Polyplex Corporation Ltd

About [ edit ]

Polyplex Corporation is principally engaged in the manufacturing of plastic films.

Key Points [ edit ]
  • Market Cap 4,731 Cr.
  • Current Price 1,507
  • High / Low 1,565 / 584
  • Stock P/E 10.4
  • Book Value 177
  • Dividend Yield 9.75 %
  • ROCE 68.5 %
  • ROE 77.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is providing a good dividend yield of 9.75%.
  • Company has delivered good profit growth of 68.04% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 54.06%
  • Company has been maintaining a healthy dividend payout of 70.14%

Cons

  • Stock is trading at 8.50 times its book value
  • The company has delivered a poor sales growth of 6.05% over past five years.
  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.338.59 Cr.

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
316 345 350 337 333 319 320 302 267 342 337 354
279 318 305 300 292 289 279 262 228 270 279 300
Operating Profit 37 26 45 37 41 29 41 39 38 72 57 53
OPM % 12% 8% 13% 11% 12% 9% 13% 13% 14% 21% 17% 15%
Other Income 128 14 40 12 139 17 54 10 1 14 23 300
Interest 3 1 1 1 1 1 1 1 1 1 1 1
Depreciation 10 11 11 13 12 13 13 17 14 14 15 15
Profit before tax 152 28 73 34 168 33 82 31 25 71 65 338
Tax % 21% 24% 24% 9% 21% 36% 28% 44% 30% 21% 18% 3%
Net Profit 120 22 55 31 132 21 59 18 18 56 53 327
EPS in Rs 37.45 6.75 17.34 9.77 41.42 6.49 18.41 5.54 5.48 17.78 16.98 104.08

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
242 945 897 948 1,119 1,052 968 944 1,089 1,348 1,273 1,299
224 668 753 893 1,024 953 879 867 1,010 1,202 1,123 1,078
Operating Profit 17 277 145 55 94 99 89 77 79 145 150 221
OPM % 7% 29% 16% 6% 8% 9% 9% 8% 7% 11% 12% 17%
Other Income 80 42 77 50 23 17 9 50 64 192 220 339
Interest 9 35 26 22 20 16 8 19 16 5 3 3
Depreciation 10 32 144 78 73 77 65 53 48 45 55 57
Profit before tax 77 251 51 5 24 23 25 55 79 287 313 499
Tax % 22% 30% -50% -5% -38% 13% -8% 17% 26% 21% 27% 9%
Net Profit 60 177 76 5 33 20 27 46 59 228 230 453
EPS in Rs 18.74 55.19 23.76 1.60 10.20 6.23 8.43 14.29 18.42 71.31 71.85 144.43
Dividend Payout % 22% 24% 17% 191% 20% 41% 36% 50% 221% 73% 24% 114%
Compounded Sales Growth
10 Years:3%
5 Years:6%
3 Years:6%
TTM:2%
Compounded Profit Growth
10 Years:10%
5 Years:68%
3 Years:97%
TTM:97%
Stock Price CAGR
10 Years:24%
5 Years:40%
3 Years:47%
1 Year:157%
Return on Equity
10 Years:28%
5 Years:39%
3 Years:54%
Last Year:77%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 33 33 33 33 33 33 33 33 33 33 32
Reserves 162 286 347 343 368 381 398 408 439 523 584 525
Borrowings 457 421 403 397 412 323 179 205 218 218 167 125
140 162 105 66 57 55 66 41 60 70 76 147
Total Liabilities 776 901 887 839 870 791 677 687 750 843 859 829
580 579 580 520 493 462 416 353 319 330 360 327
CWIP 20 14 2 10 30 1 2 0 2 4 5 5
Investments 20 24 39 20 25 35 20 47 47 55 119 49
157 284 267 290 322 294 239 287 381 454 374 447
Total Assets 776 901 887 839 870 791 677 687 750 843 859 829

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-11 101 155 -25 64 138 144 16 12 33 155 157
-231 4 -31 24 -31 -43 9 -25 22 111 68 351
246 -108 -75 -44 -38 -91 -157 6 -33 -144 -221 -498
Net Cash Flow 3 -3 48 -45 -5 5 -5 -3 1 -0 2 10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 18% 42% 19% 3% 6% 5% 6% 12% 14% 40% 41% 68%
Debtor Days 33 30 16 32 35 36 24 32 39 47 41 40
Inventory Turnover 3.93 5.18 5.49 6.43 7.45 7.18 7.83 6.62 6.26 6.50 5.67 5.84

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
50.03 50.03 50.03 50.03 50.03 50.03 50.03 50.66 50.97 50.97 50.97 50.97
1.85 2.07 2.14 2.58 3.56 3.54 3.92 3.71 7.08 7.51 8.38 7.71
4.79 5.04 5.28 5.32 5.63 6.72 6.80 7.18 6.06 6.13 6.06 5.89
43.33 42.86 42.56 42.07 40.78 39.71 39.25 38.45 35.89 35.38 34.59 35.42

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