BSE: 532934 | NSE: PPAP | Auto Ancillary | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that PPAP Automotive Ltd is a below average quality company.
The key valuation ratios of PPAP Automotive Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of PPAP Automotive Ltd is likely to Rise-somewhat 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.
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3% | 5.9% | 7.6% | 10% | 13.6% | 11.7% | 6.8% | 2.2% | 2.3% | 3.5% | - |
| Value Creation Index ⓘ | -0.8 | -0.6 | -0.5 | -0.3 | 0.0 | -0.2 | -0.5 | -0.8 | -0.8 | -0.8 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 247 | 319 | 303 | 345 | 398 | 411 | 360 | 321 | 409 | 492 | 499 |
| Sales YoY Gr. | - | 29.1% | -5% | 14% | 15.3% | 3.4% | -12.4% | -10.8% | 27.4% | 20.4% | - |
| Adj EPS ⓘ | 2.9 | 6.9 | 11.3 | 17.4 | 26.4 | 23.8 | 14.1 | 3.4 | 3.1 | 5.1 | 1.8 |
| YoY Gr. | - | 138.1% | 62.9% | 54.4% | 51.4% | -9.7% | -40.7% | -76% | -9.1% | 65.6% | - |
| BVPS (₹) ⓘ | 134.9 | 141.8 | 150.3 | 170.4 | 192.7 | 210.8 | 217.3 | 221.3 | 223.5 | 225.7 | 227.1 |
| Adj Net Profit ⓘ | 4.1 | 9.7 | 15.8 | 24.4 | 36.9 | 33.4 | 19.8 | 4.7 | 4.3 | 7.1 | 3 |
| Cash Flow from Ops. ⓘ | 36.7 | 36.2 | 40.9 | 70.1 | 77.8 | 58.7 | 36.2 | 30.1 | 40.5 | 39.6 | - |
| Debt/CF from Ops. ⓘ | 1.2 | 2.3 | 1.8 | 0.7 | 0.4 | 0.4 | 0.6 | 1.7 | 2.3 | 3.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8% | 4.4% | 11% | 20.4% | ||||
| Adj EPS ⓘ | 6.4% | -28% | -28.8% | 65.6% | ||||
| BVPSⓘ | 5.9% | 3.2% | 1.3% | 1% | ||||
| Share Price | 14.7% | -7.9% | 3.5% | 7.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 2.2 | 5 | 7.7 | 10.9 | 14.5 | 11.8 | 6.6 | 1.5 | 1.4 | 2.3 | 0.8 |
| Op. Profit Mgn % ⓘ | 11.5 | 12.9 | 17.5 | 19.3 | 21.4 | 18.8 | 14.4 | 10.6 | 9.7 | 9.4 | 8.6 |
| Net Profit Mgn % ⓘ | 1.7 | 3.1 | 5.2 | 7.1 | 9.3 | 8.1 | 5.5 | 1.5 | 1.1 | 1.5 | 0.5 |
| Debt to Equity ⓘ | 0.2 | 0.4 | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | - |
| Working Cap Days ⓘ | 115 | 96 | 105 | 98 | 107 | 121 | 132 | 141 | 117 | 109 | 52 |
| Cash Conv. Cycle ⓘ | 53 | 38 | 43 | 40 | 39 | 46 | 51 | 56 | 44 | 37 | 3 |
Sales growth is growing at healthy rate in last 3 years 10.99%
Return on Equity has declined versus last 3 years average to 0.80%
Sales growth is not so good in last 4 quarters at 3.76%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 1.8 | -5.1 |
| TTM Sales (₹ Cr.) | 499 | 519 |
| BVPS (₹.) ⓘ | 227.1 | 207.9 |
| Reserves (₹ Cr.) ⓘ | 304 | 277 |
| P/BV ⓘ | 0.86 | 0.94 |
| PE ⓘ | 109.56 | 0.00 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 161.00 / 294.70 |
| All Time Low / High (₹) | 23.05 / 721.00 |
| Market Cap (₹ Cr.) | 275 |
| Equity (₹ Cr.) | 14 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 47.2 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 247 | 319 | 303 | 345 | 398 | 411 | 360 | 321 | 409 | 492 |
| Operating Expenses ⓘ | 219 | 277 | 250 | 278 | 313 | 334 | 309 | 287 | 370 | 446 |
