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Last Updated on: 30 May, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Western India Plywoods Ltd (WIPL)

Basic Stock Data

Last Updated: May 30, 2024, 6:46 am

Market Cap 146 Cr.
Current Price 173
High / Low195/94.0
Stock P/E43.3
Book Value 51.0
Dividend Yield0.59 %
ROCE10.2 %
ROE8.00 %
Face Value 10.0
PEG Ratio1.51

Competitors of Western India Plywoods Ltd (WIPL)

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Milton Industries Ltd 51.1 Cr. 30.048.4/22.025.3 25.80.00 %9.28 %6.89 % 10.0
Priti International Ltd 219 Cr. 164300/15121.0 38.60.00 %31.9 %23.6 % 10.0
Bloom Dekor Ltd 8.08 Cr. 11.814.8/8.90 7.420.00 %29.2 %% 10.0
Industry Average92.73 Cr68.6015.4323.940.00%23.46%10.16%10.00

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales26.6025.6619.4626.7226.6026.9524.6828.7629.1525.2723.6428.3131.79
Expenses25.1224.7619.5325.3624.9925.6322.9927.1126.8223.5322.5226.3028.43
Operating Profit1.480.90-0.071.361.611.321.691.652.331.741.122.013.36
OPM %5.56%3.51%-0.36%5.09%6.05%4.90%6.85%5.74%7.99%6.89%4.74%7.10%10.57%
Other Income0.020.100.060.070.100.090.230.260.160.050.120.230.06
Interest0.350.440.350.320.300.340.310.340.440.310.260.340.31
Depreciation0.640.900.690.700.490.590.400.410.430.400.330.350.37
Profit before tax0.51-0.34-1.050.410.920.481.211.161.621.080.651.552.74
Tax %33.33%-29.41%19.05%41.46%40.22%45.83%28.93%34.48%36.42%22.22%32.31%28.39%29.93%
Net Profit0.34-0.44-0.850.240.550.260.860.761.030.840.441.111.92
EPS in Rs0.53-0.29-0.930.350.650.311.010.901.211.000.611.312.26

Last Updated: May 11, 2024, 10:24 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: May 26, 2024, 12:40 pm

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales938995968986921019785100108109
Expenses7879858680829094918195100101
Operating Profit15101011932764478
OPM %16%11%10%11%10%4%2%7%6%4%4%7%8%
Other Income0100044110010
Interest3444344322111
Depreciation5552222223221
Profit before tax710531-022-0156
Tax %13%78%-138%33%28%91%8,600%46%34%-71%73%31%
Net Profit601320111-1034
EPS in Rs6.980.571.343.842.470.291.041.451.47-0.310.574.315.18
Dividend Payout %17%106%45%18%28%0%0%62%0%-261%142%23%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132014-20152015-20162016-20172018-20192019-20202020-20212021-2022
YoY Net Profit Growth (%)-100.00%200.00%-33.33%-100.00%0.00%0.00%-200.00%100.00%
Change in YoY Net Profit Growth (%)0.00%300.00%-233.33%-66.67%100.00%0.00%-200.00%300.00%

Growth

Compounded Sales Growth
10 Years:2%
5 Years:3%
3 Years:4%
TTM:0%
Compounded Profit Growth
10 Years:30%
5 Years:70%
3 Years:47%
TTM:48%
Stock Price CAGR
10 Years:%
5 Years:14%
3 Years:47%
1 Year:74%
Return on Equity
10 Years:3%
5 Years:3%
3 Years:3%
Last Year:9%

Last Updated: May 25, 2024, 8:23 am

Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital8888888888888
Reserves25252527282929313131303333
Preference Capital222220000000
Borrowings33393731323131272217181716
Other Liabilities26252024192215151313101114
Total Liabilities93979091889084817468667072
Fixed Assets30302624232423232121202020
CWIP0000311000133
Investments0000001101111
Other Assets63676367626559585246454648
Total Assets93979091889084817468667072

Reserves and Borrowings Chart

Western India Plywoods Ltd (WIPL) Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 1254812547710215
Cash from Investing Activity -3-3-2-0-4-12-0-0-2-1-3
Cash from Financing Activity -18-1-7-7-7-4-5-7-8-7-1-2
Net Cash Flow-91-50100-0-21010

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow13.008.008.009.007.003.002.007.006.004.004.007.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days556556676062555964727145
Inventory Days342358351372373387295253254204150123
Days Payable897558646370504849563727
Cash Conversion Cycle308348349375369379300264269220185141
Working Capital Days13714115615915715914713413213011374
ROCE %14%8%6%12%10%3%4%7%6%2%4%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Promoters41.01%41.01%41.01%40.96%40.96%40.96%40.98%40.98%41.01%41.01%41.00%40.79%
DIIs8.57%7.03%6.12%6.12%6.12%5.13%4.49%4.22%3.51%3.50%3.08%3.08%
Public50.41%51.97%52.87%52.91%52.92%53.91%54.53%54.80%55.49%55.49%55.92%56.13%
No. of Shareholders1,5361,6341,7851,8211,8291,8962,1262,0902,0361,9271,9392,010

