Past 10 year’s financial track record analysis by Moneyworks4me indicates that SPP Polymer Ltd is a below average quality company.
The key valuation ratios of SPP Polymer Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of SPP Polymer Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 9.6% | 4% | 5.4% | 9.1% | - |
| Value Creation Index ⓘ | -0.3 | -0.7 | -0.6 | -0.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||
| Sales ⓘ | 65.5 | 80.3 | 66.1 | 91.8 | 92 |
| Sales YoY Gr. | - | 22.5% | -17.7% | 38.9% | - |
| Adj EPS ⓘ | 1.2 | 0.3 | 0.5 | 0.9 | 0.7 |
| YoY Gr. | - | -79% | 84.6% | 81.3% | - |
| BVPS (₹) ⓘ | 16.1 | 18 | 21.7 | 22.2 | 32.4 |
| Adj Net Profit ⓘ | 1.1 | 0.3 | 0.5 | 1 | 1 |
| Cash Flow from Ops. ⓘ | 4.5 | -6.5 | 3.8 | 4.6 | - |
| Debt/CF from Ops. ⓘ | 1.1 | -2 | 5.8 | 4.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 11.9% | 38.9% | ||||
| Adj EPS ⓘ | NA | NA | -11.1% | 81.3% | ||||
| BVPSⓘ | NA | NA | 11.3% | 2.7% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 7.7 | 1.7 | 2.5 | 4 | 2.4 |
| Op. Profit Mgn % ⓘ | 3.6 | 1.9 | 4.1 | 6.7 | NAN |
| Net Profit Mgn % ⓘ | 1.6 | 0.4 | 0.8 | 1.1 | 1.1 |
| Debt to Equity ⓘ | 0.3 | 0.6 | 0.9 | 0.8 | - |
| Working Cap Days ⓘ | 0 | 92 | 142 | 143 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 63 | 75 | 54 | 0 |
Sales growth is growing at healthy rate in last 3 years 11.87%
Debt to equity has declined versus last 3 years average to 0.76
Return on Equity has declined versus last 3 years average to 2.40%
Net Profit has been subdued in last 3 years -11.14%
Sales growth is not so good in last 4 quarters at 0.00%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.7 | - |
| TTM Sales (₹ Cr.) | 91.8 | - |
| BVPS (₹.) ⓘ | 32.4 | - |
| Reserves (₹ Cr.) ⓘ | 34 | - |
| P/BV ⓘ | 0.65 | - |
| PE ⓘ | 32.59 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 0.00 / 0.00 |
| All Time Low / High (₹) | - / - |
| Market Cap (₹ Cr.) | 32.4 |
| Equity (₹ Cr.) | 15.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 19.3 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Net Interest Income (₹ Cr.) | 13,089 | 11.5 | 13,448 | 12.5 | 13,483 | 9.5 | 13,606 | 8.6 |
| Interest Earned (₹ Cr.) | 29,225 | 21.9 | 30,061 | 17.6 | 30,420 | 14.3 | 30,954 | 10.7 |
| Total Income (₹ Cr.) | 35,990 | 25.2 | 35,844 | 17 | 37,142 | 17.3 | 36,926 | 10.2 |
| Adj EPS (₹) | 20.8 | 116.2 | 18.6 | 5.5 | 19.9 | 3.1 | 19.5 | 2.6 |
| NIM (%) | 4.16 | - | 4.14 | - | 3.99 | - | 3.93 | - |
| Net NPA to Net Advances (%) | 0.31 | - | 0.34 | - | 0.34 | - | 0.35 | - |
| CASA (%) | 43.00 | - | 42.00 | - | 41.00 | - | 39.00 | - |
| Pledged * | 0.00 |
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| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Sales | 65.54 | 80.28 | 66.05 | 91.75 |
| Operating Expenses ⓘ | 63.17 | 78.74 | 63.37 | 85.58 |
| Manufacturing Costs | 3.44 | 3.71 | 3.35 | 6.78 |
| Material Costs | 50.64 | 65.02 | 52.31 | 69.56 |
| Employee Cost | 4.31 | 5.34 | 4.46 | 5.35 |
| Other Costs ⓘ | 4.78 | 4.67 | 3.26 | 3.89 |
| Operating Profit ⓘ | 2.37 | 1.54 | 2.68 | 6.17 |
| Operating Profit Margin (%) | 3.6% | 1.9% | 4.1% | 6.7% |
| Other Income ⓘ | 0.38 | 0.50 | 0.73 | 2.06 |
| Interest ⓘ | 0.51 | 0.61 | 1.11 | 2.70 |
| Depreciation ⓘ | 0.96 | 1.03 | 1.27 | 4.11 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 1.29 | 0.41 | 1.02 | 1.43 |
| Tax ⓘ | 0.22 | 0.13 | 0.48 | 0.43 |
| Profit After Tax | 1.07 | 0.28 | 0.54 | 0.99 |
| PAT Margin (%) | 1.6% | 0.3% | 0.8% | 1.1% |
| Adjusted EPS (₹) | 1.2 | 0.3 | 0.5 | 0.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 13.95 | 19.72 | 24.34 | 25.33 | ||||||
| Share Capital ⓘ | 2.16 | 2.75 | 2.81 | 11.24 | ||||||
| Reserves ⓘ | 11.79 | 16.97 | 21.53 | 14.09 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | ||||||
| Debt | 4.76 | 9.82 | 20.53 | 17.36 | ||||||
| Long Term Debt | 0.49 | 0.40 | 10.97 | 8.48 | ||||||
| Short Term Debt | 4.26 | 9.42 | 9.56 | 8.88 | ||||||
| Trade Payables | 1.72 | 4.21 | 5.94 | 23.70 | ||||||
| Others Liabilities ⓘ | 1.56 | 4.05 | 3.26 | 4.24 | ||||||
| Total Liabilities ⓘ | 21.98 | 37.80 | 54.06 | 70.62 | ||||||
