Styrenix Performance Materials Ltd - Stock Valuation and Financial Performance

BSE: 506222 | NSE: STYRENIX | Chemicals | Small Cap

Styrenix Performance Share Price

1,434.60 7.85 0.55%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Styrenix Performance

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Styrenix Performance Materials stock performance -

mw4me loader
P/E Ratio (SA):
15.18
Market Cap:
2,522.8 Cr.
52-wk low:
692.1
52-wk high:
1,650

Is Styrenix Performance Materials Ltd an attractive stock to invest in?

1. Is Styrenix Performance Materials Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Styrenix Performance Materials Ltd is a average quality company.

2. Is Styrenix Performance Materials Ltd undervalued or overvalued?

The key valuation ratios of Styrenix Performance Materials Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Styrenix Performance Materials Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Styrenix Performance Materials Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Styrenix Performance:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Styrenix Performance Materials Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Dec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 11.4%8.9%13.4%11.3%10.3%0.6%4.1%33.3%36.5%23.8%-
Value Creation
Index
-0.2-0.4-0.1-0.2-0.3-1.0-0.71.41.60.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,1151,1711,5841,4821,8952,0911,5791,6312,1792,3722,239
Sales YoY Gr.-5%35.3%-6.4%27.9%10.3%-24.5%3.3%33.6%8.9%-
Adj EPS 33.419.145.342.739.9-2.213.3157.4184.5105.494.5
YoY Gr.--42.7%136.9%-5.7%-6.6%-105.6%NA1086.9%17.2%-42.9%-
BVPS (₹) 271.4229.2299.5333.8366.5354.4346.5505.4487406.4452.9
Adj Net
Profit
58.733.679.675.170.1-3.923.3277324185166
Cash Flow from Ops. 50.515.728.5-15.6173-36166385356270-
Debt/CF from Ops. 1.85.66-13.40.6-7.410.100-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.8%4.6%14.5%8.9%
Adj EPS 13.6%21.5%99.6%-42.9%
BVPS4.6%2.1%5.5%-16.5%
Share Price 11.6% 22.3% 14.5% 100.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Dec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
12.98.615.513.511.4-0.63.83737.223.622
Op. Profit
Mgn %
8.56.47.59.77.414.725.421.91211.5
Net Profit
Mgn %
5.32.955.13.7-0.21.51714.97.87.4
Debt to
Equity
0.20.20.30.40.20.40.30.100-
Working Cap
Days
21918114816215614116214511510762
Cash Conv.
Cycle
4836415753567359535335

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 14.53%

Net Profit is growing at healthy rate in last 3 years 99.58%

Return on Equity has declined versus last 3 years average to 22.00%

Sales growth is not so good in last 4 quarters at -5.63%

Latest Financials - Styrenix Performance Materials Ltd.

Standalone Consolidated
TTM EPS (₹) 94.5 10.8
TTM Sales (₹ Cr.) 2,239 2,021
BVPS (₹.) 452.9 0
Reserves (₹ Cr.) 779 469
P/BV 3.17 0.00
PE 15.18 133.29
From the Market
52 Week Low / High (₹) 692.10 / 1650.00
All Time Low / High (₹) 10.00 / 1886.80
Market Cap (₹ Cr.) 2,523
Equity (₹ Cr.) 17.6
Face Value (₹) 10
Industry PE 47

Management X-Ray of Styrenix Performance:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00100.00100.00100.00100.00100.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Styrenix Performance

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSDec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales1,1141,4631,5841,4821,8952,0911,5791,6312,1792,372
Operating Expenses 1,0311,3801,4881,3471,7602,0831,5141,2181,7042,097
Manufacturing Costs5678919211914111995121146
Material Costs8411,1341,2061,0731,4571,7401,2179551,3731,762
Employee Cost 29445050505858717472
Other Costs 10512414113213414512197136117
Operating Profit 838396135135865414475275
Operating Profit Margin (%) 7.5%5.7%6.1%9.1%7.1%0.4%4.1%25.4%21.8%11.6%
Other Income 115347137131415
Interest 31511141413161585
Depreciation 13212725252732363838
Exceptional Items 000000-38000
Profit Before Tax 775260100103-18-13376443247
Tax 2717-43137-6-49612064
Profit After Tax 5135646966-12-10280323183
PAT Margin (%) 4.5%2.4%4.0%4.7%3.5%-0.6%-0.6%17.2%14.8%7.7%
Adjusted EPS (₹)28.719.936.339.437.7-7.1-5.4159.3183.4104.1
Dividend Payout Ratio (%)14%20%11%10%11%-28%0%6%162%100%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSDec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 477504527587645623609889856715
Share Capital 18181818181818181818
Reserves 460486509569627606592871839697
Minority Interest0000000000
Debt89110170209104252145331010
Long Term Debt0000238963331010
Short Term Debt891101702098116382000
Trade Payables204150157189253187139225238310
Others Liabilities 341338729610859162167128228
Total Liabilities 1,1121,1029251,0811,1101,1221,0551,3131,2321,263

