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Consolidated Standalone

The Western Indian

₹174 8.1 | 4.9%

WEBSITE BSE:0 NSE : 18 May, 12:32

Market Cap ₹148 Cr.

Stock P/E 34.3

P/B 3.3

Current Price ₹174

Book Value ₹ 52.6

Face Value 10

52W High ₹194.9

Dividend Yield 0.57%

52W Low ₹ 94

Edit Ratio

The Western Indian Research see more...

Overview Inc. Year: 1945Industry: Laminates/Decoratives

The Western Indian Plywoods Limited is a renowned manufacturer in the wood products industry, located in Cannanore, Kerala. With a rich history spanning over seven decades, the company has been at the forefront of producing plywood, hard boards, laminates, and pressboards. It caters to a diverse range of industries, including power, pharma packaging, railways, auto and auto ancillary, with its top five customers contributing to 6% of its income in FY22.The company’s promoters hold a significant share, with a promoter holding of 41% as of December 2023. Notably, there has been a slight decrease in promoter holdings from 41.01% to 41.00% in the same quarter, while institutional investors’ holdings have decreased from 3.50% to 3.08%. The pledge of promoter shares remained unchanged at 10.05%.

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The Western Indian Share Price

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Price

Quarterly Price

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Peer Comparison

The Western Indian Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Net Sales 27 27 27 25 29 29 25 24 28 32
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 27 27 27 25 29 29 25 24 29 32
Total Expenditure 25 25 26 23 27 27 24 23 26 28
Operating Profit 1 2 1 2 2 2 2 1 2 3
Interest 1 0 0 0 0 0 0 0 0 0
Depreciation 0 0 1 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 1 0 1 1 2 1 1 2 3
Provision for Tax 0 0 0 0 0 1 0 0 0 1
Profit After Tax 0 1 0 1 1 1 1 0 1 2
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 1 0 1 1 1 1 0 1 2
Adjusted Earnings Per Share 0.3 0.6 0.3 1 0.9 1.2 1 0.5 1.3 2.3

The Western Indian Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 90 96 96 89 86 92 101 97 85 100 108 109
Other Income 1 0 1 1 1 3 1 1 0 0 1 0
Total Income 91 96 97 90 87 95 102 98 85 100 109 110
Total Expenditure 80 86 86 80 82 90 94 91 81 95 100 101
Operating Profit 11 10 11 10 4 5 7 7 4 5 8 8
Interest 4 4 4 3 4 4 3 2 2 1 1 0
Depreciation 5 5 2 2 2 2 2 2 3 2 2 0
Exceptional Income / Expenses 0 0 0 -0 3 1 0 0 0 0 0 0
Profit Before Tax 1 0 5 3 1 -0 2 2 -0 1 5 7
Provision for Tax 1 -1 2 1 1 -1 1 1 0 1 2 1
Profit After Tax 0 1 3 2 0 1 1 1 -1 0 3 4
Adjustments 0 0 0 -0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 1 3 2 0 1 1 1 -0 0 4 4
Adjusted Earnings Per Share 0 0 0 0 0 1 1.4 1.5 -0.3 0.6 4.3 5.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 8% 4% 3% 2%
Operating Profit CAGR 60% 5% 10% -3%
PAT CAGR 0% 44% 25% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 78% 44% 13% NA%
ROE Average 9% 3% 3% 3%
ROCE Average 11% 6% 6% 7%

The Western Indian Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 35 35 38 39 37 38 39 39 39 38 41
Minority's Interest 1 1 1 1 1 1 1 1 0 0 -0
Borrowings 10 7 7 8 5 17 16 15 14 13 11
Other Non-Current Liabilities 4 3 3 2 3 2 2 2 2 1 2
Total Current Liabilities 47 44 42 38 44 26 24 18 13 13 16
Total Liabilities 97 90 91 88 90 84 81 75 68 66 70
Fixed Assets 30 26 24 23 24 23 23 21 21 20 20
Other Non-Current Assets 1 1 2 5 2 3 2 2 2 3 5
Total Current Assets 66 62 65 60 63 57 57 51 45 44 45
Total Assets 97 90 91 88 90 84 81 75 68 66 70

The Western Indian Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 8 9 4 5 3 4 4 4 2 3 3
Cash Flow from Operating Activities 5 4 7 12 5 4 7 7 10 2 15
Cash Flow from Investing Activities -4 -2 -0 -4 -1 2 -0 -1 -2 -1 -3
Cash Flow from Financing Activities -1 -7 -7 -7 -4 -5 -7 -8 -7 -1 -2
Net Cash Inflow / Outflow 0 -5 0 1 1 -0 -0 -2 1 -0 10
Closing Cash & Cash Equivalent 9 4 5 5 4 4 4 2 3 3 13

