Finolex Industries Ltd

₹ 139 -0.29%
24 Jun - close price
About

Finolex Industries Limited (FIL) is a leading manufacturer of PVC Resin and the largest producer of PVC Pipes & Fittings in India. The Company offers the latest range of superior quality and durable PVC-U pipes and fittings used in agriculture, construction and industrial operations. Its product portfolio consists of two major divisions:
PVC Resin
PVC Pipes & Fittings [1]

Key Points

Strong Backwards Integration
The company is the only large vertically integrated player in the domestic market which produces its entire requirement of PVC resin, the major raw material used in manufacturing PVC Pipes & Fittings. Interdivisional transfer of raw materials has moved up to around 86 per cent in fiscal 2020 from 11 per cent in fiscal 2008 [1]

  • Market Cap 8,600 Cr.
  • Current Price 139
  • High / Low 268 / 125
  • Stock P/E 11.2
  • Book Value 62.3
  • Dividend Yield 1.44 %
  • ROCE 27.6 %
  • ROE 22.2 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 31.98%

Cons

  • Earnings include an other income of Rs.459.22 Cr.

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
944 577 699 769 562 586 1,066 1,249 966 1,083 1,005 1,595
820 495 560 665 474 441 720 839 756 781 763 1,330
Operating Profit 124 82 139 104 88 145 346 410 210 301 242 265
OPM % 13% 14% 20% 13% 16% 25% 32% 33% 22% 28% 24% 17%
6 17 6 1 8 32 18 14 15 30 19 401
Interest 1 0 2 8 3 1 1 2 5 0 1 8
Depreciation 17 19 19 19 19 19 20 20 20 21 21 22
Profit before tax 112 80 125 77 74 157 343 402 200 310 239 636
Tax % 35% -29% 25% 28% 26% 24% 25% 26% 27% 24% 26% 22%
Net Profit 72 103 93 56 55 120 256 297 147 235 178 494
EPS in Rs 1.17 1.65 1.50 0.90 0.89 1.93 4.12 4.79 2.37 3.79 2.87 7.96

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,978 2,100 2,145 2,453 2,476 2,482 2,602 2,738 3,091 2,985 3,463 4,647
1,761 1,882 1,785 2,056 2,264 2,075 2,039 2,253 2,487 2,536 2,473 3,624
Operating Profit 217 218 359 397 212 407 563 484 604 448 990 1,024
OPM % 11% 10% 17% 16% 9% 16% 22% 18% 20% 15% 29% 22%
32 29 -63 -27 -2 62 24 25 14 30 72 459
Interest 60 75 51 66 70 45 15 10 12 11 7 14
Depreciation 74 76 54 62 59 51 55 61 70 74 78 83
Profit before tax 115 97 190 242 81 373 517 439 536 393 977 1,385
Tax % 34% 22% 28% 30% 41% 32% 32% 32% 35% 18% 25% 24%
Net Profit 76 75 136 170 48 254 352 299 350 324 728 1,053
EPS in Rs 1.23 1.21 2.19 2.74 0.77 4.10 5.68 4.81 5.64 5.22 11.73 16.98
Dividend Payout % 49% 50% 50% 51% 52% 49% 41% 42% 35% 38% 34% 24%
Compounded Sales Growth
10 Years: 8%
5 Years: 12%
3 Years: 15%
TTM: 34%
Compounded Profit Growth
10 Years: 29%
5 Years: 17%
3 Years: 28%
TTM: 6%
Stock Price CAGR
10 Years: 28%
5 Years: 2%
3 Years: 11%
1 Year: -20%
Return on Equity
10 Years: 19%
5 Years: 18%
3 Years: 22%
Last Year: 22%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
124 124 124 124 124 124 124 124 124 124 124 124
Reserves 496 538 597 666 663 1,446 2,167 2,640 2,404 1,806 2,949 3,740
747 1,042 839 713 637 212 94 101 90 283 204 278
543 379 440 433 435 567 570 589 655 603 930 1,119
Total Liabilities 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207 5,261
792 784 880 905 868 850 855 884 951 1,017 1,002 993
CWIP 72 85 51 32 10 7 22 90 90 7 8 9
Investments 208 493 360 221 180 817 1,222 1,555 1,303 580 1,592 2,633
837 721 711 777 801 675 856 925 929 1,211 1,604 1,625
Total Assets 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207 5,261

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-94 155 274 245 212 569 252 338 391 106 941 622
179 -324 62 110 18 -77 35 -162 -228 49 -877 -440
-180 171 -356 -344 -239 -494 -282 -175 -163 -105 -90 -190
Net Cash Flow -95 2 -20 12 -9 -2 4 1 -0 51 -26 -8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 23 8 7 6 7 3 7 6 9 9 16 26
Inventory Days 109 78 124 112 113 100 128 128 120 164 176 130
Days Payable 65 31 47 25 40 55 52 52 55 44 76 59
Cash Conversion Cycle 66 55 84 93 80 48 83 81 74 129 116 97
Working Capital Days 49 49 38 49 54 17 41 45 44 73 43 161
ROCE % 12% 10% 19% 23% 11% 24% 25% 17% 21% 16% 36% 28%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47
2.40 2.37 2.33 2.31 2.35 2.12 2.28 2.73 2.87 4.31 5.74 5.81
11.16 12.00 11.81 12.67 12.93 13.29 12.89 11.84 11.56 10.67 9.84 9.49
33.62 32.81 33.04 32.20 31.90 31.77 32.01 32.61 32.76 32.20 31.61 31.88
0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.34 0.34 0.34 0.34

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