Tinplate Company of India Ltd

₹ 430 -0.36%

18 Jan 2024

tatatinplate.com BSE: 504966 NSE : TINPLATE

About

Tinplate Company of India Limited (TCIL) is a producer of tin coated and tin free steel sheets in India. It is a Subsidiary of Tata Steel Limited. ^[1] The company is the 1st Domestic Tinplate
manufacturer of India.

Key Points

Products
The tinplate manufactured by the co is used for packaging edible oil, paints & chemicals, processed foods, batteries, etc. It has categorized its products into:
Electrolytic Tinplate (ETP), Double Reduced Tinplate, and Soft Double Reduced Electrolytic Tinplate.
Tin Free Steel (TFS)/Electrolytic Chromium Coated Steel (ECCS) - Single and Double Reduced Tin Free Steel
Value-added/downstream products - Lacquered/Coated ETP, Printed ETP, PAXEL cans etc. ^[1] In FY23, company launched 1 new product.^[2]
PAXEL, India’s first branded 15 kg edible
oil can, allows the company to engage directly
with edible oil brand owners through SSPs.

Website BSE NSE

Market Cap ₹ 4,506 Cr.
Current Price ₹ 430
High / Low ₹ 462 / 308
Stock P/E 48.3
Book Value ₹ 118
Dividend Yield 0.70 %
ROCE 15.8 %
ROE 11.1 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 18.4%

Cons

Earnings include an other income of Rs.67.9 Cr.

* 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: Non Ferrous Metals Industry: Mining / Minerals / Metals

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
	531.49	615.14	754.98	866.29	976.82	1,179.51	1,226.88	1,006.52	959.54	959.93	1,032.87	914.25	941.79
	499.60	561.08	669.85	764.99	869.93	1,046.06	1,068.36	886.03	999.85	907.20	951.74	906.57	941.85
Operating Profit	31.89	54.06	85.13	101.30	106.89	133.45	158.52	120.49	-40.31	52.73	81.13	7.68	-0.06
OPM %	6.00%	8.79%	11.28%	11.69%	10.94%	11.31%	12.92%	11.97%	-4.20%	5.49%	7.85%	0.84%	-0.01%
	5.46	6.77	7.88	8.11	10.10	10.35	11.48	10.64	12.23	15.10	17.59	17.03	18.16
Interest	1.72	1.42	3.06	2.46	2.06	1.98	1.71	2.18	2.64	2.63	4.76	3.72	3.56
Depreciation	15.46	15.36	15.46	14.91	14.94	14.80	16.15	15.25	15.78	16.50	16.95	17.38	17.66
Profit before tax	20.17	44.05	74.49	92.04	99.99	127.02	152.14	113.70	-46.50	48.70	77.01	3.61	-3.12
Tax %	20.28%	25.52%	24.61%	25.45%	25.06%	25.26%	24.79%	25.26%	24.54%	25.30%	26.55%	27.15%	26.60%
	16.08	32.82	56.16	68.62	74.93	94.94	114.42	84.98	-35.10	36.38	56.56	2.63	-2.29
EPS in Rs	1.54	3.13	5.36	6.55	7.16	9.07	10.93	8.12	-3.35	3.47	5.40	0.25	-0.22
Raw PDF

Profit & Loss

Figures in Rs. Crores

	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
	627	877	1,059	911	836	830	1,919	2,584	2,106	2,281	4,250	3,959	3,849
	553	765	911	787	669	739	1,755	2,451	1,954	2,104	3,748	3,745	3,707
Operating Profit	74	112	148	124	167	91	164	133	151	177	501	214	141
OPM %	12%	13%	14%	14%	20%	11%	9%	5%	7%	8%	12%	5%	4%
	19	21	25	27	18	18	16	29	24	24	39	55	68
Interest	17	25	21	12	6	3	3	7	10	8	8	12	15
Depreciation	48	58	61	71	73	66	62	64	61	62	61	64	68
Profit before tax	28	50	91	68	106	41	115	92	104	132	471	193	126
Tax %	41%	43%	31%	34%	36%	32%	37%	37%	9%	26%	25%	26%
	17	28	63	45	68	28	73	58	95	98	353	143	93
EPS in Rs	1.58	2.70	6.00	4.26	6.48	2.66	6.99	5.54	9.08	9.37	33.71	13.64	8.90
Dividend Payout %	54%	37%	27%	38%	31%	60%	29%	36%	11%	21%	12%	22%

