EPL Ltd

EPL Ltd

₹ 192 1.13%
23 Feb - close price
About

EPL Limited (formerly known as Essel Propack Limited),is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the Beauty & Cosmetics, Pharma & Health, Food, Oral and Home.

The company was acquired by the Blackstone group on Aug – 2019 from the Essel group of companies. The Blackstone Group is one of the leading investment firms in the world with an AUM of around USD 511 billion across sectors like private equity, real estate, hedge fund solutions and credit businesses. The Group also has an exposure in the packaging industry through acquisition of varied companies such as the USA based Graham Packaging, Owens-Illinois Inc, Ohio and China based packaging firm ShyaHsin. [1]

Key Points

Global Footprints
The company is a laminated tubes manufacturer of around ~8 bn Tubes annually, and presence in Oral Care, also having 47% contribution in Personal Care & beyond, having 21 factories across 11 countries with a Innovation Platform - 89 patents granted [1]

  • Market Cap 6,100 Cr.
  • Current Price 192
  • High / Low 236 / 152
  • Stock P/E 22.2
  • Book Value 63.0
  • Dividend Yield 2.24 %
  • ROCE 12.2 %
  • ROE 11.9 %
  • Face Value 2.00

Pros

  • Company has been maintaining a healthy dividend payout of 59.3%

Cons

  • Stock is trading at 3.04 times its book value
  • The company has delivered a poor sales growth of 8.79% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 13.1% 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: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
769 810 799 870 883 880 832 948 945 969 910 1,002 975
610 671 654 717 745 747 708 800 796 815 751 821 792
Operating Profit 158 140 145 153 138 133 123 148 148 155 159 181 183
OPM % 21% 17% 18% 18% 16% 15% 15% 16% 16% 16% 17% 18% 19%
3 3 5 1 3 2 3 7 4 27 11 11 24
Interest 8 9 9 10 10 11 12 16 19 21 24 31 29
Depreciation 59 60 62 62 64 63 65 66 70 79 80 84 84
Profit before tax 94 74 79 82 67 61 49 72 64 82 66 78 94
Tax % 23% 21% 24% 36% 12% 18% 29% 34% 2% -3% 16% 33% 7%
72 58 60 52 58 50 35 48 63 85 56 52 87
EPS in Rs 2.25 1.80 1.83 1.61 1.81 1.54 1.06 1.46 1.97 2.65 1.71 1.59 2.71
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,584 1,831 2,125 2,321 2,128 2,302 2,424 2,707 2,761 3,092 3,433 3,694 3,856
1,327 1,517 1,770 1,929 1,723 1,880 1,960 2,208 2,204 2,481 2,864 3,119 3,178
Operating Profit 257 313 355 392 404 422 464 499 558 611 569 575 678
OPM % 16% 17% 17% 17% 19% 18% 19% 18% 20% 20% 17% 16% 18%
18 30 21 26 30 52 21 37 3 -2 11 41 73
Interest 84 91 81 79 61 58 55 61 56 43 40 67 104
Depreciation 117 126 126 132 123 141 167 186 230 235 251 280 327
Profit before tax 74 126 169 206 251 274 263 289 275 331 289 268 320
Tax % 30% 35% 34% 30% 31% 29% 34% 32% 23% 26% 23% 14%
54 84 112 145 173 196 174 195 212 244 221 231 280
EPS in Rs 0.33 2.58 3.43 4.48 5.41 6.06 5.46 6.11 6.57 7.58 6.79 7.12 8.66
Dividend Payout % 20% 15% 18% 18% 20% 20% 22% 20% 50% 54% 63% 60%
Compounded Sales Growth
10 Years: 7%
5 Years: 9%
3 Years: 10%
TTM: 7%
Compounded Profit Growth
10 Years: 11%
5 Years: 6%
3 Years: 2%
TTM: 43%
Stock Price CAGR
10 Years: 22%
5 Years: 11%
3 Years: -5%
1 Year: 19%
Return on Equity
10 Years: 15%
5 Years: 14%
3 Years: 13%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 31 31 31 31 31 31 31 63 63 63 63 64 64
Reserves 852 913 674 752 933 1,008 1,219 1,325 1,470 1,635 1,761 1,926 1,942
935 962 1,024 962 709 798 734 632 737 642 769 890 919
283 265 362 365 334 412 452 492 526 654 670 721 798
Total Liabilities 2,102 2,172 2,093 2,110 2,008 2,250 2,437 2,513 2,796 2,994 3,264 3,600 3,722
1,123 1,132 898 887 924 1,179 1,184 1,307 1,364 1,531 1,473 1,694 1,783
CWIP 39 48 36 89 57 19 42 41 35 27 147 178 81
Investments 45 46 45 46 30 15 13 17 16 15 7 19 6
895 945 1,114 1,088 996 1,036 1,198 1,147 1,381 1,421 1,636 1,709 1,852
Total Assets 2,102 2,172 2,093 2,110 2,008 2,250 2,437 2,513 2,796 2,994 3,264 3,600 3,722

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
195 169 257 313 361 369 343 356 471 522 312 602
-156 -59 -213 -145 -46 -279 -156 -188 -108 -278 -266 -412
-9 -107 -33 -168 -320 -76 -154 -194 -142 -319 -95 -138
Net Cash Flow 30 4 11 0 -5 13 34 -25 221 -75 -50 52

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 58 60 63 59 57 60 69 67 65 70 68 64
Inventory Days 95 85 79 74 79 89 101 101 116 117 143 133
Days Payable 57 48 64 52 51 53 66 65 112 119 109 109
Cash Conversion Cycle 96 97 78 82 85 95 104 103 70 67 102 87
Working Capital Days 63 70 61 63 79 64 66 66 52 65 82 70
ROCE % 9% 11% 14% 16% 18% 17% 17% 17% 16% 17% 13% 12%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
51.96% 51.96% 51.91% 51.91% 51.91% 51.91% 51.91% 51.53% 51.53% 51.53% 51.52% 51.50%
14.94% 14.63% 14.70% 14.95% 14.58% 14.70% 12.21% 12.13% 11.99% 12.22% 10.41% 9.89%
13.48% 14.74% 14.81% 14.07% 13.92% 13.90% 15.88% 15.92% 16.35% 15.85% 15.54% 14.52%
19.62% 18.67% 18.58% 19.07% 19.58% 19.49% 19.99% 20.41% 20.14% 20.40% 22.54% 24.07%
No. of Shareholders 52,65049,85852,74158,80262,60264,30065,49768,09767,65767,12775,04082,109

* 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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