Shree Tirupati Balajee FIBC Ltd
Incorporated in 2009, Shree Tirupati Balajee
FIBC Ltd manufactures HDPE /PPWoven Sacks and Flexible Intermediate Bulk Containers[1]
- Market Cap ₹ 501 Cr.
- Current Price ₹ 495
- High / Low ₹ 550 / 99.9
- Stock P/E 30.2
- Book Value ₹ 74.0
- Dividend Yield 0.00 %
- ROCE 13.4 %
- ROE 15.8 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 43.4 to 33.8 days.
Cons
- Stock is trading at 6.68 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -3.27%
- Company has a low return on equity of 13.6% over last 3 years.
- Company might be capitalizing the interest cost
* 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.
Half Yearly 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 23 | 40 | 53 | 61 | 70 | 98 | 121 | 111 | 117 | 198 | 176 | 156 | |
| 1 | 20 | 35 | 48 | 54 | 62 | 88 | 110 | 104 | 108 | 185 | 161 | 131 | |
| Operating Profit | 0 | 3 | 6 | 6 | 6 | 7 | 11 | 11 | 7 | 10 | 13 | 16 | 25 |
| OPM % | 13% | 13% | 14% | 11% | 11% | 11% | 11% | 9% | 7% | 8% | 6% | 9% | 16% |
| 0 | 0 | 0 | 1 | 1 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | |
| Interest | 0 | 1 | 2 | 3 | 3 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 4 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 0 | 1 | 3 | 3 | 3 | 4 | 6 | 7 | 4 | 6 | 9 | 11 | 20 |
| Tax % | 0% | 66% | 31% | 6% | 2% | 15% | 21% | 14% | 17% | 26% | 19% | 17% | |
| 0 | 0 | 2 | 2 | 3 | 3 | 5 | 6 | 4 | 5 | 7 | 9 | 17 | |
| EPS in Rs | 0.28 | 7.11 | 36.18 | 39.41 | 54.59 | 49.90 | 4.98 | 6.19 | 3.53 | 4.71 | 6.91 | 9.25 | 16.33 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 12% |
| 3 Years: | 17% |
| TTM: | -25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 36% |
| 5 Years: | 13% |
| 3 Years: | 38% |
| TTM: | 131% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 64% |
| 3 Years: | 129% |
| 1 Year: | 228% |
| Return on Equity | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 13% |
| 3 Years: | 14% |
| Last Year: | 16% |
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 | 0 | 1 | 1 | 1 | 1 | 1 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 3 | 6 | 8 | 11 | 14 | 17 | 23 | 29 | 33 | 38 | 45 | 54 | 65 |
| 11 | 14 | 16 | 25 | 23 | 21 | 27 | 27 | 33 | 40 | 48 | 48 | 55 | |
| 1 | 5 | 3 | 3 | 5 | 2 | 5 | 9 | 6 | 5 | 10 | 6 | 7 | |
| Total Liabilities | 15 | 25 | 29 | 39 | 42 | 41 | 65 | 76 | 82 | 92 | 113 | 118 | 137 |
| 3 | 13 | 13 | 13 | 14 | 13 | 13 | 13 | 12 | 13 | 16 | 15 | 14 | |
| CWIP | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 6 | 11 | 18 | 19 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | 12 | 15 | 26 | 28 | 28 | 52 | 62 | 67 | 73 | 86 | 86 | 104 | |
| Total Assets | 15 | 25 | 29 | 39 | 42 | 41 | 65 | 76 | 82 | 92 | 113 | 118 | 137 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 1 | 4 | 2 | 6 | 5 | -4 | 3 | 2 | 1 | 7 | 5 | |
| -8 | 1 | -1 | -0 | -2 | -1 | -8 | -1 | -5 | -5 | -11 | -3 | |
| 7 | -2 | -4 | -1 | -5 | -4 | 12 | -1 | 4 | 3 | 6 | -4 | |
| Net Cash Flow | -0 | 1 | -0 | 1 | -1 | -0 | 0 | 0 | 1 | -2 | 2 | -2 |
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 | 269 | 64 | 27 | 42 | 62 | 65 | 60 | 39 | 32 | 46 | 51 | 34 |
| Inventory Days | 476 | 95 | 99 | 102 | 86 | 72 | 71 | 102 | 118 | 141 | 88 | 123 |
| Days Payable | 46 | 59 | 18 | 6 | 7 | 9 | 12 | 32 | 17 | 9 | 12 | 2 |
| Cash Conversion Cycle | 699 | 100 | 109 | 138 | 141 | 128 | 119 | 109 | 133 | 177 | 127 | 155 |
| Working Capital Days | 790 | 125 | 116 | 152 | 132 | 120 | 135 | 133 | 160 | 182 | 116 | 149 |
| ROCE % | 1% | 15% | 23% | 18% | 17% | 16% | 19% | 15% | 9% | 10% | 12% | 13% |
Business Overview:[1]
STB FIBC Ltd is a part of Shree Tirupati Balajee (STB) Group. It is an ISO 22000-2005, 14001-2015 & 9001-2015 and B.R.C. certified manufacturer and exporter of FIBC and PP packaging products
Product Profile:
a) FIBCs / Big Bags:[2]
Type C Conductive bags, UN Certified bags,
Form Stable Baffle bags, Sift resistant bags,
Bags with specialty liners, Form fit liner Heat resistant liners for cement and fly ash packaging Single / Double loop bags, Tunnel lift bags Normal FIBC’s, Builder bags, Fertilizers bags etc.
b) Fabric:[3]
Woven Fabric, Un-Laminated PP/HDPE Woven Fabric, Laminated PP/HDPE Woven Fabric, Tarpaulins/Roll of Tarpaulin Fabric
c) Bags & Sacks:[4]
PP HDPE Bags & Sacs, Un-Laminated Woven Bags And Sacks, PP Bags/Sacks With Multicolour Printing
d) Container Liner:[5]
These are made of light weight woven polypropylene and a heavy duty woven polypropylene bulk heads. Used for dry flow able products such as powders, granules and food products