Ester Industries Ltd

Ester Industries is a manufacturer of polyester film and engineering plastics.(Source : 201903 Annual Report Page No: 56)

Pros:
Company has reduced debt.
Stock is trading at 0.71 times its book value
Company has good consistent profit growth of 30.44% over 5 years
Debtor days have improved from 56.97 to 43.60 days.
Cons:
The company has delivered a poor growth of 2.08% over past five years.
Company has a low return on equity of 3.11% for last 3 years.
Company's cost of borrowing seems high

Peer Comparison Sector: Packaging // Industry: Packaging

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
177 197 187 197 202 220 227 276 270 255 284 254
167 184 173 183 188 197 201 251 242 226 232 210
Operating Profit 10 13 15 14 14 23 26 26 28 29 52 44
OPM % 6% 7% 8% 7% 7% 10% 11% 9% 10% 11% 18% 17%
Other Income 2 2 1 1 2 1 1 2 1 2 2 2
Interest 9 8 8 8 8 8 9 9 9 8 7 7
Depreciation 8 8 8 8 8 8 8 8 8 8 9 9
Profit before tax -5 -1 -0 -1 1 8 10 10 12 15 38 31
Tax % 31% 45% 35% 25% 19% 30% 28% 28% 28% 47% 36% 37%
Net Profit -4 -1 -0 -1 0 6 7 7 8 8 24 19
EPS in Rs -0.42 -0.07 -0.02 -0.08 0.06 0.67 0.89 0.87 1.00 0.97 2.87 2.31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
318 372 394 671 698 884 928 895 768 703 807 1,028 1,063
280 301 333 448 663 842 853 823 696 660 740 919 911
Operating Profit 38 71 61 223 35 42 74 72 72 43 66 109 153
OPM % 12% 19% 15% 33% 5% 5% 8% 8% 9% 6% 8% 11% 14%
Other Income 2 0 1 1 6 5 5 2 3 6 5 5 7
Interest 13 10 6 13 35 26 35 37 36 33 33 34 31
Depreciation 14 13 14 18 27 29 30 32 32 32 31 32 34
Profit before tax 12 48 41 193 -21 -8 14 5 7 -16 7 47 95
Tax % 20% 30% 33% 33% 34% 33% 41% 21% 33% 33% 29% 34%
Net Profit 10 33 28 129 -14 -5 8 4 5 -11 5 31 60
EPS in Rs 4.26 19.93 0.00 0.00 1.25 0.61 0.55 0.00 0.63 3.73 7.15
Dividend Payout % 28% 8% 23% 19% -0% -0% 37% 0% 0% -0% 0% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.71%
5 Years:2.08%
3 Years:10.20%
TTM:14.91%
Compounded Profit Growth
10 Years:-0.58%
5 Years:30.44%
3 Years:82.42%
TTM:186.86%
Stock Price CAGR
10 Years:3.97%
5 Years:8.21%
3 Years:-9.17%
1 Year:-15.66%
Return on Equity
10 Years:7.11%
5 Years:2.58%
3 Years:3.11%
Last Year:10.52%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
31 28 31 31 31 31 31 31 42 42 46 46 42
Reserves 83 113 147 247 233 227 233 236 252 235 242 273 311
Borrowings 98 53 54 223 304 335 363 376 316 310 303 243 166
41 52 73 125 74 83 89 88 96 124 150 135 157
Total Liabilities 250 247 306 626 642 676 716 732 705 712 736 693 675
140 140 136 363 350 376 390 399 385 416 399 387 379
CWIP 2 0 37 5 17 5 18 12 23 2 1 3 4
Investments 0 0 0 1 1 0 0 0 0 0 0 0 0
107 106 133 258 274 296 308 320 297 294 336 303 292
Total Assets 250 247 306 626 642 676 716 732 705 712 736 693 675

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
28 66 46 83 47 23 52 68 81 50 51 117
-11 -5 -54 -222 -35 -27 -57 -36 -20 -11 -15 -23
-16 -60 10 140 -9 4 -2 -18 -75 -38 -36 -94
Net Cash Flow 1 1 2 1 3 -0 -7 14 -14 -0 -0 -0

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 12% 29% 22% 56% 3% 3% 8% 7% 7% 3% 7% 14%
Debtor Days 51 38 47 66 44 45 49 48 53 60 67 44
Inventory Turnover 11.35 12.13 11.57 11.82 7.81 7.79 7.52 7.11 6.00 5.73 6.97 8.59