Voith Paper Fabrics India Ltd

₹ 1,070 0.57%
16 Aug 12:01 p.m.
About

Voith Paper Fabrics India Limited is primarily involved in the business of manufacturing and selling paper machine clothing for the pulp, paper, and board industry. The Company is a subsidiary of VP Auslandsbeteiligungen GmbH which holds 74.04% paid-up equity share capital of the Company. With the entry into forming the fabric business, currently, VPFV is the only Indian manufacturer in a position to supply the entire range of machine clothing to paper manufacturers.[1][2]

Key Points

History
VPFV was incorporated in India in the year 1968 by Porritts & Spencer UK, which later became a part of Scapa Group of the UK. In 1999, the Voith Group acquired a major stake in the Company. The co. changed its name from Porritts & Spencer (Asia) Limited to Voith Paper Fabrics India Limited in the year 2007. The company initially commenced its business with the manufacture of woolen and cotton dryers for the pulp, paper, and board industry with the technical support of Scapa and now carries out its operations with the support of Voith Group. VPFV has extended the range of clothing for use on paper machines as the main business.
Today the focus is on paper machine clothing (PMC), fiber-cement sheet-making felts, and hi-tech textile processing felts.[1]

  • Market Cap 470 Cr.
  • Current Price 1,070
  • High / Low 1,370 / 912
  • Stock P/E 16.4
  • Book Value 652
  • Dividend Yield 0.56 %
  • ROCE 14.4 %
  • ROE 10.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11.0% for last 3 years.
  • Dividend payout has been low at 8.68% of profits over last 3 years

* 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: Textiles Industry: Textiles - Products

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
25.42 30.53 35.10 26.55 23.10 33.65 30.67 31.12 34.56 37.19 34.46 39.03 38.52
18.12 22.87 25.22 19.75 17.17 23.29 20.15 22.43 23.93 28.31 23.52 30.00 28.71
Operating Profit 7.30 7.66 9.88 6.80 5.93 10.36 10.52 8.69 10.63 8.88 10.94 9.03 9.81
OPM % 28.72% 25.09% 28.15% 25.61% 25.67% 30.79% 34.30% 27.92% 30.76% 23.88% 31.75% 23.14% 25.47%
2.45 1.47 2.11 2.29 2.12 2.10 1.99 1.60 1.80 1.72 2.20 2.10 2.19
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation 1.46 1.55 1.68 1.91 1.93 1.87 1.85 1.86 1.88 1.89 1.98 2.03 2.20
Profit before tax 8.29 7.58 10.31 7.18 6.12 10.59 10.66 8.43 10.55 8.71 11.16 9.10 9.80
Tax % 29.19% 23.48% 26.29% 26.74% 25.65% 24.93% 25.05% 21.83% 25.02% 28.13% 24.28% 26.59% 25.31%
Net Profit 5.88 5.80 7.61 5.26 4.55 7.94 7.99 6.59 7.91 6.27 8.45 6.68 7.32
EPS in Rs 13.39 13.20 17.32 11.97 10.36 18.08 18.19 15.00 18.01 14.27 19.24 15.21 16.66

Profit & Loss

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
51 54 58 59 102 76 82 94 112 118 119 145 149
40 42 45 46 77 55 56 69 83 86 83 106 111
Operating Profit 11 12 13 14 25 21 25 25 29 32 36 39 39
OPM % 22% 22% 22% 23% 24% 27% 31% 26% 26% 27% 30% 27% 26%
4 7 9 8 14 8 8 9 9 8 8 8 8
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 3 3 3 3 6 5 6 6 6 7 8 8 8
Profit before tax 13 17 19 19 33 24 27 28 32 33 36 40 39
Tax % 33% 30% 30% 34% 35% 34% 35% 34% 29% 26% 24% 26%
Net Profit 9 12 13 13 21 15 18 18 23 25 27 29 29
EPS in Rs 19.51 26.25 29.64 29.28 48.67 35.22 40.25 41.25 52.59 55.87 61.63 66.73 65.38
Dividend Payout % 15% 11% 10% 10% 9% 11% 10% 22% 10% 9% 8% 9%
Compounded Sales Growth
10 Years: 10%
5 Years: 12%
3 Years: 9%
TTM: 15%
Compounded Profit Growth
10 Years: 10%
5 Years: 11%
3 Years: 8%
TTM: -6%
Stock Price CAGR
10 Years: 14%
5 Years: 7%
3 Years: 11%
1 Year: -9%
Return on Equity
10 Years: 11%
5 Years: 11%
3 Years: 11%
Last Year: 11%

Balance Sheet

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
4 4 4 4 4 4 4 4 4 4 4 4
Reserves 91 101 113 124 143 156 173 190 208 230 255 282
0 0 0 0 0 0 0 0 0 0 0 0
13 14 15 18 19 18 16 20 24 23 24 30
Total Liabilities 108 119 132 146 166 179 194 214 236 257 284 316
25 23 21 19 35 46 42 37 50 68 65 72
CWIP 0 0 10 17 8 1 1 10 23 12 12 7
Investments 0 0 0 0 0 0 0 0 0 0 0 0
84 96 100 111 123 131 151 167 163 178 207 237
Total Assets 108 119 132 146 166 179 194 214 236 257 284 316

Cash Flows

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
10 14 9 6 16 11 15 23 17 20 28 26
-9 -12 -7 45 -47 -25 -11 -19 -5 -24 -27 -18
-2 -2 -2 -2 -2 -2 -2 -2 -5 -3 -2 -2
Net Cash Flow -1 0 1 50 -32 -16 1 2 7 -6 -1 6

Ratios

Figures in Rs. Crores

Sep 2010 Sep 2011 Sep 2012 Sep 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 73 74 78 101 60 92 91 69 56 54 57 55
Inventory Days 247 257 199 176 119 169 170 97 117 155 196 194
Days Payable 159 151 138 168 120 143 122 114 100 108 134 125
Cash Conversion Cycle 162 180 140 108 59 118 139 52 72 101 118 124
Working Capital Days 137 92 95 70 59 84 84 39 42 56 59 61
ROCE % 14% 17% 16% 16% 24% 15% 16% 15% 16% 15% 14% 14%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
74.04 74.04 74.04 74.04 74.04 74.04 74.04 74.04 74.04 74.04 74.04 74.04
1.19 1.20 1.19 1.19 1.19 1.19 1.19 1.18 1.18 1.18 1.18 1.18
24.77 24.76 24.77 24.77 24.77 24.77 24.77 24.77 24.77 24.77 24.77 24.77

Documents