N R Agarwal Industries Ltd

About [ edit ]

NR Agarwal Industries is engaged in the first and leading manufacturers of recycled paper in India and the largest manufacturer of grey back and white back Duplex Boards for over 25 years now and forayed into Writing & Print (W&P) paper.(Source : 201903 Annual Report Page No: 107)

  • Market Cap 469 Cr.
  • Current Price 275
  • High / Low 283 / 123
  • Stock P/E 5.53
  • Book Value 265
  • Dividend Yield 0.00 %
  • ROCE 32.0 %
  • ROE 32.0 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 1.04 times its book value
  • Company has delivered good profit growth of 40.60% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 37.48%

Cons

  • Company's cost of borrowing seems high

Peer comparison

Sector: Paper Industry: Paper

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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
338 320 320 316 363 360 343 365 337 203 272 328
286 268 269 268 329 312 297 305 274 167 234 293
Operating Profit 51 52 50 48 34 47 46 60 63 36 38 35
OPM % 15% 16% 16% 15% 9% 13% 13% 16% 19% 18% 14% 11%
Other Income -5 2 3 1 3 2 3 3 4 2 1 2
Interest 8 8 9 9 7 9 9 9 8 7 9 7
Depreciation 7 7 7 7 7 8 8 8 8 8 8 8
Profit before tax 31 39 37 33 23 32 31 46 51 22 22 22
Tax % 22% 25% 28% 23% 38% 27% 24% 30% 28% 30% 25% 29%
Net Profit 24 29 26 25 14 24 24 32 37 16 17 16
EPS in Rs 14.34 17.06 15.48 14.78 8.28 13.95 14.00 18.93 21.73 9.24 9.72 9.11
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
368 376 467 493 512 541 725 883 1,044 1,190 1,318 1,405 1,140
343 342 418 460 491 522 695 818 906 1,033 1,133 1,189 967
Operating Profit 24 34 49 33 21 19 30 66 138 157 186 216 172
OPM % 7% 9% 11% 7% 4% 3% 4% 7% 13% 13% 14% 15% 15%
Other Income 6 11 3 4 4 4 6 8 7 6 7 12 9
Interest 10 9 8 10 10 12 36 46 43 40 35 36 32
Depreciation 8 8 8 9 9 10 18 23 24 26 27 32 33
Profit before tax 12 29 36 18 5 1 -17 4 78 97 131 161 117
Tax % 24% 25% 23% 20% 13% 35% -95% -335% 36% 7% 28% 27%
Net Profit 9 22 28 14 5 0 -33 18 50 90 95 117 85
EPS in Rs 5.21 12.68 16.39 8.28 2.70 0.26 -19.64 10.48 29.22 53.02 55.61 68.60 49.80
Dividend Payout % 19% 14% 11% 14% 0% 0% 0% 0% 7% 6% 7% 0%
Compounded Sales Growth
10 Years:14%
5 Years:14%
3 Years:10%
TTM:-20%
Compounded Profit Growth
10 Years:22%
5 Years:41%
3 Years:33%
TTM:-10%
Stock Price CAGR
10 Years:18%
5 Years:52%
3 Years:-13%
1 Year:35%
Return on Equity
10 Years:26%
5 Years:37%
3 Years:37%
Last Year:32%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 33 51 75 89 93 94 59 77 116 202 295 402 434
Borrowings 83 93 181 212 221 302 365 347 300 289 297 202 161
78 98 115 121 132 147 222 226 226 195 196 245 274
Total Liabilities 211 259 389 438 463 560 663 667 659 703 805 865 886
114 113 114 117 124 127 458 447 436 464 526 572 568
CWIP 3 53 133 198 203 290 4 24 25 21 21 20 28
Investments 0 0 0 0 0 0 0 0 1 0 0 0 0
94 93 141 123 135 143 200 195 197 218 257 273 290
Total Assets 211 259 389 438 463 560 663 667 659 703 805 865 886

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
22 65 43 66 20 38 63 38 91 104 112 191
-4 -55 -121 -75 -20 -98 -63 -31 -14 -47 -85 -52
-25 -3 80 5 -1 57 6 -11 -78 -55 -29 -139
Net Cash Flow -7 6 3 -4 -1 -3 7 -5 -1 3 -2 -0

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 20% 20% 9% 5% 3% 4% 11% 28% 29% 30% 32%
Debtor Days 51 40 36 41 41 38 42 33 33 34 33 31
Inventory Turnover 11.11 10.71 12.13 12.01 12.65 13.62 12.31 10.60 11.41 13.01 10.65 9.28

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
73.22 73.22 73.22 73.31 73.31 73.31 73.31 73.31 73.55 73.55 73.55 73.55
0.51 0.60 0.52 0.55 0.52 0.45 0.43 0.45 0.45 0.45 0.43 0.43
1.63 1.38 1.41 1.34 1.34 1.28 1.24 1.27 0.97 0.93 0.63 0.25
24.64 24.80 24.85 24.80 24.83 24.96 25.02 24.96 25.03 25.08 25.39 25.78

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