Seshasayee Paper & Boards Ltd

Seshasayee Paper & Boards is engaged in the business of manufacture and sale of printing and writing paper and has its plant in two locations, one unit at Erode and another unit at Tirunelveli with an aggregate capacity to produce 210000 tonnes of paper, per annum.

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 47.96% over 5 years
Debtor days have improved from 30.59 to 21.83 days
Cons:
The company has delivered a poor growth of 5.89% over past five years.

Peer Comparison Sector: Paper // Industry: Paper

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
260 291 315 239 227 295 348 275 331 354 365 278
210 232 253 199 179 247 276 228 249 271 281 216
Operating Profit 50 59 61 40 48 48 71 47 82 83 83 62
OPM % 19% 20% 19% 17% 21% 16% 21% 17% 25% 23% 23% 22%
Other Income 2 2 4 1 2 7 5 3 5 4 11 6
Interest 5 5 8 3 3 3 4 4 4 3 3 3
Depreciation 8 8 6 8 8 8 7 9 9 9 7 9
Profit before tax 38 48 51 29 38 43 65 38 74 75 85 57
Tax % 20% 29% 24% 25% 32% 28% 32% 28% 32% 33% 27% 31%
Net Profit 31 34 39 22 26 31 44 27 50 51 62 39
EPS in Rs 4.87 5.47 6.14 3.44 4.16 4.90 6.97 4.26 7.98 8.01 9.87 6.15
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
486 519 500 562 601 821 996 998 1,008 1,108 1,105 1,325 1,329
405 453 387 452 502 716 872 908 901 894 897 1,029 1,018
Operating Profit 82 66 113 110 99 106 124 89 107 214 207 296 311
OPM % 17% 13% 23% 20% 16% 13% 12% 9% 11% 19% 19% 22% 23%
Other Income 9 10 9 6 5 4 5 3 4 8 14 23 26
Interest 13 26 28 22 24 44 39 37 32 23 14 14 13
Depreciation 17 26 34 34 34 49 49 29 29 31 32 34 34
Profit before tax 61 24 60 61 45 16 41 25 50 168 175 271 290
Tax % 24% 37% 33% -7% 24% -25% 35% 32% 29% 24% 30% 30%
Net Profit 46 15 40 65 34 21 27 17 36 128 123 190 202
EPS in Rs 8.01 2.55 6.90 11.39 5.90 3.49 4.11 2.59 5.44 20.31 19.49 30.13 32.01
Dividend Payout % 10% 26% 17% 9% 16% 22% 19% 29% 18% 10% 15% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:9.82%
5 Years:5.89%
3 Years:9.56%
TTM:16.07%
Compounded Profit Growth
10 Years:28.88%
5 Years:47.96%
3 Years:74.79%
TTM:57.75%
Stock Price CAGR
10 Years:20.18%
5 Years:33.42%
3 Years:11.82%
1 Year:-20.49%
Return on Equity
10 Years:16.20%
5 Years:18.09%
3 Years:22.69%
Last Year:24.21%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
11 11 11 11 11 11 13 13 13 13 13 13
Reserves 171 181 213 272 299 351 372 380 408 569 689 855
Borrowings 341 370 325 398 220 434 389 328 301 171 149 97
225 186 193 193 279 322 320 379 390 352 475 491
Total Liabilities 748 749 743 874 809 1,118 1,094 1,101 1,112 1,104 1,325 1,456
256 527 498 475 450 712 666 648 625 637 673 672
CWIP 249 1 8 8 6 2 9 13 50 41 27 23
Investments 8 8 10 23 23 23 32 34 38 84 99 95
235 212 227 367 330 380 386 405 399 342 527 665
Total Assets 748 749 743 874 809 1,118 1,094 1,101 1,112 1,104 1,325 1,456

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
89 39 111 97 15 209 66 105 112 200 225 273
-154 -39 -13 -24 -6 -317 -21 -20 -46 -38 -50 -16
73 -16 -70 -136 -31 176 -89 -104 -65 -153 -51 -89
Net Cash Flow 8 -16 27 -63 -22 67 -44 -20 0 9 124 168

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 16% 9% 16% 13% 11% 9% 10% 9% 11% 26% 23% 31%
Debtor Days 38 34 33 34 61 44 44 45 47 35 35 22
Inventory Turnover 7.75 7.48 8.59 12.14 9.17 9.48 9.98 8.09 8.11 9.11 7.70 9.07

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