Voith Paper Fabrics India Ltd

Voith Paper Fabrics India Ltd

₹ 2,036 -0.76%
26 Feb - close price
About

Voith Paper Fabrics India Limited is primarily involved in the business of manufacturing and selling paper machine clothing for the pulp, paper, and board industry. The Company is a subsidiary of ** VP Auslandsbeteiligungen GmbH **which holds 74.04% paid-up equity share capital of the Company. With the entry into forming the fabric business, currently, VPFV is the only Indian manufacturer in a position to supply the entire range of machine clothing to paper manufacturers.[1][2]

Key Points

History
VPFV was incorporated in India in the year 1968 by Porritts & Spencer UK, which later became a part of Scapa Group of the UK. In 1999, the Voith Group acquired a major stake in the Company. The co. changed its name from Porritts & Spencer (Asia) Limited to Voith Paper Fabrics India Limited in the year 2007. The company initially commenced its business with the manufacture of woolen and cotton dryers for the pulp, paper, and board industry with the technical support of Scapa and now carries out its operations with the support of Voith Group. VPFV has extended the range of clothing for use on paper machines as the main business.
Today the focus is on paper machine clothing (PMC), fiber-cement sheet-making felts, and hi-tech textile processing felts. [1]

  • Market Cap 894 Cr.
  • Current Price 2,036
  • High / Low 2,300 / 975
  • Stock P/E 23.1
  • Book Value 755
  • Dividend Yield 0.34 %
  • ROCE 14.2 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 2.70 times its book value
  • The company has delivered a poor sales growth of 11.8% over past five years.
  • Company has a low return on equity of 10.7% over last 3 years.
  • Dividend payout has been low at 8.92% of profits over last 3 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: Textiles Industry: Textiles - Products

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Quarterly Results

Figures in Rs. Crores

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
30.67 31.12 34.56 37.19 34.46 39.03 38.52 44.20 39.06 42.59 44.44 48.18 42.01
20.15 22.43 23.93 28.31 23.52 30.00 28.71 34.04 30.85 29.62 32.37 36.63 30.00
Operating Profit 10.52 8.69 10.63 8.88 10.94 9.03 9.81 10.16 8.21 12.97 12.07 11.55 12.01
OPM % 34.30% 27.92% 30.76% 23.88% 31.75% 23.14% 25.47% 22.99% 21.02% 30.45% 27.16% 23.97% 28.59%
1.99 1.60 1.80 1.72 2.20 2.10 2.19 2.37 3.82 2.79 3.49 3.91 3.51
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
Depreciation 1.85 1.86 1.88 1.89 1.98 2.03 2.20 2.44 2.41 2.47 2.61 2.66 2.73
Profit before tax 10.66 8.43 10.55 8.71 11.16 9.10 9.80 10.09 9.62 13.29 12.95 12.79 12.78
Tax % 25.05% 21.83% 25.02% 28.13% 24.28% 26.59% 25.31% 24.48% 27.44% 26.03% 25.41% 24.71% 25.04%
7.99 6.59 7.91 6.27 8.45 6.68 7.32 7.62 6.99 9.83 9.66 9.64 9.58
EPS in Rs 18.19 15.00 18.01 14.27 19.24 15.21 16.66 17.35 15.91 22.38 21.99 21.95 21.81
Raw PDF

Profit & Loss

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
54 58 59 102 76 82 94 112 118 119 145 164 177
42 45 46 77 55 56 69 83 86 83 106 123 129
Operating Profit 12 13 14 25 21 25 25 29 32 36 39 41 49
OPM % 22% 22% 23% 24% 27% 31% 26% 26% 27% 30% 27% 25% 27%
7 9 8 14 8 8 9 9 8 8 8 11 14
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 3 3 6 5 6 6 6 7 8 8 10 10
Profit before tax 17 19 19 33 24 27 28 32 33 36 40 43 52
Tax % 30% 30% 34% 35% 34% 35% 34% 29% 26% 24% 26% 26%
12 13 13 21 15 18 18 23 25 27 29 32 39
EPS in Rs 26.25 29.64 29.28 48.67 35.22 40.25 41.25 52.59 55.87 61.63 66.73 72.30 88.13
Dividend Payout % 11% 10% 10% 9% 11% 10% 22% 10% 9% 8% 9% 10%
Compounded Sales Growth
10 Years: 11%
5 Years: 12%
3 Years: 12%
TTM: 10%
Compounded Profit Growth
10 Years: 10%
5 Years: 12%
3 Years: 8%
TTM: 35%
Stock Price CAGR
10 Years: 24%
5 Years: 21%
3 Years: 23%
1 Year: 97%
Return on Equity
10 Years: 11%
5 Years: 11%
3 Years: 11%
Last Year: 11%

Balance Sheet

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 101 113 124 143 156 173 190 208 230 255 282 311 327
0 0 0 0 0 0 0 0 0 0 0 0 0
14 15 18 19 18 16 20 24 23 24 30 35 44
Total Liabilities 119 132 146 166 179 194 214 236 257 284 316 350 376
23 21 19 35 46 42 37 50 68 65 72 79 84
CWIP 0 10 17 8 1 1 10 23 12 12 7 4 23
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
96 100 111 123 131 151 167 163 178 207 237 267 269
Total Assets 119 132 146 166 179 194 214 236 257 284 316 350 376

Cash Flows

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
14 9 6 16 11 15 23 17 20 28 26 26
-12 -7 45 -47 -25 -11 -19 -5 -24 -27 -18 -22
-2 -2 -2 -2 -2 -2 -2 -5 -3 -2 -2 -3
Net Cash Flow 0 1 50 -32 -16 1 2 7 -6 -1 6 2

Ratios

Figures in Rs. Crores

Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 74 78 101 60 92 91 69 56 54 57 55 54
Inventory Days 257 199 176 119 169 170 97 117 155 196 194 215
Days Payable 151 138 168 120 143 122 114 100 108 134 125 136
Cash Conversion Cycle 180 140 108 59 118 139 52 72 101 118 124 133
Working Capital Days 92 95 70 59 84 84 39 42 56 59 61 65
ROCE % 17% 16% 16% 24% 15% 16% 15% 16% 15% 14% 14% 14%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04% 74.04%
1.19% 1.18% 1.18% 1.18% 1.18% 1.18% 1.18% 1.18% 1.18% 1.11% 0.64% 0.37%
24.77% 24.77% 24.77% 24.77% 24.77% 24.77% 24.76% 24.76% 24.76% 24.84% 25.31% 25.58%
No. of Shareholders 3,8563,9524,0884,1114,4604,3084,7724,6174,5674,9274,9084,849

* 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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