Styrenix Performance Materials Ltd

Styrenix Performance Materials Ltd

₹ 1,496 -1.83%
26 Feb - close price
About

Incorporated in 1973, Styrenix Performance Materials Ltd manufactures, trades and sells Engineering Thermoplastics[1]

Key Points

Business Overview:[1]
Company is a producer of Absolac (ABS) and Absolan (SAN) in India. ABS is a plastic resin produced from acrylonitrile, butadiene and styrene, used for manufacturing home appliances, automobiles, consumer durables and machinery. Absolan is a polymerized plastic resin produced from styrene and acrylonitrile, and mainly used for products such as lighting, stationery, novelties, refrigerators and cosmetic packing. It also manufactures Polystyrene which is used for food service and packaging, refrigerator components, electronic goods housings, etc.

  • Market Cap 2,632 Cr.
  • Current Price 1,496
  • High / Low 1,650 / 692
  • Stock P/E 15.8
  • Book Value 433
  • Dividend Yield 6.95 %
  • ROCE 30.0 %
  • ROE 22.9 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 6.95%.
  • Company has delivered good profit growth of 21.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.4%
  • Company has been maintaining a healthy dividend payout of 89.4%
  • Company's working capital requirements have reduced from 61.2 days to 31.5 days

Cons

  • The company has delivered a poor sales growth of 4.59% over past five years.
  • Promoters have pledged 100% of their holding.
  • Promoter holding has decreased over last 3 years: -12.3%

* 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: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
485 637 455 588 512 624 650 550 557 615 544 595 485
341 409 328 464 429 483 529 510 508 549 493 512 427
Operating Profit 144 227 126 125 83 141 121 40 49 66 51 83 58
OPM % 30% 36% 28% 21% 16% 23% 19% 7% 9% 11% 9% 14% 12%
4 4 4 7 2 1 6 4 2 3 2 3 2
Interest 3 5 3 2 1 2 1 1 1 1 1 1 1
Depreciation 9 9 9 10 9 9 9 10 9 10 9 9 9
Profit before tax 135 216 118 121 73 130 116 32 40 58 43 76 50
Tax % 24% 25% 27% 25% 35% 24% 25% 27% 25% 27% 25% 26% 30%
103 161 86 90 47 99 87 24 30 42 32 56 35
EPS in Rs 58.57 91.78 48.92 51.20 26.97 56.33 49.35 13.42 17.17 24.13 18.45 32.08 19.87
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
817 971 1,092 1,432 1,584 1,482 1,895 2,091 1,579 1,631 2,179 2,372 2,239
735 871 1,009 1,349 1,488 1,347 1,758 2,081 1,514 1,218 1,704 2,097 1,981
Operating Profit 82 100 83 83 96 135 137 9 65 414 475 275 258
OPM % 10% 10% 8% 6% 6% 9% 7% 0% 4% 25% 22% 12% 12%
11 11 11 5 3 4 5 12 -31 13 14 15 10
Interest 2 4 3 15 11 14 14 13 16 15 8 5 4
Depreciation 14 14 13 21 27 25 25 27 32 36 38 38 37
Profit before tax 77 93 77 52 60 100 103 -18 -14 376 443 247 227
Tax % 30% 32% 35% 32% -6% 31% 36% 33% 29% 25% 27% 26%
54 63 50 35 64 69 66 -12 -10 280 323 183 166
EPS in Rs 30.69 35.90 28.72 19.91 36.30 39.40 37.66 -7.09 -5.41 159.35 183.41 104.07 94.53
Dividend Payout % 13% 11% 14% 20% 11% 10% 11% -28% 0% 6% 162% 100%
Compounded Sales Growth
10 Years: 9%
5 Years: 5%
3 Years: 15%
TTM: -6%
Compounded Profit Growth
10 Years: 11%
5 Years: 22%
3 Years: 84%
TTM: -31%
Stock Price CAGR
10 Years: 14%
5 Years: 23%
3 Years: 16%
1 Year: 107%
Return on Equity
10 Years: 17%
5 Years: 22%
3 Years: 32%
Last Year: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 18 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 362 417 460 486 509 569 627 606 592 871 839 697 744
131 67 89 110 170 209 104 265 224 98 52 35 32
83 136 281 215 229 254 305 233 222 326 323 513 294
Total Liabilities 594 638 847 828 925 1,050 1,053 1,122 1,055 1,313 1,232 1,263 1,088
129 124 136 217 241 219 214 200 365 369 343 309 302
CWIP 11 29 56 0 2 18 15 96 56 30 7 12 13
Investments 101 17 33 101 1 1 1 0 0 1 1 1 1
353 468 621 511 681 812 824 825 634 914 881 940 772
Total Assets 594 638 847 828 925 1,050 1,053 1,122 1,055 1,313 1,232 1,263 1,088

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-15 -24 50 20 28 -16 173 -36 166 385 356 270
7 98 -57 -51 -6 -15 -21 -93 -84 -112 83 -136
25 -73 13 -1 -18 22 -127 135 -124 -137 -412 -198
Net Cash Flow 17 0 7 -32 5 -9 24 5 -42 136 27 -63

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 55 66 74 52 52 55 47 41 40 68 51 49
Inventory Days 56 47 75 52 58 109 75 66 81 111 91 72
Days Payable 10 28 89 48 48 64 63 39 42 86 63 64
Cash Conversion Cycle 101 84 60 56 62 99 59 68 79 93 79 56
Working Capital Days 101 114 102 74 95 133 68 70 73 85 67 32
ROCE % 19% 19% 15% 11% 11% 15% 15% -1% 5% 42% 48% 30%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
75.00% 75.00% 75.00% 75.00% 75.00% 61.19% 61.19% 62.73% 62.73% 62.73% 62.73% 62.73%
0.48% 1.73% 1.97% 2.02% 2.04% 1.87% 1.57% 1.42% 1.39% 2.19% 2.27% 2.53%
4.64% 4.42% 3.51% 3.02% 2.86% 4.14% 4.45% 4.45% 4.41% 4.77% 4.82% 5.01%
19.88% 18.85% 19.52% 19.96% 20.10% 32.79% 32.79% 31.39% 31.47% 30.30% 30.18% 29.72%
No. of Shareholders 13,62719,16921,18028,30629,10743,92744,83746,99350,30443,43940,54340,115

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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