in commodities.

The company has shown significant growth, achieving a turnover of over INR 1700 crores in the last fiscal year and employing around 700 people. IPhL is well-positioned for further organic growth through strategic diversification and exploring new business verticals.

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Brief about Indian Phosphate Limited (IPhL)

Indian Phosphate Limited (IPhL) Summary of the business

Indian Phosphate Limited (IPhL) company is mainly engaged in the production of Linear Alkylbenzene Sulphonic Acid LABSA 90%, popularly known as LABSA, is an anionic surfactant and it is used in the formulation of all types of detergent powders, cakes, toilet cleaners and liquid detergents. Indian Phosphate Limited (IPhL) is also engaged in the manufacturing of “Single Super Phosphate” (SSP) fertilizer and “Granules Single Super Phosphate” (GSSP) Fertilizer which is manufactured and supplied as per the standards of Fertilizer Control Order of India in powder and granulated form as well as fortified with zinc and boron. Single Super Phosphate and Granules Single Super Phosphateare being a fertilizer in nature used in agriculture industry. Our company operates from its manufacturing facility located at Plot No. 5056, Village: Umarda, Girwa district, Udaipur, Rajasthan which is in the close proximity of supply of both the raw materials (a) Sulphuric Acid 98% (b) Rock Phosphate used in manufacturing of our products. The other major raw material Linear Alkylbenzene (LAB) is sourced from IOCL, Vadodara, Nirma Ltd., Vadodara and Reliance Industries Ltd., Patalganga.

Indian Phosphate Limited (IPhL) company furthermore also produces Zincated Single Super Phosphate – “Powder/Granules” and Zincated and boronated Single Super Phosphate – “Granules” by formulating zinc and boron into the granulator and powder hopper along with Single Super Phosphate powder in required proportion. The Department of Fertiliser and the Government of India encouraged the SSP sector to create value-added fortified SSP with zinc and boron content due to the deficiency of these elements in the soil. Since last 5 years our focus is to produce fortified SSP with Zinc and Boron. We have educated farmers over the past five years, encouraging them to use fortified SSP with boron and zinc according to soil deficiencies. As a result, we are currently generating more than 80% of SSP as fortified SSP

Indian Phosphate Limited (IPhL) History

Indian Phosphate Limited (IPhL) Company was originally incorporated as “Indian Phosphate Limited” as a public limited company vide Registration No. 015271 under the Companies Act, 1956 vide certificate of incorporation dated December 14, 1998 issued by the Registrar of Companies, Rajasthan, Jaipur (“ROC”) and was granted a certificate of commencement of business dated December 28, 1998 by Assistant Registrar of Companies, Rajasthan Jaipur. The Corporate Identification Number of our Company is U24142RJ1998PLC015271.
Indian Phosphate Limited (IPhL) company mainly engaged in the production of Linear Alkylbenzene Sulfonic Acid LABSA 90%, popularly known as LABSA, is an anionic surfactant & used in the formulation of all types of detergent powders, cakes, toilet cleaners and liquid detergents and in the manufacturing of “Single Super Phosphate” fertilizer which is manufactured and supplied as per the standards of Fertilizer Control Order of India in powder and granulated form as well as fortified with zinc and boron. Our company operates from its manufacturing facility located at Plot No. 5056, Village: Umarda, Girwa district, Udaipur is in close proximity of supply of both the raw materials (a) Rock Phosphate (b) Sulphuric Acid 98%.

Indian Phosphate Limited (IPhL) Promoters & Board of Directors

• Promoters of Indian Phosphate Limited (IPhL) Company are Mr. Ravindra Singh, Mrs Mamta Arora and Mr. Rushil Arora.

