West Coast Paper Mills Ltd

₹ 496 -0.10%
30 Sep - close price
About

West Coast Paper Mills Ltd is one of the oldest and the largest producers of paper for printing, writing, and packaging in India. Established in 1955, the Mill is located at Dandeli in Uttara Kannada district in Karnataka. The global quality paper produced by the Company serves the needs of innumerable industries in printing, writing, publishing, stationary, notebooks and packaging sectors in India, in the process contributing to the development of the nation. [1]

Key Points

Paper and Paperboard Division (95% of revenues) [1]
The company produces WESCO brand Paper & boards, commercial to premium grades ranging from 52 to 600 GSM. Its product segment includes writing paper, printing paper, specialty paper, Industrial paper, packaging board and business stationary. [2] It produced ~310,000 MT of paper in FY20 with a capacity utilization rate of ~98%. [3]

  • Market Cap 3,279 Cr.
  • Current Price 496
  • High / Low 653 / 215
  • Stock P/E 9.97
  • Book Value 228
  • Dividend Yield 1.21 %
  • ROCE 15.4 %
  • ROE 15.5 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 117%

Cons

  • The company has delivered a poor sales growth of 2.33% over past five years.
  • Company has a low return on equity of 12.9% 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: Paper Industry: Paper

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
535 510 476 463 181 275 338 575 269 550 522 645 660
379 381 391 353 155 254 295 473 213 446 425 496 464
Operating Profit 157 129 85 110 26 21 43 102 56 104 96 149 196
OPM % 29% 25% 18% 24% 14% 8% 13% 18% 21% 19% 18% 23% 30%
15 14 12 7 3 2 2 3 2 17 4 6 3
Interest 10 12 25 26 19 17 20 8 17 10 10 15 5
Depreciation 39 42 41 44 36 37 38 42 34 35 35 35 29
Profit before tax 122 89 32 47 -26 -31 -14 54 8 76 55 105 165
Tax % 16% 8% -25% -10% 23% 22% 41% -2% -62% 5% 8% 22% 25%
Net Profit 102 82 40 52 -20 -24 -8 55 12 72 51 82 123
EPS in Rs 15.46 12.42 6.04 7.93 -3.05 -3.69 -1.22 8.27 1.88 10.94 7.74 12.46 18.68
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,071 1,305 1,455 1,562 1,648 1,700 1,769 1,710 1,979 1,982 1,368 1,985 2,377
832 1,079 1,186 1,353 1,403 1,450 1,431 1,348 1,470 1,501 1,170 1,579 1,831
Operating Profit 239 226 269 209 246 250 338 362 509 482 198 406 545
OPM % 22% 17% 18% 13% 15% 15% 19% 21% 26% 24% 14% 20% 23%
6 -58 -35 5 -49 -46 2 18 21 47 3 30 30
Interest 56 72 73 73 70 76 52 42 29 72 65 53 40
Depreciation 96 143 136 127 122 114 111 116 175 166 153 138 134
Profit before tax 93 -47 25 14 5 14 178 223 325 290 -18 244 402
Tax % 3% 28% 26% 52% 77% 103% 28% -0% 9% 5% 112% 11%
Net Profit 90 -34 18 7 1 -0 128 223 296 276 2 218 329
EPS in Rs 14.36 -5.35 2.74 1.00 0.17 -0.07 19.46 33.80 44.82 41.85 0.31 33.02 49.82
Dividend Payout % 14% -4% 36% 100% 0% -1,405% 13% 12% 11% 12% 322% 18%
Compounded Sales Growth
10 Years: 4%
5 Years: 2%
3 Years: 0%
TTM: 63%
Compounded Profit Growth
10 Years: 22%
5 Years: 11%
3 Years: -10%
TTM: 851%
Stock Price CAGR
10 Years: 19%
5 Years: 23%
3 Years: 24%
1 Year: 87%
Return on Equity
10 Years: 15%
5 Years: 18%
3 Years: 13%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
78 13 13 13 13 13 13 13 13 13 13 13
Reserves 593 557 585 583 585 503 626 826 1,090 1,282 1,285 1,494
1,212 1,264 1,081 1,066 910 744 444 315 357 740 629 415
335 281 279 432 417 470 448 436 455 363 367 410
Total Liabilities 2,152 2,114 1,958 2,094 1,925 1,731 1,531 1,590 1,915 2,398 2,295 2,332
1,528 1,457 1,318 1,243 1,147 1,086 1,001 1,035 985 906 828 747
CWIP 0 5 3 5 2 3 6 3 37 55 25 14
Investments 47 47 47 47 47 1 1 1 223 912 912 1,001
577 606 591 800 730 641 523 551 671 525 530 570
Total Assets 2,152 2,114 1,958 2,094 1,925 1,731 1,531 1,590 1,915 2,398 2,295 2,332

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
70 183 263 150 257 98 434 326 395 544 239 382
-67 -138 -32 -51 -22 34 -39 -139 -384 -771 -59 -86
-43 -107 -239 -96 -230 -132 -394 -194 -16 225 -177 -299
Net Cash Flow -41 -62 -8 3 4 -1 1 -7 -5 -1 4 -3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 25 20 21 24 28 25 26 25 30 19 34 25
Inventory Days 143 164 136 193 179 136 101 137 158 119 122 88
Days Payable 50 52 48 102 92 72 53 81 67 29 35 39
Cash Conversion Cycle 118 132 108 114 114 89 75 82 122 108 120 74
Working Capital Days 50 27 40 34 28 28 18 33 49 19 56 36
ROCE % 8% 5% 8% 5% 8% 10% 20% 23% 27% 21% 3% 15%

Shareholding Pattern

Numbers in percentages

5 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
55.96 56.03 56.14 56.17 56.17 56.20 56.29 56.35 56.45 56.47 56.48 56.48
3.07 3.42 3.26 3.15 3.00 2.67 2.19 1.97 1.95 2.23 2.23 2.35
11.70 12.53 12.89 12.08 10.96 10.00 8.99 8.39 8.48 8.44 8.80 8.76
29.27 28.02 27.71 28.60 29.87 31.13 32.53 33.28 33.11 32.86 32.48 32.41

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