Fixed Assets

Gross Block349442270272289301487527535532
Accumulated Depreciation212226285376101122157192222
Net Fixed Assets136217241219214200365369343309
CWIP 56021815965630712
Investments 3310111100111
Inventories173162192320300315268290341346
Trade Receivables221202224222245236172306307319
Cash Equivalents 375251640463242179245
Others Assets455414240285295228190765331
Total Assets 1,1121,1029251,0811,1101,1221,0551,3131,2321,263

Cash Flow

(All Figures are in Crores.)
PARTICULARSDec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 502028-16173-36166385356270
PBT 775260100103-18-13376443247
Adjustment 5344431393349426232
Changes in Working Capital 9-52-65-12756-4012837-2257
Tax Paid -41-14-10-21-26-102-70-125-66
Cash Flow From Investing Activity -57-51-6-15-21-93-84-11283-136
Capex -53-45-7-16-25-96-84-12-14-12
Net Investments -133300000000
Others 10-3911421-10097-124
Cash Flow From Financing Activity 13-1-1822-127135-124-137-412-198
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 00002377-11-35-250
Interest Paid 0-13-9-14-14-16-22-15-7-5
Dividend Paid -7-7-8-8-8-8-40-354-185
Others 2119044-12883-87-87-26-8
Net Cash Flow 7-325-9245-4213627-63
PARTICULARSDec'13Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)11.077.1412.3912.4410.75-1.97-1.5537.4136.9623.3
ROCE (%)15.0811.2810.9315.2715.12-0.710.2945.3249.8631.72
Asset Turnover Ratio1.271.491.751.661.781.871.461.381.721.91
PAT to CFO Conversion(x)0.980.570.44-0.232.62N/AN/A1.381.11.48
Working Capital Days
Receivable Days57474449444247535148
Inventory Days39373656585467625353
Payable Days57574659554649696257

Styrenix Performance Materials Ltd Stock News

Styrenix Performance Materials Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Styrenix Performance on 28-Mar-2024 16:01 is ₹1,434.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Styrenix Performance stood at ₹2,522.8.
The latest P/E ratio of Styrenix Performance as of 28-Mar-2024 16:01 is 15.18.
The latest P/B ratio of Styrenix Performance as of 28-Mar-2024 16:01 is 3.17.
The 52-week high of Styrenix Performance is ₹1,650 and the 52-week low is ₹692.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Styrenix Performance is ₹2,239 ( Cr.) .

About Styrenix Performance Materials Ltd

Styrolution ABS (India) Ltd was earlier known as INEOS ABS (India). The Company was originally incorporated as ABS Plastics in the year 1973 then changed its name to ABS Industries. The erstwhile ABS Industries now INEOS ABS (India) (the ‘Company’) w.e.f. June 17, 2008, is a pioneer in developing the market for the versatile engineering thermoplastic material – Acrylonitrile Butadiene Styrene (ABS) in India, when it started its operation in 1978 by manufacturing and marketing ABS polymer under the brand name of ABSOLAC. Since then the company has been continuously growing through a planned process of aggressive market development and consolidation, technology updation and capacity build up. 

 The company also set up India’s first modern and dedicated Styrene Acrylonytrile (SAN) plant in 1993, with technical know-how from JSR, Japan for manufacture of various grades of ABSOLAN - SAN.  In early 1997, Bayer Industries Private, a 100% holding company of the German major, Bayer AG acquired a majority share of 51% in ABS Industries. The company then became a part of the Bayer group and was rechristened as “Bayer ABS”. In early 2004, Bayer Group globally decided carving out of styrenic-based Polymer products, beside other business, into a new group Lanxess, the said business was then globally transferred to a 100% subsidiary of Bayer AG to a Company styled as Lanxess Deutschland GmbH. Once the business operations at Bayer ABS were regrouped within the Lanxess group, Lanxess AG has become an ultimate holding Company under the spin off process.  

