Voith Paper Fabrics India Ltd
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]
- Market Cap ₹ 826 Cr.
- Current Price ₹ 1,882
- High / Low ₹ 2,300 / 1,005
- Stock P/E 21.3
- Book Value ₹ 755
- Dividend Yield 0.37 %
- ROCE 14.2 %
- ROE 10.6 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- 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
Quarterly Results
Figures in Rs. Crores
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: | 21% |
5 Years: | 18% |
3 Years: | 20% |
1 Year: | 79% |
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% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 11 Apr
- Revised Submission Of Proceedings Of 53Rd Annual General Meeting (AGM) 6 Apr
- Compliance Certificate For The Period Ended March 2024. 3 Apr
- Compliance Certificate For The Period Ended March 2024. 3 Apr
- Closure of Trading Window 23 Mar
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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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]