PG Electroplast Ltd

PG Electroplast Ltd

₹ 2,996 -0.36%
19 Jun 9:38 a.m.
About

PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Services provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM) and Plastic Injection Molding, catering to 50+ leading Indian and Global brands.[1]

Key Points

Business Segments
Plastic Molding - The Co specialises in developing small, medium and large sized, high-precision surface critical injection molded components and offers a number of specialized post-moulding operations to meet customer needs. [1]
Product Business - The Co acts as a Original Design Manufacturer (ODM) and Original Equipment Manufacturer (OEM) for washing machines, air conditioners and coolers. The company is Second largest ODM for Room ACs in India and is one of the most backward integrated AC manufacturing plants at a single location in Ahmednagar, Maharashtra. The company is Second largest ODM for Washing Machines in India and has developed 6 platforms for SAWM and 2 platforms for FATL. [2]
Electronics - The Co develops printed circuit board assemblies for a wide range of applications on a turnkey basis (including procurement, assembly, testing, packing & shipping). Today, the principal business in the segment is PCB assemblies for leading TV manufacturers. The company entered the LED TV business in 2022 in JV with Jaina India for Google-certified ODM TVs. It manufactures TVs of sizes ranging from 24” to 70”.[2]
Tool Manufacturing - It develops small to medium size molds for applications in Automotive Applications, White Goods, Home & Kitchen Appliances. [1]
Apart from this, the company has diversified into engineered plastics for sanitaryware, automotive and other specialized applications.[3]

  • Market Cap 7,820 Cr.
  • Current Price 2,996
  • High / Low 3,064 / 1,436
  • Stock P/E 58.0
  • Book Value 399
  • Dividend Yield 0.00 %
  • ROCE 18.7 %
  • ROE 18.8 %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 7.54 times its book value
  • Promoter holding has decreased over last 3 years: -16.1%

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
330 137 198 262 514 537 336 459 828 678 460 532 1,077
305 128 186 245 464 500 309 422 752 612 423 490 960
Operating Profit 24 9 13 17 50 36 27 37 76 66 38 42 116
OPM % 7% 7% 6% 6% 10% 7% 8% 8% 9% 10% 8% 8% 11%
-0 1 1 1 3 1 1 1 1 1 3 5 3
Interest 5 4 4 5 9 9 9 12 18 14 12 10 16
Depreciation 5 5 5 6 7 8 8 9 10 11 11 11 14
Profit before tax 14 1 4 7 37 21 11 17 49 42 18 26 91
Tax % 28% 34% 18% 19% 25% 20% 33% 21% 18% 20% 30% 26% 21%
10 1 4 6 28 16 7 14 40 34 12 19 70
EPS in Rs 5.30 0.29 1.75 2.61 13.02 7.73 3.36 6.04 17.66 14.87 4.75 7.37 26.72
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2021 Mar 2022 Mar 2023 Mar 2024
424 222 303 703 1,112 2,160 2,746
396 219 298 653 1,023 1,983 2,485
Operating Profit 28 3 5 50 89 177 262
OPM % 7% 1% 2% 7% 8% 8% 10%
3 4 7 2 5 4 13
Interest 6 11 11 18 23 48 52
Depreciation 2 5 9 18 22 35 47
Profit before tax 23 -9 -9 15 49 98 176
Tax % 23% -0% 43% 23% 24% 21% 22%
18 -9 -5 12 37 77 135
EPS in Rs -5.25 -3.05 5.90 17.40 34.08 51.83
Dividend Payout % 0% 0% 0% 0% 0% 0% 4%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 57%
TTM: 27%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 124%
TTM: 73%
Stock Price CAGR
10 Years: 36%
5 Years: 129%
3 Years: 97%
1 Year: 87%
Return on Equity
10 Years: %
5 Years: %
3 Years: 19%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 11 16 16 20 21 23 26
Reserves 35 131 126 171 291 373 1,012
68 78 80 185 399 577 435
46 62 65 204 359 536 835
Total Liabilities 160 288 288 580 1,069 1,509 2,308
62 122 123 273 441 578 785
CWIP 17 21 22 6 5 2 63
Investments 0 30 26 0 1 2 6
80 115 117 301 623 927 1,455
Total Assets 160 288 288 580 1,069 1,509 2,308

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2021 Mar 2022 Mar 2023 Mar 2024
23 -23 57 -79 46 186
-50 -97 -44 -161 -173 -399
22 126 -17 256 112 234
Net Cash Flow -5 6 -4 16 -15 22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 28 29 43 76 70 74 74
Inventory Days 16 45 39 61 118 73 90
Days Payable 33 67 63 101 111 81 107
Cash Conversion Cycle 12 7 18 37 77 67 56
Working Capital Days 13 21 34 40 77 64 58
ROCE % 1% 1% 13% 17%

Shareholding Pattern

Numbers in percentages

5 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
69.83% 65.83% 65.71% 65.71% 65.71% 65.24% 61.33% 61.33% 61.20% 53.59% 53.59% 53.70%
1.05% 0.95% 1.03% 0.99% 0.98% 2.68% 2.32% 1.97% 3.13% 8.96% 10.77% 11.02%
0.16% 0.00% 0.00% 0.00% 0.00% 1.56% 6.47% 7.17% 7.13% 12.63% 12.36% 10.94%
28.96% 33.22% 33.26% 33.30% 33.31% 30.27% 29.86% 29.53% 28.32% 24.62% 23.27% 24.33%
0.00% 0.00% 0.00% 0.00% 0.00% 0.25% 0.01% 0.01% 0.21% 0.19% 0.01% 0.00%
No. of Shareholders 8,2318,44610,88911,27313,00212,28012,91812,84813,93618,25117,83720,678

* 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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