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Piramal Glass Ltd. Stock Analysis

Small Cap
Evaluated by 326 users | BSE: 532949 | NSE: PIRGLASS |
Glass
Piramal Glass incorporated in 1998, is engaged in the business of manufacturing packaging solutions for the perfumery and pharmaceuticals.Company provides complete solutions including full bottle design capabilities, in-house mould design, CNC machines for mould manufacturing, high quality...

Analysis of Financial Track Record

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.
Value Creation
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Capital Employed 8.1%10.03%10.96%6.67%5.04%4.65%10.89%12.07%5.8%5.82%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 6597628551,0151,0961,1921,3001,3271,3051,445
Y-o-Y Gr. Rt.-15.7%12.1%18.8%8%8.8%9.1%2.1%-1.7%10.7%
Adjusted EPS (Rs.) 5.058.289.973.881.820.1411.6914.025.539.02
Y-o-Y Gr. Rt.-64%20.4%-61.1%-53.1%-92.3%8250%19.9%-60.6%63.1%
Book Value per Share (Rs.) 49.954.3659.8259.2561.1460.0272.9575.7882.0892.57
Adjusted Net Profit 40.666.680.731.414.71.194.611143.771.3
Net Op. Cash Flow (Rs. Cr.) 22612915590.196.4152310349198338
Debt to Cash Flow from Ops 2.534.464.779.29.275.712.441.743.13.72
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Piramal Glass Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 9.1%5.7%3.6%10.7%
Adjusted EPS 6.7%37.7%-8.3%63.1%
Book Value per Share 7.18.78.312.8
Share Price -1.3% -3.8% -6.3% -17.8%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'10Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19
Return on Equity (%) 13.2915.8917.516.523.020.2317.5818.64710.33
Operating Profit Margin (%) 24.7126.1226.818.9516.4214.0521.8622.6718.4416.01
Net Profit Margin (%) 6.168.749.443.091.340.097.278.353.354.94
Debt to Equity 1.421.321.531.731.811.791.281.020.941.72
Working Capital Days 254211223218235233210202216192
Cash Conversion Cycle 1431181221311461361221009369
Entity Percentage Holding
Promoters 90.85%
Institutions 2.04%
Non-Institutions 7.11%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Piramal Glass's performance infers:

Piramal Glass earnings have grown by 37.7%, whereas share price has depreciated -3.8% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Piramal Glass share prices over the last 10 years. Here is what we found out:

Piramal Glass share price has depreciated -1.4% annually over the past ten years.

Piramal Glass incorporated in 1998, is engaged in the business of manufacturing packaging solutions for the perfumery and pharmaceuticals.

Company provides complete solutions including full bottle design capabilities, in-house mould design, CNC machines for mould manufacturing, high quality glass manufacturing and dedicated ancillaries for decoration and accessories like caps, cartons and brushes.

Under pharmaceuticals the company manufactures products such as moulded vials, injectables

Piramal Glass incorporated in 1998, is engaged in the business of manufacturing packaging solutions for the perfumery and pharmaceuticals.

Company provides complete solutions including full bottle design capabilities, in-house mould design, CNC machines for mould manufacturing, high quality glass manufacturing and dedicated ancillaries for decoration and accessories like caps, cartons and brushes.

Under pharmaceuticals the company manufactures products such as moulded vials, injectables and bottles. In domestic market PGL enjoys about 40% market share. Further in cosmetics and perfumery segment the company manufactures glass containers for nail polish, perfumes, foundations, attars, etc.

The company is the one of the largest manufacturers of flacconage glass for two segments namely pharmaceutical and perfume. It has an installed capacity of 1,115 tonnes per day, and sales of more than $200 million worldwide. Further the company also manufactures glass bottles for specialty food and beverages.

Company’s manufacturing facilities is located at India and Sri Lanka which makes it a low cost glass manufactures giving it edge above its competitors.

Major customers of containers for pharmaceutical industry are Glaxo Smithkline, Pfizer, E-Merck, Alembic, Aventis, Dabur (India), Ranbaxy, Cipla, Himalaya drugs, Dr. Reddy's Laboratories, and Piramal Healthcare.

Major customers of containers for cosmetics and perfumery business are Dumak LLC, LOreal, Erkui Kozmetic, Compagnie De Diffussion, Niasi, Expak, Baralan International, S F Patel & Sons, Estico and Revolline.

Globally, the company has network of distributors spread across in countries namely Netherlands, Belgium, Thailand, Spain, Columbia, Denmark, Turkey, Indonesia, Mexico, Italy, Russia and Brazil.

The Company has ISO 9001, ISO 14001 certification and OHSAS (Occupational Health, Safety Analysis Series) i.e. ISO 18001 certification.Milestone1984-Piramal Group acquired Gujarat Glass.

1990-The company was merged with the group company Nicholas Piramal India leading to forming of business division of group.

1998- The glass division was demerged from the group leading formation of Piramal Glass which was incorporated in same year.

1999-Company acquired Ceylon Glass Company, Sri Lanka.

2003-Nicholas Piramal India demerged its 54 % holding to Kojam Fininvest.

2005- The company acquired a part of the Glass Group earlier known Wheaton Glass. This led the company to foray into the US market.

2008-Kojam was merged into Gujarat Glass, now known as Piramal Glass

Future Prospects

Piramal Glass plans to raise upto Rs 200 crore through rights issues for further expansion of its business.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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