| Manufacturing Costs | 30 | 27 | 32 | 29 | 33 | 35 | 27 | 23 | 31 | 42 |
| Material Costs | 135 | 188 | 152 | 172 | 189 | 198 | 187 | 177 | 239 | 289 |
| Employee Cost | 35 | 41 | 47 | 53 | 63 | 71 | 66 | 61 | 70 | 79 |
| Other Costs ⓘ | 18 | 21 | 20 | 24 | 28 | 29 | 29 | 26 | 30 | 37 |
| Operating Profit ⓘ | 28 | 41 | 52 | 67 | 85 | 77 | 51 | 34 | 39 | 46 |
| Operating Profit Margin (%) | 11.4% | 12.9% | 17.3% | 19.3% | 21.4% | 18.8% | 14.2% | 10.6% | 9.7% | 9.3% |
| Other Income ⓘ | 8 | 4 | 1 | 2 | 3 | 1 | 1 | 3 | 2 | 3 |
| Interest ⓘ | 3 | 8 | 8 | 6 | 5 | 4 | 3 | 4 | 6 | 11 |
| Depreciation ⓘ | 20 | 22 | 23 | 24 | 26 | 26 | 26 | 26 | 29 | 30 |
| Exceptional Items ⓘ | -5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 8 | 16 | 23 | 38 | 57 | 48 | 23 | 6 | 6 | 9 |
| Tax ⓘ | 3 | 4 | 7 | 13 | 20 | 15 | 4 | 2 | 2 | 2 |
| Profit After Tax | 5 | 12 | 15 | 25 | 37 | 33 | 19 | 5 | 5 | 7 |
| PAT Margin (%) | 2.2% | 3.8% | 5.0% | 7.3% | 9.4% | 8.1% | 5.4% | 1.5% | 1.1% | 1.4% |
| Adjusted EPS (₹) | 3.9 | 8.6 | 10.9 | 17.9 | 26.7 | 23.9 | 13.8 | 3.5 | 3.3 | 4.9 |
| Dividend Payout Ratio (%) | 0% | 12% | 18% | 17% | 17% | 19% | 22% | 29% | 46% | 31% |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 189 | 199 | 210 | 239 | 270 | 295 | 304 | 310 | 313 | 316 |
| Share Capital ⓘ | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves ⓘ | 175 | 185 | 196 | 225 | 256 | 281 | 290 | 296 | 299 | 302 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 38 | 68 | 59 | 36 | 18 | 17 | 22 | 42 | 84 | 105 |
| Long Term Debt | 15 | 51 | 44 | 28 | 16 | 13 | 12 | 42 | 72 | 67 |
| Short Term Debt | 23 | 17 | 14 | 8 | 1 | 4 | 10 | 0 | 12 | 38 |
| Trade Payables | 18 | 25 | 21 | 24 | 32 | 40 | 42 | 48 | 47 | 62 |
| Others Liabilities ⓘ | 42 | 38 | 46 | 62 | 85 | 79 | 46 | 45 | 47 | 60 |
| Total Liabilities ⓘ | 287 | 329 | 336 | 361 | 404 | 431 | 413 | 445 | 491 | 543 |
Fixed Assets | ||||||||||
| Gross Block | 246 | 306 | 320 | 221 | 260 | 311 | 329 | 364 | 422 | 481 |
| Accumulated Depreciation | 105 | 114 | 126 | 24 | 49 | 74 | 99 | 125 | 151 | 180 |
| Net Fixed Assetsⓘ | 141 | 193 | 194 | 197 | 211 | 237 | 230 | 240 | 271 | 301 |
| CWIP ⓘ | 26 | 0 | 0 | 3 | 12 | 2 | 8 | 20 | 21 | 11 |
| Investmentsⓘ | 25 | 38 | 38 | 51 | 49 | 49 | 51 | 55 | 66 | 69 |
| Inventories | 30 | 27 | 37 | 23 | 32 | 45 | 49 | 42 | 43 | 58 |
| Trade Receivables | 33 | 39 | 38 | 49 | 55 | 57 | 41 | 62 | 52 | 62 |
| Cash Equivalents | 2 | 1 | 0 | 2 | 1 | 1 | 5 | 1 | 0 | 1 |
| Others Assetsⓘ | 31 | 30 | 29 | 36 | 44 | 40 | 29 | 25 | 38 | 41 |
| Total Assets ⓘ | 287 | 329 | 336 | 361 | 404 | 431 | 413 | 445 | 491 | 543 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 37 | 36 | 41 | 70 | 78 | 59 | 36 | 30 | 40 | 40 |
| PBT ⓘ | 13 | 16 | 23 | 38 | 57 | 48 | 23 | 6 | 6 | 9 |
| Adjustment ⓘ | 15 | 25 | 31 | 29 | 29 | 30 | 28 | 27 | 33 | 36 |
| Changes in Working Capital ⓘ | 17 | -3 | -9 | 10 | 13 | -2 | -3 | -2 | 5 | -4 |
| Tax Paid ⓘ | -4 | -2 | -4 | -7 | -22 | -17 | -12 | -1 | -3 | -2 |
