Pasupati Acrylon Ltd

Pasupati Acrylon Limited is an India-based company, which is engaged in the manufacture of acrylic fiber, tow and tops, and PPT films.

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.84 times its book value
Company is expected to give good quarter
Company has a good return on equity (ROE) track record: 3 Years ROE 32.27%
Cons:
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 7.12% over past five years.
Promoters have pledged 25.76% of their holding

Peer Comparison Sector: Textiles // Industry: Textiles - Manmade

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Quarterly Results Figures in Rs. Crores

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
135.95 126.87 101.85 96.33 134.97 118.16 139.97 141.60 177.00 199.58 209.00 203.60
114.89 101.57 86.25 95.52 115.79 111.64 128.66 123.07 158.74 182.31 195.80 197.38
Operating Profit 21.06 25.30 15.60 0.81 19.18 6.52 11.31 18.53 18.26 17.27 13.20 6.22
OPM % 15.49% 19.94% 15.32% 0.84% 14.21% 5.52% 8.08% 13.09% 10.32% 8.65% 6.32% 3.06%
Other Income 1.88 1.87 1.69 3.18 -1.98 0.93 1.47 2.30 -5.76 1.40 2.33 3.21
Interest 1.23 1.52 1.41 1.57 1.23 1.24 1.11 1.07 1.22 1.87 2.07 2.39
Depreciation 2.79 1.39 1.24 1.23 3.00 1.08 1.25 1.48 1.43 1.38 1.40 1.43
Profit before tax 18.92 24.26 14.64 1.19 12.97 5.13 10.42 18.28 9.85 15.42 12.06 5.61
Tax % 28.91% 24.86% 50.55% 37.82% 38.16% 36.65% 35.70% 35.89% 35.63% 33.92% 37.56% 34.58%
Net Profit 13.45 18.23 7.24 0.74 8.02 3.25 6.70 11.72 6.34 10.19 7.53 3.67
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
311 324 447 199 367 381 404 522 532 529 461 570 789
304 313 449 168 357 396 400 490 503 475 398 514 734
Operating Profit 7 10 -2 30 10 -15 4 31 29 54 63 55 55
OPM % 2% 3% -0% 15% 3% -4% 1% 6% 5% 10% 14% 10% 7%
Other Income 7 5 21 -10 1 16 4 2 8 4 3 -2 1
Interest 8 9 12 3 7 10 13 10 8 6 6 5 8
Depreciation 11 10 9 9 3 3 5 13 7 7 7 5 6
Profit before tax -5 -4 -3 8 0 -12 -10 11 22 44 53 44 43
Tax % -4% -5% -7% 0% 0% 30% 30% 32% 33% 33% 35% 36%
Net Profit -5 -4 -3 8 0 -9 -7 7 15 30 34 28 28
EPS in Rs 0.00 0.00 0.00 2.33 0.07 0.00 0.00 0.81 1.63 3.36 3.84 3.14
Dividend Payout % -0% -0% -0% 0% 0% -0% -0% 0% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.81%
5 Years:7.12%
3 Years:2.30%
TTM:47.59%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:32.15%
TTM:-6.60%
Return on Equity
10 Years:22.79%
5 Years:30.64%
3 Years:32.27%
Last Year:23.66%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
71 71 71 71 71 89 89 89 89 89 89 89 89
Reserves -66 -70 -66 -58 -57 -46 -53 -45 -31 -1 33 60 78
Borrowings 65 61 61 53 76 84 90 68 29 36 30 7 9
173 170 158 152 164 167 155 176 192 125 123 179 258
Total Liabilities 243 232 224 219 254 294 281 288 279 248 275 335 435
125 117 101 89 73 94 105 85 66 54 31 61 59
CWIP 11 13 13 14 29 22 0 0 0 0 32 3 10
Investments 0 0 0 0 0 0 0 0 0 18 33 41 0
108 103 110 116 151 179 176 203 212 177 179 230 366
Total Assets 243 232 224 219 254 294 281 288 279 248 275 335 435

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
10 14 2 10 3 -5 3 45 36 22 41 67
-3 -4 -1 -1 -20 -19 -1 1 2 -29 -39 -22
-7 -10 0 -8 20 29 -2 -42 -32 -4 2 -26
Net Cash Flow 0 -0 1 1 2 4 -1 4 6 -11 5 20

Ratios

Mar 2007 Mar 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 3% 7% -13% 38% 12% -1% 2% 20% 28% 51% 47% 35%
Debtor Days 18 14 9 28 14 18 19 23 18 27 25 30
Inventory Turnover 4.40 4.25 6.08 2.49 3.62 3.43 3.83 4.76 4.41 4.88 4.87 5.23