Garware Hi Tech Films Ltd

Garware Hi Tech Films Ltd

₹ 1,583 -1.84%
28 May - close price
About

Garware Polyester is engaged in the business of manufacturing of Polyester Films.

Key Points

Market Position
Garware Hi-Tech Films Limited (Formally Known as Garware Polyester Limited) is the pioneer and the largest exporters of polyester films in India with an experience of 3 decades. Also it is the sole manufacture of Solar Control window films in India and among the only 2 companies in the world having patented technology for manufacturing the UV stabilized dyed films and the only Company in the world with backward integration for manufacturing of its own raw material and all components for manufacture of Solar control window films. [1] It is a market leader with more than 90% market share in Shrink film manufacturing in India. [2]

  • Market Cap 3,679 Cr.
  • Current Price 1,583
  • High / Low 2,200 / 656
  • Stock P/E 19.5
  • Book Value 829
  • Dividend Yield 0.63 %
  • ROCE 11.9 %
  • ROE 9.05 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 37.2% CAGR over last 5 years

Cons

  • Company has a low return on equity of 8.98% over last 3 years.

* 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: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
283 288 306 340 334 324 370 395 324 349 380 397 454
212 236 247 280 269 268 308 328 279 296 316 332 379
Operating Profit 70 52 59 59 65 55 62 67 45 53 64 65 75
OPM % 25% 18% 19% 17% 19% 17% 17% 17% 14% 15% 17% 16% 17%
5 6 7 10 8 15 8 9 7 17 9 9 9
Interest 5 5 4 5 5 5 4 4 4 5 4 4 2
Depreciation 6 7 7 7 7 7 7 8 8 10 10 10 10
Profit before tax 64 47 55 57 60 59 59 64 40 56 59 61 73
Tax % 33% 32% 35% 24% 29% 23% 25% 25% 25% 23% 25% 24% 23%
43 32 36 43 43 45 45 48 30 43 44 46 56
EPS in Rs 18.41 13.69 15.42 18.65 18.46 19.42 19.17 20.72 13.09 18.54 18.81 19.76 24.05
Raw PDF
Upcoming result date: tomorrow

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
795 777 843 896 857 874 833 948 925 989 1,303 1,438 1,579
707 709 774 836 776 801 750 804 763 770 1,065 1,211 1,322
Operating Profit 88 69 69 60 81 73 83 144 162 219 238 227 257
OPM % 11% 9% 8% 7% 9% 8% 10% 15% 17% 22% 18% 16% 16%
16 14 16 27 6 8 5 9 12 15 39 42 45
Interest 29 30 37 44 44 33 25 19 18 20 18 17 15
Depreciation 42 39 34 15 17 14 14 14 20 24 28 32 39
Profit before tax 33 13 14 27 27 34 50 120 135 190 231 220 248
Tax % 3% -113% 26% 35% 38% 33% 34% 32% 36% 34% 28% 24%
32 28 10 18 16 22 33 82 86 126 167 166 189
EPS in Rs 13.72 12.15 4.41 7.64 7.08 9.66 14.26 35.14 37.03 54.21 71.96 71.51 81.16
Dividend Payout % 11% 0% 0% 0% 0% 10% 14% 28% 27% 18% 14% 14%
Compounded Sales Growth
10 Years: 6%
5 Years: 12%
3 Years: 16%
TTM: 12%
Compounded Profit Growth
10 Years: 21%
5 Years: 37%
3 Years: 24%
TTM: 12%
Stock Price CAGR
10 Years: 34%
5 Years: 45%
3 Years: 24%
1 Year: 136%
Return on Equity
10 Years: 6%
5 Years: 8%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 23 23 23 23 23 23 23 23 23 23 23 23 23
Reserves 435 519 530 545 562 1,231 1,269 1,349 1,380 1,540 1,688 1,833 1,903
Preference Capital 54 54 54 0 0 0 0 0 0 0 0 0
229 296 385 368 315 312 171 149 147 138 182 141 54
156 136 151 105 119 87 107 125 128 167 240 218 232
Total Liabilities 843 975 1,089 1,042 1,020 1,653 1,570 1,646 1,679 1,868 2,133 2,214 2,212
524 555 562 649 648 1,231 1,226 1,238 1,279 1,329 1,341 1,467 1,459
CWIP 6 39 86 11 5 8 10 11 20 11 96 10 9
Investments 1 1 1 1 1 29 36 120 116 226 274 393 338
313 380 441 381 366 386 298 277 264 302 423 344 407
Total Assets 843 975 1,089 1,042 1,020 1,653 1,570 1,646 1,679 1,868 2,133 2,214 2,212

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
50 48 22 91 101 77 134 141 99 199 172 218
-15 -42 -78 -20 -5 -12 -5 -101 -44 -126 -141 -168
-5 32 50 -107 -96 -40 -172 -49 -64 -36 6 -89
Net Cash Flow 30 39 -6 -36 0 25 -43 -8 -9 38 37 -39

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 9 20 25 20 17 26 17 22 21 16 9 8
Inventory Days 95 80 107 93 111 90 82 70 100 128 145 109
Days Payable 21 27 30 30 36 39 54 68 62 89 76 57
Cash Conversion Cycle 84 74 102 82 91 77 44 24 58 54 79 60
Working Capital Days 43 49 70 55 50 49 25 7 19 9 26 23
ROCE % 9% 5% 5% 7% 8% 5% 5% 9% 10% 13% 13% 12%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
60.72% 60.72% 60.72% 60.72% 60.72% 60.73% 60.73% 60.73% 60.73% 60.73% 60.73% 60.73%
0.03% 0.10% 0.11% 0.10% 0.07% 0.12% 0.08% 0.18% 0.12% 0.14% 0.12% 0.31%
3.81% 3.20% 3.24% 3.26% 3.22% 2.03% 2.39% 2.19% 2.35% 3.49% 3.77% 4.21%
35.44% 35.98% 35.93% 35.92% 36.00% 37.13% 36.80% 36.91% 36.81% 35.65% 35.38% 34.75%
No. of Shareholders 25,94929,41230,59930,83731,08631,17331,92432,02231,58030,41038,09239,316

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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