TCPL Packaging Ltd
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].
- Market Cap ₹ 1,906 Cr.
- Current Price ₹ 2,095
- High / Low ₹ 2,499 / 1,343
- Stock P/E 18.4
- Book Value ₹ 537
- Dividend Yield 0.96 %
- 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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: | 37% |
5 Years: | 40% |
3 Years: | 75% |
1 Year: | 38% |
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% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 5m
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 20h
- Certificate Under Reg 40 10 Apr
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 10 Apr
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 4 Apr
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Feb 2024Transcript PPT
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Dec 2023Transcript PPT
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Nov 2023TranscriptNotesPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Apr 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
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Nov 2021Transcript PPT
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Aug 2021Transcript PPT
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Jul 2021TranscriptNotesPPT
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Feb 2021TranscriptPPT
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Aug 2020TranscriptPPT
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Aug 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Aug 2019TranscriptPPT
Revenue Mix FY23
Folding cartons: ~85%
Flexible packaging: ~15% [1]