Styrenix Performance

₹1655 48.1 | 3%

WEBSITE BSE:506222 NSE : STYRENIX 10 May, 16:01

Market Cap ₹2910 Cr.

Stock P/E 16.8

P/B 4

Current Price ₹1655

Book Value ₹ 411

Face Value 10

52W High ₹1756.1

Dividend Yield 5.92%

52W Low ₹ 793.1

Edit Ratio

Styrenix Performance Research see more...

Overview Inc. Year: 1973Industry: Chemicals

INEOS Styrolution India Ltd is engaged in manufacturing, trading and selling of engineering thermoplastics. The Company is a styrenics dealer with a focal point on styrene monomer, polystyrene, acrylonitrile butadiene styrene (ABS) standard and styrenics specialties. It offers styrenic programs for numerous products across a number of industries, which includes automotive, electronics, household, healthcare and packaging. It manufactures and sells styrene acrylonitrile copolymers (SAN) resins, polystyrene and ABS resins. It manufactures ABS underneath two brands, together with Absolac, which is a plastic resin made from acrylonitrile, butadiene and styrene, and Novodur, that's a brand of ABS copolymers. Absolan is its brand of polymerized plastic resin, which is made out of styrene and acrylonitrile. Its Luran S products are ASA/polycarbonate (ASA/PC) and acrylonitrile styrene acrylate (ASA). It additionally manufactures general purpose polystyrene (GPPS) and high impact polystyrene (HIPS).

Styrenix Performance Share Price

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Peer Comparison

Styrenix Performance Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	512	624	650	550	557	615	544	595	485	599
Other Income	2	1	6	4	2	3	2	3	2	2
Total Income	514	625	656	554	560	618	546	598	486	601
Total Expenditure	429	483	529	510	508	549	493	512	427	527
Operating Profit	84	142	127	43	51	69	53	86	60	74
Interest	1	2	1	1	1	1	1	1	1	1
Depreciation	9	9	9	10	9	10	9	9	9	9
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	73	130	116	32	40	58	43	76	50	64
Provision for Tax	26	31	29	9	10	16	11	19	15	15
Profit After Tax	47	99	87	24	30	42	32	56	35	49
Adjustments	0	0	-0	0	0	0	-0	-0	0	0
Profit After Adjustments	47	99	87	24	30	42	32	56	35	49
Adjusted Earnings Per Share	27	56.3	49.4	13.4	17.2	24.1	18.4	32.1	19.9	28.1

Styrenix Performance Profit & Loss

#(Fig in Cr.)	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	989	1114	1463	1584	1482	1895	2091	1579	1631	2179	2372	2223
Other Income	11	11	5	3	4	7	13	7	13	14	15	9
Total Income	1000	1125	1468	1587	1486	1902	2104	1586	1645	2193	2387	2231
Total Expenditure	890	1031	1380	1488	1347	1760	2083	1514	1218	1704	2097	1959
Operating Profit	110	94	88	99	139	142	21	72	427	488	290	273
Interest	4	3	15	11	14	14	13	16	15	8	5	4
Depreciation	14	13	21	27	25	25	27	32	36	38	38	36
Exceptional Income / Expenses	0	0	0	0	0	0	0	-38	0	0	0	0
Profit Before Tax	93	77	52	60	100	103	-18	-13	376	443	247	233
Provision for Tax	30	27	17	-4	31	37	-6	-4	96	120	64	60
Profit After Tax	63	51	35	64	69	66	-12	-10	280	323	183	172
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	63	51	35	64	69	66	-12	-10	280	323	183	172
Adjusted Earnings Per Share	35.9	28.7	19.9	36.3	39.4	37.7	-7.1	-5.4	159.3	183.4	104.1	98.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	9%	15%	5%	9%
Operating Profit CAGR	-41%	59%	15%	10%
PAT CAGR	-43%	0%	23%	11%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	105%	10%	26%	14%
ROE Average	23%	33%	19%	15%
ROCE Average	32%	42%	25%	19%

Styrenix Performance Balance Sheet

#(Fig in Cr.)	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	435	477	504	527	587	645	623	609	889	856	715
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	23	89	63	33	10	10
Other Non-Current Liabilities	259	286	298	23	36	48	27	89	86	75	58
Total Current Liabilities	171	349	300	376	458	394	382	294	305	291	480
Total Liabilities	865	1112	1102	925	1081	1110	1122	1055	1313	1232	1263
Fixed Assets	124	136	217	241	219	214	200	365	369	343	309
Other Non-Current Assets	285	342	401	41	58	190	256	165	40	29	31
Total Current Assets	457	634	484	643	804	705	666	526	904	860	922
Total Assets	865	1112	1102	925	1081	1110	1122	1055	1313	1232	1263

Styrenix Performance Cash Flow

#(Fig in Cr.)	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	29	29	37	20	25	16	40	45	3	139	166
Cash Flow from Operating Activities	-24	50	20	28	-16	173	-36	166	385	356	270
Cash Flow from Investing Activities	98	-57	-51	-6	-15	-21	-93	-84	-112	83	-136
Cash Flow from Financing Activities	-73	13	-1	-18	22	-127	135	-124	-137	-412	-198
Net Cash Inflow / Outflow	0	7	-32	5	-9	24	5	-42	136	27	-63
Closing Cash & Cash Equivalent	29	37	5	25	16	40	45	3	139	166	103

