TCPL Packaging Ltd

TCPL Packaging Ltd

₹ 2,214 0.19%
28 Feb - close price
About

TCPL manufactures folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs, and shelf-ready packaging. TCPL has also ventured into the flexible packaging industry, with the capability to produce printed cork-tipping paper, laminates, sleeves, and wrap-around labels.

TCPL Packaging is promoted by the Kanoria family, which has varied business interests such as jute, tea, textiles, pharmaceuticals, and chemicals. In 1990, the Kanoria family [1], which holds a 55.74% stake in the company as of September 30, 2020 [2] ventured into folding cartons manufacturing, with a unit in Silvassa. [1]. TCPL is a leading supplier to the tobacco, liquor, consumer goods, and food packaging industry in India [3].

Key Points

Revenue Mix FY23
Folding cartons: ~85%
Flexible packaging: ~15% [1]

  • Market Cap 2,013 Cr.
  • Current Price 2,214
  • High / Low 2,430 / 1,240
  • Stock P/E 19.4
  • Book Value 537
  • Dividend Yield 0.90 %
  • ROCE 21.9 %
  • ROE 26.1 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 38.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.9%

Cons

* 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: Packaging Industry: Packaging

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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
243 246 226 253 274 323 335 349 366 381 360 389 354
205 211 196 217 232 274 282 293 306 315 299 325 296
Operating Profit 38 35 30 36 42 48 54 56 60 66 60 64 59
OPM % 16% 14% 13% 14% 15% 15% 16% 16% 16% 17% 17% 16% 17%
1 1 0 0 2 0 3 20 3 1 1 4 2
Interest 10 8 8 8 8 9 10 10 11 12 13 12 14
Depreciation 13 13 13 14 14 14 15 15 15 16 15 17 17
Profit before tax 16 15 9 15 21 25 32 51 37 39 34 38 30
Tax % 38% 15% 37% 29% 32% 27% 29% 20% 28% 29% 26% 20% 30%
10 13 6 11 14 19 23 41 27 28 25 30 21
EPS in Rs 10.93 13.84 6.60 11.74 15.44 20.34 24.81 44.56 29.51 30.29 27.69 33.35 22.85
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
283 373 395 498 593 613 698 816 890 904 1,076 1,432 1,484
242 318 333 416 492 516 613 711 764 770 920 1,196 1,236
Operating Profit 41 55 61 82 101 97 85 105 126 134 156 236 248
OPM % 15% 15% 16% 17% 17% 16% 12% 13% 14% 15% 15% 16% 17%
1 2 -0 -0 -0 1 2 1 2 3 2 27 8
Interest 13 16 18 17 20 22 25 28 37 37 33 44 51
Depreciation 18 20 24 22 25 29 35 36 48 52 55 61 66
Profit before tax 11 20 20 43 55 46 27 42 42 48 70 158 140
Tax % 32% 34% 37% 25% 31% 30% 25% 31% 14% 29% 30% 26%
8 14 12 32 38 32 20 29 37 34 49 118 104
EPS in Rs 8.86 15.53 14.37 37.00 44.00 37.32 22.22 31.81 40.13 37.08 54.13 129.16 114.18
Dividend Payout % 23% 17% 17% 16% 17% 17% 17% 16% 10% 20% 18% 15%
Compounded Sales Growth
10 Years: 14%
5 Years: 15%
3 Years: 17%
TTM: 8%
Compounded Profit Growth
10 Years: 23%
5 Years: 39%
3 Years: 42%
TTM: 10%
Stock Price CAGR
10 Years: 41%
5 Years: 43%
3 Years: 81%
1 Year: 67%
Return on Equity
10 Years: 18%
5 Years: 17%
3 Years: 18%
Last Year: 26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 58 69 79 105 136 170 207 232 260 292 335 443 480
126 153 158 180 235 303 298 320 356 321 421 459 548
54 62 75 103 105 119 123 155 174 218 240 250 244
Total Liabilities 247 293 321 397 485 601 637 716 799 839 1,006 1,161 1,281
146 161 183 228 282 365 358 418 452 448 504 496 582
CWIP 3 1 4 2 9 4 6 0 1 11 5 44 8
Investments 0 0 0 0 0 0 0 0 0 4 28 47 55
98 131 134 168 194 231 273 298 346 375 468 574 636
Total Assets 247 293 321 397 485 601 637 716 799 839 1,006 1,161 1,281

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
33 24 55 69 72 80 48 81 86 115 77 119
-51 -31 -43 -61 -86 -112 -33 -69 -72 -46 -138 -101
19 7 -12 -6 13 32 -15 -11 -16 -67 60 -18
Net Cash Flow 0 -0 0 2 -1 0 -0 2 -2 3 -1 -1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 60 69 68 60 60 61 69 66 66 72 78 74
Inventory Days 84 76 76 76 76 109 98 92 94 101 98 96
Days Payable 71 61 70 79 61 84 67 65 62 98 88 66
Cash Conversion Cycle 73 84 75 58 74 86 100 93 98 74 87 105
Working Capital Days 38 44 38 28 34 48 59 56 64 73 83 88
ROCE % 14% 17% 16% 22% 22% 16% 11% 13% 13% 14% 15% 22%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74%
0.32% 0.32% 0.29% 0.37% 0.42% 0.53% 0.80% 0.95% 0.69% 0.61% 0.71% 0.74%
8.14% 7.71% 6.16% 6.60% 5.73% 4.88% 3.37% 3.94% 3.99% 3.99% 5.94% 6.49%
35.80% 36.24% 37.81% 37.30% 38.12% 38.85% 40.10% 39.13% 39.34% 39.41% 37.37% 36.80%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.25% 0.25% 0.25% 0.25% 0.25%
No. of Shareholders 6,7937,14110,0449,95410,17312,59515,18917,65917,60018,12315,67415,686

* 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.

Documents

Concalls