| Cash Flow From Investing Activity ⓘ | -61 | -59 | -24 | -43 | -45 | -43 | -29 | -49 | -70 | -50 |
| Capex | -38 | -46 | -24 | -26 | -40 | -25 | -17 | -36 | -60 | -20 |
| Net Investments | -24 | -13 | 0 | -14 | 3 | -1 | -5 | -2 | -10 | -4 |
| Others ⓘ | 0 | 0 | 0 | -2 | -8 | -18 | -7 | -12 | 0 | -27 |
| Cash Flow From Financing Activityⓘ | 21 | 23 | -18 | -25 | -33 | -16 | -5 | 18 | 29 | 11 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 15 | 36 | -7 | -10 | -16 | -8 | -1 | 30 | 30 | -5 |
| Interest Paid ⓘ | -3 | -7 | -8 | -6 | -4 | -3 | -1 | -2 | -5 | -9 |
| Dividend Paid ⓘ | 0 | 0 | 0 | -4 | -6 | -8 | -9 | 0 | -1 | -4 |
| Others ⓘ | 9 | -5 | -4 | -6 | -7 | 3 | 6 | -10 | 5 | 28 |
| Net Cash Flow ⓘ | -4 | 1 | -1 | 2 | -1 | -1 | 2 | -1 | -1 | 0 |
| PARTICULARS | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.93 | 6.21 | 7.47 | 11.16 | 14.72 | 11.83 | 6.43 | 1.58 | 1.47 | 2.17 |
| ROCE (%) | 5.37 | 9.2 | 10.88 | 15.42 | 20.9 | 16.96 | 8.07 | 3.03 | 3.28 | 4.64 |
| Asset Turnover Ratio | 1.09 | 1.18 | 1.05 | 1.13 | 1.07 | 0.99 | 0.85 | 0.75 | 0.87 | 0.95 |
| PAT to CFO Conversion(x) | 7.4 | 3 | 2.73 | 2.8 | 2.11 | 1.79 | 1.89 | 6 | 8 | 5.71 | Working Capital Days |
| Receivable Days | 38 | 36 | 40 | 40 | 46 | 50 | 50 | 58 | 51 | 42 |
| Inventory Days | 41 | 29 | 34 | 28 | 25 | 34 | 48 | 51 | 38 | 37 |
| Payable Days | 45 | 42 | 55 | 48 | 54 | 66 | 80 | 92 | 72 | 69 |
Precision Pipes & Profiles Company Ltd (PPAP) was originally incorporated on April 3, 1978 as a partnership firm by three partners viz. Devendra Chandra Jain (HUF), Asha Jain and Vinay Kumari Jain in the name and style of Precision Pipes and Profiles Company
PPAP is a leading manufacturer of high quality automotive sealing systems and exterior products in India. The company has four state of the art manufacturing facilities, which are located in New Delhi and Noida. All the plants are TS 16949, ISO 14001 and OHSAS 18001 certified. PPAP's core competence is in Plastic Extrusion and Injection moulding.
Along with the state of the art manufacturing facilities, PPAP has an experienced engineering team, which is capable of designing and manufacturing products based on customer specifications. The engineering department has latest versions of software’s like Moldflow, Unigraphics, IDEAS, Catia V4 and Catia V5. The company also has a well equipped laboratory to perform raw material as well as product performance testing.
PPAP has a joint venture with Tokai Kogyo Co. Ltd, Japan for manufacturing plastic extrusion as well as gas assist injection moulding products. The association between PPAP and Tokai Kogyo dates back to more than 15 years.
Product range of the company includes:
Automotive Sealing
Exterior/ Interior Products
Achievements/ recognition:
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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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