Star Paper Mills Ltd

Star Paper Mills Limited is an India-based company engaged in the business of paper manufacturing. The Company sells products primarily in the domestic market.

Pros:
Company is virtually debt free.
Stock is trading at 0.36 times its book value
Company has good consistent profit growth of 36.92% over 5 years
Cons:
Promoter's stake has decreased
The company has delivered a poor growth of 6.55% over past five years.
Tax rate seems low
Promoters have pledged 62.01% of their holding
** Remarks:
Some businesses are provided tax benefits to encourage their development

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
84 78 87 84 81 87 94 95 97 99 87 89
65 62 67 66 63 70 75 82 85 87 75 75
Operating Profit 19 16 19 18 18 17 19 13 12 12 12 14
OPM % 23% 20% 22% 22% 23% 19% 20% 13% 13% 12% 14% 16%
Other Income 1 0 1 1 2 1 1 1 1 2 3 2
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 18 15 19 18 19 16 19 12 12 13 14 14
Tax % 15% 12% 1% 26% 23% 25% 26% 20% 34% 34% -92% 3%
Net Profit 16 13 19 14 15 12 14 10 8 9 27 14
EPS in Rs 10.05 8.55 11.91 8.66 9.40 7.72 8.98 6.18 5.23 5.49 17.18 8.86
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Sep 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
317 360 252 260 228 273 275 271 272 324 347 378 372
290 322 241 271 267 290 283 256 246 253 274 328 322
Operating Profit 27 38 11 -12 -39 -17 -8 15 27 71 72 49 51
OPM % 8% 10% 4% -4% -17% -6% -3% 5% 10% 22% 21% 13% 14%
Other Income 20 13 11 10 11 1 -2 1 1 2 5 7 8
Interest 12 10 3 2 3 5 5 3 3 1 1 1 1
Depreciation 16 18 12 12 11 11 11 5 4 4 4 4 5
Profit before tax 20 23 7 -15 -42 -32 -26 8 21 68 72 52 54
Tax % 36% 26% -26% 33% -0% 6% 15% -107% 20% 11% 25% -3%
Net Profit 13 17 8 -10 -42 -30 -22 16 16 60 54 53 57
EPS in Rs 5.23 7.19 5.21 0.00 0.00 0.00 0.00 9.96 10.57 38.67 34.76 34.08 36.76
Dividend Payout % 22% 14% 14% -8% -0% -0% -0% 0% 0% 5% 7% 7%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:0.48%
5 Years:6.55%
3 Years:11.51%
TTM:4.31%
Compounded Profit Growth
10 Years:12.99%
5 Years:36.92%
3 Years:47.03%
TTM:13.87%
Stock Price CAGR
10 Years:12.95%
5 Years:58.20%
3 Years:-5.97%
1 Year:-39.60%
Return on Equity
10 Years:6.62%
5 Years:17.82%
3 Years:16.35%
Last Year:12.16%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
16 16 16 16 16 16 16 16 16 16 16 16
Reserves 101 115 122 111 68 39 17 31 48 337 390 440
Borrowings 55 35 4 15 20 20 20 14 7 4 2 1
84 91 85 81 100 114 121 121 118 176 186 148
Total Liabilities 256 256 227 223 204 189 174 182 188 533 594 604
153 140 131 121 112 100 91 86 85 404 405 410
CWIP 2 2 3 3 2 2 1 1 1 2 7 4
Investments 34 36 36 36 36 36 32 32 32 46 78 81
67 78 58 63 55 51 50 63 70 80 103 109
Total Assets 256 256 227 223 204 189 174 182 188 533 594 604

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
52 37 39 -7 -1 4 3 15 12 39 36 31
-28 -2 -2 -1 0 0 1 -0 -3 -35 -31 -28
-23 -36 -36 8 1 -5 -4 -10 -10 -3 -7 -5
Net Cash Flow 1 -1 1 -1 0 -0 -0 5 -1 1 -2 -2

Ratios Standalone Figures in Rs. Crores / View Consolidated

Sep 2007 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 18% 18% 6% -9% -32% -30% -28% 19% 36% 32% 19% 12%
Debtor Days 9 10 15 13 11 10 9 9 14 8 8 7
Inventory Turnover 8.76 8.89 6.77 8.36 7.48 9.87 10.84 11.47 10.87 10.84 9.00 8.11