Andhra Paper Ltd

andhrapaper.com/ BSE: 502330 NSE : ANDHRAPAP
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Andhra Paper is engaged in the Business of Manufacture and sale of paper, pulp and paper & paper board.

Website BSE NSE
  • Market Cap ₹ 905 Cr.
  • Current Price ₹ 227
  • High / Low ₹ 299 / 112
  • Stock P/E 15.0
  • Book Value ₹ 235
  • Dividend Yield 0.00 %
  • ROCE 27.4 %
  • ROE 24.5 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.97 times its book value
  • Company has delivered good profit growth of 117.35% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.77% over past five years.
  • Tax rate seems low
  • Promoters have pledged 70.64% of their holding.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Paper Industry: Paper

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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
339.73 339.86 335.90 376.18 375.39 368.31 271.79 349.94 279.67 121.01 154.57 248.86
262.44 251.66 263.38 267.37 266.34 256.31 243.64 253.11 214.17 134.23 156.26 232.67
Operating Profit 77.29 88.20 72.52 108.81 109.05 112.00 28.15 96.83 65.50 -13.22 -1.69 16.19
OPM % 22.75% 25.95% 21.59% 28.92% 29.05% 30.41% 10.36% 27.67% 23.42% -10.92% -1.09% 6.51%
Other Income -7.62 1.21 4.39 0.73 2.83 2.43 4.11 3.43 4.57 -1.34 4.14 3.66
Interest 6.25 3.65 2.40 1.64 0.85 1.07 0.99 2.13 1.13 0.94 1.04 0.99
Depreciation 16.47 16.12 16.51 16.97 18.27 19.08 18.94 18.75 19.13 18.76 18.43 18.31
Profit before tax 46.95 69.64 58.00 90.93 92.76 94.28 12.33 79.38 49.81 -34.26 -17.02 0.55
Tax % 30.29% 35.58% 35.47% 36.36% 35.42% 35.29% 35.60% 35.69% -86.55% 26.80% 6.40% -638.18%
Net Profit 32.73 44.86 37.44 57.87 59.91 61.01 7.93 51.06 92.92 -25.08 -15.93 4.06
EPS in Rs 8.23 11.28 9.41 14.55 15.06 15.34 1.99 12.84 23.36 -6.31 -4.01 1.02
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
628 649 782 595 1,230 1,092 1,163 1,124 1,172 1,264 1,427 1,270 804
513 505 635 528 1,115 1,030 1,067 960 1,003 1,038 1,047 966 737
Operating Profit 115 144 147 67 115 61 97 163 170 226 380 303 67
OPM % 18% 22% 19% 11% 9% 6% 8% 15% 14% 18% 27% 24% 8%
Other Income 10 9 17 6 7 13 11 6 -22 -7 7 14 11
Interest 49 32 40 36 55 43 45 40 34 26 9 5 4
Depreciation 54 56 67 51 88 87 69 73 70 66 68 76 75
Profit before tax 22 65 57 -13 -21 -56 -6 56 44 126 311 236 -1
Tax % 13% 17% 21% -643% -14% 26% 104% 35% 27% 34% 36% 10%
Net Profit 19 54 45 -98 -24 -42 0 37 32 83 200 213 56
EPS in Rs 5.78 11.30 -24.59 -5.96 -10.46 0.06 9.28 8.15 20.89 50.31 53.54 14.06
Dividend Payout % 7% 6% 9% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:7%
5 Years:2%
3 Years:3%
TTM:-41%
Compounded Profit Growth
10 Years:15%
5 Years:117%
3 Years:59%
TTM:-66%
Stock Price CAGR
10 Years:4%
5 Years:-3%
3 Years:-10%
1 Year:-11%
Return on Equity
10 Years:9%
5 Years:20%
3 Years:25%
Last Year:25%

Balance Sheet

Figures in Rs. Crores

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
26 33 40 40 40 40 40 40 40 40 40 40 40
Reserves 392 470 539 441 417 375 374 411 438 524 724 936 893
Borrowings 561 493 436 478 449 564 502 477 359 208 15 9 8
181 173 188 299 302 336 330 340 317 325 407 336 316
Total Liabilities 1,160 1,169 1,202 1,257 1,208 1,315 1,246 1,268 1,155 1,097 1,186 1,321 1,257
751 678 858 807 821 877 833 820 798 742 707 680 644
CWIP 152 226 30 61 22 10 16 17 3 4 8 2 7
Investments 17 17 17 16 16 15 15 15 10 15 16 44 39
240 248 297 373 348 413 382 415 344 336 455 595 566
Total Assets 1,160 1,169 1,202 1,257 1,208 1,315 1,246 1,268 1,155 1,097 1,186 1,321 1,257

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
76 121 125 70 174 20 128 111 172 215 310 177
-60 -83 -52 -37 -90 -89 -31 -38 -29 -31 -110 -167
-22 -32 -65 -30 -90 68 -108 -67 -145 -175 -201 -11
Net Cash Flow -5 6 7 2 -5 -0 -11 6 -3 9 -1 -0

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Dec 2011 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 10% 9% 2% 5% -1% 4% 7% 12% 21% 42% 27%
Debtor Days 23 26 26 22 14 20 20 23 21 20 19 12
Inventory Turnover 1.85 1.87 2.61 1.16 3.23 3.00 2.97 2.87 3.01 3.50 3.64 2.50

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
75.00 75.00 75.00 75.00 75.00 75.00 75.00 92.20 92.20 75.00 72.20 72.20
0.72 1.02 1.23 1.52 1.49 1.15 0.99 0.22 0.16 0.11 0.07 0.03
3.49 2.87 3.19 3.19 3.11 3.72 6.13 0.62 0.62 8.47 11.43 12.14
20.79 21.11 20.58 20.29 20.40 20.13 17.88 6.96 7.03 16.43 16.31 15.63

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