Tamil Nadu Petro Products Ltd

₹ 103 -0.58%
Jan 27 11:08 a.m.
About

Tamil Nadu Petroproducts is primarily engaged in the manufacturing and sale of petrochemical products viz., Linear Alkyl Benzene (LAB), Caustic Soda, Chlorine and its derivatives at its facilities situated at Manali, Chennai.

Key Points

Expansion & Modernization
Company has planned an investment of 435 Cr: [1]
1. LAB (Linear Alkyl Benzene)
Capacity increase from existing 120,000 TPA to 145,000 TPA.
Capex - Rs. 240 Crore.
Will take time of 24 Months in expansion.

2. Caustic Soda
Revamping and Change of Technology from mono-polar membrane technology with a more advanced world-class bipolar membrane technology.
Capex - Rs. 165 Crore.
Capacity to Increase from 150 TPD to 250 TPD

  1. Propylene Oxide - Propylene Recovery Unit (PRU) Plant
    Setting up plant for Propylene, a bulk chemical intermediate.
    Set up will take 12-18 months.
    Capex - Rs. 30 Crore.

Significant part of the expansion will be funded via internal resources and the remaining through other sources.

  • Market Cap 928 Cr.
  • Current Price 103
  • High / Low 151 / 37.8
  • Stock P/E 5.53
  • Book Value 70.6
  • Dividend Yield 2.43 %
  • ROCE 28.9 %
  • ROE 21.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 50.02% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.86%

Cons

  • The company has delivered a poor sales growth of 10.33% over past five years.
  • Promoter holding is low: 34.54%

* 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: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
304 333 343 340 281 260 220 285 291 350 462 460
281 310 313 310 257 252 198 248 256 278 383 395
Operating Profit 23 23 30 30 24 8 22 37 34 72 79 64
OPM % 8% 7% 9% 9% 9% 3% 10% 13% 12% 20% 17% 14%
Other Income 1 1 1 2 2 3 2 3 3 27 3 4
Interest 2 2 2 2 2 3 2 1 1 3 1 1
Depreciation 5 5 5 5 5 5 6 6 6 6 6 6
Profit before tax 17 17 24 24 18 3 17 33 30 90 74 61
Tax % 19% 33% 22% 15% 28% 39% 25% 25% 28% 30% 26% 26%
Net Profit 14 11 19 21 13 2 12 25 22 63 55 45
EPS in Rs 1.57 1.27 2.12 2.32 1.46 0.22 1.38 2.74 2.43 6.97 6.07 5.02

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
831 1,020 1,248 1,281 1,052 950 701 889 1,049 1,245 1,225 1,145 1,562
775 977 1,187 1,287 1,056 979 690 821 956 1,153 1,132 975 1,313
Operating Profit 56 44 61 -6 -4 -29 11 68 93 92 93 170 249
OPM % 7% 4% 5% -0% -0% -3% 2% 8% 9% 7% 8% 15% 16%
Other Income 9 52 14 4 11 -2 60 24 13 6 8 30 36
Interest 22 29 32 32 32 20 15 34 7 7 9 7 7
Depreciation 31 38 37 39 30 21 18 16 22 20 22 23 23
Profit before tax 13 29 6 -73 -56 -71 38 42 77 72 71 170 255
Tax % 19% -0% 8% 30% 33% 26% 0% 78% 33% 24% 22% 28%
Net Profit 11 29 6 -51 -37 -53 38 9 52 54 55 122 184
EPS in Rs 1.20 3.28 0.66 -5.62 -4.15 -5.90 4.24 1.03 5.75 6.03 6.12 13.52 20.49
Dividend Payout % 42% 31% 76% 0% 0% 0% 0% 0% 9% 17% 24% 18%
Compounded Sales Growth
10 Years: 1%
5 Years: 10%
3 Years: 3%
TTM: 49%
Compounded Profit Growth
10 Years: 25%
5 Years: 50%
3 Years: 30%
TTM: 221%
Stock Price CAGR
10 Years: 22%
5 Years: 30%
3 Years: 46%
1 Year: 167%
Return on Equity
10 Years: 3%
5 Years: 13%
3 Years: 16%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
90 90 90 90 90 90 90 90 90 90 90 90 90
Reserves 287 306 306 256 218 151 189 219 269 319 361 469 546
Borrowings 182 117 166 197 159 102 67 45 36 40 37 44 68
245 246 222 256 215 218 116 166 193 164 156 159 220
Total Liabilities 803 759 784 798 682 560 462 519 589 613 643 761 923
402 368 319 313 288 247 218 216 193 230 292 281 270
CWIP 7 8 36 15 14 18 15 15 37 20 3 1 3
Investments 180 142 138 92 92 79 77 97 100 98 98 98 98
214 241 291 377 288 217 152 191 259 264 250 381 552
Total Assets 803 759 784 798 682 560 462 519 589 613 643 761 923

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
47 45 -2 -41 49 35 31 49 82 72 80 104
-48 62 -4 38 11 43 18 -20 -70 -64 -57 -92
7 -98 7 -6 -71 -76 -50 -29 -12 -8 -23 -11
Net Cash Flow 6 9 1 -9 -10 2 -1 -0 -0 -1 -0 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 28 30 27 31 27 25 16 28 23 21 15 26
Inventory Days 71 61 66 104 83 46 52 50 68 42 44 60
Days Payable 86 55 39 52 55 58 63 65 61 35 29 31
Cash Conversion Cycle 12 35 54 83 55 12 5 13 31 28 29 55
Working Capital Days 14 10 27 40 24 -15 2 23 14 16 12 28
ROCE % 6% 7% 7% -7% -4% -9% -1% 16% 21% 19% 17% 29%

Shareholding Pattern

Numbers in percentages

Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
34.54 34.54 34.54 34.54 34.54 34.54 34.54 34.54 34.54 34.54 34.54 34.54
4.21 4.42 4.42 5.08 5.08 5.08 5.03 5.03 5.03 5.23 7.13 9.00
5.05 5.01 5.00 4.98 4.35 4.35 4.26 4.26 2.53 0.03 0.03 0.03
56.20 56.03 56.04 55.40 56.02 56.03 56.16 56.16 57.90 60.20 58.29 56.43

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