Polyplex Corporation Ltd

Polyplex Corporation Ltd

₹ 886 -1.81%
28 Feb - close price
About

Polyplex Corporation is engaged in manufacturing of BOPP, Blown PP/PE and CPP films used in the flexible packaging industry and in industrial usages like release liners, tapes, labels etc. They have 33 Years Of Experience in Plastic Films. They have 6 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide. [1][2]

Key Points

Leading Packaging Company [1][2]
It is a leading global PET film manufacturer with a polyethylene terephthalate (PET) film capacity of 2,58,800 metric tonne (MT) and has a market share of 25% in Thailand and Turkey, and 10% in India, the US, and Indonesia.Polyplex is Ranked #2 Globally (ex-China) in Thin BOPET Film Capacity.

  • Market Cap 2,780 Cr.
  • Current Price 886
  • High / Low 1,644 / 866
  • Stock P/E 75.1
  • Book Value 1,105
  • Dividend Yield 2.60 %
  • ROCE 11.6 %
  • ROE 10.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.80 times its book value
  • Company has been maintaining a healthy dividend payout of 80.6%

Cons

  • Promoter holding has decreased over last quarter: -24.3%
  • Promoter holding is low: 26.7%
  • Tax rate seems low
  • Promoters have pledged 99.9% of their holding.
  • Earnings include an other income of Rs.145 Cr.

* 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: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
1,237 1,294 1,440 1,548 1,751 1,886 2,033 2,089 1,863 1,667 1,561 1,572 1,496
908 1,030 1,166 1,291 1,402 1,507 1,673 1,848 1,760 1,612 1,499 1,451 1,446
Operating Profit 329 264 274 257 349 379 360 242 104 55 61 121 50
OPM % 27% 20% 19% 17% 20% 20% 18% 12% 6% 3% 4% 8% 3%
14 57 7 20 89 61 75 86 57 64 12 24 45
Interest 4 4 4 4 4 5 7 7 10 11 12 10 10
Depreciation 71 71 67 65 69 72 71 72 75 78 75 75 75
Profit before tax 269 246 211 208 364 363 357 248 76 31 -13 59 8
Tax % 16% 17% 12% 19% 16% 16% 13% 19% -11% 34% 20% 18% -102%
225 205 186 169 305 304 311 200 84 20 -10 48 17
EPS in Rs 41.84 39.92 35.52 30.59 55.89 59.18 59.58 36.64 12.32 2.42 -0.99 8.90 1.47
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
2,426 2,535 3,172 3,204 3,202 3,201 3,572 4,570 4,487 4,918 6,624 7,652 6,295
1,946 2,347 3,080 2,919 2,849 2,758 3,078 3,838 3,706 3,701 5,316 6,705 6,008
Operating Profit 479 188 92 285 353 443 494 732 781 1,217 1,308 947 287
OPM % 20% 7% 3% 9% 11% 14% 14% 16% 17% 25% 20% 12% 5%
-56 63 37 70 -32 177 44 163 131 59 128 95 145
Interest 34 32 54 56 48 47 39 29 18 18 16 35 43
Depreciation 202 150 192 216 209 197 185 209 253 280 273 296 303
Profit before tax 188 69 -117 83 64 376 314 657 640 979 1,147 711 85
Tax % -11% 4% 55% 6% 75% 4% 9% 11% 23% 12% 16% 13%
208 66 -52 78 16 361 284 584 494 862 965 616 75
EPS in Rs 29.38 6.64 -2.14 11.87 9.08 72.44 49.85 103.18 88.18 163.04 181.19 110.97 11.80
Dividend Payout % 14% 46% -95% 21% 34% 10% 82% 50% 20% 102% 58% 81%
Compounded Sales Growth
10 Years: 12%
5 Years: 16%
3 Years: 19%
TTM: -20%
Compounded Profit Growth
10 Years: 32%
5 Years: 17%
3 Years: 11%
TTM: -93%
Stock Price CAGR
10 Years: 21%
5 Years: 13%
3 Years: 4%
1 Year: -35%
Return on Equity
10 Years: 9%
5 Years: 13%
3 Years: 15%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 33 33 33 33 33 33 33 33 33 32 32 32 32
Reserves 1,867 1,973 2,228 2,088 2,289 2,270 2,516 2,739 2,997 3,021 3,284 3,451 3,436
723 1,580 2,079 1,655 1,294 810 863 786 758 695 946 799 621
891 1,000 970 968 951 1,243 1,457 1,648 1,952 2,420 2,954 3,091 3,033
Total Liabilities 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,739 6,168 7,216 7,373 7,122
1,540 1,518 2,498 2,569 2,406 2,184 2,218 2,242 2,824 2,759 3,152 3,252 3,086
CWIP 90 1,152 653 8 3 10 8 181 30 325 126 196 297
Investments 29 67 66 16 1 100 133 123 233 288 276 275 230
1,854 1,848 2,092 2,151 2,157 2,062 2,509 2,658 2,652 2,796 3,663 3,650 3,510
Total Assets 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,739 6,168 7,216 7,373 7,122

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
463 72 114 376 448 441 307 551 731 1,102 560 802
-217 -1,038 -391 -0 86 -246 -106 -265 -323 -451 41 16
-103 862 311 -234 -473 -436 -42 -312 -298 -660 -232 -657
Net Cash Flow 143 -104 33 142 61 -240 159 -26 110 -8 369 160

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 50 47 46 49 53 56 48 55 50 61 44
Inventory Days 92 100 86 82 78 88 103 92 105 133 141 110
Days Payable 45 46 34 38 36 52 48 32 37 55 55 38
Cash Conversion Cycle 88 103 99 90 92 90 110 107 123 128 147 116
Working Capital Days 55 63 52 64 65 58 78 73 83 80 97 88
ROCE % 11% 3% -1% 4% 4% 9% 8% 15% 12% 19% 20% 12%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 50.97% 26.70%
8.38% 7.71% 8.64% 9.29% 10.23% 12.78% 14.81% 13.16% 12.68% 10.84% 9.41% 8.29%
6.06% 5.89% 5.33% 4.87% 4.55% 3.63% 3.02% 2.83% 2.82% 2.81% 2.26% 2.27%
34.59% 35.42% 35.06% 34.87% 34.25% 32.62% 31.21% 33.04% 33.53% 35.37% 37.37% 62.74%
No. of Shareholders 40,03954,28089,2461,05,3311,09,2791,27,0141,33,2161,43,3541,45,1561,48,7141,53,8001,52,660

* 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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