Styrenix Performance Ratios

#	Dec 2012	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	35.9	28.72	19.92	36.3	39.4	37.66	-7.09	-5.42	159.34	183.41	104.07
CEPS(Rs)	43.64	36.34	32.04	51.77	53.77	52.08	8.22	12.53	179.83	204.81	125.69
DPS(Rs)	4	4	4	4	4	4	2	0	10	297	104
Book NAV/Share(Rs)	247.38	271.39	286.49	299.5	333.82	366.5	354.41	346.47	505.4	487.01	406.44
Core EBITDA Margin(%)	8.96	6.62	5.05	5.41	8.1	6.93	0.38	4.11	25.23	21.7	11.53
EBIT Margin(%)	8.73	6.41	4.04	4.03	6.83	5.99	-0.28	0.15	23.82	20.61	10.57
Pre Tax Margin(%)	8.41	6.16	3.14	3.39	6.01	5.29	-0.88	-0.85	22.93	20.24	10.35
PAT Margin (%)	5.7	4.02	2.13	3.6	4.15	3.39	-0.6	-0.6	17.09	14.75	7.67
Cash Profit Margin (%)	6.93	5.08	3.42	5.13	5.66	4.69	0.69	1.39	19.28	16.47	9.26
ROA(%)	7.63	5.11	3.16	6.3	6.91	6.05	-1.12	-0.87	23.66	25.34	14.67
ROE(%)	15.49	11.07	7.14	12.39	12.44	10.75	-1.97	-1.55	37.41	36.96	23.3
ROCE(%)	19.08	15.08	11.28	10.93	15.27	15.12	-0.71	0.29	45.32	49.86	31.72
Receivable days	49.28	57.45	46.94	43.82	48.81	43.73	41.96	46.93	53.22	51.12	47.8
Inventory Days	31.32	38.93	37.21	36.46	55.96	57.95	53.72	67.18	62.14	52.68	52.52
Payable days	18.37	56.75	57.03	46.48	58.81	55.38	46.18	48.85	69.47	61.51	56.8
PER(x)	20.76	14.62	33.54	15.41	17.47	22.92	0	0	5.87	5.31	6.86
Price/Book(x)	3.01	1.55	2.33	1.87	2.06	2.35	1.48	1.48	1.85	2	1.76
Dividend Yield(%)	0.54	0.95	0.6	0.72	0.58	0.46	0.38	0	1.07	30.48	14.56
EV/Net Sales(x)	1.36	0.71	0.87	0.71	0.95	0.83	0.55	0.68	0.89	0.71	0.43
EV/Core EBITDA(x)	12.2	8.42	14.56	11.43	10.08	11.13	54.02	14.92	3.41	3.16	3.52
Net Sales Growth(%)	19.77	12.65	31.3	8.24	-6.41	27.86	10.3	-24.47	3.32	33.56	8.87
EBIT Growth(%)	22.2	-16.64	-17.4	7.53	59.26	2.49	-104.96	141.43	0	15.38	-44.04
PAT Growth(%)	16.98	-20	-30.65	82.25	8.54	-4.41	-118.83	23.62	3042.63	15.11	-43.26
EPS Growth(%)	16.98	-20	-30.65	82.25	8.54	-4.41	-118.83	23.62	3042.63	15.11	-43.26
Debt/Equity(x)	0.15	0.19	0.22	0.32	0.36	0.16	0.43	0.28	0.06	0.01	0.01
Current Ratio(x)	2.67	1.82	1.62	1.71	1.76	1.79	1.74	1.79	2.96	2.96	1.92
Quick Ratio(x)	2.11	1.32	1.07	1.2	1.06	1.03	0.92	0.88	2.01	1.78	1.2
Interest Cover(x)	27.24	25.63	4.49	6.33	8.34	8.54	-0.46	0.15	26.69	54.77	47.38
Total Debt/Mcap(x)	0.05	0.12	0.09	0.17	0.17	0.07	0.29	0.19	0.03	0.01	0.01

Styrenix Performance Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	75	75	61.19	61.19	62.73	62.73	62.73	62.73	62.73	62.73
FII	2.02	2.04	1.87	1.57	1.42	1.39	2.18	2.26	2.53	2.09
DII	3.02	2.86	4.14	4.45	4.45	4.41	4.78	4.82	5.02	4.99
Public	19.96	20.1	32.79	32.78	31.4	31.47	30.31	30.19	29.72	30.19
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.32	1.32	1.08	1.08	1.1	1.1	1.1	1.1	1.1	1.1
FII	0.04	0.04	0.03	0.03	0.03	0.02	0.04	0.04	0.04	0.04
DII	0.05	0.05	0.07	0.08	0.08	0.08	0.08	0.08	0.09	0.09
Public	0.35	0.35	0.58	0.58	0.55	0.55	0.53	0.53	0.52	0.53
Others	0	0	0	0	0	0	0	0	0	0
Total	1.76	1.76	1.76	1.76	1.76	1.76	1.76	1.76	1.76	1.76

Pros

Company has delivered good profit growth of 22% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33%
Debtor days have improved from 61.51 to 56.8days.
Company is almost debt free.

Cons

Stock is trading at 4 times its book value.

* 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.