Board of directors

Indian Phosphate Limited (IPhL) Share Holding pattern

Indian Phosphate Limited (IPhL) Strength

• Cost Effective sourcing and Strategic Location of Manufacturing Unit
• Quality assurance
• Leveraging the expertise of our Promoters and Management Team
• Forward integration and Diversification

Indian Phosphate Limited (IPhL) Strategies

• Optimal Utilization of Resources
• Backward integration and Diversification
• To build-up a professional team for future expansion coming up in the next five years
• Broaden and Deepen Our Geographical Presence

Industry Outlook

FERTILIZER INDUSTRY

Fertilizers are composed of wide variety of nutrients include the following:

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• The primary nutrients are nitrogen (N), phosphorous (P) and potassium (K), which are required in large quantities and are normally supplied through chemical fertilizers;
• Secondary nutrients are required in smaller quantities vis-a-vis the primary nutrients and include calcium, magnesium and Sulphur; and
• Micronutrients are groups of nutrients that are essential for plant growth, though plants require them in smaller quantities. These include iron, zinc, manganese, copper, boron, molybdenum and chlorine. The most extensively used micronutrient in India is zinc sulphate.
• Different nutrients impart different characteristics to the fertilizers

Nitrogenous fertilizers impart color to plants and increase their vegetative growth. Urea and calcium ammonium nitrate (CAN) are the main nitrogenous fertilizers and are expressed as 46-0-0 and 25-0-0, respectively.

Phosphatic fertilizers are used to strengthen the roots in a plant. Single super phosphate (SSP) is the main phosphatic fertilizer and is expressed as 0-16-0. Potassic fertilizers are essential for crops as they build their resistance to drought and diseases. In India, they are mainly combined with N and P2O5 (phosphate) to produce complex fertilizers. Muriate of potash (MoP) is the main potassic fertiliser and contains 60% potassium. Phosphatic fertilizers have seen demand grow on account of increasing awareness about their benefits

Phosphorus plays a vital role in photosynthesis, functioning in the capture and transfer of energy into chemical bonds. New, rapidly growing plant meristematic tissues have a high concentration of P. The genetic materials, DNA and RNA, are built around a backbone of P atoms, and P plays a major role in the metabolism of sugars and starches, all critical to cell division and growth processes.
Key products as well as their usage and efficacy

• Single Super Phosphate (SSP)
  • SSP is cheaper compared to other Phosphatic fertilizers. It is more suited for crops like oil seeds, pulses, horticulture, vegetables, sugarcane, paddy etc. Single Super Phosphate (SSP) fertilizer is mainly used for improving root growth and chlorophyll synthesis and thus improves product quality. SSP helps in improving root growth and development which is most important for uptake of plant nutrient and water.
• Di-Ammonium Phosphate (DAP)
  • One of the major cropping fertilizers as a source of both phosphorus and nitrogen. The high phosphorus content makes it a true high analysis fertiliser. It is used on a range of crops in broad-acre farming, cereals, sugar cane, fodder crops and also in horticultural crops; for example, vegetables and tree crops. It’s highly soluble and thus dissolves quickly in soil to release plant-available phosphate and ammonium. When applied as plant food, it temporarily increases the soil pH, but over a long term the treated ground becomes more acidic than before upon nitrification of the ammonium.
• Mono-Ammonium Phosphate (MAP)
  • Ammonia gas is combined with phosphoric acid, granulated, dried and screened to produce MAP. One of the major cropping fertilizers as a source of phosphorus and nitrogen. The low level of nitrogen makes it useful as a ‘starter’ fertiliser and as there is no free ammonia, the risk of affecting germinating seeds is minimal. It’s watersoluble and dissolves rapidly in adequately moist soil. Upon dissolution, the two basic components of the fertilizer separate again to release ammonium and phosphate both of which plants rely on for healthy, sustained growth.
• Muriate of Potash (MOP)
  • Occurs as a natural salt and after processing to cleanse out unwanted salts (especially common salt), it is usually compacted into ‘chips’ and screened to meet size specifications. MOP is used extensively for fertilizing pastures, sugar cane, fruit trees, vegetables, and other field crops. It plays a vital role in the production of proteins and sugars. It also protects against draught by maintaining plants water content which in turn is a benefit for photosynthesis as leaves maintain their shape and vigor.
• Ammonium Sulphate (AS)
  • AS is often manufactured by the direct mixing of sulfuric acid and ammonia, or as a by-product of refinery or caprolactum manufacture. AS releases nitrogen to the soil directly as ammonium, which is converted by bacteria to nitrate nitrogen. This process is favored by conditions conducive to microbial activity, such as warm temperatures, moisture and organic matter.
• Sulphate of Potash (SOP)
  • Potassium Sulphate is manufactured in either of the following ways – i) Mined and processed to clean away unwanted salts and ii) Muriate of Potash is reacted with Sulfuric Acid. Potassium sulphate (SOP) can be a more expensive source of potassium than MOP and so its uses are often restricted to three main areas: (i) where soil or irrigation water salt levels are high and MOP is undesirable; (ii) where chloride sensitive crops are being grown; for example, berries and vines; (iii) where high chloride levels occur in irrigation water.

