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:
Company has reduced debt.
Stock is trading at 0.54 times its book value
Stock is providing a good dividend yield of 10.78%.
Promoter's stake has increased
Company has good consistent profit growth of 115.58% over 5 years
Company has been maintaining a healthy dividend payout of 47.28%
Cons:
The company has delivered a poor growth of 7.57% over past five years.
Tax rate seems low
Company has a low return on equity of 9.02% for last 3 years.
Contingent liabilities of Rs.1571.33 Cr.
Company might be capitalizing the interest cost
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Packaging // Industry: Packaging

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
791 824 816 863 913 980 1,065 1,173 1,170 1,162 1,117 1,088
701 733 736 740 771 832 904 965 990 1,026 894 891
Operating Profit 90 91 80 123 142 147 161 208 179 136 223 198
OPM % 11% 11% 10% 14% 16% 15% 15% 18% 15% 12% 20% 18%
Other Income 78 51 8 8 12 17 46 21 35 62 27 74
Interest 8 20 7 8 8 16 8 8 7 7 5 4
Depreciation 54 45 48 49 50 38 50 51 53 55 53 56
Profit before tax 106 77 33 74 96 110 149 171 154 136 191 211
Tax % 4% 3% 15% 12% 11% 5% 23% 7% 14% 4% 19% 8%
Net Profit 73 46 28 36 50 59 61 90 77 102 81 107
EPS in Rs 31.56 14.42 4.65 11.20 15.70 18.32 19.04 28.14 24.15 31.86 25.33 33.48
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
1,001 1,121 1,218 2,441 2,426 2,535 3,172 3,204 3,202 3,201 3,572 4,570 4,537
835 886 999 1,551 1,948 2,347 3,080 2,920 2,783 2,758 3,078 3,838 3,801
Operating Profit 166 235 219 890 478 188 92 284 419 443 494 732 735
OPM % 17% 21% 18% 36% 20% 7% 3% 9% 13% 14% 14% 16% 16%
Other Income 12 22 25 656 -54 63 37 70 -98 177 44 163 197
Interest 21 37 27 47 34 32 54 56 48 47 39 29 23
Depreciation 39 54 60 84 202 150 192 216 209 197 185 209 218
Profit before tax 118 166 156 1,415 188 69 -117 83 64 376 314 657 692
Tax % 4% 7% 12% 6% -11% 4% 55% 6% 75% 4% 9% 11%
Net Profit 82 110 94 1,056 94 21 -7 38 29 232 159 330 367
EPS in Rs 24.35 32.73 27.71 322.59 28.22 6.52 0.00 11.57 8.92 71.16 48.97 101.35 114.82
Dividend Payout % 12% 11% 14% 4% 14% 46% -95% 21% 34% 10% 82% 50%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.09%
5 Years:7.57%
3 Years:12.59%
TTM:9.81%
Compounded Profit Growth
10 Years:11.59%
5 Years:115.58%
3 Years:99.50%
TTM:41.41%
Stock Price CAGR
10 Years:18.88%
5 Years:16.25%
3 Years:14.68%
1 Year:-19.13%
Return on Equity
10 Years:7.96%
5 Years:6.69%
3 Years:9.02%
Last Year:12.42%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
17 17 17 33 33 33 33 33 33 33 33 33 33
Reserves 481 620 646 1,574 1,867 1,973 2,228 2,088 2,289 2,270 2,516 2,739 2,812
Borrowings 455 681 854 728 723 1,580 2,079 1,655 1,294 810 863 786 657
324 370 487 907 891 1,001 974 976 956 1,245 1,460 1,651 1,855
Total Liabilities 1,276 1,687 2,004 3,242 3,514 4,586 5,314 4,751 4,572 4,357 4,871 5,208 5,356
599 913 1,357 1,374 1,540 1,518 2,498 2,569 2,406 2,184 2,218 2,242 2,246
CWIP 264 218 31 112 90 1,152 653 8 3 10 8 181 450
Investments 15 50 0 28 29 67 66 16 1 100 133 123 201
398 507 616 1,727 1,855 1,849 2,097 2,158 2,162 2,063 2,512 2,662 2,459
Total Assets 1,276 1,687 2,004 3,242 3,514 4,586 5,314 4,751 4,572 4,357 4,871 5,208 5,356

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
98 206 247 487 463 72 114 376 448 441 307 551
-227 -305 -334 430 -217 -1,038 -391 -0 86 -246 -106 -265
120 173 124 -185 -103 862 311 -234 -473 -436 -42 -312
Net Cash Flow -9 73 36 731 143 -104 33 142 61 -240 159 -26

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 16% 18% 13% 43% 13% 3% -2% 5% 5% 11% 11% 20%
Debtor Days 75 65 53 50 41 50 47 46 49 53 56 48
Inventory Turnover 8.81 7.97 6.48 8.20 6.43 6.28 6.65 6.70 7.59 7.57 7.13 7.43