TCPL Packaging Ltd

TCPL Packaging Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

TCPL Packaging Ltd

₹ 3,219 0.43%
03 Dec - close price
tcpl.in BSE: 523301 NSE: TCPLPACK
About

TCPL manufactures folding cartons, printed blanks and outers, litho-lamination, plastic cartons, blister packs, and shelf-ready packaging. TCPL has also ventured into the flexible packaging industry, with the capability to produce printed cork-tipping paper, laminates, sleeves, and wrap-around labels.

TCPL Packaging is promoted by the Kanoria family, which has varied business interests such as jute, tea, textiles, pharmaceuticals, and chemicals. In 1990, the Kanoria family [1], which holds a 55.74% stake in the company as of September 30, 2020 [2] ventured into folding cartons manufacturing, with a unit in Silvassa. [1]. TCPL is a leading supplier to the tobacco, liquor, consumer goods, and food packaging industry in India [3].

Key Points

Revenue Mix FY23
Folding cartons: ~85%
Flexible packaging: ~15% [1]

Website BSE NSE
  • Market Cap ₹ 2,931 Cr.
  • Current Price ₹ 3,219
  • High / Low ₹ 3,671 / 1,902
  • Stock P/E 24.9
  • Book Value ₹ 635
  • Dividend Yield 0.68 %
  • ROCE 20.1 %
  • ROE 21.4 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 29.7% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.6%

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: Packaging Industry: Packaging

Part of BSE SmallCap BSE Allcap BSE Industrials

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
253 274 323 335 349 366 381 361 391 354 384 391 439
217 232 274 282 293 306 315 300 327 296 318 321 362
Operating Profit 36 42 48 54 56 60 66 60 64 59 66 69 76
OPM % 14% 15% 15% 16% 16% 16% 17% 17% 16% 17% 17% 18% 17%
0 2 0 3 20 3 1 1 4 2 5 3 1
Interest 8 8 9 10 10 11 12 13 13 14 14 13 13
Depreciation 14 14 14 15 15 15 16 16 18 17 18 18 18
Profit before tax 15 21 25 32 51 37 39 33 37 30 39 42 45
Tax % 29% 32% 27% 29% 20% 28% 29% 27% 22% 30% 25% 23% 20%
11 14 19 23 41 27 28 24 29 21 29 32 36
EPS in Rs 11.74 15.44 20.34 24.81 44.56 29.51 30.29 26.44 31.62 22.85 32.01 35.11 39.35
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
373 395 498 593 613 698 816 890 904 1,076 1,432 1,486 1,567
318 333 416 492 516 613 711 764 770 920 1,196 1,237 1,297
Operating Profit 55 61 82 101 97 85 105 126 134 156 236 249 271
OPM % 15% 16% 17% 17% 16% 12% 13% 14% 15% 15% 16% 17% 17%
2 -0 -0 -0 1 2 1 2 3 2 27 12 10
Interest 16 18 17 20 22 25 28 37 37 33 44 52 54
Depreciation 20 24 22 25 29 35 36 48 52 55 61 68 72
Profit before tax 20 20 43 55 46 27 42 42 48 70 158 141 155
Tax % 34% 37% 25% 31% 30% 25% 31% 14% 29% 30% 26% 24%
14 12 32 38 32 20 29 37 34 49 118 107 118
EPS in Rs 15.53 14.37 37.00 44.00 37.32 22.22 31.81 40.13 37.08 54.13 129.16 117.08 129.32
Dividend Payout % 17% 17% 16% 17% 17% 17% 16% 10% 20% 18% 15% 19%
Compounded Sales Growth
10 Years: 14%
5 Years: 13%
3 Years: 18%
TTM: 5%
Compounded Profit Growth
10 Years: 24%
5 Years: 30%
3 Years: 47%
TTM: 10%
Stock Price CAGR
10 Years: 23%
5 Years: 65%
3 Years: 86%
1 Year: 41%
Return on Equity
10 Years: 19%
5 Years: 19%
3 Years: 21%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 69 79 105 136 170 207 232 260 292 335 443 531 568
153 158 180 235 303 298 320 356 321 421 459 468 581
62 75 103 105 119 123 155 174 218 240 250 275 318
Total Liabilities 293 321 397 485 601 637 716 799 839 1,006 1,161 1,283 1,477
161 183 228 282 365 358 418 452 448 504 496 606 646
CWIP 1 4 2 9 4 6 0 1 11 5 44 7 28
Investments 0 0 0 0 0 0 0 0 4 28 47 59 46
131 134 168 194 231 273 298 346 375 468 574 610 757
Total Assets 293 321 397 485 601 637 716 799 839 1,006 1,161 1,283 1,477

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
24 55 69 72 80 48 81 86 115 77 119 225
-31 -43 -61 -86 -112 -33 -69 -72 -46 -138 -101 -157
7 -12 -6 13 32 -15 -11 -16 -67 60 -18 -66
Net Cash Flow -0 0 2 -1 0 -0 2 -2 3 -1 -1 3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 69 68 60 60 61 69 66 66 72 78 74 84
Inventory Days 76 76 76 76 109 98 92 94 101 98 96 82
Days Payable 61 70 79 61 84 67 65 62 98 88 66 74
Cash Conversion Cycle 84 75 58 74 86 100 93 98 74 87 105 92
Working Capital Days 44 38 28 34 48 59 56 64 73 83 88 85
ROCE % 17% 16% 22% 22% 16% 11% 13% 13% 14% 15% 22% 20%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74% 55.74%
0.37% 0.42% 0.53% 0.80% 0.95% 0.69% 0.61% 0.71% 0.74% 0.80% 0.78% 0.93%
6.60% 5.73% 4.88% 3.37% 3.94% 3.99% 3.99% 5.94% 6.49% 8.01% 9.20% 11.35%
37.30% 38.12% 38.85% 40.10% 39.13% 39.34% 39.41% 37.37% 36.80% 35.22% 34.05% 31.75%
0.00% 0.00% 0.00% 0.00% 0.25% 0.25% 0.25% 0.25% 0.25% 0.24% 0.23% 0.23%
No. of Shareholders 9,95410,17312,59515,18917,65917,60018,12315,67415,68614,54514,08213,774

* 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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