PRODUCTION OF MAIN FERTILIZER PRODUCTS

Introduction of Industry

Agriculture plays a vital role in India’s economy. With its solid forward linkages, the agriculture and allied activities sector significantly contributed to the country’s overall growth and development by ensuring food security. The Indian agriculture sector has been growing at an average annual growth rate of 4.6 per cent during the last six years. It grew by
3.0 per cent in 2021-22 compared to 3.3 per cent in 2020-21. Food grain production has increased from 308.65 million tonnes in January 2022 to 315.72 million tonnes in December 2022 (as per 4th advance estimates) which is the highest ever food grain production.
The details of ‘Total Food grains, Oilseeds and Pulses since 2014-15 to 2021-22 are given as under:

Fertilizer, water and seeds are vital inputs for higher agricultural production. Increasing use of fertilizers has contributed significantly in enhancing food grain production and bringing self-sufficiency in food grain production in the country. India is the second largest consumer and third largest producer of finished fertilizers in the world. India is net importer of fertilizers, both finished products as well as raw materials.

Position of Production & Import of fertilizers:
Amongst the major fertilizers, against the total requirement, around 75% of Urea, 40% of DAP, and 85% of NPKS are produced in the country by PSUs and private companies. The rest is imported on account of Government of India (as in case of Urea) & by the companies in case of P&K (under Open General Licenses) to bridge the gap between requirement & production of fertilizers. The sector-wise production of Urea, DAP and Complex fertilizers during 2021-22 and 2022- 23 (upto December 2022) are given below:

The actual production of all the Fertilizers during the Year 2022-23 (Upto December 2022) was 362.73 LMT. The Urea production stood at 210.98 LMT, 31.80 LMT for DAP, 76.50 LMT for NPKs and 43.45 LMT respectively during the Year 2022-23 (Upto December 2022). The details of the production, consumption / sales and import of various types of fertilizers since 2017-18 to 2022-23 (Upto December 2022) are given below:

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Trend in Production of Fertilizers

Nutrient Based Subsidy Scheme:

Subsidy rates of P&K fertilizers are under the Nutrient Based Subsidy (NBS) scheme which were increased on 20.5.2021 & 13.10.2021 (giving special compensation on DAP and 3 most commonly used NPK fertilizers) for the year 2021-22 and then further increased substantially for Kharif-2022 (applicable from 01.4.2022 to 30.9.2022), so that these fertilizers are made available at affordable prices to the farmers. The Union Cabinet chaired by the Hon’ble Prime Minister has approved the proposal of the Department of Fertilizers for per Kilogram rates of Nutrient Based Subsidy (NBS) for various Nutrients that is Nitrogen (N), Phosphorus (P), Potash (i) and Sulphar (S) for Phosphatic and Potassic (P&K) fertilizers for Rabi Season — 2022-23 (from 01.10.2022 to 31.03.2023). The Subsidy approved by Cabinet for the NBS Rabi-2022 (from 01.10.2022 to 31.03.2023) will be Rs. 51,875 crore including support for indigenous fertilizer (SSP) through freight subsidy.

This will enable smooth availability of all P&K fertilizers to the farmers during Rabi 2022-23 at the subsidized / affordable prices of fertilizers and support the agriculture sector. The volatility in the international prices of fertilizers and raw materials has been primarily absorbed by the Union Government.

