Polyplex Corporation Ltd

Polyplex Corporation is principally engaged in the manufacturing of plastic films and has currently manufacturing plants located in India, Thailand, USA, and Turkey with worldwide distribution.(Source : 201903 Annual Report Page No: 143)

Pros:
Stock is providing a good dividend yield of 11.14%.
Promoter's stake has increased
Company has good consistent profit growth of 47.67% over 5 years
Company has been maintaining a healthy dividend payout of 114.59%
Cons:
The company has delivered a poor growth of 3.80% over past five years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.205.15 Cr.

Peer Comparison Sector: Packaging // Industry: Packaging

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
233 230 242 261 251 280 296 316 345 350 337 333
215 209 226 246 232 255 278 279 318 305 300 292
Operating Profit 18 21 16 16 19 26 19 37 26 45 37 41
OPM % 8% 9% 6% 6% 8% 9% 6% 12% 8% 13% 11% 12%
Other Income 3 12 23 16 15 25 8 128 14 40 12 139
Interest 2 2 14 2 2 1 10 3 1 1 1 1
Depreciation 15 15 9 13 13 13 9 10 11 11 13 12
Profit before tax 5 16 15 17 19 36 8 152 28 73 34 168
Tax % 23% 21% 11% 19% 28% 22% 50% 21% 24% 24% 9% 21%
Net Profit 3 13 14 13 13 28 4 120 22 55 31 132
EPS in Rs 1.09 3.94 4.26 4.21 4.21 8.80 1.20 37.45 6.75 17.34 9.77 41.42
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
191 229 242 945 897 948 1,119 1,052 968 944 1,089 1,348 1,364
176 199 224 668 753 893 1,024 953 879 867 1,010 1,202 1,215
Operating Profit 15 30 17 277 145 55 94 99 89 77 79 145 149
OPM % 8% 13% 7% 29% 16% 6% 8% 9% 9% 8% 7% 11% 11%
Other Income 18 14 80 42 77 50 23 17 9 50 64 192 205
Interest 8 8 9 35 26 22 20 16 8 19 16 5 4
Depreciation 8 8 10 32 144 78 73 77 65 53 48 45 47
Profit before tax 17 27 77 251 51 5 24 23 25 55 79 287 303
Tax % 26% 37% 22% 30% -50% -5% -38% 13% -8% 17% 26% 21%
Net Profit 12 17 60 177 76 5 33 20 27 46 59 228 241
EPS in Rs 3.24 4.60 17.45 52.61 22.70 1.57 9.68 6.04 8.28 14.04 18.09 70.04 75.28
Dividend Payout % 80% 68% 22% 24% 17% 191% 20% 41% 36% 50% 221% 73%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.38%
5 Years:3.80%
3 Years:11.65%
TTM:19.27%
Compounded Profit Growth
10 Years:29.67%
5 Years:47.67%
3 Years:88.97%
TTM:45.74%
Return on Equity
10 Years:21.27%
5 Years:17.31%
3 Years:23.68%
Last Year:44.47%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
17 17 17 33 33 33 33 33 33 33 33 33
Reserves 111 115 162 286 347 343 368 381 398 408 439 523
Borrowings 80 212 457 421 403 397 412 323 179 205 218 218
53 89 140 162 105 66 57 56 71 43 63 73
Total Liabilities 260 433 776 902 888 839 870 792 681 688 753 846
106 114 580 579 580 520 493 462 416 353 319 330
CWIP 27 207 20 14 2 10 30 1 2 0 2 4
Investments 37 22 20 24 39 20 25 35 20 47 47 55
90 89 157 284 267 290 322 295 243 288 384 458
Total Assets 260 433 776 902 888 839 870 792 681 688 753 846

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 55 -11 101 155 -25 64 138 144 16 12 33
21 -162 -231 4 -31 24 -31 -43 9 -25 22 111
-31 104 246 -108 -75 -44 -38 -91 -157 6 -33 -144
Net Cash Flow -1 -3 3 -3 48 -45 -5 5 -5 -3 1 -0

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 11% 13% 18% 42% 19% 3% 6% 5% 6% 12% 14% 40%
Debtor Days 50 23 33 30 16 32 35 36 24 32 39 47
Inventory Turnover 9.27 9.58 5.64 9.53 7.10 8.28 9.36 9.59 10.49 9.00 8.48 8.95