Polyplex Corporation Ltd

Polyplex Corporation Limited is a holding company. The Company is a manufacturer of thin polyester terephthalate (PET) films.

Pros:
Stock is providing a good dividend yield of 7.84%.
Promoter's stake has increased
Company has good consistent profit growth of 70.89% over 5 years
Company has been maintaining a healthy dividend payout of 102.41%
Cons:
Stock is trading at 2.99 times its book value
The company has delivered a poor growth of 2.80% over past five years.
Company has a low return on equity of 10.53% for last 3 years.
Earnings include an other income of Rs.191.90 Cr.

Peer Comparison Sector: Packaging // Industry: Packaging

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
238 233 230 242 261 251 280 296 316 345 350 337
216 215 209 226 246 232 255 278 279 318 305 300
Operating Profit 23 18 21 16 16 19 26 19 37 26 45 37
OPM % 9% 8% 9% 6% 6% 8% 9% 6% 12% 8% 13% 11%
Other Income 12 3 12 23 16 15 25 8 126 14 40 12
Interest 2 2 2 14 2 2 1 10 1 1 1 1
Depreciation 14 15 15 9 13 13 13 9 10 11 11 13
Profit before tax 20 5 16 15 17 19 36 8 152 28 73 34
Tax % 18% 23% 21% 11% 19% 28% 22% 50% 21% 24% 24% 9%
Net Profit 16 3 13 14 13 13 28 4 120 22 55 31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
187 191 229 242 945 897 948 1,119 1,052 968 944 1,089 1,348
176 176 199 224 668 753 893 1,024 953 879 867 1,010 1,203
Operating Profit 11 15 30 17 277 145 55 94 99 89 77 79 145
OPM % 6% 8% 13% 7% 29% 16% 6% 8% 9% 9% 8% 7% 11%
Other Income 13 18 14 80 42 77 50 23 17 9 50 64 192
Interest 10 8 8 9 35 26 22 20 16 8 19 16 5
Depreciation 8 8 8 10 32 144 78 73 77 65 53 48 45
Profit before tax 6 17 27 77 251 51 5 24 23 25 55 79 287
Tax % 47% 26% 37% 22% 30% -50% -5% -38% 13% -8% 17% 26%
Net Profit 3 12 17 60 177 76 5 33 20 27 46 59 228
EPS in Rs 0.76 3.24 4.60 17.45 52.61 22.70 1.57 9.68 6.04 8.28 14.04 18.09
Dividend Payout % 184% 80% 68% 22% 24% 17% 191% 20% 41% 36% 50% 221%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.01%
5 Years:2.80%
3 Years:1.15%
TTM:23.79%
Compounded Profit Growth
10 Years:17.38%
5 Years:70.89%
3 Years:42.89%
TTM:287.23%
Return on Equity
10 Years:17.42%
5 Years:9.06%
3 Years:10.53%
Last Year:12.91%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
15 17 17 17 33 33 33 33 33 33 33 33 33
Reserves 90 111 115 162 286 347 343 368 381 398 408 439 523
Borrowings 120 80 212 457 421 403 397 412 323 179 205 218 188
71 53 89 140 162 105 66 57 56 71 43 63 100
Total Liabilities 296 260 433 776 902 888 839 870 792 681 688 753 843
111 106 114 580 579 580 520 493 462 416 353 319 330
CWIP 0 27 207 20 14 2 10 30 1 2 0 2 4
Investments 84 37 22 20 24 39 20 25 35 20 47 47 55
102 90 89 157 284 267 290 322 295 243 288 384 454
Total Assets 296 260 433 776 902 888 839 870 792 681 688 753 843

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
28 8 55 -11 101 155 -25 64 138 144 16 12
-7 21 -162 -231 4 -31 24 -31 -43 9 -25 22
-14 -31 104 246 -108 -75 -44 -38 -91 -157 6 -33
Net Cash Flow 8 -1 -3 3 -3 48 -45 -5 5 -5 -3 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 6% 11% 13% 18% 42% 19% 3% 6% 5% 6% 12% 14%
Debtor Days 48 50 23 33 30 16 32 35 36 24 32 39
Inventory Turnover 10.25 9.27 9.58 5.64 9.53 7.10 8.28 9.36 9.59 10.49 9.00 8.48