West Coast Paper Mills Ltd

₹ 655 0.75%

08 May - close price

westcoastpaper.com BSE: 500444 NSE : WSTCSTPAPR

About

West Coast Paper Mills Ltd is one of the oldest and the largest producers of paper for printing, writing, and packaging in India. Established in 1955, the Mill is located at Dandeli in Uttara Kannada district in Karnataka. The global quality paper produced by the Company serves the needs of innumerable industries in printing, writing, publishing, stationary, notebooks and packaging sectors in India, in the process contributing to the development of the nation. ^[1]

Key Points

Business Segments
a) Paper and Paperboard Division (93% of FY23 revenue)
The company produces papers under the WESCO brand Paper & boards, along with a range of office stationery, premium printing products, and other value-added products. ^[1]^[2]
The production of Paper and Paperboard was 314919 MT (98% capacity utilization)^[3]

Website BSE NSE

Market Cap ₹ 4,326 Cr.
Current Price ₹ 655
High / Low ₹ 815 / 465
Stock P/E 7.73
Book Value ₹ 349
Dividend Yield 1.53 %
ROCE 40.1 %
ROE 33.1 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 21.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 117%
Company's working capital requirements have reduced from 41.4 days to 32.7 days

Cons

The company has delivered a poor sales growth of 10.4% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Paper Industry: Paper

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	338	575	269	550	522	645	660	723	660	767	651	706	565
	295	473	213	446	425	496	464	502	438	504	414	529	458
Operating Profit	43	102	56	104	96	149	196	221	223	263	238	178	107
OPM %	13%	18%	21%	19%	18%	23%	30%	31%	34%	34%	36%	25%	19%
	2	3	2	17	4	6	3	26	8	9	14	50	18
Interest	20	8	17	10	10	15	5	5	12	7	5	4	5
Depreciation	38	42	34	35	35	35	29	30	30	30	26	27	27
Profit before tax	-14	54	8	76	55	105	165	212	188	235	221	197	93
Tax %	41%	-2%	-62%	5%	8%	22%	25%	26%	24%	29%	27%	21%	16%
	-8	55	12	72	51	82	123	156	142	166	160	156	78
EPS in Rs	-1.22	8.27	1.88	10.94	7.74	12.46	18.68	23.59	21.49	25.14	24.30	23.56	11.75
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,305	1,455	1,562	1,648	1,700	1,769	1,710	1,979	1,982	1,368	1,985	2,810	2,689
	1,079	1,186	1,353	1,403	1,450	1,431	1,348	1,470	1,501	1,170	1,579	1,907	1,904
Operating Profit	226	269	209	246	250	338	362	509	482	198	406	904	785
OPM %	17%	18%	13%	15%	15%	19%	21%	26%	24%	14%	20%	32%	29%
	-58	-35	5	-49	-46	2	18	21	47	3	30	45	91
Interest	72	73	73	70	76	52	42	29	72	65	53	29	21
Depreciation	143	136	127	122	114	111	116	175	166	153	138	119	110
Profit before tax	-47	25	14	5	14	178	223	325	290	-18	244	799	745
Tax %	28%	26%	52%	77%	103%	28%	-0%	9%	5%	112%	11%	27%
	-34	18	7	1	-0	128	223	296	276	2	218	587	560
EPS in Rs	-5.35	2.74	1.00	0.17	-0.07	19.46	33.80	44.82	41.85	0.31	33.02	88.89	84.75
Dividend Payout %	-4%	36%	100%	0%	-1,405%	13%	12%	11%	12%	322%	18%	11%

Compounded Sales Growth
10 Years:	7%
5 Years:	10%
3 Years:	12%
TTM:	0%

Compounded Profit Growth
10 Years:	30%
5 Years:	22%
3 Years:	29%
TTM:	11%

Stock Price CAGR
10 Years:	28%
5 Years:	23%
3 Years:	45%
1 Year:	17%

Return on Equity
10 Years:	18%
5 Years:	21%
3 Years:	18%
Last Year:	33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	557	585	583	585	503	626	826	1,090	1,282	1,282	1,492	2,035	2,293
	1,264	1,081	1,066	910	744	444	315	357	740	629	415	174	117
	281	279	432	417	470	448	436	455	363	370	413	455	487
Total Liabilities	2,114	1,958	2,094	1,925	1,731	1,531	1,590	1,915	2,398	2,295	2,332	2,677	2,910
	1,457	1,318	1,243	1,147	1,086	1,001	1,035	985	906	835	754	671	642
CWIP	5	3	5	2	3	6	3	37	55	25	14	25	51
Investments	47	47	47	47	1	1	1	223	912	912	1,001	1,335	1,571
	606	591	800	730	641	523	551	671	525	523	563	645	646
Total Assets	2,114	1,958	2,094	1,925	1,731	1,531	1,590	1,915	2,398	2,295	2,332	2,677	2,910

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	183	263	150	257	98	434	326	395	544	239	382	695
	-138	-32	-51	-22	34	-39	-139	-384	-771	-59	-88	-371
	-107	-239	-96	-230	-132	-394	-194	-16	225	-177	-299	-311
Net Cash Flow	-62	-8	3	4	-1	1	-7	-5	-1	4	-4	13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	20	21	24	28	25	26	25	30	19	34	25	24
Inventory Days	164	136	193	179	136	101	137	158	119	122	88	95
Days Payable	52	48	102	92	72	53	81	67	29	35	39	32
Cash Conversion Cycle	132	108	114	114	89	75	82	122	108	120	74	87
Working Capital Days	27	40	34	28	28	18	33	49	19	56	36	33
ROCE %	5%	8%	5%	8%	10%	20%	23%	27%	21%	3%	15%	40%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	56.35%	56.45%	56.47%	56.48%	56.48%	56.51%	56.52%	56.53%	56.53%	56.53%	56.53%	56.53%
	1.97%	1.95%	2.23%	2.23%	2.35%	3.67%	5.62%	7.04%	7.38%	7.80%	7.98%	8.19%
	8.39%	8.48%	8.44%	8.80%	8.76%	7.46%	7.60%	7.57%	7.18%	6.77%	6.62%	7.13%
	33.28%	33.11%	32.86%	32.48%	32.41%	32.34%	30.26%	28.87%	28.92%	28.90%	28.88%	28.15%
No. of Shareholders	32,776	32,537	30,058	31,426	34,319	40,550	42,761	42,603	52,029	57,706	57,193	60,840

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	55.80%	56.04%	56.72%	56.14%	56.29%	56.48%	56.53%	56.53%
	3.40%	6.44%	4.91%	3.26%	2.19%	2.23%	7.04%	8.19%
	12.26%	10.88%	11.38%	12.89%	8.99%	8.80%	7.57%	7.13%
	28.54%	26.64%	27.00%	27.71%	32.53%	32.48%	28.87%	28.15%
No. of Shareholders	16,363	21,033	24,816	28,886	33,489	31,426	42,603	60,840

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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