Fixed Assets | ||||||||||
| Gross Block | 24.73 | 26.51 | 48.03 | 49.18 | ||||||
| Accumulated Depreciation | 18.72 | 19.74 | 21.01 | 25 | ||||||
| Net Fixed Assetsⓘ | 6.01 | 6.77 | 27.02 | 24.18 | ||||||
| CWIP ⓘ | 0 | 4.34 | 0.12 | 0.27 | ||||||
| Investmentsⓘ | 0 | 0 | 0 | 0 | ||||||
| Inventories | 3.96 | 9.42 | 10.22 | 24.61 | ||||||
| Trade Receivables | 9.72 | 10.22 | 7.83 | 14.12 | ||||||
| Cash Equivalents | 0.89 | 1.24 | 0.81 | 0.08 | ||||||
| Others Assetsⓘ | 1.40 | 5.80 | 8.07 | 7.36 | ||||||
| Total Assets ⓘ | 21.98 | 37.80 | 54.06 | 70.62 | ||||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 4.48 | -6.47 | 3.80 | 4.60 |
| PBT ⓘ | 1.29 | 0.41 | 1.02 | 1.43 |
| Adjustment ⓘ | 1.08 | 1.43 | 1.80 | 4.85 |
| Changes in Working Capital ⓘ | 2.37 | -7.97 | 1.17 | -1.47 |
| Tax Paid ⓘ | -0.26 | -0.35 | -0.19 | -0.21 |
| Cash Flow From Investing Activity ⓘ | -0.40 | -5.92 | -16.73 | 0.54 |
| Capex | -0.74 | -6.12 | -17.31 | -1.42 |
| Net Investments | 0 | 0 | 0 | 0 |
| Others ⓘ | 0.34 | 0.20 | 0.58 | 1.96 |
| Cash Flow From Financing Activityⓘ | -3.88 | 12.75 | 12.49 | -5.87 |
| Net Proceeds from Shares ⓘ | 0 | 5.49 | 4.07 | 0 |
| Net Proceeds from Borrowing ⓘ | 0.49 | -0.09 | 10.57 | -2.49 |
| Interest Paid ⓘ | -0.51 | -0.61 | -1.11 | -2.70 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 |
| Others ⓘ | -3.87 | 7.96 | -1.04 | -0.68 |
| Net Cash Flow ⓘ | 0.20 | 0.36 | -0.43 | -0.73 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 7.67 | 1.66 | 2.47 | 4.03 | ||||||
| ROCE (%) | 9.58 | 3.98 | 5.41 | 9.12 | ||||||
| Asset Turnover Ratio | 2.98 | 2.69 | 1.44 | 1.47 | ||||||
| PAT to CFO Conversion(x) | 4.19 | -23.11 | 7.04 | 4.65 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 54 | 45 | 50 | 44 | ||||||
| Inventory Days | 22 | 30 | 54 | 69 | ||||||
| Payable Days | 12 | 17 | 35 | 78 | ||||||
SPP Polymer Limited was originally incorporated dated August 27, 2004 as ‘S.P.P. Food Products Private Limited’ as a private limited company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated August 27, 2004, issued by the Registrar of Companies, N.C.T. of Delhi & Haryana. The name of the company was changed to ‘SPP Polymer Private Limited’. Consequent upon change of name a fresh Certificate of Incorporation dated May 12, 2023 was issued by Registrar of Companies, Delhi. Subsequently the company was converted from a private limited company to public limited company by resolution passed in the Extra-Ordinary General Meeting of the company dated August 24, 2023 and consequently, the name of the company was changed to ‘SPP Polymer Limited’ and a fresh certificate of incorporation dated September 20, 2023 was issued to the company by the Registrar of Companies, Delhi.
SPP Polymer is an ISO 9001:2015 certified company engaged in the business of manufacturing of High Density Polyethylene (HDPE)/ Polypropylene (PP) woven fabric & bags, non-woven fabrics & bags and PP Multifilament yarn. The company offers packaging solutions to Business to Business (B2B) manufacturers catering to different industries such as cements, chemicals, food grains, sugars, polymers, agriculture, and others for the packaging of goods in big quantities. The company’s manufacturing facility employs an extensive and stringent quality control mechanism at each stage of the process to ensure that its finished product conforms to the exact requirement of its customers. The company’s infrastructure and team of experts also allow it to provide a comprehensive range to its clients as per their needs and requirements. The company also provides customized solutions as per the specifications detailed by its clients. It is also ISO 45001: 2018 and SA 8000:2014 certified occupational health & safety management system and environment management system.
Business area of the company
The company is primarily engaged into the business of manufacturing and trading of HDPE/PP Woven Fabric & Bags.
Products of the company
History and milestones
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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