Finolex Industries Ltd

About [ edit ]

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 #

Key Points [ edit ]
  • Market Cap 9,775 Cr.
  • Current Price 157
  • High / Low 162 / 71.0
  • Stock P/E 20.1
  • Book Value 36.8
  • Dividend Yield 1.27 %
  • ROCE 16.4 %
  • ROE 14.3 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 38.44%

Cons

  • The company has delivered a poor sales growth of 3.82% over past five years.
  • Company has a low return on equity of 13.19% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
809 828 543 757 964 944 577 699 766 562 586 1,067
621 634 418 632 818 820 495 560 662 474 441 720
Operating Profit 188 194 125 125 146 124 82 139 104 88 145 347
OPM % 23% 23% 23% 17% 15% 13% 14% 20% 14% 16% 25% 32%
Other Income 3 -14 12 17 12 6 17 6 1 8 32 18
Interest 3 5 3 2 2 1 0 2 9 3 1 2
Depreciation 16 16 17 20 18 17 19 19 19 19 19 20
Profit before tax 172 158 118 121 139 112 80 125 77 74 157 343
Tax % 30% 35% 35% 35% 34% 35% -29% 25% 28% 26% 24% 25%
Net Profit 121 103 76 79 91 72 103 93 56 55 120 256
EPS in Rs 1.95 1.66 1.23 1.27 1.47 1.17 1.65 1.50 0.90 0.89 1.93 4.12

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,493 1,455 1,978 2,100 2,145 2,453 2,476 2,482 2,602 2,738 3,091 2,986 2,981
1,299 1,144 1,758 1,883 1,809 2,087 2,273 2,077 2,039 2,254 2,494 2,538 2,297
Operating Profit 194 311 220 217 336 366 203 404 563 484 597 448 684
OPM % 13% 21% 11% 10% 16% 15% 8% 16% 22% 18% 19% 15% 23%
Other Income -148 -29 29 30 -40 4 7 64 24 25 21 31 60
Interest 47 47 60 75 51 66 70 45 15 10 12 12 15
Depreciation 58 62 74 76 54 62 59 51 55 61 70 74 77
Profit before tax -59 174 115 97 190 242 81 373 517 439 536 393 652
Tax % 36% 24% 34% 22% 28% 30% 41% 32% 32% 32% 35% 18%
Net Profit -38 132 76 75 136 170 48 254 352 299 350 324 486
EPS in Rs -0.61 2.13 1.23 1.21 2.19 2.74 0.77 4.10 5.68 4.81 5.64 5.22 7.84
Dividend Payout % -33% 28% 49% 50% 50% 51% 52% 49% 41% 42% 35% 38%
Compounded Sales Growth
10 Years:7%
5 Years:4%
3 Years:5%
TTM:-6%
Compounded Profit Growth
10 Years:7%
5 Years:42%
3 Years:-3%
TTM:35%
Stock Price CAGR
10 Years:25%
5 Years:16%
3 Years:6%
1 Year:117%
Return on Equity
10 Years:15%
5 Years:15%
3 Years:13%
Last Year:14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
124 124 124 124 124 124 124 124 124 124 124 124 124
Reserves 376 464 496 538 597 666 663 1,446 2,167 2,640 2,404 1,806 2,159
Borrowings 812 834 747 1,042 839 713 637 212 94 101 90 283 243
321 462 543 379 440 433 435 567 570 589 655 603 538
Total Liabilities 1,633 1,883 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 3,064
566 836 792 784 880 905 868 850 855 884 951 1,017 997
CWIP 299 66 72 85 51 32 10 7 22 90 90 7 11
Investments 265 326 208 493 360 221 180 817 1,222 1,555 1,303 585 933
503 654 837 721 711 777 801 675 856 925 929 1,206 1,123
Total Assets 1,633 1,883 1,910 2,083 2,001 1,936 1,859 2,349 2,955 3,455 3,273 2,815 3,064

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
310 311 -94 155 274 245 212 569 252 338 391 97
-158 -151 179 -324 62 110 18 -77 35 -162 -228 59
-140 -106 -180 171 -356 -344 -239 -494 -282 -175 -163 -105
Net Cash Flow 13 54 -95 2 -20 12 -9 -2 4 1 -0 51

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 20% 12% 10% 19% 23% 11% 24% 25% 17% 21% 16%
Debtor Days 12 9 23 8 7 6 7 3 7 6 9 9
Inventory Turnover 5.95 3.71 4.07 4.45 3.72 3.56 3.61 3.40 3.30 3.14 3.26 2.73

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
52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47 52.47
3.74 3.38 2.86 2.34 2.40 2.37 2.33 2.31 2.35 2.12 2.28 2.73
9.60 9.50 9.95 10.63 11.16 12.00 11.81 12.67 12.93 13.29 12.89 11.84
33.84 34.30 34.37 34.21 33.62 32.81 33.04 32.20 31.90 31.77 32.01 32.61
0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35

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