Polyplex Corporation Ltd

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

Pros:
Company has reduced debt.
Stock is trading at 0.57 times its book value
Stock is providing a good dividend yield of 8.21%.
Promoter's stake has increased
Company has good consistent profit growth of 50.84% over 5 years
Company has been maintaining a healthy dividend payout of 17.21%
Cons:
The company has delivered a poor growth of 7.10% over past five years.
Tax rate seems low
Company has a low return on equity of 5.44% for last 3 years.
Contingent liabilities of Rs.1268.31 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

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
789 798 791 824 816 863 913 980 1,065 1,173 1,170 1,162
667 658 701 733 736 740 771 832 904 965 990 1,026
Operating Profit 122 140 90 91 80 123 142 147 161 208 179 136
OPM % 15% 18% 11% 11% 10% 14% 16% 15% 15% 18% 15% 12%
Other Income 26 22 78 51 8 8 12 17 46 21 35 62
Interest 11 9 8 20 7 8 8 16 8 8 7 7
Depreciation 50 47 54 45 48 49 50 38 50 51 53 55
Profit before tax 88 106 106 77 33 74 96 110 149 171 154 136
Tax % 6% 2% 4% 3% 15% 12% 11% 5% 23% 7% 14% 4%
Net Profit 49 103 73 46 28 36 50 59 61 90 77 102
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
768 1,001 1,121 1,218 2,441 2,426 2,535 3,172 3,204 3,202 3,201 3,572 4,570
675 835 886 999 1,551 1,948 2,347 3,080 2,920 2,783 2,758 3,078 3,885
Operating Profit 93 166 235 219 890 478 188 92 284 419 443 494 684
OPM % 12% 17% 21% 18% 36% 20% 7% 3% 9% 13% 14% 14% 15%
Other Income 12 12 22 25 656 -54 63 37 70 -98 177 44 164
Interest 21 21 37 27 47 34 32 54 56 48 47 39 29
Depreciation 35 39 54 60 84 202 150 192 216 209 197 185 209
Profit before tax 48 118 166 156 1,415 188 69 -117 83 64 376 314 610
Tax % 7% 4% 7% 12% 6% -11% 4% 55% 6% 75% 4% 9%
Net Profit 32 82 110 94 1,056 94 21 -7 38 29 232 159 330
EPS in Rs 10.16 24.37 32.75 27.72 322.59 28.22 6.52 0.00 11.57 8.92 71.16 48.97
Dividend Payout % 19% 12% 11% 14% 4% 14% 46% -95% 21% 34% 10% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:13.56%
5 Years:7.10%
3 Years:3.69%
TTM:27.95%
Compounded Profit Growth
10 Years:6.90%
5 Years:50.84%
3 Years:25.30%
TTM:91.13%
Return on Equity
10 Years:7.65%
5 Years:4.01%
3 Years:5.44%
Last Year:6.56%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
15 17 17 17 33 33 33 33 33 33 33 33 33
Reserves 392 481 620 646 1,574 1,867 1,973 2,228 2,088 2,289 2,270 2,516 2,734
Borrowings 335 455 681 854 728 723 1,580 2,079 1,655 1,294 810 863 588
296 324 370 487 907 891 1,001 974 976 956 1,245 1,460 1,808
Total Liabilities 1,039 1,276 1,687 2,004 3,242 3,514 4,586 5,314 4,751 4,572 4,357 4,871 5,162
637 599 913 1,357 1,374 1,540 1,518 2,498 2,569 2,406 2,184 2,218 2,397
CWIP 26 264 218 31 112 90 1,152 653 8 3 10 8 5
Investments 52 15 50 0 28 29 67 66 16 1 100 133 77
324 398 507 616 1,727 1,855 1,849 2,097 2,158 2,162 2,063 2,512 2,683
Total Assets 1,039 1,276 1,687 2,004 3,242 3,514 4,586 5,314 4,751 4,572 4,357 4,871 5,162

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
101 98 206 247 487 463 72 114 376 448 441 307
-113 -227 -305 -334 430 -217 -1,038 -391 -0 86 -246 -106
18 120 173 124 -185 -103 862 311 -234 -473 -436 -42
Net Cash Flow 6 -9 73 36 731 143 -104 33 142 61 -240 159

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 10% 16% 18% 13% 43% 13% 3% -2% 5% 5% 11% 11%
Debtor Days 61 75 65 53 50 41 50 47 46 49 53 56
Inventory Turnover 6.89 8.81 7.97 6.48 8.20 6.43 6.28 6.65 6.70 7.59 7.57 7.13