Polyplex Corporation Ltd

About

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

Key Points

Industry leader with near 100% Capacity Utilization through business cycles :- [1]
1. Globally one of the lowest cost manufacturers, driven by scale economies, operational excellence, vertical integration and strategic manufacturing locations.
2. Favorable tax regime
3. Low cost of delivery due to distributed manufacturing location of plants

See full details
  • Market Cap 5,352 Cr.
  • Current Price 1,705
  • High / Low 1,894 / 655
  • Stock P/E 12.0
  • Book Value 973
  • Dividend Yield 9.62 %
  • ROCE 26.5 %
  • ROE 16.8 %
  • Face Value 10.0

Pros

  • Stock is providing a good dividend yield of 9.62%.
  • Company has delivered good profit growth of 77.52% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 57.46%

Cons

  • The company has delivered a poor sales growth of 8.96% over past five years.
  • Company has a low return on equity of 12.71% for last 3 years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,173 1,170 1,162 1,117 1,088 1,092 1,190 1,160 1,227 1,237 1,294 1,440
965 990 979 894 891 879 1,100 848 1,047 908 1,030 1,166
Operating Profit 208 179 183 223 198 213 90 312 181 329 264 274
OPM % 18% 15% 16% 20% 18% 20% 8% 27% 15% 27% 20% 19%
Other Income 21 35 62 27 74 3 85 106 13 14 57 7
Interest 8 7 7 5 4 4 5 5 4 4 4 4
Depreciation 51 53 55 53 56 61 83 69 69 71 71 67
Profit before tax 171 154 182 191 211 151 87 344 120 269 246 211
Tax % 7% 14% 3% 19% 8% 18% 75% 4% 15% 16% 17% 12%
Net Profit 90 77 102 81 107 71 23 179 76 131 125 112
EPS in Rs 28.14 24.15 31.86 25.33 33.48 22.19 7.18 55.85 24.37 41.84 39.92 35.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,218 2,441 2,426 2,535 3,172 3,204 3,202 3,201 3,572 4,570 4,487 4,918 5,199
999 2,188 1,946 2,347 3,080 2,919 2,849 2,758 3,078 3,838 3,706 3,701 4,151
Operating Profit 219 253 479 188 92 285 353 443 494 732 781 1,217 1,048
OPM % 18% 10% 20% 7% 3% 9% 11% 14% 14% 16% 17% 25% 20%
Other Income 25 1,294 -56 63 37 70 -32 177 44 163 131 59 91
Interest 27 47 34 32 54 56 48 47 39 29 18 18 16
Depreciation 60 84 202 150 192 216 209 197 185 209 253 280 278
Profit before tax 156 1,415 188 69 -117 83 64 376 314 657 640 979 845
Tax % 12% 6% -11% 4% 55% 6% 75% 4% 9% 11% 23% 12%
Net Profit 94 1,056 94 21 -7 38 29 232 159 330 282 512 445
EPS in Rs 29.37 330.02 29.38 6.64 -2.14 11.87 9.08 72.44 49.85 103.18 88.18 163.04 141.65
Dividend Payout % 14% 4% 14% 46% -95% 21% 34% 10% 82% 50% 20% 102%
Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:11%
TTM:15%
Compounded Profit Growth
10 Years:-1%
5 Years:78%
3 Years:48%
TTM:17%
Stock Price CAGR
10 Years:25%
5 Years:39%
3 Years:47%
1 Year:155%
Return on Equity
10 Years:7%
5 Years:11%
3 Years:13%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 646 1,574 1,867 1,973 2,228 2,088 2,289 2,270 2,516 2,739 2,997 3,021
Borrowings 854 728 723 1,580 2,079 1,655 1,294 810 863 786 758 691
487 907 891 1,000 970 968 951 1,243 1,457 1,648 1,952 2,424
Total Liabilities 2,004 3,241 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,739 6,168
1,357 1,374 1,540 1,518 2,498 2,569 2,406 2,184 2,218 2,242 2,824 2,759
CWIP 31 112 90 1,152 653 8 3 10 8 181 30 325
Investments 0 28 29 67 66 16 1 100 133 123 233 288
615 1,726 1,854 1,848 2,092 2,151 2,157 2,062 2,509 2,658 2,652 2,796
Total Assets 2,004 3,241 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,739 6,168

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
247 487 463 72 114 376 448 441 307 551 731 1,102
-334 430 -217 -1,038 -391 -0 86 -246 -106 -265 -323 -451
124 -185 -103 862 311 -234 -473 -436 -42 -312 -298 -660
Net Cash Flow 36 731 143 -104 33 142 61 -240 159 -26 110 -8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 53 50 41 50 47 46 49 53 56 48 55 50
Inventory Days 125 142 92 100 86 82 78 88 103 92 105 133
Days Payable 99 77 45 46 34 38 36 52 48 32 37 55
Cash Conversion Cycle 79 115 88 103 99 90 92 90 110 107 123 128
Working Capital Days 71 76 75 86 82 78 74 75 91 83 88 80
ROCE % 13% 43% 13% 3% -2% 5% 5% 11% 11% 20% 16% 26%

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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