TCPL Packaging Ltd

TCPL Packaging Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

TCPL Packaging Ltd

₹ 2,178 3.59%
03 May - close price
tcpl.in BSE: 523301 NSE : TCPLPACK
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]

Website BSE NSE
  • Market Cap ₹ 1,982 Cr.
  • Current Price ₹ 2,178
  • High / Low ₹ 2,499 / 1,343
  • Stock P/E 20.6
  • Book Value ₹ 523
  • Dividend Yield 0.92 %
  • ROCE 20.7 %
  • ROE 24.9 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 18.5%

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

Consolidated Figures in Rs. Crores / View Standalone

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
243 246 226 253 276 330 342 362 378 393 371 406 364
205 211 196 217 235 283 288 304 318 329 310 341 309
Operating Profit 38 35 30 36 42 47 54 58 60 64 61 65 55
OPM % 16% 14% 13% 14% 15% 14% 16% 16% 16% 16% 17% 16% 15%
1 1 0 0 2 1 4 20 2 2 1 3 7
Interest 10 8 8 8 9 10 11 11 12 13 14 13 15
Depreciation 13 13 13 14 14 15 16 16 16 17 16 18 18
Profit before tax 16 15 9 15 20 23 32 50 34 36 32 37 28
Tax % 38% 16% 37% 29% 32% 29% 29% 21% 29% 32% 26% 20% 31%
10 12 6 11 14 16 22 40 24 24 24 29 19
EPS in Rs 10.93 13.54 6.54 11.65 15.24 18.57 24.98 43.48 26.88 26.71 26.13 32.23 21.14
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
890 904 1,086 1,475 1,533
764 770 931 1,239 1,289
Operating Profit 126 133 155 236 245
OPM % 14% 15% 14% 16% 16%
2 3 3 27 12
Interest 37 37 34 48 55
Depreciation 48 52 56 64 70
Profit before tax 42 47 68 152 133
Tax % 14% 29% 31% 27%
37 33 47 110 96
EPS in Rs 40.13 36.78 52.03 122.05 106.21
Dividend Payout % 10% 20% 19% 16%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 18%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 39%
TTM: 13%
Stock Price CAGR
10 Years: 38%
5 Years: 42%
3 Years: 65%
1 Year: 46%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 9 9 9 9
Reserves 291 331 433 467
321 463 501 585
217 268 274 276
Total Liabilities 838 1,072 1,217 1,337
448 541 580 667
CWIP 11 48 44 8
Investments 0 0 0 0
379 482 593 661
Total Assets 838 1,072 1,217 1,337

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023
111 97 109
-41 -195 -90
-67 101 -22
Net Cash Flow 3 3 -2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 72 77 73
Inventory Days 101 102 99
Days Payable 98 93 67
Cash Conversion Cycle 74 86 106
Working Capital Days 73 80 87
ROCE % 14% 21%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
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% 0.29% 0.37% 0.42% 0.53% 0.80% 0.95% 0.69% 0.61% 0.71% 0.74% 0.80%
7.71% 6.16% 6.60% 5.73% 4.88% 3.37% 3.94% 3.99% 3.99% 5.94% 6.49% 8.01%
36.24% 37.81% 37.30% 38.12% 38.85% 40.10% 39.13% 39.34% 39.41% 37.37% 36.80% 35.22%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.25% 0.25% 0.25% 0.25% 0.25% 0.24%
No. of Shareholders 7,14110,0449,95410,17312,59515,18917,65917,60018,12315,67415,68614,545

* 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.

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