Tinplate Company of India Ltd

Tinplate Company of India Ltd

₹ 430 -0.36%
18 Jan 2024
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.

  • Market Cap 4,506 Cr.
  • Current Price 430
  • High / Low 462 / 321
  • Stock P/E 48.3
  • Book Value 118
  • Dividend Yield 0.70 %
  • ROCE 15.8 %
  • ROE 11.1 %
  • Face Value 10.0

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.

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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: 19%
5 Years: 27%
3 Years: 26%
1 Year: 27%
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 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 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 74,14676,19688,74492,07696,60599,6141,06,51197,49492,41188,54881,16475,167

* 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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