Finolex Industries Ltd

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]

See full details
  • Market Cap 14,165 Cr.
  • Current Price 228
  • High / Low 243 / 98.8
  • Stock P/E 17.3
  • Book Value 49.5
  • Dividend Yield 0.88 %
  • ROCE 35.6 %
  • ROE 28.9 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.92% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 35.95%

Cons

  • The company has delivered a poor sales growth of 6.89% over past five years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
543 757 964 944 577 699 769 562 586 1,066 1,249 966
418 632 818 820 495 560 665 474 441 720 839 756
Operating Profit 125 125 146 124 82 139 104 88 145 346 410 210
OPM % 23% 17% 15% 13% 14% 20% 13% 16% 25% 32% 33% 22%
Other Income 12 17 12 6 17 6 1 8 32 18 14 15
Interest 3 2 2 1 0 2 8 3 1 1 2 5
Depreciation 17 20 18 17 19 19 19 19 19 20 20 20
Profit before tax 118 121 139 112 80 125 77 74 157 343 402 200
Tax % 35% 35% 34% 35% -29% 25% 28% 26% 24% 25% 26% 27%
Net Profit 76 79 91 72 103 93 56 55 120 256 297 147
EPS in Rs 1.23 1.27 1.47 1.17 1.65 1.50 0.90 0.89 1.93 4.12 4.79 2.37

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,455 1,978 2,100 2,145 2,453 2,476 2,482 2,602 2,738 3,091 2,985 3,463 3,867
1,144 1,761 1,882 1,785 2,056 2,264 2,075 2,039 2,253 2,487 2,536 2,473 2,756
Operating Profit 311 217 218 359 397 212 407 563 484 604 448 990 1,111
OPM % 21% 11% 10% 17% 16% 9% 16% 22% 18% 20% 15% 29% 29%
Other Income -29 32 29 -63 -27 -2 62 24 25 14 30 72 80
Interest 47 60 75 51 66 70 45 15 10 12 11 7 9
Depreciation 62 74 76 54 62 59 51 55 61 70 74 78 79
Profit before tax 174 115 97 190 242 81 373 517 439 536 393 977 1,102
Tax % 24% 34% 22% 28% 30% 41% 32% 32% 32% 35% 18% 25%
Net Profit 132 76 75 136 170 48 254 352 299 350 324 728 820
EPS in Rs 2.13 1.23 1.21 2.19 2.74 0.77 4.10 5.68 4.81 5.64 5.22 11.73 13.21
Dividend Payout % 28% 49% 50% 50% 51% 52% 49% 41% 42% 35% 38% 34%
Compounded Sales Growth
10 Years:6%
5 Years:7%
3 Years:8%
TTM:48%
Compounded Profit Growth
10 Years:26%
5 Years:26%
3 Years:35%
TTM:167%
Stock Price CAGR
10 Years:33%
5 Years:20%
3 Years:33%
1 Year:120%
Return on Equity
10 Years:17%
5 Years:17%
3 Years:19%
Last Year:29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
124 124 124 124 124 124 124 124 124 124 124 124
Reserves 464 496 538 597 666 663 1,446 2,167 2,640 2,404 1,806 2,949
Borrowings 834 747 1,042 839 713 637 212 94 101 90 283 204
462 543 379 440 433 435 567 570 589 655 603 930
Total Liabilities 1,883 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207
836 792 784 880 905 868 850 855 884 951 1,017 1,002
CWIP 66 72 85 51 32 10 7 22 90 90 7 8
Investments 326 208 493 360 221 180 817 1,222 1,555 1,303 580 1,592
654 837 721 711 777 801 675 856 925 929 1,211 1,604
Total Assets 1,883 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 4,207

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
311 -94 155 274 245 212 569 252 338 391 106 941
-151 179 -324 62 110 18 -77 35 -162 -228 49 -877
-106 -180 171 -356 -344 -239 -494 -282 -175 -163 -105 -90
Net Cash Flow 54 -95 2 -20 12 -9 -2 4 1 -0 51 -26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 9 23 8 7 6 7 3 7 6 9 9 16
Inventory Days 158 109 78 124 112 113 100 128 128 120 164 176
Days Payable 82 65 31 47 25 40 55 52 52 55 44 76
Cash Conversion Cycle 85 66 55 84 93 80 48 83 81 74 129 116
Working Capital Days 46 52 54 59 57 61 31 41 45 44 73 43
ROCE % 20% 12% 10% 19% 23% 11% 24% 25% 17% 21% 16% 36%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47
3.38 2.86 2.34 2.40 2.37 2.33 2.31 2.35 2.12 2.28 2.73 2.87
9.50 9.95 10.63 11.16 12.00 11.81 12.67 12.93 13.29 12.89 11.84 11.56
34.30 34.37 34.21 33.62 32.81 33.04 32.20 31.90 31.77 32.01 32.61 32.76
0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.34

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