Duroply Industries Ltd

₹ 278 -0.36%

10 May - close price

About

Duroply Industries Ltd is primarily engaged in manufacturing and sale of Plywood, decorative veneers, block boards, doors, etc.^[1] The company has been in plywood business since 1957.^[2]

Key Points

History^[1]
Duroply Industries Limited was founded in 1957 as Sarda Plywood Industries Pvt. Ltd. (name changed in 2018). The Company’s erstwhile business of tea chest manufacture was in Jeypore (Assam) and in 1964, company began producing commercial plywood. The Company entered veneers business in 1994, with a manufacturing facility getting commenced in Rajkot (Gujarat) in 1999. The Company sustained its two businesses (tea processing and plywood manufacture) until 2021, following which the tea business was divested through a slump sale and management focused on the plywood business.

Website BSE

Market Cap ₹ 274 Cr.
Current Price ₹ 278
High / Low ₹ 370 / 144
Stock P/E 60.9
Book Value ₹ 107
Dividend Yield 0.00 %
ROCE 11.4 %
ROE 6.59 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.

Cons

Stock is trading at 2.61 times its book value
Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -6.51%
The company has delivered a poor sales growth of 6.81% over past five years.
Company has a low return on equity of -5.34% over last 3 years.
Promoters have pledged 36.5% of their holding.

* 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: Plywood Boards/Laminates Industry: Miscellaneous

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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
	56.29	55.43	35.13	46.09	54.98	54.63	71.22	75.16	71.74	84.22	75.86	83.29	79.82
	53.21	49.34	35.98	44.48	52.54	53.28	67.29	71.17	68.64	79.42	71.61	79.83	76.77
Operating Profit	3.08	6.09	-0.85	1.61	2.44	1.35	3.93	3.99	3.10	4.80	4.25	3.46	3.05
OPM %	5.47%	10.99%	-2.42%	3.49%	4.44%	2.47%	5.52%	5.31%	4.32%	5.70%	5.60%	4.15%	3.82%
	0.58	8.80	0.30	0.31	0.28	1.35	0.18	0.49	0.22	1.26	0.19	0.21	0.26
Interest	2.80	2.64	1.91	2.71	2.02	1.84	1.71	1.77	1.45	1.74	1.80	1.79	1.87
Depreciation	0.84	0.84	0.68	0.68	0.69	0.78	0.84	0.84	0.85	0.85	0.88	0.89	0.91
Profit before tax	0.02	11.41	-3.14	-1.47	0.01	0.08	1.56	1.87	1.02	3.47	1.76	0.99	0.53
Tax %	-650.00%	18.05%	27.71%	17.01%	-7,600.00%	4,587.50%	31.41%	36.90%	29.41%	34.87%	26.70%	34.34%	41.51%
	0.15	9.35	-2.27	-1.21	0.77	-3.59	1.06	1.19	0.72	2.26	1.28	0.65	0.31
EPS in Rs	0.23	14.47	-3.51	-1.87	1.19	-5.56	1.64	1.59	0.96	2.91	1.65	0.84	0.37
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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
	168	188	183	203	182	207	218	228	207	181	191	302	323
	172	184	185	197	182	205	214	218	201	182	186	286	308
Operating Profit	-3	4	-2	7	0	3	4	10	6	-1	5	16	16
OPM %	-2%	2%	-1%	3%	0%	1%	2%	4%	3%	-1%	3%	5%	5%
	-0	0	0	0	0	4	1	1	2	10	2	2	2
Interest	4	5	7	7	7	7	7	7	8	10	9	7	7
Depreciation	2	2	2	2	2	2	2	2	3	3	3	3	4
Profit before tax	-9	-3	-10	-2	-8	-2	-5	1	-2	-5	-5	8	7
Tax %	37%	31%	38%	70%	32%	0%	-1%	22%	-76%	49%	-40%	34%
	-6	-2	-6	-0	-6	-2	-5	1	-4	-2	-6	5	4
EPS in Rs	-13.25	-4.14	-14.32	-1.08	-12.71	-4.16	-10.51	1.52	-6.32	-3.79	-9.77	6.73	5.77
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	5%
5 Years:	7%
3 Years:	14%
TTM:	18%

Compounded Profit Growth
10 Years:	16%
5 Years:	25%
3 Years:	42%
TTM:	826%

Stock Price CAGR
10 Years:	32%
5 Years:	30%
3 Years:	78%
1 Year:	90%

Return on Equity
10 Years:	-8%
5 Years:	-4%
3 Years:	-5%
Last Year:	7%

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	4	5	5	5	5	5	5	6	6	6	6	8	8
Reserves	23	22	16	15	9	44	73	71	66	64	57	81	82
	29	42	51	45	52	56	53	49	55	68	59	46	46
	51	56	51	54	49	61	68	80	87	71	82	90	102
Total Liabilities	108	125	122	119	115	165	199	206	214	209	205	225	239
	16	15	15	14	14	16	103	101	104	98	102	102	102
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	9	8	8	8	8	44	0	0	0	0	0	0	1
	84	101	99	97	93	105	96	105	110	110	102	122	136
Total Assets	108	125	122	119	115	165	199	206	214	209	205	225	239

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
	1	-6	-1	12	0	1	9	14	6	-5	24	2
	0	-1	-1	-1	-1	1	-2	-3	-2	4	-2	-2
	-3	8	2	-12	0	-3	-7	-12	-2	-1	-22	-0
Net Cash Flow	-1	1	-0	-1	-1	-0	-0	0	1	-1	0	-0

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	55	58	54	53	43	35	36	38	37	36	38	35
Inventory Days	155	175	170	142	173	190	173	179	224	197	195	134
Days Payable	155	156	143	141	144	153	150	178	210	169	175	119
Cash Conversion Cycle	54	77	82	55	72	72	59	39	50	64	59	49
Working Capital Days	61	74	70	55	61	56	45	36	37	65	38	43
ROCE %	-8%	4%	-5%	8%	-2%	2%	2%	7%	3%	-2%	3%	11%

Shareholding Pattern

Numbers in percentages

4 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	63.09%	63.09%	63.09%	63.09%	63.09%	56.51%	56.51%	58.06%	58.06%	58.06%	61.52%	55.01%
	0.17%	0.17%	0.17%	0.17%	0.17%	0.14%	0.14%	0.14%	0.14%	0.14%	0.12%	0.11%
	36.74%	36.74%	36.74%	36.74%	36.74%	43.35%	43.34%	41.79%	41.79%	41.80%	38.37%	44.88%
No. of Shareholders	6,715	6,611	6,526	6,483	6,940	6,972	6,885	6,845	6,950	7,070	7,505	7,240

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	43.68%	43.68%	63.09%	63.09%	63.09%	63.09%	58.06%	55.01%
	0.24%	0.24%	0.17%	0.17%	0.17%	0.17%	0.14%	0.11%
	56.08%	56.08%	36.74%	36.74%	36.74%	36.74%	41.79%	44.88%
No. of Shareholders	6,731	7,054	6,919	6,778	6,685	6,483	6,845	7,240

* 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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