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 43.62%
Cons:
The company has delivered a poor growth of 5.00% 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
777 457 576 888 731 475 723 809 828 543 757 964
618 370 447 709 600 426 609 621 634 418 632 818
Operating Profit 159 87 130 179 131 50 113 188 194 125 125 146
OPM % 20% 19% 22% 20% 18% 10% 16% 23% 23% 23% 17% 15%
Other Income 3 9 3 9 4 11 10 3 -14 12 17 12
Interest 5 3 6 1 3 4 -0 3 5 3 2 2
Depreciation 13 14 14 14 14 15 15 16 16 17 20 18
Profit before tax 144 79 113 173 117 42 109 172 158 118 121 139
Tax % 32% 35% 36% 29% 32% 32% 36% 30% 35% 35% 35% 34%
Net Profit 98 51 72 123 80 28 70 121 103 76 79 91
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1,012 1,382 1,493 1,455 1,978 2,100 2,145 2,453 2,476 2,843 2,602 2,738 3,091
887 1,233 1,299 1,144 1,758 1,883 1,809 2,087 2,273 2,439 2,039 2,254 2,501
Operating Profit 126 149 194 311 220 217 336 366 203 404 563 484 590
OPM % 12% 11% 13% 21% 11% 10% 16% 15% 8% 14% 22% 18% 19%
Other Income 44 40 -148 -29 29 30 -40 4 7 64 24 25 28
Interest 14 30 47 47 60 75 51 66 70 45 15 10 12
Depreciation 55 57 58 62 74 76 54 62 59 51 55 61 70
Profit before tax 102 102 -59 174 115 97 190 242 81 373 517 439 536
Tax % 31% 30% 36% 24% 34% 22% 28% 30% 41% 32% 32% 32%
Net Profit 70 71 -38 132 76 75 136 170 48 254 352 299 350
EPS in Rs 5.13 5.23 0.00 10.16 5.63 5.57 10.08 12.52 3.45 20.50 28.38 24.06
Dividend Payout % 53% 52% -33% 28% 49% 50% 50% 51% 52% 49% 41% 42%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.07%
5 Years:5.00%
3 Years:3.40%
TTM:12.91%
Compounded Profit Growth
10 Years:16.09%
5 Years:9.61%
3 Years:74.35%
TTM:17.17%
Return on Equity
10 Years:17.28%
5 Years:15.64%
3 Years:15.42%
Last Year:11.67%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
124 124 124 124 124 124 124 124 124 124 124 124 124
Reserves 405 430 376 464 496 538 597 666 663 1,446 2,167 2,640 2,404
Borrowings 479 692 812 834 747 1,042 839 713 637 212 94 101 91
476 514 339 481 563 379 443 437 441 594 600 643 655
Total Liabilities 1,484 1,760 1,651 1,903 1,930 2,083 2,003 1,941 1,865 2,376 2,986 3,508 3,274
565 557 566 836 792 784 880 905 868 850 855 884 951
CWIP 94 209 299 66 72 85 51 32 10 7 22 90 90
Investments 246 252 265 326 208 493 360 221 180 817 1,222 1,555 1,303
578 741 521 674 857 721 714 781 807 702 887 978 930
Total Assets 1,484 1,760 1,651 1,903 1,930 2,083 2,003 1,941 1,865 2,376 2,986 3,508 3,274

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
92 28 310 311 -94 155 274 245 212 569 252 338
36 -156 -158 -151 179 -324 62 110 18 -77 35 -162
-123 182 -140 -106 -180 171 -356 -344 -239 -494 -282 -175
Net Cash Flow 4 54 13 54 -95 2 -20 12 -9 -2 4 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 10% 11% 13% 20% 12% 10% 19% 23% 11% 24% 25% 17%
Debtor Days 14 20 12 9 23 8 7 6 7 2 7 6
Inventory Turnover 5.12 6.57 7.96 5.70 5.34 5.77 5.30 4.96 4.65 5.65 5.18 4.68