XPRO India Ltd

₹ 1,540 -3.39%

12 Dec 2:00 p.m.

xproindia.com BSE: 590013 NSE: XPROINDIA

About

XPRO India Ltd is engaged mainly in the business of polymers processing at multiple locations and is a leading manufacturer in India of Coextruded Plastic Films, thermoformed liners and specialty films (including dielectric films and special purpose BOPP Films).

Key Points

Coex Division (~67.74 % of revenues)^[1]
The company's Coex Division manufactures coextruded sheets, thermoformed refrigerator liners and co-extruded cast films. Its products are used for refrigerator liners, disposable containers, automotive parts, etc.^[2] It continues to be a leading supplier of sheets and liners in India for white goods of most leading brands.^[3]

Website BSE NSE

Market Cap ₹ 3,423 Cr.
Current Price ₹ 1,540
High / Low ₹ 1,650 / 860
Stock P/E 70.4
Book Value ₹ 263
Dividend Yield 0.13 %
ROCE 15.4 %
ROE 11.4 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 92.6% CAGR over last 5 years

Cons

The company has delivered a poor sales growth of 6.07% over past five years.
Promoter holding has decreased over last 3 years: -7.56%

* 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: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	126.55	111.25	142.80	159.63	134.00	93.06	124.27	130.89	109.97	96.14	128.41	138.53	133.98
	109.44	93.52	125.57	136.55	114.95	80.03	105.01	111.61	95.10	80.95	111.63	122.89	120.80
Operating Profit	17.11	17.73	17.23	23.08	19.05	13.03	19.26	19.28	14.87	15.19	16.78	15.64	13.18
OPM %	13.52%	15.94%	12.07%	14.46%	14.22%	14.00%	15.50%	14.73%	13.52%	15.80%	13.07%	11.29%	9.84%
	0.34	0.24	0.94	0.61	1.07	1.54	0.64	1.09	2.87	3.08	3.14	6.89	4.79
Interest	3.49	3.03	2.13	2.21	1.82	1.58	1.92	1.76	1.28	1.18	0.78	0.94	1.40
Depreciation	3.12	3.32	2.92	2.95	2.94	2.89	2.74	2.95	2.92	2.65	2.62	2.61	2.85
Profit before tax	10.84	11.62	13.12	18.53	15.36	10.10	15.24	15.66	13.54	14.44	16.52	18.98	13.72
Tax %	0.00%	0.00%	-33.16%	0.00%	-4.69%	35.94%	71.92%	27.91%	30.06%	26.04%	24.76%	26.19%	27.55%
	10.84	11.62	17.46	18.53	16.09	6.47	4.27	11.29	9.48	10.68	12.43	14.02	9.94
EPS in Rs	6.12	6.56	9.86	10.47	9.08	3.65	2.34	6.20	4.59	5.17	5.64	6.36	4.51
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	226	243	259	275	318	307	345	354	370	469	509	463	497
	220	240	256	262	292	286	318	324	330	405	434	397	436
Operating Profit	6	3	3	14	26	21	27	30	40	64	74	66	61
OPM %	3%	1%	1%	5%	8%	7%	8%	8%	11%	14%	15%	14%	12%
	9	6	5	2	4	27	8	1	2	2	4	10	18
Interest	11	12	13	22	25	21	20	19	17	13	8	5	4
Depreciation	11	11	14	18	17	16	13	12	12	12	12	11	11
Profit before tax	-7	-15	-19	-25	-12	11	2	0	13	41	59	60	64
Tax %	-43%	-31%	-26%	41%	1%	0%	2%	2%	38%	-11%	23%	27%
	-4	-10	-14	-35	-12	10	2	0	8	45	45	44	47
EPS in Rs	-2.35	-5.94	-7.93	-20.07	-7.03	5.93	1.31	0.23	4.72	25.38	24.91	19.91	21.68
Dividend Payout %	-28%	0%	0%	0%	0%	0%	0%	0%	0%	5%	8%	10%

Compounded Sales Growth
10 Years:	7%
5 Years:	6%
3 Years:	8%
TTM:	8%

Compounded Profit Growth
10 Years:	20%
5 Years:	93%
3 Years:	76%
TTM:	54%

Stock Price CAGR
10 Years:	51%
5 Years:	159%
3 Years:	37%
1 Year:	60%

Return on Equity
10 Years:	6%
5 Years:	16%
3 Years:	19%
Last Year:	11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	12	12	12	12	12	12	12	12	12	12	18	22	22
Reserves	131	121	105	70	57	68	70	70	78	160	215	538	558
	165	187	178	181	215	190	172	168	135	90	39	39	101
	60	78	92	96	70	80	64	66	83	73	68	78	89
Total Liabilities	368	397	386	359	354	349	317	316	308	335	340	677	770
	91	104	250	251	226	202	188	188	179	168	160	151	176
CWIP	125	166	1	0	0	1	4	0	0	0	3	22	91
Investments	0	0	0	0	0	0	0	0	0	5	5	5	5
	152	127	135	107	128	147	125	128	129	161	173	500	498
Total Assets	368	397	386	359	354	349	317	316	308	335	340	677	770

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-15	4	-3	14	24	34	29	38	48	49	83	44
	-108	-58	18	-4	-2	28	7	-6	-2	-10	-58	-320
	99	24	-16	-10	-20	-63	-38	-27	-51	-21	-43	278
Net Cash Flow	-24	-30	0	-0	1	-0	-2	5	-5	17	-19	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	56	47	57	49	66	59	60	54	65	52	37	43
Inventory Days	59	57	58	57	52	63	52	59	57	51	49	53
Days Payable	80	75	91	78	82	93	77	81	100	65	53	57
Cash Conversion Cycle	35	30	24	28	36	30	36	33	22	38	33	39
Working Capital Days	46	20	0	-11	16	26	31	27	37	40	31	38
ROCE %	1%	-1%	-2%	-0%	5%	4%	8%	8%	13%	22%	25%	15%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	50.02%	50.02%	50.02%	50.02%	50.02%	51.37%	51.37%	45.26%	45.26%	42.46%	42.46%	42.46%
	0.67%	0.62%	0.50%	0.41%	0.18%	0.04%	0.08%	11.99%	12.04%	14.97%	15.04%	14.92%
	0.07%	0.07%	0.09%	0.09%	0.09%	0.70%	0.77%	0.67%	0.52%	3.09%	3.10%	2.90%
	0.03%	0.03%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	49.20%	49.25%	49.35%	49.43%	49.67%	47.84%	47.73%	42.05%	42.13%	39.45%	39.34%	39.69%
No. of Shareholders	24,303	26,486	28,198	30,389	30,068	29,896	28,922	28,769	29,179	28,186	27,797	27,137

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	50.04%	50.04%	50.02%	50.02%	50.02%	50.02%	50.02%	51.37%	42.46%	42.46%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.62%	0.04%	14.97%	14.92%
	0.11%	0.11%	0.07%	0.07%	0.07%	0.07%	0.07%	0.70%	3.09%	2.90%
	0.00%	0.00%	0.00%	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.04%
	49.85%	49.85%	49.91%	49.87%	49.87%	49.87%	49.25%	47.84%	39.45%	39.69%
No. of Shareholders	38,761	38,376	26,990	25,033	23,224	19,307	26,486	29,896	28,186	27,137

* 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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