Steps taken by the Government to ensure adequate availability of fertilizers in the country:

• Before the commencement of each cropping season, Department of Agriculture and Farmers Welfare, (DA&FW), in consultation with all the State Governments, assesses the requirement of fertilizers. After assessment of requirement, DA&FW projects month wise & state-wise requirement of all fertilizers.
• On the basis of month-wise & State- wise projection given by DA&FW, Department of Fertilizers allocates sufficient/ adequate quantities of fertilizers to States by issuing monthly supply plan and continuously monitoring the availability.
• The movement of all major subsidized Fertilizers are monitored throughout the country by an on-line web based monitoring system called integrated Fertilizer Monitoring System (JFMS);
• The State Governments are regularly advised to coordinate with manufacturers and importers of fertilizers for streamlining the supplies through timely placement of indents for railway rakes.
• Regular Weekly Video Conference is conducted jointly by Department of Agriculture and Farmers Welfare (DA&FW), Ministry of Railways and Department of Fertilizers (DoF) with State Agriculture Officials and corrective actions are taken to dispatch the fertilizers as indicated by the State Governments.
• The gap between demand (requirement) and production is met through timely imports. In case of P&K fertilizers, the imports come under Open & General license and fertilizer companies import these fertilizers based on their commercial judgments.
• Measures of Support for the Fertilizer Sector
• The Department of Fertilizer is implementing schemes such as Urea Subsidy Scheme, Nutrient Based Subsidy Scheme (NBS) and Direct Benefit Transfer (DBT) projects for fertilizer subsidy payments which ate implemented on a PAN India basis for ensuring adequate availability of fertilizers to the farmers.

SSP Indian market scenario:

NBS rates for 2019-20
On the 29th March, 2019, DoF issued a notification by stating that the NBS rates of 2018-19 will continue for 2019-20 provisionally on the same terms and conditions. Subsequently, NBS rate for Sulphur (S) has been raised while rates for N,P and K remain unchanged as per the O.M issued by the DoF on 7″ August, 2019. The NBS rates for Sulphur raised to Rs.3.562 per kg with the rates for N, P, K continue at Rs.18.901, Rs.15.216, Rs.11.124 per kg, respectively, w.e.f 7″ August, 2019. Per tonne additional subsidy for fortified fertilisers with Boron fixed at Rs.300 per tonne and Zinc Rs.500 per tonne continues.

Revision in NBS rates for 2020-21
Department of Fertilizers revised NBS rates for P & K fertilizers for 2020-21 vide OM dated the 3™ April, 2020. The NBS rates for N were reduced from Rs.18.901/ kg in 2019-20 to Rs.18.789/ kg for 2020-21. NBS for P were reduced from Rs. 15.216/ kg to Rs. 14.888/ kg. Similarly, NBS rates for K were reduced from Rs. 11.124/ kg to Rs. 10.116/ kg and NBS rates for S reduced from Rs.3.562/ kg to Rs. 2.374/ kg. In the complex grade fertilizers, ammonium phosphate (14-28-0-0) was included under NBS scheme. However, per tonne additional subsidy for fortified fertilizers with Boron and Zinc continued and remained unchanged at Rs. 300 and Rs. 500, respectively.

Revision in NBS rates for 2021-22
On 9″ April, 2021, Department of Fertilizers (DoF) extended the NBS rates of the year 2020-21, for the year 2021-22 till further orders. Thereafter, on 20″ May, 2021 DoF notified the NBS rates of the year 2021-22 applicable from 20″ May, 2021 to 31% October, 2021. As per the notification, DoF revised the per kg subsidy on phosphate (P) from Rs.14.888 per kg for 2020-21 to Rs. 45.323 per kg for 2021-22. However, NBS rates per kg for N, K and S remained unchanged at the previous year’s level.

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Accordingly, NBS rates of fertilizers containing P nutrient increased significantly. NBS rate per MT of DAP and SSP increased from Rs. 10,231 and Rs. 2,643 for 2020-21 to Rs. 24,231 and Rs. 7,513 for 2021-22, respectively. NBS rates for NP/NPK grades of fertilizers were in the range of Rs. 11,134 per MT to Rs. 19,910 per MT. However, NBS rates for MOP and ammonium sulphate remained unchanged at Rs. 6,070 and Rs. 4,398 per MT, respectively, for 2021-22. In addition, two new NPK complex fertilizers (8- 21-21 and 9-24-24) were included in the NBS scheme.

