The Indian Wood Products Company Ltd

About

The Indian Wood Products Company is primarily engaged in the manufacturing of Katha.(Source : 201903 Annual Report Page No: 77)

  • Market Cap 241 Cr.
  • Current Price 37.6
  • High / Low 56.6 / 21.8
  • Stock P/E 45.8
  • Book Value 55.0
  • Dividend Yield 0.27 %
  • ROCE 2.17 %
  • ROE 0.59 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.68 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 5.70% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 2.50% for last 3 years.

Peer comparison

Sector: Tobacco Products Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
52.56 48.32 50.81 47.60 50.17 51.36 45.54 30.65 37.65 43.59 45.54 42.19
45.11 37.27 42.59 41.43 44.45 45.38 43.69 32.00 33.73 40.22 40.65 40.10
Operating Profit 7.45 11.05 8.22 6.17 5.72 5.98 1.85 -1.35 3.92 3.37 4.89 2.09
OPM % 14.17% 22.87% 16.18% 12.96% 11.40% 11.64% 4.06% -4.40% 10.41% 7.73% 10.74% 4.95%
Other Income 0.26 0.10 0.06 0.07 0.05 0.28 0.02 0.37 0.76 0.48 0.61 0.20
Interest 1.05 1.30 1.46 1.59 1.76 1.62 1.57 1.67 1.54 1.57 2.04 1.76
Depreciation 0.81 0.75 1.05 1.11 1.29 1.20 0.18 0.96 0.98 0.97 1.07 1.00
Profit before tax 5.85 9.10 5.77 3.54 2.72 3.44 0.12 -3.61 2.16 1.31 2.39 -0.47
Tax % 29.74% 29.89% 36.92% 26.55% 19.49% 22.97% 525.00% -0.83% 1.39% -25.19% 18.83% 4.26%
Net Profit 4.12 6.38 3.65 2.59 2.18 2.65 -0.50 -3.64 2.14 1.64 1.94 -0.46
EPS in Rs 0.64 1.00 0.57 0.40 0.34 0.41 -0.08 -0.57 0.33 0.26 0.30 -0.07

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
119 180 216 200 195 157 169
111 156 185 169 175 147 155
Operating Profit 8 23 31 32 20 11 14
OPM % 7% 13% 14% 16% 10% 7% 8%
Other Income 0 0 3 1 0 2 2
Interest 2 3 6 5 7 7 7
Depreciation 1 2 3 3 4 4 4
Profit before tax 5 18 25 25 10 2 5
Tax % 24% 37% 37% 32% 29% 8%
Net Profit 4 11 16 17 7 2 5
EPS in Rs 2.30 1.79 2.48 2.65 1.08 0.33 0.82
Dividend Payout % 5% 3% 5% 8% 9% 31%
Compounded Sales Growth
10 Years:%
5 Years:6%
3 Years:-10%
TTM:-5%
Compounded Profit Growth
10 Years:%
5 Years:-11%
3 Years:-48%
TTM:662%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-21%
1 Year:49%
Return on Equity
10 Years:%
5 Years:3%
3 Years:3%
Last Year:1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2 6 6 13 13 13
Reserves 22 309 325 333 338 339
Borrowings 18 46 41 57 72 64
18 120 119 95 101 111
Total Liabilities 60 482 490 497 523 527
13 374 379 382 386 390
CWIP 0 1 2 2 10 0
Investments 0 3 6 5 5 7
46 104 104 108 122 130
Total Assets 60 482 490 497 523 527

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
4 -14 27 -6 -6 18
-4 -12 -11 -7 -5 -4
-0 25 -11 10 6 -13
Net Cash Flow -0 -1 5 -2 -5 1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 54 82 62 68 95 99
Inventory Days 98 163 146 157 159 234
Days Payable 70 118 94 27 43 70
Cash Conversion Cycle 81 127 114 198 212 263
Working Capital Days 82 113 86 145 179 84
ROCE % 11% 8% 8% 4% 2%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
70.16 70.16 70.16 70.19 70.26 71.05 71.08 71.08 71.08 71.12 71.12 71.12
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.32 0.32 0.32
29.22 29.22 29.22 29.18 29.11 28.33 28.29 28.29 28.29 28.56 28.56 28.56

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