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)4.310.56-0.311.471.20
Diluted EPS (Rs.)4.310.56-0.311.471.20
Cash EPS (Rs.)6.053.162.384.264.14
Book Value[Excl.RevalReserv]/Share (Rs.)48.4845.2646.3747.1347.24
Book Value[Incl.RevalReserv]/Share (Rs.)48.4845.2646.3747.1347.24
Revenue From Operations / Share (Rs.)127.09117.51100.19114.46119.37
PBDIT / Share (Rs.)9.565.364.617.598.64
PBIT / Share (Rs.)7.622.451.414.715.71
PBT / Share (Rs.)5.970.90-0.482.092.24
Net Profit / Share (Rs.)4.110.24-0.821.391.21
NP After MI And SOA / Share (Rs.)4.310.56-0.311.481.44
PBDIT Margin (%)7.514.564.606.637.24
PBIT Margin (%)5.992.081.404.114.77
PBT Margin (%)4.700.76-0.481.821.87
Net Profit Margin (%)3.230.20-0.811.211.01
NP After MI And SOA Margin (%)3.390.47-0.311.291.20
Return on Networth / Equity (%)8.881.24-0.673.193.11
Return on Capital Employeed (%)12.053.912.177.038.41
Return On Assets (%)5.230.71-0.381.681.51
Long Term Debt / Equity (X)0.260.350.360.380.39
Total Debt / Equity (X)0.410.450.390.500.63
Asset Turnover Ratio (%)1.581.401.131.161.17
Current Ratio (X)2.803.323.412.912.41
Quick Ratio (X)1.902.061.911.401.14
Inventory Turnover Ratio (X)2.492.061.321.241.26
Dividend Payout Ratio (NP) (%)0.00142.370.0073.380.00
Dividend Payout Ratio (CP) (%)0.0023.010.0024.890.00
Earning Retention Ratio (%)0.00-42.370.0026.620.00
Cash Earning Retention Ratio (%)0.0076.990.0075.110.00
Interest Coverage Ratio (X)5.803.472.432.902.49
Interest Coverage Ratio (Post Tax) (X)3.501.160.561.531.35
Enterprise Value (Cr.)76.3562.9162.8153.7997.86
EV / Net Operating Revenue (X)0.700.630.730.550.96
EV / EBITDA (X)9.4113.8216.058.3513.34
MarketCap / Net Operating Revenue (X)0.670.490.590.370.76
Retention Ratios (%)0.00-42.370.0026.610.00
Price / BV (X)1.761.281.300.931.97
Price / Net Operating Revenue (X)0.670.490.590.370.76
EarningsYield0.050.01-0.010.030.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: ₹177.71

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 2.72% compared to the current price ₹173

Intrinsic Value: ₹228.62

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 32.15% compared to the current price ₹173

Last 5 Year EPS CAGR: 28.65%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (29.00 cr) compared to borrowings (0.77 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (95.38 cr) and profit (2.54 cr) over the years.
  1. The stock has a low average ROCE of 7.25%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 136.58, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 292.25, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Western India Plywoods Ltd (WIPL):
    1. Net Profit Margin: 3.23%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 12.05% (Industry Average ROCE: 23.46%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 8.88% (Industry Average ROE: 10.16%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 3.50
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.90
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. ✗ Stock P/E: 43.3 (Industry average Stock P/E: 15.43)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. ✓ Total Debt / Equity: 0.41
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company

The Western India Plywood Ltd. is a Public Limited Listed company incorporated on 15/01/1945 and has its registered office in the State of Kerala, India. Company’s Corporate Identification Number(CIN) is L20211KL1945PLC001708 and registration number is 001708. Currently company belongs to the Industry of Decoratives - Wood/Fibre/Others. Company’s Total Operating Revenue is Rs. 98.55 Cr. and Equity Capital is Rs. 8.49 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
LaminatesMill Road, Baliapattam Kannur Kerala 670010westernply@gmail.com
http://www.wipltd.in
Management
NamePosition Held
Mr. T BalakrishnanChairman
Mr. P K Mayan MohamedManaging Director
Mr. Prasanth RagunathanDirector
Mrs. Pushya SitaramanDirector
Mrs. Radha UnniDirector
Mr. Thiruvengadam ParthasarathiDirector

FAQ

What is the latest fair value of Western India Plywoods Ltd (WIPL)?

The latest fair value of Western India Plywoods Ltd (WIPL) is ₹177.71.

What is the Market Cap of Western India Plywoods Ltd (WIPL)?

The Market Cap of Western India Plywoods Ltd (WIPL) is 146 Cr..

What is the current Stock Price of Western India Plywoods Ltd (WIPL) as on 30 May 2024?

The current stock price of Western India Plywoods Ltd (WIPL) as on 30 May 2024 is ₹173.

What is the High / Low of Western India Plywoods Ltd (WIPL) stocks in FY 2024?

In FY 2024, the High / Low of Western India Plywoods Ltd (WIPL) stocks is 195/94.0.

What is the Stock P/E of Western India Plywoods Ltd (WIPL)?

The Stock P/E of Western India Plywoods Ltd (WIPL) is 43.3.

What is the Book Value of Western India Plywoods Ltd (WIPL)?

The Book Value of Western India Plywoods Ltd (WIPL) is 51.0.

What is the Dividend Yield of Western India Plywoods Ltd (WIPL)?

The Dividend Yield of Western India Plywoods Ltd (WIPL) is 0.59 %.

What is the ROCE of Western India Plywoods Ltd (WIPL)?

The ROCE of Western India Plywoods Ltd (WIPL) is 10.2 %.

What is the ROE of Western India Plywoods Ltd (WIPL)?

The ROE of Western India Plywoods Ltd (WIPL) is 8.00 %.

What is the Face Value of Western India Plywoods Ltd (WIPL)?

The Face Value of Western India Plywoods Ltd (WIPL) is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Western India Plywoods Ltd (WIPL). Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE