Seshasayee Paper & Boards Ltd

About [ edit ]

Seshasayee Paper & Boards is engaged in engaged in the business of manufacture and sale of printing and writing paper.

SPBL is the flagship company of SPB-ESVIN Group headquarted at Chennai. The company was incorporated in the year 1960, Seshasayee Paper has six decades of experience in the Indian paper industry.

Key Points [ edit ]

Production Capacity #
Company has two manufacturing units in the state of Tamil Nadu. During the year 2019, the company had a cumulative production of 209,015 tonnes of paper.

65-70% sales from South India #
Company has a network of more than 50 dealers and one depot in Bengaluru. The company also exports its products to countries like United States of America, Sri Lanka, Nepal and Middle East countries.

Moving towards being debt free #
Company have been reducing its debts over last 5 years and has now became a debt free company.

Group Companies
The other companies belonging to the group are Ponni Sugars, High Energy Batteries, SPB – PC (project consultancy), SPB ESVIN Advanced technologies (information technology).

  • Market Cap 925 Cr.
  • Current Price 147
  • High / Low 184 / 80.0
  • Stock P/E 7.50
  • Book Value 161
  • Dividend Yield 2.39 %
  • ROCE 25.9 %
  • ROE 18.7 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.91 times its book value

Cons

  • The company has delivered a poor sales growth of 3.49% over past five years.

Peer comparison

Sector: Paper Industry: Paper

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
295 348 275 331 354 365 278 300 285 320 139 150
247 276 228 249 271 281 216 228 218 256 108 122
Operating Profit 48 71 47 82 83 83 62 72 68 65 31 28
OPM % 16% 21% 17% 25% 23% 23% 22% 24% 24% 20% 23% 19%
Other Income 7 5 3 5 4 11 6 7 6 5 6 7
Interest 3 4 4 4 3 3 3 2 1 1 1 1
Depreciation 8 7 9 9 9 7 9 9 9 8 9 9
Profit before tax 43 65 38 74 75 85 57 68 63 61 28 25
Tax % 28% 32% 28% 32% 33% 27% 31% 31% 31% 25% 35% 34%
Net Profit 31 44 27 50 51 62 39 47 43 46 18 16
EPS in Rs 4.90 6.97 4.26 7.98 8.01 9.87 6.15 7.41 6.90 7.22 2.83 2.60
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
519 500 562 601 821 996 998 1,008 1,108 1,105 1,325 1,184 895
453 387 452 502 716 872 908 901 894 897 1,029 917 703
Operating Profit 66 113 110 99 106 124 89 107 214 207 296 267 192
OPM % 13% 23% 20% 16% 13% 12% 9% 11% 19% 19% 22% 23% 21%
Other Income 10 9 6 5 4 5 3 4 8 14 23 24 24
Interest 26 28 22 24 44 39 37 32 23 14 14 7 4
Depreciation 26 34 34 34 49 49 29 29 31 32 34 35 35
Profit before tax 24 60 61 45 16 41 25 50 168 175 271 249 177
Tax % 37% 33% -7% 24% -25% 35% 32% 29% 24% 30% 30% 30%
Net Profit 15 40 65 34 21 27 17 36 128 123 190 175 123
EPS in Rs 2.67 7.09 11.55 6.06 3.64 4.25 2.75 5.64 20.29 19.48 30.11 27.68 19.55
Dividend Payout % 26% 17% 9% 16% 22% 19% 29% 18% 10% 15% 13% 14%
Compounded Sales Growth
10 Years:9%
5 Years:3%
3 Years:2%
TTM:-31%
Compounded Profit Growth
10 Years:16%
5 Years:55%
3 Years:11%
TTM:-38%
Stock Price CAGR
10 Years:12%
5 Years:28%
3 Years:-12%
1 Year:-14%
Return on Equity
10 Years:17%
5 Years:20%
3 Years:21%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
11 11 11 11 11 13 13 13 13 13 13 13 13
Reserves 181 213 272 299 351 372 380 408 569 689 855 986 1,004
Borrowings 370 325 398 220 434 389 328 301 171 149 97 10 6
186 193 193 279 321 320 379 390 343 406 446 418 433
Total Liabilities 749 743 874 809 1,117 1,094 1,101 1,112 1,095 1,257 1,410 1,427 1,456
527 498 475 450 712 666 648 625 637 673 672 675 680
CWIP 1 8 8 6 2 9 13 50 41 27 23 31 47
Investments 8 10 23 23 23 32 34 38 84 99 95 84 93
212 227 367 330 379 386 405 399 333 459 620 637 636
Total Assets 749 743 874 809 1,117 1,094 1,101 1,112 1,095 1,257 1,410 1,427 1,456

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
39 111 97 15 209 66 105 112 200 225 273 166
-39 -13 -24 -6 -317 -21 -20 -46 -38 -50 -16 -27
-16 -70 -136 -31 176 -89 -104 -65 -153 -51 -89 -124
Net Cash Flow -16 27 -63 -22 67 -44 -20 0 9 124 168 15

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 % 9% 16% 13% 11% 9% 10% 9% 11% 26% 23% 31% 26%
Debtor Days 34 33 34 61 44 44 45 47 35 35 22 25
Inventory Turnover 3.88 3.46 5.22 4.26 4.94 5.48 4.63 4.50 4.35 3.73 4.14 3.11

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
42.65 42.65 42.65 42.65 42.65 42.65 42.65 42.65 42.65 42.65 42.65 42.65
1.51 1.50 1.59 1.65 1.65 1.65 1.68 7.99 7.99 8.92 10.41 10.64
3.74 3.74 3.71 3.44 3.45 3.44 3.46 2.71 2.55 1.75 0.67 0.02
14.27 14.27 14.27 14.27 14.27 14.27 14.27 14.27 14.27 14.27 14.27 14.27
37.82 37.84 37.78 37.99 37.98 37.99 37.94 32.37 32.53 32.40 32.00 32.41

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