Finolex Industries Ltd

Finolex Industries is engaged in the business of manufacturing PVC pipes & fittings, manufacturing of PVC resin and power generation.

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 39.19%
Cons:
The company has delivered a poor growth of 4.73% over past five years.

Peer Comparison Sector: Plastic products // Industry: Plastics Products

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
457 576 888 731 475 723 809 828 543 757 964 944
370 447 709 600 426 609 621 634 418 632 818 820
Operating Profit 87 130 179 131 50 113 188 194 125 125 146 124
OPM % 19% 22% 20% 18% 10% 16% 23% 23% 23% 17% 15% 13%
Other Income 9 3 9 4 11 10 3 -14 12 17 12 6
Interest 3 6 1 3 4 -0 3 5 3 2 2 1
Depreciation 14 14 14 14 15 15 16 16 17 20 18 17
Profit before tax 79 113 173 117 42 109 172 158 118 121 139 112
Tax % 35% 36% 29% 32% 32% 36% 30% 35% 35% 35% 34% 35%
Net Profit 51 72 123 80 28 70 121 103 76 79 91 72
EPS in Rs 4.14 5.80 9.93 6.43 2.28 5.60 9.75 8.32 6.16 6.34 7.36 5.84
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
1,382 1,493 1,455 1,978 2,100 2,145 2,453 2,476 2,843 2,602 2,738 3,091 3,207
1,233 1,299 1,144 1,758 1,883 1,809 2,087 2,273 2,439 2,039 2,254 2,494 2,687
Operating Profit 149 194 311 220 217 336 366 203 404 563 484 597 520
OPM % 11% 13% 21% 11% 10% 16% 15% 8% 14% 22% 18% 19% 16%
Other Income 40 -148 -29 29 30 -40 4 7 64 24 25 21 47
Interest 30 47 47 60 75 51 66 70 45 15 10 12 8
Depreciation 57 58 62 74 76 54 62 59 51 55 61 70 71
Profit before tax 102 -59 174 115 97 190 242 81 373 517 439 536 489
Tax % 30% 36% 24% 34% 22% 28% 30% 41% 32% 32% 32% 35%
Net Profit 71 -38 132 76 75 136 170 48 254 352 299 350 319
EPS in Rs 5.23 0.00 10.16 5.63 5.57 10.08 12.52 3.45 20.50 28.38 24.06 28.19 25.70
Dividend Payout % 52% -33% 28% 49% 50% 50% 51% 52% 49% 41% 42% 35%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.55%
5 Years:4.73%
3 Years:2.83%
TTM:13.13%
Compounded Profit Growth
10 Years:9.54%
5 Years:12.93%
3 Years:16.73%
TTM:-0.96%
Return on Equity
10 Years:16.07%
5 Years:14.20%
3 Years:14.14%
Last Year:13.73%

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
124 124 124 124 124 124 124 124 124 124 124 124
Reserves 430 376 464 496 538 597 666 663 1,446 2,167 2,640 2,404
Borrowings 692 812 834 747 1,042 839 713 637 212 94 101 91
514 339 481 563 379 443 437 441 594 600 643 687
Total Liabilities 1,760 1,651 1,903 1,930 2,083 2,003 1,941 1,865 2,376 2,986 3,508 3,306
557 566 836 792 784 880 905 868 850 855 884 951
CWIP 209 299 66 72 85 51 32 10 7 22 90 90
Investments 252 265 326 208 493 360 221 180 817 1,222 1,555 1,303
741 521 674 857 721 714 781 807 702 887 978 962
Total Assets 1,760 1,651 1,903 1,930 2,083 2,003 1,941 1,865 2,376 2,986 3,508 3,306

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
28 310 311 -94 155 274 245 212 569 252 338 407
-156 -158 -151 179 -324 62 110 18 -77 35 -162 -236
182 -140 -106 -180 171 -356 -344 -239 -494 -282 -175 -171
Net Cash Flow 54 13 54 -95 2 -20 12 -9 -2 4 1 1

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 % 11% 13% 20% 12% 10% 19% 23% 11% 24% 25% 17% 21%
Debtor Days 20 12 9 23 8 7 6 7 2 7 6 9
Inventory Turnover 6.57 7.96 5.70 5.34 5.77 5.30 4.96 4.65 5.65 5.18 4.68 5.02