West Coast Paper Mills Ltd

₹ 546 -1.86%

21 Nov - 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 ₹ 3,608 Cr.
Current Price ₹ 546
High / Low ₹ 815 / 470
Stock P/E 7.87
Book Value ₹ 518
Dividend Yield 1.46 %
ROCE 29.3 %
ROE 23.8 %
Face Value ₹ 2.00

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Pros

Stock is trading at 1.05 times its book value
Company has delivered good profit growth of 18.6% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%

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

Part of BSE Allcap BSE Commodities Nifty Total Market BSE SmallCap Nifty Microcap 250

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Detailed Comparison with:

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
	900	872	1,067	1,114	1,210	1,239	1,357	1,139	1,194	1,045	1,070	960	1,045
	758	712	836	793	843	778	865	744	884	828	900	785	903
Operating Profit	142	160	231	321	367	461	493	395	310	218	170	176	142
OPM %	16%	18%	22%	29%	30%	37%	36%	35%	26%	21%	16%	18%	14%
	11	11	22	11	17	24	10	35	35	41	59	42	54
Interest	11	12	17	6	7	14	10	7	6	6	6	7	8
Depreciation	54	54	53	46	47	48	48	44	46	46	49	47	53
Profit before tax	88	106	183	280	331	423	444	379	294	207	174	163	135
Tax %	12%	16%	23%	25%	26%	26%	28%	27%	26%	23%	25%	26%	26%
	78	88	141	209	246	311	321	278	219	159	130	122	101
EPS in Rs	10.97	11.82	18.86	28.06	32.50	39.93	42.12	37.17	28.88	20.58	18.14	17.24	13.49
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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	Mar 2024	TTM
	1,710	1,979	2,493	2,245	3,378	4,921	4,448	4,120
	1,348	1,468	1,875	1,983	2,740	3,274	3,353	3,415
Operating Profit	362	511	618	261	638	1,647	1,095	705
OPM %	21%	26%	25%	12%	19%	33%	25%	17%
	18	20	52	12	54	58	167	196
Interest	42	29	75	70	59	37	24	27
Depreciation	116	176	198	229	213	189	185	195
Profit before tax	222	326	397	-26	420	1,478	1,053	679
Tax %	-0%	9%	-2%	-83%	18%	26%	25%
	223	296	406	-4	346	1,087	786	511
EPS in Rs	33.79	44.82	56.08	-0.47	46.49	142.62	104.77	69.45
Dividend Payout %	12%	11%	9%	-213%	13%	7%	8%

Compounded Sales Growth
10 Years:	%
5 Years:	18%
3 Years:	26%
TTM:	-16%

Compounded Profit Growth
10 Years:	%
5 Years:	19%
3 Years:	496%
TTM:	-54%

Stock Price CAGR
10 Years:	24%
5 Years:	21%
3 Years:	28%
1 Year:	-21%

Return on Equity
10 Years:	%
5 Years:	25%
3 Years:	30%
Last Year:	24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	13	13	13	13	13	13	13	13
Reserves	826	1,090	1,375	1,373	1,670	2,565	3,226	3,409
	315	361	753	676	478	231	276	412
	436	455	1,043	1,007	1,097	1,364	1,603	1,679
Total Liabilities	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,513
	1,035	991	2,010	1,873	1,757	1,659	1,882	1,887
CWIP	3	37	57	34	22	55	210	310
Investments	1	223	45	220	472	1,310	1,730	2,049
	551	669	1,072	942	1,008	1,149	1,296	1,266
Total Assets	1,590	1,920	3,184	3,069	3,259	4,173	5,118	5,513

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	326	394	649	338	591	1,238	764
	-139	-382	-858	-166	-291	-894	-714
	-194	-12	218	-167	-295	-334	-61
Net Cash Flow	-6	-1	9	5	5	10	-11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	25	30	21	33	26	25	21
Inventory Days	137	159	167	128	85	88	117
Days Payable	81	67	63	64	59	54	56
Cash Conversion Cycle	82	123	124	98	52	58	81
Working Capital Days	33	47	30	49	35	23	30
ROCE %		27%	24%	2%	20%	53%	29%

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
	56.47%	56.48%	56.48%	56.51%	56.52%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%	56.53%
	2.23%	2.23%	2.35%	3.67%	5.62%	7.04%	7.38%	7.80%	7.98%	8.19%	7.40%	6.17%
	8.44%	8.80%	8.76%	7.46%	7.60%	7.57%	7.18%	6.77%	6.62%	7.13%	7.19%	8.19%
	32.86%	32.48%	32.41%	32.34%	30.26%	28.87%	28.92%	28.90%	28.88%	28.15%	28.87%	29.12%
No. of Shareholders	30,058	31,426	34,319	40,550	42,761	42,603	52,029	57,706	57,193	60,840	53,673	55,848

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	55.80%	56.04%	56.72%	56.14%	56.29%	56.48%	56.53%	56.53%	56.53%
	3.40%	6.44%	4.91%	3.26%	2.19%	2.23%	7.04%	8.19%	6.17%
	12.26%	10.88%	11.38%	12.89%	8.99%	8.80%	7.57%	7.13%	8.19%
	28.54%	26.64%	27.00%	27.71%	32.53%	32.48%	28.87%	28.15%	29.12%
No. of Shareholders	16,363	21,033	24,816	28,886	33,489	31,426	42,603	60,840	55,848

* 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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