Garware Polyester Ltd

Garware Polyester is engaged in the business of manufacturing of Polyester Films.

  • Market Cap: 485.89 Cr.
  • Current Price: 208.40
  • 52 weeks High / Low 282.00 / 132.00
  • Book Value: 602.06
  • Stock P/E: 5.65
  • Dividend Yield: 4.80 %
  • ROCE: 9.17 %
  • ROE: 6.01 %
  • Sales Growth (3Yrs): 3.40 %
  • Listed on BSE
  • Company Website
  • Face Value: 10.00
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Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 0.35 times its book value
Stock is providing a good dividend yield of 4.80%.
Company has good consistent profit growth of 63.58% over 5 years
Company has been maintaining a healthy dividend payout of 17.61%
Cons:
The company has delivered a poor growth of 2.37% over past five years.
Company has a low return on equity of 3.85% for last 3 years.

Peer comparison Sector: Packaging // Industry: Packaging

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
243 248 234 224 252 250 202 221
198 205 206 196 204 204 178 177
Operating Profit 45 43 28 28 48 46 24 44
OPM % 18% 17% 12% 13% 19% 19% 12% 20%
Other Income 1 3 3 3 3 4 3 2
Interest 5 5 5 5 5 4 5 4
Depreciation 3 3 4 3 5 5 5 6
Profit before tax 37 38 22 23 41 41 17 36
Tax % 33% 33% 34% 26% 34% 35% 33% 41%
Net Profit 25 25 14 17 27 27 11 21
EPS in Rs 10.79 10.80 6.22 7.30 11.54 11.52 4.89 9.07
Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Sep 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
903 564 315 899 795 777 843 896 857 874 833 948 925
754 458 257 614 707 709 774 836 776 801 750 804 763
Operating Profit 149 106 58 285 88 69 69 60 81 73 83 144 162
OPM % 17% 19% 18% 32% 11% 9% 8% 7% 9% 8% 10% 15% 17%
Other Income -4 3 1 -6 16 14 16 27 6 8 5 9 12
Interest 79 53 16 25 29 30 37 44 44 33 25 19 18
Depreciation 49 33 16 40 42 39 34 15 17 14 14 14 20
Profit before tax 17 24 27 214 33 13 14 27 27 34 50 120 135
Tax % 43% 52% 0% 11% 3% -113% 26% 35% 38% 33% 34% 32%
Net Profit 10 11 27 191 32 28 10 18 16 22 33 82 86
EPS in Rs 2.83 4.80 22.99 149.90 13.51 12.18 4.42 7.66 7.09 9.66 14.26 35.14 37.02
Dividend Payout % 0% 20% 13% 7% 11% 0% 0% 0% 0% 10% 14% 28%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:0.48%
5 Years:2.37%
3 Years:3.40%
TTM:-2.43%
Compounded Profit Growth
10 Years:19.50%
5 Years:63.58%
3 Years:70.45%
TTM:5.33%
Stock Price CAGR
10 Years:5.33%
5 Years:11.97%
3 Years:10.87%
1 Year:-8.19%
Return on Equity
10 Years:6.62%
5 Years:3.60%
3 Years:3.85%
Last Year:6.01%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Sep 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
77 77 77 78 78 78 78 23 23 23 23 23 23
Reserves 162 172 194 407 435 519 530 545 562 1,231 1,269 1,349 1,380
Borrowings 413 326 304 179 229 296 385 368 315 312 171 153 121
112 109 113 191 156 136 151 105 119 87 107 122 154
Total Liabilities 710 630 635 790 843 975 1,089 1,042 1,020 1,653 1,570 1,646 1,679
413 389 377 539 524 555 562 649 648 1,231 1,226 1,238 1,281
CWIP 3 2 3 9 6 39 86 11 5 8 10 11 19
Investments 37 37 37 1 1 1 1 1 1 29 36 120 116
258 201 217 241 313 380 441 381 366 386 298 277 264
Total Assets 710 630 635 790 843 975 1,089 1,042 1,020 1,653 1,570 1,646 1,679

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Sep 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
142 154 45 245 50 48 22 91 101 77 134 141
-9 -11 -4 -59 -15 -42 -78 -20 -5 -12 -5 -101
-132 -139 -41 -168 -5 32 50 -107 -96 -40 -172 -49
Net Cash Flow 1 4 -1 18 30 39 -6 -36 0 25 -43 -8

Ratios Consolidated Figures in Rs. Crores / View Standalone

Sep 2008 Sep 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 15% 12% 7% 41% 9% 5% 5% 7% 8% 5% 5% 9%
Debtor Days 45 58 121 12 9 20 25 20 17 26 17 22
Inventory Turnover 6.35 4.43 2.52 5.62 4.99 4.94 4.85 4.40 3.90 4.32 4.75 5.85

Shareholding pattern in percentages

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
60.58 60.64 60.64 60.64 60.64 60.64 60.64 60.64 60.72 60.72 60.72 60.72
0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00
3.75 3.75 3.75 3.75 3.75 3.75 3.76 3.73 3.73 3.71 3.72 3.71
0.00 0.00 0.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
35.66 35.60 34.78 35.60 35.61 35.60 35.59 35.63 35.55 35.57 35.56 35.57