Further, on 13″ October, 2021, DoF again notified NBS rates applicable from 1‘ October, 2021 to 31′ March, 2022. NBS rates for N, P, K and S were kept at the level of earlier notified rates of 20″ May, 2021. In addition, DoF announced special onetime package with an additional subsidy for DAP at Rs. 8769 per tonne and three most consumed NPK grades (20-20-0-13, 10-26-26 and 12-32-16) at Rs. 2000 per tonne each for rabi 2021-22 from 1‘ October, 2021 to 31°* March, 2022. DoF had also included Potash Derived Molasses (PDM) (0:0:14.5:0) under the NBS scheme. However, per tonne additional subsidy for fortified fertilizers with Boron and Zinc continued and remained unchanged at Rs. 300 and Rs. 500, respectively.
Rationalization / Consolidation of guidelines pertaining to SSP Industry
DoF issued rationalization / consolidation of guidelines pertaining to SSP Industry on 21* September, 2022 with the approval of Hon’ble Minister (C&F). Briefing the importance of SSP as a better substitution for DAP if the quality of raw materials, manufacturing process are maintained as per standard specifications for the benefit of the farming community.

The main features of the guidelines as stated are the following:

• With effect from 1 April, 2024, only those new units of SSP having capacity of minimum 1 lakh MT will be inducted under NBS.
• Necessary documents to be submitted to DoF for consideration of induction under NBS.
• After examination of the request of the Unit, DoF shall direct agency approved/ notified by DoF to undertake ‘first time’ & Six Monthly technical inspection of the unit in order to assess the production capability and other parameters for production of FCO Standard SSP. Based on the report received in DoF, the unit shall be considered for its induction under the NBS Scheme.
• All new SSP units must have granulation plants for granulation of SSP.
• With effect from 1“ April, 2024, payment of subsidy will be admissible to only those existing SSP manufacturers whose unit-wise production in 2023-24 will be minimum 50,000 MT. Existing SSP units have to submit their plan of capacity enhancement and switching over to granulation to DoF, before 31st March, 2023.
• The sourcing of rock phosphate having P2Os equal to or greater than 29.5% shall be allowed to be used as primary rock subject to: sampling & testing of each consignment/vessel of 29.5% P20s (minimum) grade rock phosphate; rock evaluation by DoF approved agency; Filler is not allowed to be added in SSP manufactured from 29.5% P2Os grade rock phosphate for maintaining the quality in the production of SSP; technical norms; etc.
• If P2Os content found to be between 29.49% — 28.00% after testing, it will be allowed for blending under intimation to DoF with corresponding entries in iFMS portal.
• If P2Os content found to be below 28.00% after testing, it will be sold to BRP units under intimation to DoF with corresponding entries in iFMS portal.
• With regard to imported rock phosphate, hatch-wise composite sample for all companies importing same grade of rock phosphate through single ship/vessel will be done by labs/agencies notified by DoF from time to time.
• Companies need to intimate DoF at least 15 days in advance about the arrival of their consignments/vessel.
• SSP quality will also be tested on quarterly basis by the agency notified by DoF.
• In case of indigenous rock phosphate, unit-wise sampling will be done on purchase-wise quantity at the plant by agency notified by DoF.
• For export of SSP, unit should seek prior approval of DoF.
• In addition to above, the guidelines on standards of testing, blending grades of rock phosphate, import/purchase/loaning of rock phosphate, guidelines for beneficiated rock phosphate plants, minimum automation required for SSP plants, provisions for marketing arrangements for sale of SSP, recovery provisions in case of non- standard/sub-standard SSP/ violation of guidelines, freight subsidy to SSP manufacturers and exception clauses on rock containing 29% P20s as primary rock are also mentioned in the notification.

