Voith Paper Fabrics India Ltd

Voith Paper Fabrics India is primarily involved in the business of manufacturing and selling of paper machine clothing for pulp, paper and board industry.

Pros:
Company is virtually debt free.
Cons:
The company has delivered a poor growth of 10.26% over past five years.
Company has a low return on equity of 10.06% for last 3 years.
Dividend payout has been low at 14.36% of profits over last 3 years

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

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
19.04 20.48 19.90 22.34 22.43 24.43 23.46 23.78 25.52 27.16 27.43 31.92
13.39 14.68 13.52 14.94 16.92 18.04 16.86 17.44 18.54 20.15 20.19 23.86
Operating Profit 5.65 5.80 6.38 7.40 5.51 6.39 6.60 6.34 6.98 7.01 7.24 8.06
OPM % 29.67% 28.32% 32.06% 33.12% 24.57% 26.16% 28.13% 26.66% 27.35% 25.81% 26.39% 25.25%
Other Income 1.95 1.97 1.99 1.98 2.12 2.22 2.13 2.18 2.20 2.21 2.05 2.29
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 1.48 1.49 1.50 1.49 1.47 1.48 1.47 1.42 1.43 1.43 1.38 1.32
Profit before tax 6.12 6.28 6.87 7.89 6.16 7.13 7.26 7.10 7.75 7.79 7.91 9.03
Tax % 34.97% 35.35% 35.52% 34.09% 33.60% 34.50% 32.51% 37.04% 29.29% 27.98% 26.68% 31.12%
Net Profit 3.98 4.07 4.43 5.20 4.07 4.67 4.90 4.47 5.48 5.60 5.80 6.21
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
44.06 45.18 41.33 47.19 51.33 54.43 57.74 59.19 102.32 75.52 81.52 94.11 112.03
28.45 30.90 32.26 37.49 40.01 42.33 45.01 45.59 77.26 54.81 56.26 69.27 82.74
Operating Profit 15.61 14.28 9.07 9.70 11.32 12.10 12.73 13.60 25.06 20.71 25.26 24.84 29.29
OPM % 35.43% 31.61% 21.95% 20.56% 22.05% 22.23% 22.05% 22.98% 24.49% 27.42% 30.99% 26.39% 26.14%
Other Income 2.66 2.90 4.51 4.48 4.32 7.37 8.57 8.40 14.07 7.99 7.86 8.64 8.75
Interest 0.09 0.08 0.07 0.09 0.09 0.23 0.02 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 2.67 2.97 2.89 3.04 2.74 2.65 2.68 2.67 6.27 5.14 5.96 5.85 5.56
Profit before tax 15.51 14.13 10.62 11.05 12.81 16.59 18.60 19.33 32.86 23.56 27.16 27.63 32.48
Tax % 39.91% 28.95% 36.06% 35.66% 33.10% 30.50% 30.00% 33.52% 34.94% 34.34% 34.90% 34.46%
Net Profit 9.32 10.04 6.79 7.11 8.57 11.53 13.02 12.86 21.38 15.47 17.68 18.12 23.09
EPS in Rs 20.82 22.37 14.97 15.51 19.02 26.26 29.15 28.77 31.84 34.39 40.25 41.24
Dividend Payout % 14.13% 13.12% 19.40% 24.70% 15.37% 11.42% 10.12% 10.24% 9.24% 11.35% 9.93% 21.80%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.61%
5 Years:10.26%
3 Years:-2.75%
TTM:19.05%
Compounded Profit Growth
10 Years:6.07%
5 Years:7.22%
3 Years:-5.25%
TTM:27.50%
Return on Equity
10 Years:10.66%
5 Years:11.10%
3 Years:10.06%
Last Year:9.74%

Balance Sheet Figures in Rs. Crores

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39 4.39
Reserves 65.43 73.94 79.19 84.24 91.28 101.28 112.77 124.09 143.09 155.96 173.47 189.68 208.02
Borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8.99 9.02 9.30 10.71 13.60 14.94 16.16 19.45 20.50 20.36 18.34 21.87 23.89
Total Liabilities 78.81 87.35 92.88 99.34 109.27 120.61 133.32 147.93 167.98 180.71 196.20 215.94 236.30
15.19 26.59 26.94 27.13 24.74 23.47 20.97 18.77 35.45 46.04 41.60 37.14 50.36
CWIP 10.44 0.03 2.83 0.00 0.00 0.00 10.44 16.80 7.57 1.39 1.20 9.92 23.10
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
53.18 60.73 63.11 72.21 84.53 97.14 101.91 112.36 124.96 133.28 153.40 168.88 162.84
Total Assets 78.81 87.35 92.88 99.34 109.27 120.61 133.32 147.93 167.98 180.71 196.20 215.94 236.30

Cash Flows Figures in Rs. Crores

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018
4.25 12.87 3.65 2.62 9.95 14.31 9.10 6.41 15.92 11.29 14.72 22.82
-2.57 -11.39 -1.51 -1.33 -8.94 -12.39 -6.70 44.91 -46.84 -24.82 -11.35 -19.21
-2.08 -1.49 -1.55 -1.55 -2.05 -1.77 -1.56 -1.53 -1.55 -2.37 -2.11 -2.10
Net Cash Flow -0.40 -0.01 0.59 -0.26 -1.04 0.15 0.84 49.79 -32.47 -15.90 1.25 1.51

Ratios Figures in Rs. Crores

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 19.20% 13.20% 13.19% 14.02% 16.71% 16.41% 15.78% 23.74% 15.24% 16.07% 14.86%
Debtor Days 74.23 56.79 71.71 77.42 73.24 73.97 78.39 100.95 59.68 92.07 90.85 68.73
Inventory Turnover 4.17 4.14 4.25 4.63 5.51 6.01 6.78 11.08 7.85 8.48 10.23