West Coast Paper Mills Ltd

West Coast Paper Mills Ltd

₹ 678 5.92%
14 Jun 4:01 p.m.
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

Business Segments
a) Paper and Paperboard Division (93% of FY23 revenue)
The company produces papers under the WESCO brand Paper & boards, along with a range of office stationery, premium printing products, and other value-added products. [1][2]
The production of Paper and Paperboard was 314919 MT (98% capacity utilization)[3]

  • Market Cap 4,488 Cr.
  • Current Price 678
  • High / Low 815 / 465
  • Stock P/E 6.49
  • Book Value 491
  • Dividend Yield 1.48 %
  • ROCE 29.2 %
  • ROE 23.8 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 18.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%

Cons

  • Working capital days have increased from 66.8 days to 142 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
937 538 900 872 1,067 1,114 1,210 1,239 1,357 1,139 1,194 1,045 1,070
774 438 758 712 836 793 843 778 865 744 884 828 900
Operating Profit 163 100 142 160 231 321 367 461 493 395 310 218 170
OPM % 17% 19% 16% 18% 22% 29% 30% 37% 36% 35% 26% 21% 16%
8 14 11 11 22 11 17 24 10 35 35 41 59
Interest 10 18 11 12 17 6 7 14 10 7 6 6 6
Depreciation 61 52 54 54 53 46 47 48 48 44 46 46 49
Profit before tax 99 44 88 106 183 280 331 423 444 379 294 207 174
Tax % 12% 10% 12% 16% 23% 25% 26% 26% 28% 27% 26% 23% 25%
87 39 78 88 141 209 246 311 321 278 219 159 130
EPS in Rs 11.34 4.84 10.97 11.82 18.86 28.06 32.50 39.93 42.12 37.17 28.88 20.58 18.14
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,710 1,979 2,493 2,245 3,378 4,921 4,448
1,348 1,468 1,875 1,983 2,740 3,274 3,356
Operating Profit 362 511 618 261 638 1,647 1,092
OPM % 21% 26% 25% 12% 19% 33% 25%
18 20 52 12 54 58 170
Interest 42 29 75 70 59 37 24
Depreciation 116 176 198 229 213 189 185
Profit before tax 222 326 397 -26 420 1,478 1,053
Tax % -0% 9% -2% 83% 18% 26% 25%
223 296 406 -4 346 1,087 786
EPS in Rs 33.79 44.82 56.08 -0.47 46.49 142.62 104.77
Dividend Payout % 12% 11% 9% -213% 13% 7% 8%
Compounded Sales Growth
10 Years: %
5 Years: 18%
3 Years: 26%
TTM: -10%
Compounded Profit Growth
10 Years: %
5 Years: 19%
3 Years: 496%
TTM: -27%
Stock Price CAGR
10 Years: 26%
5 Years: 23%
3 Years: 41%
1 Year: 33%
Return on Equity
10 Years: %
5 Years: 25%
3 Years: 30%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 13 13 13 13 13 13 13
Reserves 826 1,090 1,375 1,373 1,670 2,565 3,228
315 361 753 676 478 231 276
436 455 1,043 1,007 1,097 1,364 1,600
Total Liabilities 1,590 1,920 3,184 3,069 3,259 4,173 5,118
1,035 991 2,010 1,873 1,757 1,659 1,887
CWIP 3 37 57 34 22 55 205
Investments 1 223 45 220 472 1,310 1,730
551 669 1,072 942 1,008 1,149 1,296
Total Assets 1,590 1,920 3,184 3,069 3,259 4,173 5,118

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
326 394 649 338 591 1,238 764
-139 -382 -858 -166 -291 -894 -714
-194 -12 218 -167 -295 -334 -61
Net Cash Flow -6 -1 9 5 5 10 -11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 25 30 21 33 26 25 21
Inventory Days 137 159 167 128 85 88 117
Days Payable 81 67 63 64 59 54 56
Cash Conversion Cycle 82 123 124 98 52 58 81
Working Capital Days 33 47 30 49 35 23 142
ROCE % 27% 24% 2% 20% 53%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.35% 56.45% 56.47% 56.48% 56.48% 56.51% 56.52% 56.53% 56.53% 56.53% 56.53% 56.53%
1.97% 1.95% 2.23% 2.23% 2.35% 3.67% 5.62% 7.04% 7.38% 7.80% 7.98% 8.19%
8.39% 8.48% 8.44% 8.80% 8.76% 7.46% 7.60% 7.57% 7.18% 6.77% 6.62% 7.13%
33.28% 33.11% 32.86% 32.48% 32.41% 32.34% 30.26% 28.87% 28.92% 28.90% 28.88% 28.15%
No. of Shareholders 32,77632,53730,05831,42634,31940,55042,76142,60352,02957,70657,19360,840

* 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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