JK Paper Ltd

JK Paper is engaged in Indias largest producer of branded papers and a leading player in Coated Papers and High-end Packaging Boards.(Source : 201903 Annual Report Page No: 103)

Pros:
Stock is trading at 1.08 times its book value
Company has good consistent profit growth of 54.46% over 5 years
Cons:
Promoter's stake has decreased

Peer Comparison Sector: Paper // Industry: Paper

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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
685 638 699 631 671 790 752 795 785 869 807 713
551 517 556 478 532 636 585 596 580 622 588 467
Operating Profit 134 121 143 153 139 154 168 199 205 248 218 246
OPM % 20% 19% 20% 24% 21% 19% 22% 25% 26% 28% 27% 35%
Other Income 7 7 9 6 6 6 7 7 10 14 24 21
Interest 50 46 43 40 33 37 33 28 28 31 35 31
Depreciation 30 30 29 30 30 31 30 31 31 32 31 35
Profit before tax 62 52 79 90 81 92 111 147 156 199 176 200
Tax % 29% 31% 29% 33% 30% 24% 34% 35% 30% 40% 36% 32%
Net Profit 44 36 56 60 57 70 74 95 110 120 112 136
EPS in Rs 2.96 2.38 3.61 3.70 3.35 4.02 4.19 5.37 6.15 6.75 6.30 7.64
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
608 1,074 1,103 1,233 1,330 1,459 1,738 2,159 2,437 2,629 2,844 3,256 3,174
503 900 863 974 1,177 1,311 1,618 1,904 2,046 2,116 2,231 2,386 2,257
Operating Profit 105 174 241 259 153 148 120 254 391 512 613 870 917
OPM % 17% 16% 22% 21% 11% 10% 7% 12% 16% 19% 22% 27% 29%
Other Income 17 16 13 13 24 12 1 12 10 26 26 56 70
Interest 41 67 57 51 51 50 122 204 195 188 143 122 126
Depreciation 46 70 70 72 73 73 122 114 117 120 121 125 130
Profit before tax 35 54 127 148 52 37 -123 -51 89 232 375 678 731
Tax % 1% 30% 28% 28% 5% -1% 37% 75% 32% 30% 31% 36%
Net Profit 35 38 91 106 49 38 -77 -13 61 163 260 437 478
EPS in Rs 5.33 4.37 10.83 12.68 3.37 2.67 0.00 0.00 4.10 10.44 14.82 24.53 26.84
Dividend Payout % 34% 36% 17% 17% 42% 181% -0% -0% 12% 14% 17% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.73%
5 Years:13.38%
3 Years:10.14%
TTM:5.51%
Compounded Profit Growth
10 Years:27.46%
5 Years:54.46%
3 Years:91.79%
TTM:62.01%
Stock Price CAGR
10 Years:11.42%
5 Years:32.78%
3 Years:16.34%
1 Year:-25.74%
Return on Equity
10 Years:11.23%
5 Years:14.10%
3 Years:18.50%
Last Year:23.31%

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
79 79 78 78 137 137 137 137 149 156 176 178
Reserves 314 330 397 511 715 739 661 641 963 1,150 1,470 1,863
Borrowings 721 696 548 647 1,094 1,746 2,189 2,089 1,892 1,698 1,310 1,350
301 301 328 226 438 443 734 761 819 912 819 1,110
Total Liabilities 1,414 1,406 1,352 1,461 2,383 3,064 3,722 3,628 3,822 3,916 3,774 4,501
949 929 880 844 807 771 2,468 2,297 2,751 2,636 2,603 2,568
CWIP 16 14 21 25 582 1,541 17 27 20 16 34 52
Investments 3 3 42 83 73 15 96 28 41 271 164 913
446 460 410 509 921 738 1,141 1,275 1,011 994 973 969
Total Assets 1,414 1,406 1,352 1,461 2,383 3,064 3,722 3,628 3,822 3,916 3,774 4,501

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
94 203 244 229 7 124 130 254 404 561 555 853
-94 -25 -66 -100 -596 -792 -332 -50 -34 -260 46 -837
-2 -147 -204 -107 706 554 176 -195 -373 -289 -507 -123
Net Cash Flow -1 31 -26 23 117 -114 -25 9 -3 13 95 -107

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% 17% 18% 6% 3% 0% 5% 10% 13% 17% 25%
Debtor Days 67 36 35 32 40 30 36 25 21 15 14 9
Inventory Turnover 9.05 9.04 9.69 9.12 7.68 6.85 6.49 6.88 7.33 7.32 9.09