Compounded Sales Growth
10 Years:	16%
5 Years:	16%
3 Years:	23%
TTM:	-12%

Compounded Profit Growth
10 Years:	17%
5 Years:	13%
3 Years:	12%
TTM:	-64%

Stock Price CAGR
10 Years:	22%
5 Years:	23%
3 Years:	38%
1 Year:	33%

Return on Equity
10 Years:	14%
5 Years:	17%
3 Years:	19%
Last Year:	11%

Balance Sheet

Figures in Rs. Crores

	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	105	105	105	105	105	105	105	105	105	105	105	105	105
Reserves	389	395	429	444	518	517	572	606	656	741	1,066	1,158	1,126
Preference Capital	112	102	46	0	0	0	0	0	0	0	0	0
	135	156	91	45	0	0	0	0	14	13	12	15	15
	325	342	321	277	244	251	431	465	424	496	798	648	618
Total Liabilities	953	998	946	871	867	874	1,107	1,176	1,198	1,356	1,981	1,926	1,864
	753	762	723	680	628	604	567	563	578	545	556	596	596
CWIP	36	12	26	17	43	24	43	42	23	15	54	33	56
Investments	0	0	0	0	5	38	51	97	93	72	213	252	83
	164	223	196	173	190	208	446	474	503	723	1,157	1,044	1,129
Total Assets	953	998	946	871	867	874	1,107	1,176	1,198	1,356	1,981	1,926	1,864

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	114	84	199	170	114	91	108	124	53	252	454	215
	-64	-50	-35	-35	-36	-57	-51	-104	-32	-162	-373	-269
	-52	-34	-164	-134	-75	-28	-23	-32	-33	-18	-31	-56
Net Cash Flow	-1	0	-1	1	3	5	34	-12	-12	73	50	-109

Ratios

Figures in Rs. Crores

	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	24	35	20	14	22	36	19	18	12	12	5	2
Inventory Days	85	68	56	80	149	85	57	41	85	63	53	48
Days Payable	84	59	61	90	113	90	53	41	53	56	50	49
Cash Conversion Cycle	24	44	16	4	59	31	23	17	44	19	8	1
Working Capital Days	-21	7	-10	-17	28	36	18	13	26	9	-1	-3
ROCE %	6%	10%	16%	13%	18%	7%	18%	14%	15%	17%	47%	16%

Shareholding Pattern

Numbers in percentages

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
	0.73%	2.42%	2.61%	2.66%	2.97%	3.01%	2.84%	2.26%	2.00%	2.12%	2.03%	2.51%
	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.00%	0.00%	0.01%	0.00%	0.15%	0.25%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	24.28%	22.60%	22.41%	22.36%	22.04%	22.00%	22.16%	22.75%	23.00%	22.88%	22.84%	22.26%
No. of Shareholders	74,146	76,196	88,744	92,076	96,605	99,614	1,06,511	97,494	92,411	88,548	81,164	75,167

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Dec 2023
	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%	74.96%
	2.00%	2.34%	1.11%	1.14%	0.73%	2.97%	2.00%	2.51%
	0.17%	0.16%	0.18%	0.12%	0.01%	0.01%	0.01%	0.25%
	0.00%	0.00%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
	22.87%	22.54%	23.73%	23.76%	24.28%	22.04%	23.00%	22.26%
No. of Shareholders	45,735	59,488	66,686	66,093	74,146	96,605	92,411	75,167

* 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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Tinplate Company of India Ltd

Tinplate Company of India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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