Polyplex Corporation Ltd

About

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)

  • Market Cap 2,519 Cr.
  • Current Price 803
  • High / Low 879 / 282
  • Stock P/E 3.86
  • Book Value 965
  • Dividend Yield 3.99 %
  • ROCE 16.0 %
  • ROE 15.2 %
  • Face Value 10.0

Pros

  • Stock is trading at 0.83 times its book value
  • Company has been maintaining a healthy dividend payout of 50.54%

Cons

  • The company has delivered a poor growth of 6.97% over past five years.
  • Contingent liabilities of Rs.1219.49 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.267.25 Cr.

Peer comparison

Sector: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
863 913 980 1,065 1,173 1,170 1,162 1,117 1,088 1,092 1,190 1,160
740 771 832 904 965 990 979 894 891 879 1,100 848
Operating Profit 123 142 147 161 208 179 183 223 198 213 90 312
OPM % 14% 16% 15% 15% 18% 15% 16% 20% 18% 20% 8% 27%
Other Income 8 12 17 46 21 35 62 27 74 3 85 106
Interest 8 8 16 8 8 7 7 5 4 4 5 5
Depreciation 49 50 38 50 51 53 55 53 56 61 83 69
Profit before tax 74 96 110 149 171 154 182 191 211 151 87 344
Tax % 12% 11% 5% 23% 7% 14% 3% 19% 8% 18% 75% 4%
Net Profit 36 50 59 61 90 77 102 81 107 71 23 179
EPS in Rs 11.20 15.70 18.32 19.04 28.14 24.15 31.86 25.33 33.48 22.19 7.18 56.26
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,121 1,218 2,441 2,426 2,535 3,172 3,204 3,202 3,201 3,572 4,570 4,487 4,530
886 999 1,551 1,948 2,347 3,080 2,920 2,783 2,758 3,078 3,838 3,706 3,717
Operating Profit 235 219 890 478 188 92 284 419 443 494 732 781 812
OPM % 21% 18% 36% 20% 7% 3% 9% 13% 14% 14% 16% 17% 18%
Other Income 22 25 656 -54 63 37 70 -98 177 44 163 131 267
Interest 37 27 47 34 32 54 56 48 47 39 29 18 18
Depreciation 54 60 84 202 150 192 216 209 197 185 209 253 268
Profit before tax 166 156 1,415 188 69 -117 83 64 376 314 657 640 793
Tax % 7% 12% 6% -11% 4% 55% 6% 75% 4% 9% 11% 23%
Net Profit 110 94 1,056 94 21 -7 38 29 232 159 330 282 380
EPS in Rs 32.73 27.71 322.59 28.22 6.52 0.00 11.57 8.92 71.16 48.97 101.35 86.61 119.11
Dividend Payout % 11% 14% 4% 14% 46% -95% 21% 34% 10% 82% 50% 20%
Compounded Sales Growth
10 Years:14%
5 Years:7%
3 Years:12%
TTM:-2%
Compounded Profit Growth
10 Years:12%
5 Years:30%
3 Years:13%
TTM:5%
Stock Price CAGR
10 Years:6%
5 Years:26%
3 Years:13%
1 Year:73%
Return on Equity
10 Years:13%
5 Years:13%
3 Years:16%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
17 17 33 33 33 33 33 33 33 33 33 33
Reserves 620 646 1,574 1,867 1,973 2,228 2,088 2,289 2,270 2,516 2,739 2,997
Borrowings 681 854 728 723 1,580 2,079 1,655 1,294 810 863 786 758
369 487 907 891 1,000 970 968 951 1,243 1,457 1,648 2,020
Total Liabilities 1,687 2,004 3,241 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,807
913 1,357 1,374 1,540 1,518 2,498 2,569 2,406 2,184 2,218 2,242 2,824
CWIP 218 31 112 90 1,152 653 8 3 10 8 181 30
Investments 50 0 28 29 67 66 16 1 100 133 123 233
506 615 1,726 1,854 1,848 2,092 2,151 2,157 2,062 2,509 2,658 2,721
Total Assets 1,687 2,004 3,241 3,513 4,585 5,309 4,744 4,566 4,356 4,868 5,205 5,807

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
206 247 487 463 72 114 376 448 441 307 551 731
-305 -334 430 -217 -1,038 -391 -0 86 -246 -106 -265 -323
173 124 -185 -103 862 311 -234 -473 -436 -42 -312 -298
Net Cash Flow 73 36 731 143 -104 33 142 61 -240 159 -26 110

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 18% 13% 43% 13% 3% -2% 5% 5% 11% 11% 20% 16%
Debtor Days 65 53 50 41 50 47 46 49 53 56 48 55
Inventory Turnover 4.39 3.85 3.77 4.33 4.33 5.04 4.51 4.99 4.74 4.43 4.70 3.89

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
50.03 50.03 50.03 50.03 50.03 50.03 50.03 50.03 50.03 50.03 50.66 50.97
2.16 2.16 2.15 1.85 2.07 2.14 2.58 3.56 3.54 3.92 3.71 7.08
6.41 5.25 4.92 4.79 5.04 5.28 5.32 5.63 6.72 6.80 7.18 6.06
41.40 42.56 42.90 43.33 42.86 42.56 42.07 40.78 39.71 39.25 38.45 35.89

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