Lanxess India (which is 100% subsidiary of Lanxess AG Germany) acquired 89,63,564 equity shares of Rs10 each in Bayer ABS Ltd (BABS) constituting 50.97% of the paid up share capital of Bayer ABS from Bayer Industries and became a holding Company of the Company.  Consequent to acquisition of 50.97 % share capital by Lanxess India and the shareholders approval at the 32nd Annual General Meeting held on 28th April, 2005, the Office of Registrar of Companies (ROC) has approved the change of name of the Company from Bayer ABS to Lanxess ABS w.e.f. 29th April, 2005.  The Company is a public listed company and actively traded in National stock Exchange (NSE) & Bombay Stock Exchange (BSE).  

The 3rd major global Chemical giant INEOS Group, approx. turnover of 45 $ Bn, entered into an agreement with Lanxess AG, Germany, to acquire world over the styrenic business (ABS) and in the process INEOS ABS (Jersey) entered into an agreement with the promoters of the Company and Lanxess India to acquire major the stake in Lanxess ABS. INEOS Group made an offer to the general shareholders through open offer, to acquire major stake in Lanxess ABS to an agreed price stated in the open offer.  Thus INEOS ABS (Jersey), then acquired major stake constituting 83.33 % of total paid up capital, which concluded on March 5, 2008. Thus, from 13th March, 2008, INEOS ABS (Jersey), part of chemical major global group 'INEOS', held 83.33% of paid up capital comprising 14,653,705 no. of Equity Shares of the Company, became the holding Company of Lanxess ABS and controlled the management and affairs of the Company. The office of Registrar of Companies has then granted change of name w.e.f. June 17, 2008 to INEOS ABS (India).  The company has introduced tailor-made grades in ABS, to suit specific requirements of customers who are the leading manufacturers in the field of household, automotive, electronic and telecom sector. 

In 2012, Styrolution (Jersey) Limited, UK, acquired major stake constituting 87.33 % of total paid up capital of the Company, thereby becoming the holding Company of INEOS ABS (India) Limited. After following appropriate required procedure, the name of the Company was changed from “INEOS ABS (India) Limited” to “Styrolution ABS (India) Limited” effective from May 1, 2012.

As a part of strategic joint venture globally on 28th January, 2014, the Styrolution (Jersey) Limited, the holding Company of the Styrolution ABS India Limited, has transferred its entire holding of 75% Equity shares to Styrolution South East Asia Pte. Ltd., Singapore. Accordingly, the holding Company of Styrolution ABS India Limited is Styrolution South East Asia Pte. Ltd, Singapore, effective from 28th January, 2014.

Some of the prominent clients of the Company include Samsung, LG, Videocon, BPL, Ford, Hero Honda, Cello, Lexi and Bajaj. With an uptrend in consumer spending on automobiles, white goods and electronic products the demand for ABS resin is growing up significantly.  With a well defined accent on quality monitors on inputs, process controls, packaging and finished products, INEOS ABS (India) offers its customers an extensive range of performance thermoplastics - from its indigenous production. The range of products and the variety of grades for a given product are developed and made, to meet almost all the requirements of many sectors of the industry demanding high performance & quality.  Fuelled by the increasing worldwide demand for engineering thermoplastics, INEOS ABS (India), a public listed company in NSE & BSE has already commissioned its expansion of SAN capacity from 36,000 tpa to 65,000 tpa, which has helped increasing its capacity of ABS from 60,000 tpa to 1,00,000 tpa. This expansion to 100,000 tonnes per annum is being funded through internal accruals. The SAN polymer is being used for captive consumption for making ABS and is also being sold as merchant product.   

The company has three plants:

1. Nandesari Plant:   Nandesari Plant is located in GIDC Industrial Estate Nandesari. This plant manufactures ABSOLAC (Acrylonytrile Butadiene Styrene). The plant was started with an installed capacity of 2000 Tones/ annum in 1978. The Plant is now doing exceedingly well. This year the production of ABS has remained at the level of 50000 MT.  

2. Katol Plant:   This fully automated plant produces the ABSOLAN Plastic Resin. The plant was started in 1993.  

3. Wind Farm:  Wind farms have been an important source of energy generation which in turn has reduced the power consumption worth 8 mio Units.

Products:

1. Absolac - (ABS) - Absolac is plastic resin produced from Acrylonitrile, Butadiene & Styrene. It is a widely used intermediary product. Their application ranges from home appliances to Automobile and consumer durables to business machines.       

2. Absolan - (SAN) - Absolan is also a polymerized plastic resin which is produced from Styrene & Acrylonitrile. It has its main applications in the Lightings, Stationeries and novelties, Refrigerators and cosmetic packing.

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