South India Paper Mills Ltd

₹ 136 1.31%
01 Jul - close price
sipaper.com BSE: 516108
About

South India Paper Mills Ltd is primarily engaged in the manufacturing of Paper, Paperboards, Cartons, and Power Generation. [1]

Key Points

Products
Corrugating case raw materials: Kraft Liner Substitutes, Test Liners, White Kraft Liners, Fluting Grades, high-performance fluting, and Test Liner and some Special Application Grades for packaging.
Paper substance: Ranges between 70GSM to 400 GSM with strength ranging between 14 BF and 35 BF. [1]

Website BSE
  • Market Cap ₹ 203 Cr.
  • Current Price ₹ 136
  • High / Low ₹ 195 / 105
  • Stock P/E 10.4
  • Book Value ₹ 137
  • Dividend Yield 0.74 %
  • ROCE 8.33 %
  • ROE 9.97 %
  • Face Value ₹ 10.0
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Pros

  • Stock is trading at 0.99 times its book value
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 9.43% over past five years.
  • Company has a low return on equity of 9.70% for last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 9.64% 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: Paper Industry: Paper

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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
61.08 54.06 56.13 46.55 34.63 57.51 63.60 71.04 69.42 74.64 84.79 76.51
52.04 44.36 46.91 39.88 28.19 47.68 53.55 59.61 57.89 65.21 75.43 69.22
Operating Profit 9.04 9.70 9.22 6.67 6.44 9.83 10.05 11.43 11.53 9.43 9.36 7.29
OPM % 14.80% 17.94% 16.43% 14.33% 18.60% 17.09% 15.80% 16.09% 16.61% 12.63% 11.04% 9.53%
0.14 0.13 0.21 0.11 0.14 3.14 0.10 0.10 2.76 0.12 0.30 0.16
Interest 1.07 1.12 0.98 0.95 1.08 0.98 1.05 1.35 1.26 1.51 1.49 1.61
Depreciation 2.40 2.41 2.43 2.53 2.40 2.41 2.45 2.88 2.54 2.54 2.54 1.81
Profit before tax 5.71 6.30 6.02 3.30 3.10 9.58 6.65 7.30 10.49 5.50 5.63 4.03
Tax % 21.54% 36.03% 29.40% 3.64% 29.03% 26.93% 28.87% 29.59% 14.97% 25.64% 25.75% -11.17%
Net Profit 4.48 4.03 4.25 3.19 2.20 7.00 4.73 5.13 8.91 4.09 4.18 4.48
EPS in Rs 2.99 2.69 2.83 2.13 1.47 4.67 3.15 3.42 5.94 2.73 2.79 2.99
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Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
165 170 168 142 185 206 195 134 241 216 226 305
140 147 141 128 155 170 164 122 204 182 188 268
Operating Profit 25 23 27 15 29 36 31 13 37 35 38 38
OPM % 15% 13% 16% 10% 16% 18% 16% 9% 15% 16% 17% 12%
1 6 1 1 1 9 1 2 1 1 3 3
Interest 2 3 2 2 2 2 4 5 5 4 5 6
Depreciation 5 6 7 7 8 8 10 9 10 10 10 9
Profit before tax 19 20 18 6 21 35 18 1 23 21 27 26
Tax % 26% 23% 26% 32% 35% 31% 34% -19% 21% 25% 28% 16%
Net Profit 14 15 14 4 14 24 12 1 18 16 19 22
EPS in Rs 9.25 10.27 9.10 2.59 9.02 16.06 7.97 0.63 12.25 10.63 12.70 14.44
Dividend Payout % 22% 21% 24% 58% 28% 19% 19% 158% 12% 14% 8% 7%
Compounded Sales Growth
10 Years: 6%
5 Years: 9%
3 Years: 8%
TTM: 35%
Compounded Profit Growth
10 Years: 5%
5 Years: 10%
3 Years: 2%
TTM: 18%
Stock Price CAGR
10 Years: 14%
5 Years: 6%
3 Years: 18%
1 Year: 27%
Return on Equity
10 Years: 10%
5 Years: 8%
3 Years: 10%
Last Year: 10%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
15 15 15 15 15 15 15 15 15 15 15 15
Reserves 62 74 84 85 93 112 126 125 141 154 171 191
21 14 13 15 17 34 45 53 38 42 100 199
29 32 30 38 37 55 44 42 45 42 53 66
Total Liabilities 127 135 141 153 162 216 230 235 239 253 339 471
65 79 77 80 79 114 136 130 132 128 120 304
CWIP 2 0 1 3 2 16 11 15 8 15 106 39
Investments 1 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
59 56 63 69 82 86 83 90 99 110 113 127
Total Assets 127 135 141 153 162 216 230 235 239 253 339 471

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
14 22 16 11 15 30 26 -2 39 40 22 39
-10 -12 -8 -12 -7 -44 -29 1 -12 -31 -77 -105
-2 -12 -7 -0 -4 12 3 -2 -21 -3 51 84
Net Cash Flow 2 -3 2 -1 3 -2 1 -2 5 6 -4 18

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 41 43 43 69 60 64 56 104 60 50 75 57
Inventory Days 90 87 119 130 123 103 109 197 120 126 107 83
Days Payable 36 54 50 76 54 69 60 98 71 52 57 52
Cash Conversion Cycle 95 76 112 124 129 98 105 203 108 123 125 88
Working Capital Days 63 51 63 82 79 60 81 141 71 62 76 55
ROCE % 23% 19% 19% 7% 19% 20% 13% 2% 14% 13% 11% 8%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
41.88 41.88 41.88 41.85 41.85 41.85 41.90 41.92 41.93 41.94 41.95 41.90
1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.29 0.49 0.49 0.49
56.37 56.36 56.36 56.39 56.39 56.39 56.34 56.32 56.78 57.57 57.57 57.61

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