Star Paper Mills Ltd

About [ edit ]

Star Paper Mills Limited, incorporated in 1936, is an integrated pulp and paper mill, located in Saharanpur, Uttar Pradesh. The company has a captive power plant of 14 MW. The company was promoted by Seth Baldeodass Bajoria which was later taken over by Duncan Goenka Group in 1986. The company produces writing, printing, and packaging paper with an installed capacity of 75000 tons per annum. The company sells its products under the ‘Star’ brand.

  • Market Cap 227 Cr.
  • Current Price 145
  • High / Low 154 / 80.8
  • Stock P/E 13.0
  • Book Value 312
  • Dividend Yield 1.72 %
  • ROCE 10.0 %
  • ROE 7.52 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.47 times its book value

Cons

  • The company has delivered a poor sales growth of 4.68% over past five years.
  • Company has a low return on equity of 11.05% for last 3 years.
  • Promoters have pledged 47.50% of their holding.
  • Earnings include an other income of Rs.10.11 Cr.
  • Dividend payout has been low at 8.33% of profits over last 3 years

Peer comparison

Sector: Paper Industry: Paper

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
93.98 94.58 97.17 98.97 87.03 89.15 74.08 88.57 89.20 26.33 54.52 65.79
74.98 81.86 84.70 86.83 75.06 75.14 62.75 77.28 77.73 29.32 51.95 55.51
Operating Profit 19.00 12.72 12.47 12.14 11.97 14.01 11.33 11.29 11.47 -2.99 2.57 10.28
OPM % 20.22% 13.45% 12.83% 12.27% 13.75% 15.72% 15.29% 12.75% 12.86% -11.36% 4.71% 15.63%
Other Income 1.39 0.65 1.12 2.02 3.49 1.60 2.09 1.66 1.51 4.76 1.45 2.39
Interest 0.27 0.22 0.15 0.15 0.13 0.17 0.17 0.17 0.14 0.19 0.16 0.16
Depreciation 1.14 1.03 1.03 1.00 1.34 1.24 1.24 1.24 1.43 1.30 1.27 1.30
Profit before tax 18.98 12.12 12.41 13.01 13.99 14.20 12.01 11.54 11.41 0.28 2.59 11.21
Tax % 26.19% 20.46% 34.25% 34.13% -91.71% 2.54% 43.88% 22.96% 31.64% 3.57% 38.61% 30.06%
Net Profit 14.01 9.64 8.16 8.57 26.82 13.83 6.74 8.89 7.80 0.27 1.59 7.84
EPS in Rs 8.98 6.18 5.23 5.49 17.18 8.86 4.32 5.70 5.00 0.17 1.02 5.02

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
360 252 260 228 273 275 271 272 324 347 378 341 236
322 241 271 267 290 283 256 246 253 274 328 293 215
Operating Profit 38 11 -12 -39 -17 -8 15 27 71 72 49 48 21
OPM % 10% 4% -4% -17% -6% -3% 5% 10% 22% 21% 13% 14% 9%
Other Income 13 11 10 11 1 -2 1 1 2 5 7 7 10
Interest 10 3 2 3 5 5 3 3 1 1 1 1 1
Depreciation 18 12 12 11 11 11 5 4 4 4 4 5 5
Profit before tax 23 7 -15 -42 -32 -26 8 21 68 72 52 49 25
Tax % 26% -26% 33% 0% 6% 15% -107% 20% 11% 25% -3% 24%
Net Profit 17 8 -10 -42 -30 -22 16 16 60 54 53 37 18
EPS in Rs 11.04 5.34 -6.50 -27.16 -18.93 -14.15 9.96 10.57 38.67 34.76 34.08 23.88 11.21
Dividend Payout % 14% 14% -8% 0% 0% 0% 0% 0% 5% 7% 7% 10%
Compounded Sales Growth
10 Years:3%
5 Years:5%
3 Years:2%
TTM:-30%
Compounded Profit Growth
10 Years:16%
5 Years:18%
3 Years:-16%
TTM:-69%
Stock Price CAGR
10 Years:21%
5 Years:27%
3 Years:-3%
1 Year:43%
Return on Equity
10 Years:7%
5 Years:14%
3 Years:11%
Last Year:8%

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
16 16 16 16 16 16 16 16 16 16 16 16 16
Reserves 115 122 111 68 39 17 31 48 337 390 440 473 471
Borrowings 35 4 15 20 20 20 14 7 4 2 1 0 0
85 80 75 95 112 117 109 106 157 154 135 142 145
Total Liabilities 251 222 216 200 186 170 170 176 514 562 592 630 632
140 131 121 112 100 91 86 85 404 405 410 412 422
CWIP 2 3 3 2 2 1 1 1 2 7 4 7 0
Investments 36 36 36 36 36 32 32 32 46 78 81 89 92
73 53 56 50 48 46 51 58 61 71 96 122 117
Total Assets 251 222 216 200 186 170 170 176 514 562 592 630 632

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
37 39 -7 -1 4 3 15 12 39 36 31 18
-2 -2 -1 0 0 1 -0 -3 -35 -31 -28 -4
-36 -36 8 1 -5 -4 -10 -10 -3 -7 -5 -8
Net Cash Flow -1 1 -1 0 -0 -0 5 -1 1 -2 -2 5

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 % 18% 6% -9% -32% -30% -28% 19% 36% 32% 19% 12% 10%
Debtor Days 10 15 13 11 10 9 9 14 8 8 7 4
Inventory Turnover 4.77 4.28 5.87 6.00 6.98 8.90 8.27 6.93 5.93 5.10 5.29 3.34

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
46.04 45.87 45.87 45.56 45.56 45.56 45.17 45.17 45.17 45.17 45.17 45.17
0.32 0.19 0.19 0.19 0.19 0.13 0.13 0.13 0.13 0.13 0.13 0.13
0.29 0.24 0.23 0.34 0.30 0.20 0.23 0.48 0.54 0.01 0.01 0.01
53.34 53.70 53.71 53.92 53.96 54.11 54.47 54.22 54.16 54.69 54.69 54.69

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