Indian Phosphate Limited (IPhL) Business Data

Indian Phosphate Limited (IPhL) Verticals

• Single Super Phosphate (Powdered/Granulated)
• Linear Alkyl Benezene Sulphonic Acid (LABSA 90%)
• Dilute Sulphuric Acid (Spent)

Indian Phosphate Limited (IPhL) Product wise break-up

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Indian Phosphate Limited (IPhL) Revenue contribution from Geography presence

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Indian Phosphate Limited (IPhL) Customer dependency

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Indian Phosphate Limited (IPhL) Supplier dependency

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Indian Phosphate Limited (IPhL) Machinery/Plants/Factory

Indian Phosphate Limited (IPhL) Capacity Utilisation

Indian Phosphate Limited (IPhL) Peer companies comparison

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Indian Phosphate Limited (IPhL) Subsidiary companies

• Udaipur Poly Sacks Limited

Indian Phosphate Limited (IPhL) Group companies

• Elysian Hotels Private Limited
• Indian Surfactants Limited

Indian Phosphate Limited (IPhL) SWOT ANALYSIS

• Strength
  • Experianced Promoter
  • Professionally Qualified and experienced Team
  • Quality Services
• Weakness
  • Dependency on government fertilizer subsidy policy
  • High Working Capital Intensive
• Opportunities
  • Expanding new geographical markets – Tamil Nadu and Maharashtra
  • Venture in New Business Vertical
  • Backward integration into mining of rock phospahte (raw material for SSP)
  • Backward integration into production of Sulphuric Acid at Tamil Nadu (raw material for LABSA 90%)
• Threats
  • Economic Recession
  • Natural Calamities

Indian Phosphate Limited (IPhL) Business risk factors

• The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect revenues and profitability.
  • Indian Phosphate Limited (IPhL) top ten customers contribute 92.35%, 88.70%, 81.38% and 84.67% of total sales for the period ended on October 31, 2023 and the financial year ended on March 31, 2023, 2022 and 2021, respectively. The Revenue from operation from group companies/Entities are constituting 1.33%, 1.30%, 1.19% and 0.67% of our total Revenue from operation for the period ended October 31, 2023 and financial year ended on March 31, 2023, 2022, and 2021 respectively.
• One of the business verticals of Indian Phosphate Limited (IPhL) business is Fertiliser & the same is dependent on the performance of the agricultural sector in which Indian Phosphate Limited (IPhL) fertilizers are used. Any developments affecting the performance of the agricultural sector are likely to affect business, results of operations and financial condition.
• The fertilizer Industry in India operates within a regulatory framework. Any shifts in governmental policies related to the agricultural sector or a decrease in the subsidies and incentives extended to farmers have the potential to negatively impact our business and financial performance.
• Presently, Indian Phosphate Limited (IPhL) have only manufacturing facility in Umarda in Udaipur. Unplanned slowdowns or shutdowns in our manufacturing facility or underutilization of our manufacturing capacities could have an adverse effect on our business, results of operations and financial condition.
• Indian Phosphate Limited (IPhL) have historically derived a significant portion of our revenues from operations from a limited number of states and any adverse developments in these states could adversely affect our business.
  • Historically, a substantial portion of operational revenues has been derived from states especially from Uttar Pradesh, Punjab and Uttarakhand. These states collectively represented about 87.34%, 75.34%, 66.43% and 69.99% of our revenue from operations for the period ended on October 31, 2023, March 31, 2023, March 31, 2022, March 31, 2021, respectively.
• Indian Phosphate Limited (IPhL) derive 79.76%, 67.96%, 62.29% and 53.79% of our revenue from operation from one customer during the period ended on October 31, 2023 and fiscal ending on March 31, 2023, 2022 and 2021. If such customer choose not to source their requirement from Indian Phosphate Limited (IPhL), business, financial condition and result of operation may be adversely affected.

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Indian Phosphate Limited (IPhL) Financials

Indian Phosphate Limited (IPhL) Key Financial Ratios

Indian Phosphate Limited (IPhL) Key Performance Indicators

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Indian Phosphate Limited (IPhL) Balance Sheet

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Indian Phosphate Limited (IPhL) Profit & Loss

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Indian Phosphate Limited (IPhL) Cash Flow

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Indian Phosphate Limited (IPhL) Capital structure

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Indian Phosphate Limited (IPhL) IPO Details

Indian Phosphate IPO Details

Indian Phosphate Limited (IPhL) Object of the issue

Litigation involved in Indian Phosphate Limited (IPhL)

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