N R Agarwal Industries Ltd

About

NR Agarwal Industries Ltd is in the business of manufacturing different kinds of duplex paper boards and writing and printing papers.
The company is among the first and leading manufacturers of recycled paper in India and the largest manufacturer of grey back and white back duplex board for over 2 decades. [1]

Key Points

Revenue Breakup
Presently, writing & printing paper accounts for ~54% of revenues and Duplex boards accounts for ~44% of revenues.[1] It forayed into writing and printing paper in 2014 only.[2]

See full details
  • Market Cap 539 Cr.
  • Current Price 317
  • High / Low 361 / 170
  • Stock P/E 7.98
  • Book Value 280
  • Dividend Yield 0.32 %
  • ROCE 17.1 %
  • ROE 12.8 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.13 times its book value
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.00%

Cons

  • The company has delivered a poor sales growth of 5.34% over past five years.

Peer comparison

Sector: Paper Industry: Paper

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
320 316 363 360 343 365 337 203 272 328 343 392
269 268 329 312 297 305 274 167 234 293 320 343
Operating Profit 50 48 34 47 46 60 63 36 38 35 23 49
OPM % 16% 15% 9% 13% 13% 16% 19% 18% 14% 11% 7% 13%
Other Income 3 1 3 2 3 3 4 2 1 2 3 4
Interest 9 9 7 9 9 9 8 7 9 7 7 6
Depreciation 7 7 7 8 8 8 8 8 8 8 8 9
Profit before tax 37 33 23 32 31 46 51 22 22 22 11 37
Tax % 28% 23% 38% 27% 24% 30% 28% 30% 25% 29% 17% 31%
Net Profit 26 25 14 24 24 32 37 16 17 16 9 26
EPS in Rs 15.48 14.78 8.28 13.95 14.00 18.93 21.73 9.24 9.72 9.11 5.55 15.27

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
376 467 493 512 541 725 883 1,044 1,190 1,318 1,405 1,146 1,335
350 418 460 491 522 695 818 905 1,033 1,133 1,189 1,013 1,190
Operating Profit 26 49 33 21 19 30 66 139 157 186 216 133 146
OPM % 7% 11% 7% 4% 3% 4% 7% 13% 13% 14% 15% 12% 11%
Other Income 19 3 4 4 4 6 8 6 6 7 12 8 10
Interest 9 8 10 10 12 36 46 43 40 35 36 30 29
Depreciation 8 8 9 9 10 18 23 24 26 27 32 33 34
Profit before tax 29 36 18 5 1 -17 4 78 97 131 161 78 93
Tax % 25% 23% 20% 13% 35% -95% -335% 36% 7% 28% 27% 26%
Net Profit 22 28 14 5 0 -33 18 50 90 95 117 57 67
EPS in Rs 12.68 16.39 8.28 2.70 0.26 -19.64 10.48 29.22 53.02 55.61 68.60 33.63 39.65
Dividend Payout % 14% 11% 14% 0% 0% 0% 0% 7% 6% 7% 0% 3%
Compounded Sales Growth
10 Years:9%
5 Years:5%
3 Years:-1%
TTM:7%
Compounded Profit Growth
10 Years:7%
5 Years:26%
3 Years:-14%
TTM:-38%
Stock Price CAGR
10 Years:22%
5 Years:19%
3 Years:-11%
1 Year:66%
Return on Equity
10 Years:22%
5 Years:30%
3 Years:25%
Last Year:13%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
17 17 17 17 17 17 17 17 17 17 17 17
Reserves 51 75 89 93 94 59 77 116 202 295 402 459
Borrowings 93 181 212 221 302 365 347 300 289 297 202 169
98 115 121 132 147 222 226 226 195 196 245 288
Total Liabilities 259 389 438 463 560 663 667 659 703 805 865 933
113 114 117 124 127 458 447 436 464 526 572 584
CWIP 53 133 198 203 290 4 24 25 21 21 20 29
Investments 0 0 0 0 0 0 0 1 0 0 0 0
93 141 123 135 143 200 195 197 218 257 273 320
Total Assets 259 389 438 463 560 663 667 659 703 805 865 933

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
65 43 66 20 38 63 38 91 104 112 191 116
-55 -121 -75 -20 -98 -63 -31 -14 -47 -85 -52 -48
-3 80 5 -1 57 6 -11 -78 -55 -29 -139 -67
Net Cash Flow 6 3 -4 -1 -3 7 -5 -1 3 -2 -0 2

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 40 36 41 41 38 42 33 33 34 33 31 39
Inventory Days 43 41 39 35 35 49 44 37 36 50 47 79
Days Payable 113 90 95 113 102 90 53 14 11 23 24 49
Cash Conversion Cycle -30 -13 -15 -37 -29 1 24 57 58 60 55 70
Working Capital Days 2 -4 -3 -2 6 22 31 37 41 42 33 40
ROCE % 20% 20% 9% 5% 3% 4% 11% 28% 29% 30% 32% 17%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
73.22 73.31 73.31 73.31 73.31 73.31 73.55 73.55 73.55 73.55 73.55 73.55
0.52 0.55 0.52 0.45 0.43 0.45 0.45 0.45 0.43 0.43 0.43 0.43
1.41 1.34 1.34 1.28 1.24 1.27 0.97 0.93 0.63 0.25 0.01 0.01
24.85 24.80 24.83 24.96 25.02 24.96 25.03 25.08 25.39 25.78 26.01 26.01

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