Finolex Industries Ltd
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]
- Market Cap ₹ 10,834 Cr.
- Current Price ₹ 175
- High / Low ₹ 196 / 122
- Stock P/E 45.8
- Book Value ₹ 77.8
- Dividend Yield 1.15 %
- ROCE 6.83 %
- ROE 5.45 %
- Face Value ₹ 2.00
Pros
- Company has been maintaining a healthy dividend payout of 32.3%
Cons
- The company has delivered a poor sales growth of 9.94% over past five years.
- Earnings include an other income of Rs.121 Cr.
- Working capital days have increased from 88.9 days to 185 days
* 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.
Peer comparison
Sector: Plastic products Industry: Plastics Products
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,100 | 2,145 | 2,453 | 2,476 | 2,482 | 2,602 | 2,738 | 3,091 | 2,985 | 3,462 | 4,647 | 4,397 | |
1,882 | 1,785 | 2,056 | 2,264 | 2,075 | 2,039 | 2,253 | 2,487 | 2,536 | 2,472 | 3,623 | 4,105 | |
Operating Profit | 218 | 359 | 397 | 212 | 407 | 563 | 484 | 604 | 448 | 990 | 1,025 | 293 |
OPM % | 10% | 17% | 16% | 9% | 16% | 22% | 18% | 20% | 15% | 29% | 22% | 7% |
29 | -63 | -27 | -2 | 62 | 24 | 25 | 14 | 30 | 72 | 458 | 121 | |
Interest | 75 | 51 | 66 | 70 | 45 | 15 | 10 | 12 | 11 | 7 | 14 | 27 |
Depreciation | 76 | 54 | 62 | 59 | 51 | 55 | 61 | 70 | 74 | 78 | 83 | 89 |
Profit before tax | 97 | 190 | 242 | 81 | 373 | 517 | 439 | 536 | 393 | 977 | 1,385 | 297 |
Tax % | 22% | 28% | 30% | 41% | 32% | 32% | 32% | 35% | 18% | 25% | 24% | 20% |
Net Profit | 75 | 136 | 170 | 48 | 254 | 352 | 299 | 350 | 324 | 728 | 1,053 | 237 |
EPS in Rs | 1.21 | 2.19 | 2.74 | 0.77 | 4.10 | 5.68 | 4.81 | 5.64 | 5.22 | 11.73 | 16.98 | 3.81 |
Dividend Payout % | 50% | 50% | 51% | 52% | 49% | 41% | 42% | 35% | 38% | 34% | 24% | 39% |
Compounded Sales Growth | |
---|---|
10 Years: | 7% |
5 Years: | 10% |
3 Years: | 14% |
TTM: | -5% |
Compounded Profit Growth | |
---|---|
10 Years: | 2% |
5 Years: | -4% |
3 Years: | -9% |
TTM: | -69% |
Stock Price CAGR | |
---|---|
10 Years: | 21% |
5 Years: | 7% |
3 Years: | 27% |
1 Year: | 11% |
Return on Equity | |
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10 Years: | 16% |
5 Years: | 16% |
3 Years: | 17% |
Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | |
Reserves | 538 | 597 | 666 | 663 | 1,446 | 2,167 | 2,640 | 2,404 | 1,806 | 2,949 | 3,740 | 4,701 |
1,042 | 839 | 713 | 637 | 212 | 94 | 101 | 90 | 283 | 204 | 278 | 541 | |
379 | 440 | 433 | 435 | 567 | 570 | 589 | 655 | 603 | 930 | 1,119 | 817 | |
Total Liabilities | 2,083 | 2,001 | 1,936 | 1,859 | 2,349 | 2,955 | 3,455 | 3,273 | 2,815 | 4,207 | 5,261 | 6,182 |
784 | 880 | 905 | 868 | 850 | 855 | 884 | 951 | 1,017 | 1,002 | 993 | 1,055 | |
CWIP | 85 | 51 | 32 | 10 | 7 | 22 | 90 | 90 | 7 | 8 | 9 | 44 |
Investments | 493 | 360 | 221 | 180 | 817 | 1,222 | 1,555 | 1,303 | 580 | 1,592 | 2,633 | 3,844 |
721 | 711 | 777 | 801 | 675 | 856 | 925 | 929 | 1,211 | 1,604 | 1,625 | 1,239 | |
Total Assets | 2,083 | 2,001 | 1,936 | 1,859 | 2,349 | 2,955 | 3,455 | 3,273 | 2,815 | 4,207 | 5,261 | 6,182 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
155 | 274 | 245 | 212 | 569 | 252 | 338 | 391 | 106 | 941 | 622 | 302 | |
-324 | 62 | 110 | 18 | -77 | 35 | -162 | -228 | 49 | -877 | -440 | -288 | |
171 | -356 | -344 | -239 | -494 | -282 | -175 | -163 | -105 | -90 | -190 | -29 | |
Net Cash Flow | 2 | -20 | 12 | -9 | -2 | 4 | 1 | -0 | 51 | -26 | -8 | -15 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 8 | 7 | 6 | 7 | 3 | 7 | 6 | 9 | 9 | 16 | 26 | 25 |
Inventory Days | 78 | 124 | 112 | 113 | 100 | 128 | 128 | 120 | 164 | 176 | 132 | 80 |
Days Payable | 31 | 47 | 25 | 40 | 55 | 52 | 52 | 55 | 44 | 84 | 60 | 34 |
Cash Conversion Cycle | 55 | 84 | 93 | 80 | 48 | 83 | 81 | 74 | 129 | 108 | 98 | 70 |
Working Capital Days | 49 | 38 | 49 | 54 | 17 | 41 | 45 | 44 | 73 | 44 | 39 | 185 |
ROCE % | 10% | 19% | 23% | 11% | 24% | 25% | 17% | 21% | 16% | 36% | 27% | 7% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
1d - Secretarial Compliance Report for the year ended March 31, 2023
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
1d - Transcript of the Investors and Analyst call (Q4 FY23)
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Announcement under Regulation 30 (LODR)-Newspaper Publication
24 May - Publication of Audited Financial Results for the quarter and year ended on March 31, 2023, in Financial Express - All India edition and Loksatta- Pune …
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 24 May
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 May
Annual reports
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
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Financial Year 2012
from nse
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Financial Year 2011
from bse
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Financial Year 2011
from nse
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Financial Year 2010
from bse
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Financial Year 2010
from nse
Concalls
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Oct 2022Transcript PPT
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Jul 2022Transcript PPT
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May 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Aug 2021Transcript PPT
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Jun 2021Transcript PPT
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Feb 2021Transcript PPT
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Oct 2020Transcript PPT
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Aug 2020Transcript PPT
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Jun 2020Transcript PPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Feb 2019TranscriptNotesPPT
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Oct 2018TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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May 2018Transcript PPT
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Feb 2018TranscriptNotesPPT
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Nov 2017Transcript PPT
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Nov 2017TranscriptNotesPPT
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Aug 2017Transcript PPT
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Jun 2017Transcript PPT
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May 2017TranscriptNotesPPT
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Mar 2017Transcript PPT
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Dec 2016TranscriptPPT
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Aug 2016TranscriptPPT
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May 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
Intro [1]
Finolex Inds is the third-largest PVC player in the country and accounts for almost 17% of market share by capacity. It is also one of the top players in plastic pipes with a 13% revenue share.