Satia Industries Ltd

About [ edit ]

Incorporated in 1980, Satia Industries Limited (SIL), is one of the biggest and completely integrated Wood and Agro based paper manufacturers. Its products are extensively used in the printing of books, directories, envelopes, diaries, calendars, computer stationery, copy manufacture annual reports, etc. ^#

Key Points [ edit ]

Key Clientele
Text book corporations across the nation accounts for 40% of company's revenues, the remaining revenue comes from Public sector & private sector companies. ^#
Its key clients include Bal Bharti, Assam Textbook corporation, Indian Railways, Himachal Pradesh board, West Benagal textbook corp, etc. ^#

Manufacturing Capabilities
The company owns its only manufacturing facility in Muktsar, Punjab with capacity to manufacture 1,05,000 TPA of paper & 28 MW capacity of co-gen power.^# It has laid a CAPEX plan to increase capacity by 1,00,000 TPA for an amount of 500 crores which is expected to be commissioned by end of FY21. ^#

Geographical Presence
The company has a pan-India presence and generates revenues from 15 states. Uttar Pradesh accounts for majority of revenues at 18%, followed by Maharashtra (14%), Delhi (13%), Rajasthan (9%), Punjab (8%) & others. Export contributes ~10% of the revenues. The company has a base of 70 distributors with 3 branch offices across the nation. ^#

Website BSE NSE

Market Cap ₹ 822 Cr.
Current Price ₹ 82.2
High / Low ₹ 143 / 50.1
Stock P/E 18.4
Book Value ₹ 42.0
Dividend Yield 0.18 %
ROCE 22.9 %
ROE 26.1 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 65.62% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30.73%

Cons

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Peer comparison

Sector: Paper Industry: Paper

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	195.62	180.06	186.60	173.21	198.54	224.46	203.88	201.24	179.06	125.11	147.93	142.60
	138.35	145.28	143.03	132.57	153.39	176.65	160.34	154.91	141.81	97.29	110.12	118.56
Operating Profit	57.27	34.78	43.57	40.64	45.15	47.81	43.54	46.33	37.25	27.82	37.81	24.04
OPM %	29.28%	19.32%	23.35%	23.46%	22.74%	21.30%	21.36%	23.02%	20.80%	22.24%	25.56%	16.86%
Other Income	-10.31	5.75	3.31	2.64	2.74	4.96	6.66	2.38	1.19	2.49	0.44	0.20
Interest	5.93	5.43	5.22	5.83	4.29	5.99	5.10	4.67	4.45	4.47	3.82	4.35
Depreciation	11.59	11.10	11.20	12.65	12.79	13.06	13.21	13.12	15.23	12.34	15.21	15.33
Profit before tax	29.44	24.00	30.46	24.80	30.81	33.72	31.89	30.92	18.76	13.50	19.22	4.56
Tax %	30.20%	21.96%	21.01%	33.63%	7.50%	21.53%	21.48%	21.44%	14.45%	13.78%	30.59%	19.30%
Net Profit	20.55	18.74	24.06	16.47	28.50	26.45	25.04	24.29	16.05	11.65	13.34	3.68
EPS in Rs	2.06	1.87	2.41	1.65	2.85	2.64	2.50	2.43	1.60	1.16	1.33	0.37
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Figures in Rs. Crores

	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
	210	259	320	238	278	381	392	433	540	631	738	809	595
	185	235	296	213	237	320	327	380	449	509	574	634	468
Operating Profit	25	24	24	25	41	61	65	54	91	122	164	175	127
OPM %	12%	9%	8%	11%	15%	16%	17%	12%	17%	19%	22%	22%	21%
Other Income	3	5	5	3	3	-9	4	15	21	30	14	15	4
Interest	9	10	13	14	15	16	16	25	24	24	21	20	17
Depreciation	6	8	9	9	10	27	53	33	40	45	48	55	58
Profit before tax	14	11	7	5	19	11	-0	10	48	83	110	115	56
Tax %	38%	34%	30%	20%	27%	-28%	39,300%	-30%	4%	18%	20%	20%
Net Profit	8	7	5	4	14	14	8	13	46	69	88	92	45
EPS in Rs	1.06	0.74	0.52	0.40	1.39	1.35	0.78	1.31	4.56	6.87	8.78	9.18	4.46
Dividend Payout %	0%	0%	0%	0%	0%	0%	13%	0%	4%	4%	3%	2%

Compounded Sales Growth
10 Years:	12%
5 Years:	16%
3 Years:	14%
TTM:	-28%

Compounded Profit Growth
10 Years:	29%
5 Years:	66%
3 Years:	26%
TTM:	-57%

Stock Price CAGR
10 Years:	%
5 Years:	98%
3 Years:	60%
1 Year:	-15%

Return on Equity
10 Years:	25%
5 Years:	29%
3 Years:	31%
Last Year:	26%

Balance Sheet

Figures in Rs. Crores

Corporate actions

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	8	11	10	10	10	10	10	10	10	10	10	10	10
Reserves	33	38	43	47	61	75	81	94	148	213	298	385	410
Borrowings	85	127	85	95	82	176	267	310	204	201	206	272	278
	61	90	116	115	122	57	49	45	133	159	147	178	259
Total Liabilities	186	266	254	267	276	318	407	460	496	582	660	845	957
	103	125	126	123	163	156	204	250	291	312	383	376	406
CWIP	6	13	17	38	6	33	45	23	10	30	56	215	258
Investments	0	5	6	7	11	11	7	7	3	3	3	3	3
	77	123	105	99	95	117	151	180	192	237	218	251	290
Total Assets	186	266	254	267	276	318	407	460	496	582	660	845	957

Cash Flows

Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	25	3	24	27	38	40	43	112	120	167	150
	-25	-35	-15	-27	-22	-114	-60	-60	-84	-145	-206
	1	33	-10	0	-15	75	17	-53	-34	-23	57
Net Cash Flow	2	2	-0	0	1	1	-1	0	1	-1	1

Ratios

Figures in Rs. Crores

	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 %	20%	14%	13%	13%	23%	18%	6%	7%	18%	27%	28%	23%
Debtor Days	34	50	45	66	61	71	70	82	71	68	52	60
Inventory Turnover	10.25	10.37	9.38	4.84	5.97	9.49	6.52	5.31	6.75	7.61	6.75	7.70

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
50.98	51.02	51.17	51.17	51.68	51.68	51.68	51.68	51.68	51.68	51.68	51.75
0.00	0.00	0.00	41.72	41.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00
49.02	48.98	48.83	7.10	6.63	48.32	48.32	48.32	48.32	48.32	48.32	48.25

Satia Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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