Western India Plywoods Ltd

W I Plywoods Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Western India Plywoods Ltd

₹ 158 2.34%
24 Apr - close price
Company website NSE : WIPL
About

Incorporated in 1945, Western India Plywoods Ltd is a manufacturer of Wood based products including Hardboard, Plywood, and Compreg[1]

Key Points

Business Overview[1][2]
WIPL manufactures Saw Timber and Plywood related panel products viz. Block boards, Flush door, Shuttering and Marine Plywood, Aircraft Plywood, Densified Wood, etc. It has an integrated wood complex, and their integrated nature of operations enables them to use the same raw material, viz. firewood, timber logs and veneer to manufacture different end products based on market and customer requirement

Website NSE
  • Market Cap ₹ 134 Cr.
  • Current Price ₹ 158
  • High / Low ₹ 195 / 85.4
  • Stock P/E 31.1
  • Book Value ₹ 49.1
  • Dividend Yield 0.63 %
  • ROCE 11.4 %
  • ROE 8.78 %
  • Face Value ₹ 10.0
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Pros

  • Debtor days have improved from 62.8 to 45.2 days.
  • Company's working capital requirements have reduced from 106 days to 74.1 days

Cons

  • Stock is trading at 3.22 times its book value
  • The company has delivered a poor sales growth of 3.16% over past five years.
  • Company has a low return on equity of 2.91% over last 3 years.

* 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: Plywood Boards/Laminates Industry: Miscellaneous

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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
26.60 25.66 19.46 26.72 26.60 26.95 24.68 28.76 29.15 25.27 23.64 28.31 31.79
25.12 24.76 19.53 25.36 24.99 25.63 22.99 27.11 26.82 23.53 22.52 26.30 28.43
Operating Profit 1.48 0.90 -0.07 1.36 1.61 1.32 1.69 1.65 2.33 1.74 1.12 2.01 3.36
OPM % 5.56% 3.51% -0.36% 5.09% 6.05% 4.90% 6.85% 5.74% 7.99% 6.89% 4.74% 7.10% 10.57%
0.02 0.10 0.06 0.07 0.10 0.09 0.23 0.26 0.16 0.05 0.12 0.23 0.06
Interest 0.35 0.44 0.35 0.32 0.30 0.34 0.31 0.34 0.44 0.31 0.26 0.34 0.31
Depreciation 0.64 0.90 0.69 0.70 0.49 0.59 0.40 0.41 0.43 0.40 0.33 0.35 0.37
Profit before tax 0.51 -0.34 -1.05 0.41 0.92 0.48 1.21 1.16 1.62 1.08 0.65 1.55 2.74
Tax % 33.33% -29.41% 19.05% 41.46% 40.22% 45.83% 28.93% 34.48% 36.42% 22.22% 32.31% 28.39% 29.93%
0.34 -0.44 -0.85 0.24 0.55 0.26 0.86 0.76 1.03 0.84 0.44 1.11 1.92
EPS in Rs 0.53 -0.29 -0.93 0.35 0.65 0.31 1.01 0.90 1.21 1.00 0.61 1.31 2.26
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
93 89 95 96 89 86 92 101 97 85 100 108 109
78 79 85 86 80 82 90 94 91 81 95 100 101
Operating Profit 15 10 10 11 9 3 2 7 6 4 4 7 8
OPM % 16% 11% 10% 11% 10% 4% 2% 7% 6% 4% 4% 7% 8%
0 1 0 0 0 4 4 1 1 0 0 1 0
Interest 3 4 4 4 3 4 4 3 2 2 1 1 1
Depreciation 5 5 5 2 2 2 2 2 2 3 2 2 1
Profit before tax 7 1 0 5 3 1 -0 2 2 -0 1 5 6
Tax % 13% 78% -138% 33% 28% 91% 8,600% 46% 34% -71% 73% 31%
6 0 1 3 2 0 1 1 1 -1 0 3 4
EPS in Rs 6.98 0.57 1.34 3.84 2.47 0.29 1.04 1.45 1.47 -0.31 0.57 4.31 5.18
Dividend Payout % 17% 106% 45% 18% 28% 0% 0% 62% 0% -261% 142% 23%
Compounded Sales Growth
10 Years: 2%
5 Years: 3%
3 Years: 4%
TTM: 0%
Compounded Profit Growth
10 Years: 30%
5 Years: 70%
3 Years: 47%
TTM: 48%
Stock Price CAGR
10 Years: %
5 Years: 13%
3 Years: 40%
1 Year: 75%
Return on Equity
10 Years: 3%
5 Years: 3%
3 Years: 3%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 8 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 25 25 25 27 28 29 29 31 31 31 30 33 33
Preference Capital 2 2 2 2 2 0 0 0 0 0 0 0
33 39 37 31 32 31 31 27 22 17 18 17 16
26 25 20 24 19 22 15 15 13 13 10 11 14
Total Liabilities 93 97 90 91 88 90 84 81 74 68 66 70 72
30 30 26 24 23 24 23 23 21 21 20 20 20
CWIP 0 0 0 0 3 1 1 0 0 0 1 3 3
Investments 0 0 0 0 0 0 1 1 0 1 1 1 1
63 67 63 67 62 65 59 58 52 46 45 46 48
Total Assets 93 97 90 91 88 90 84 81 74 68 66 70 72

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
12 5 4 8 12 5 4 7 7 10 2 15
-3 -3 -2 -0 -4 -1 2 -0 -0 -2 -1 -3
-18 -1 -7 -7 -7 -4 -5 -7 -8 -7 -1 -2
Net Cash Flow -9 1 -5 0 1 0 0 -0 -2 1 0 10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 55 65 56 67 60 62 55 59 64 72 71 45
Inventory Days 342 358 351 372 373 387 295 253 254 204 150 123
Days Payable 89 75 58 64 63 70 50 48 49 56 37 27
Cash Conversion Cycle 308 348 349 375 369 379 300 264 269 220 185 141
Working Capital Days 137 141 156 159 157 159 147 134 132 130 113 74
ROCE % 14% 8% 6% 12% 10% 3% 4% 7% 6% 2% 4% 11%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
41.01% 41.01% 41.01% 40.96% 40.96% 40.96% 40.98% 40.98% 41.01% 41.01% 41.00% 40.79%
8.57% 7.03% 6.12% 6.12% 6.12% 5.13% 4.49% 4.22% 3.51% 3.50% 3.08% 3.08%
50.41% 51.97% 52.87% 52.91% 52.92% 53.91% 54.53% 54.80% 55.49% 55.49% 55.92% 56.13%
No. of Shareholders 1,5361,6341,7851,8211,8291,8962,1262,0902,0361,9271,9392,010

* 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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