N R Agarwal Industries Ltd

N R Agarwal Industries Ltd

₹ 458 2.45%
04 Mar 4:01 p.m.
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

Under Penerated Market[1]
India’s paper sector is vastly under-penetrated. Per-capita consumption was estimated at 13 kg compared to a global average of 57 kg, indicating a large headroom.

  • Market Cap 781 Cr.
  • Current Price 458
  • High / Low 538 / 196
  • Stock P/E 6.03
  • Book Value 420
  • Dividend Yield 0.00 %
  • ROCE 21.6 %
  • ROE 17.1 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.09 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.21% over past five years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 99.4% of their holding.
  • Dividend payout has been low at 0.99% of profits 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: Paper Industry: Paper

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Quarterly Results

Figures in Rs. Crores

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
328 343 392 383 395 446 495 504 380 386 369 342 336
293 320 343 359 368 403 436 450 344 351 322 294 288
Operating Profit 35 23 49 23 28 43 60 54 37 35 47 48 48
OPM % 11% 7% 13% 6% 7% 10% 12% 11% 10% 9% 13% 14% 14%
2 3 4 3 2 2 5 3 2 2 3 2 2
Interest 7 7 6 7 6 5 4 4 3 3 2 1 2
Depreciation 8 8 9 9 9 7 9 9 9 9 9 9 9
Profit before tax 22 11 37 10 14 33 52 44 27 25 39 39 39
Tax % 29% 17% 31% 37% 33% 42% 37% 38% 27% 21% -5% 3% 19%
16 9 26 6 10 19 33 27 19 20 41 38 31
EPS in Rs 9.11 5.55 15.27 3.79 5.61 11.19 19.21 16.12 11.33 11.68 23.83 22.22 18.47
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
493 512 541 725 883 1,044 1,190 1,318 1,405 1,146 1,617 1,766 1,432
460 491 522 695 818 905 1,033 1,133 1,189 1,013 1,473 1,580 1,255
Operating Profit 33 21 19 30 66 139 157 186 216 133 144 186 177
OPM % 7% 4% 3% 4% 7% 13% 13% 14% 15% 12% 9% 11% 12%
4 4 4 6 8 6 6 7 12 8 10 11 9
Interest 10 10 12 36 46 43 40 35 36 30 25 14 8
Depreciation 9 9 10 18 23 24 26 27 32 33 34 36 36
Profit before tax 18 5 1 -17 4 78 97 131 161 78 95 148 142
Tax % 20% 13% 35% -95% -335% 36% 7% 28% 27% 26% 36% 33%
14 5 0 -33 18 50 90 95 117 57 61 99 130
EPS in Rs 8.28 2.70 0.26 -19.64 10.48 29.22 53.02 55.61 68.60 33.63 35.85 58.35 76.20
Dividend Payout % 14% 0% 0% 0% 0% 7% 6% 7% 0% 3% 0% 0%
Compounded Sales Growth
10 Years: 13%
5 Years: 8%
3 Years: 8%
TTM: -22%
Compounded Profit Growth
10 Years: 36%
5 Years: 2%
3 Years: -5%
TTM: 32%
Stock Price CAGR
10 Years: 39%
5 Years: 5%
3 Years: 19%
1 Year: 103%
Return on Equity
10 Years: 20%
5 Years: 20%
3 Years: 14%
Last Year: 17%

Balance Sheet

Figures in Rs. Crores

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 17 17 17 17 17 17 17 17 17 17 17 17 17
Reserves 89 93 94 59 77 116 202 295 402 459 519 619 697
212 221 302 365 347 300 289 297 202 195 175 164 392
121 132 147 222 226 226 195 196 245 261 290 241 258
Total Liabilities 438 463 560 663 667 659 703 805 865 933 1,001 1,041 1,364
117 124 127 458 447 436 464 526 572 584 501 483 486
CWIP 198 203 290 4 24 25 21 21 20 29 28 122 475
Investments 0 0 0 0 0 1 0 0 0 0 0 1 1
123 135 143 200 195 197 218 257 273 320 471 435 403
Total Assets 438 463 560 663 667 659 703 805 865 933 1,001 1,041 1,364

Cash Flows

Figures in Rs. Crores

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
66 20 38 63 38 91 104 112 191 116 96 129
-75 -20 -98 -63 -31 -14 -47 -85 -52 -48 -41 -96
5 -1 57 6 -11 -78 -55 -29 -139 -67 -55 -25
Net Cash Flow -4 -1 -3 7 -5 -1 3 -2 -0 2 -0 8

Ratios

Figures in Rs. Crores

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 41 41 38 42 33 33 34 33 31 39 38 29
Inventory Days 39 35 35 49 44 37 36 50 47 79 56 44
Days Payable 95 113 102 90 53 33 23 31 39 77 56 32
Cash Conversion Cycle -15 -37 -29 1 24 37 47 51 39 42 38 40
Working Capital Days -13 -4 -3 4 18 25 26 27 26 41 33 30
ROCE % 9% 5% 3% 4% 11% 28% 29% 30% 32% 17% 17% 22%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
73.55% 73.55% 73.55% 73.55% 73.55% 73.55% 73.55% 73.55% 73.55% 73.96% 73.97% 73.97%
0.43% 0.43% 0.63% 0.73% 0.64% 0.54% 0.45% 0.41% 0.41% 0.36% 0.21% 0.39%
0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.01% 0.01% 0.01% 0.17% 0.01% 0.01%
26.01% 26.01% 25.81% 25.71% 25.80% 25.90% 25.98% 26.03% 26.03% 25.51% 25.81% 25.64%
No. of Shareholders 9,16710,65911,30311,27611,14811,09311,78211,30411,07710,85910,5629,794

* 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.

Click on the line-items to see the names of individual entities.

Documents

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