The Western Indian Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 0 0 0 2.33 0 1.04 1.44 1.48 -0.31 0.56 4.31
CEPS(Rs) 6.49 7.4 6.46 5.68 3.01 3.9 4.15 4.27 2.38 3.16 6.05
DPS(Rs) 0.6 0.6 0.7 0.7 0.7 0 0.9 0 0.8 0.8 1
Book NAV/Share(Rs) 0 0 0 43.46 0 44.73 46.35 46.21 46.02 45.16 48.55
Core EBITDA Margin(%) 9.95 9.03 10.05 9.07 3.43 2.2 6.83 5.92 4.36 4.29 6.92
EBIT Margin(%) 5.54 4.32 8.45 6.9 4.67 3.86 4.88 4.22 1.5 2.14 6.04
Pre Tax Margin(%) 1.14 0.4 4.54 3.51 0.91 -0.01 1.88 1.83 -0.48 0.77 4.7
PAT Margin (%) 0.25 0.95 3.03 2.53 0.09 0.9 1.01 1.21 -0.82 0.21 3.24
Cash Profit Margin (%) 5.5 5.93 5.2 4.91 2.71 3.51 3.47 3.73 2.37 2.69 4.76
ROA(%) 0.25 1.08 3.53 2.77 0.09 0.98 1.24 1.51 -0.98 0.31 5.13
ROE(%) 0.8 3.03 9.23 6.82 0.22 2.26 2.65 2.99 -1.78 0.53 8.78
ROCE(%) 7.29 6.22 12.3 9.47 6.35 5.33 7.32 6.44 2.18 3.82 11.41
Receivable days 50.14 52.41 55.88 60.07 56.06 55 54.94 62.85 72.21 66.25 55.63
Inventory Days 130.61 132.72 139.2 146.27 147.79 138.45 113.92 106.29 99.59 66.46 52.6
Payable days 66.12 62.93 62.07 65.87 67.23 55.51 48.22 51.67 54.17 42.71 30.6
PER(x) 0 0 0 0 0 42.15 63.35 29.08 0 102.51 19.87
Price/Book(x) 0 0 0 0 0 0.98 1.97 0.93 1.3 1.28 1.76
Dividend Yield(%) 0 0 0 0 0 0 0.98 0 1.33 1.39 1.17
EV/Net Sales(x) 0.45 0.45 0.42 0.41 0.4 0.67 0.98 0.57 0.75 0.63 0.71
EV/Core EBITDA(x) 3.75 4.39 3.61 3.86 7.97 12.03 13.34 8.42 16.04 13.64 9.36
Net Sales Growth(%) 3.91 6.4 0.12 -7.31 -3.98 7.85 9.76 -4.11 -12.47 17.29 8.15
EBIT Growth(%) -25.77 -17.77 94.99 -24.01 -35.03 -17.32 35.79 -16.99 -68.91 67.35 205.57
PAT Growth(%) -91.61 306.34 216.67 -22.45 -96.72 945.79 20.41 14.86 -159.27 129.56 1594.17
EPS Growth(%) 0 0 0 -37.07 0 0 39.16 2.37 -121.11 280.04 667.22
Debt/Equity(x) 1.11 1.05 0.92 0.82 0.83 0.81 0.69 0.56 0.43 0.46 0.42
Current Ratio(x) 1.4 1.42 1.54 1.6 1.42 2.22 2.41 2.91 3.41 3.32 2.8
Quick Ratio(x) 0.62 0.51 0.58 0.59 0.56 0.93 1.14 1.4 1.91 2.06 1.9
Interest Cover(x) 1.26 1.1 2.16 2.04 1.24 1 1.63 1.76 0.76 1.56 4.5
Total Debt/Mcap(x) 0 0 0 0 0 0.83 0.35 0.6 0.33 0.36 0.24

The Western Indian Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 41.01 40.96 40.96 40.96 40.98 40.98 40.96 41.01 41 40.79
FII 0 0 0 0 0 0 0 0 0 0
DII 6.12 6.12 6.12 5.13 4.49 4.22 3.51 3.5 3.08 3.08
Public 52.87 52.92 52.92 53.91 54.53 54.8 55.52 55.49 55.92 56.13
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 24% CAGR over last 5 years
  • Debtor days have improved from 42.71 to 30.6days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 40.79%.
  • Company has a low return on equity of 3% over the last 3 years.
  • Stock is trading at 3.3 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.

The Western Indian News

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