West Coast Paper Mills Ltd

₹ 604 -0.35%

19 Apr - close price

westcoastpaper.com BSE: 500444 NSE : WSTCSTPAPR

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]

Website BSE NSE

Market Cap ₹ 3,993 Cr.
Current Price ₹ 604
High / Low ₹ 815 / 465
Stock P/E 4.64
Book Value ₹ 448
Dividend Yield 1.65 %
ROCE 52.9 %
ROE 44.8 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 34.0% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
Company's working capital requirements have reduced from 35.8 days to 23.3 days

Cons

* 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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Detailed Comparison with:

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
	576	937	538	900	872	1,067	1,114	1,210	1,239	1,357	1,139	1,194	1,045
	517	774	438	758	712	836	793	843	778	865	744	884	828
Operating Profit	59	163	100	142	160	231	321	367	461	493	395	310	218
OPM %	10%	17%	19%	16%	18%	22%	29%	30%	37%	36%	35%	26%	21%
	5	8	14	11	11	22	11	17	24	10	35	35	41
Interest	21	10	18	11	12	17	6	7	14	10	7	6	6
Depreciation	57	61	52	54	54	53	46	47	48	48	44	46	46
Profit before tax	-14	99	44	88	106	183	280	331	423	444	379	294	207
Tax %	66%	12%	10%	12%	16%	23%	25%	26%	26%	28%	27%	26%	23%
	-5	87	39	78	88	141	209	246	311	321	278	219	159
EPS in Rs	-0.44	11.34	4.84	10.97	11.82	18.86	28.06	32.50	39.93	42.12	37.17	28.88	20.58
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,710	1,979	2,493	2,245	3,378	4,921	4,735
	1,348	1,468	1,875	1,983	2,740	3,274	3,320
Operating Profit	362	511	618	261	638	1,647	1,415
OPM %	21%	26%	25%	12%	19%	33%	30%
	18	20	52	12	54	58	122
Interest	42	29	75	70	59	37	29
Depreciation	116	176	198	229	213	189	184
Profit before tax	222	326	397	-26	420	1,478	1,324
Tax %	-0%	9%	-2%	83%	18%	26%
	223	296	406	-4	346	1,087	977
EPS in Rs	33.79	44.82	56.08	-0.47	46.49	142.62	128.75
Dividend Payout %	12%	11%	9%	-213%	13%	7%

Compounded Sales Growth
10 Years:	%
5 Years:	24%
3 Years:	25%
TTM:	2%

Compounded Profit Growth
10 Years:	%
5 Years:	34%
3 Years:	37%
TTM:	9%

Stock Price CAGR
10 Years:	27%
5 Years:	19%
3 Years:	48%
1 Year:	10%

Return on Equity
10 Years:	%
5 Years:	27%
3 Years:	25%
Last Year:	45%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	13	13	13	13	13	13	13
Reserves	826	1,090	1,375	1,373	1,670	2,565	2,949
	315	361	753	676	478	231	133
	436	455	1,043	1,007	1,097	1,364	1,532
Total Liabilities	1,590	1,920	3,184	3,069	3,259	4,173	4,627
	1,035	991	2,010	1,873	1,757	1,659	1,642
CWIP	3	37	57	34	22	55	89
Investments	1	223	45	220	472	1,310	1,737
	551	669	1,072	942	1,008	1,149	1,159
Total Assets	1,590	1,920	3,184	3,069	3,259	4,173	4,627

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 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	32,776	32,537	30,058	31,426	34,319	40,550	42,761	42,603	52,029	57,706	57,193	60,840

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	55.80%	56.04%	56.72%	56.14%	56.29%	56.48%	56.53%	56.53%
	3.40%	6.44%	4.91%	3.26%	2.19%	2.23%	7.04%	8.19%
	12.26%	10.88%	11.38%	12.89%	8.99%	8.80%	7.57%	7.13%
	28.54%	26.64%	27.00%	27.71%	32.53%	32.48%	28.87%	28.15%
No. of Shareholders	16,363	21,033	24,816	28,886	33,489	31,426	42,603	60,840

* 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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