Ester Industries Ltd

About [ edit ]

Ester manufactures Polyester Films, Specialty Polymers and Engineering Plastic compounds. Polyester Films find applications primarily in flexible packaging while Specialty Polymers find applications into niche areas including rigid packaging, textiles etc. The Engineering Plastics business processes various materials for industries like Automotive, Electrical & Electronics, Appliances and Telecom.

  • Market Cap 1,223 Cr.
  • Current Price 147
  • High / Low 159 / 27.2
  • Stock P/E 266
  • Book Value 55.3
  • Dividend Yield 1.71 %
  • ROCE 6.87 %
  • ROE 1.65 %
  • Face Value 5.00

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 2.65 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.75% over past five years.
  • Company has a low return on equity of 2.12% for last 3 years.
  • Company's cost of borrowing seems high

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2020 Sep 2020 Dec 2020
189 251 256
138 181 202
Operating Profit 50 70 54
OPM % 27% 28% 21%
Other Income 2 2 2
Interest 4 4 5
Depreciation 9 9 9
Profit before tax 39 59 43
Tax % 25% 25% 26%
Net Profit 29 44 32
EPS in Rs 3.52 5.30 3.78

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
250 282 318 372 395 671 698 884 928 895 768
255 271 280 301 334 448 663 842 853 823 698
Operating Profit -5 11 38 71 61 223 35 42 74 72 70
OPM % -2% 4% 12% 19% 15% 33% 5% 5% 8% 8% 9%
Other Income 5 4 2 0 1 1 6 5 5 3 5
Interest 8 13 13 10 6 13 35 26 35 37 36
Depreciation 17 16 14 13 14 18 27 29 30 32 32
Profit before tax -25 -14 12 48 41 193 -21 -8 14 5 7
Tax % 33% 0% 20% 30% 33% 33% 34% 32% 41% 21% 33%
Net Profit -17 -14 10 33 28 129 -14 -5 8 4 5
EPS in Rs 4.43 20.58 -2.21 -0.84 1.33 0.61 0.55
Dividend Payout % 0% 0% 28% 8% 23% 19% 0% 0% 38% 0% 0%
Compounded Sales Growth
10 Years:12%
5 Years:3%
3 Years:-5%
TTM:-14%
Compounded Profit Growth
10 Years:9%
5 Years:-49%
3 Years:45%
TTM:13%
Stock Price CAGR
10 Years:14%
5 Years:20%
3 Years:33%
1 Year:414%
Return on Equity
10 Years:9%
5 Years:-0%
3 Years:2%
Last Year:2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Sep 2020
31 31 31 28 31 31 31 31 31 31 42 42
Reserves 89 75 82 113 146 246 232 226 232 235 250 419
Borrowings 81 104 98 53 54 224 304 335 363 376 316 99
32 31 41 44 69 122 60 60 72 72 80 158
Total Liabilities 230 238 249 238 301 623 627 652 698 714 688 718
143 147 140 140 136 363 350 376 390 399 385 352
CWIP 3 1 2 0 37 5 17 5 18 12 23 43
Investments 0 0 0 0 0 1 1 0 0 0 0 1
83 90 107 97 129 254 258 272 290 303 280 322
Total Assets 230 238 249 238 301 623 627 652 698 714 688 718

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
17 6 28 66 46 83 47 23 52 68 81
-19 -17 -11 -5 -54 -222 -36 -27 -57 -36 -20
2 12 -16 -60 10 140 -9 4 -2 -18 -75
Net Cash Flow -0 1 1 1 2 1 3 -0 -7 14 -14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016
ROCE % -0% 12% 29% 23% 56% 3% 3% 8% 7% 7%
Debtor Days 41 58 51 38 47 66 44 45 49 48 53
Inventory Turnover 8.23 7.99 7.86 7.82 6.19 6.13 6.29 5.81 5.48 4.31

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
59.14 59.14 59.14 59.14 59.14 59.14 59.14 59.14 59.14 61.45 64.04 64.04
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 1.33 1.73
0.06 0.11 0.08 0.09 0.07 0.03 0.03 0.03 0.03 0.02 0.03 0.02
40.80 40.75 40.78 40.77 40.79 40.83 40.83 40.83 40.83 38.41 34.60 34.20

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