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TCPL Packaging Ltd. Stock Analysis

Small Cap
Evaluated by 572 users | BSE: 523301 | NSE: TCPLPACK |
Paper & Paper Products
TCPL Packaging Limited, formerly Twenty-First Century Printers Ltd was incorporated in August 1987. It is an ISO 9001:2000 and BRC/IoP certified packaging unit. It is one of leading and largest manufacturers of folding cartons in India. TCPL Packaging Ltd began commercial production at its...

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.
TCPL Packaging Ltd. has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 9.92%10.98%11.63%10.46%16.09%15.33%11%7.54%9.01%10.44%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 240283373395498593613698816890
Y-o-Y Gr. Rt.-18%31.7%5.8%26.1%19%3.4%13.9%16.9%9.1%
Adjusted EPS (Rs.) 8.0711.7115.4715.1637.2943.9637.3621.6631.4139.27
Y-o-Y Gr. Rt.-45.1%32.1%-2%146%17.9%-15%-42%45%25%
Book Value per Share (Rs.) 70.3776.489.62101.06130.84166.34205.03237.17264.53295.93
Adjusted Net Profit 6.710.213.513.232.438.232.519.728.635.7
Net Op. Cash Flow (Rs. Cr.) 2732.82454.968.872.480.547.781.286.2
Debt to Cash Flow from Ops 3.563.96.533.112.673.363.776.243.944.14
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.
TCPL Packaging Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 15.7%12.3%13.2%9.1%
Adjusted EPS 19.2%1%1.7%25%
Book Value per Share 17.317.71311.9
Share Price 26.3% -8.6% -17% 35.4%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 11.9316.0518.5515.9132.1629.5820.121012.5214.01
Operating Profit Margin (%) 14.4915.8414.8915.7416.5416.9615.7612.2312.8214.21
Net Profit Margin (%) 2.813.593.613.346.526.455.32.823.54.02
Debt to Equity 1.641.922.011.941.621.681.71.381.331.32
Working Capital Days 100107104113101100111123123128
Cash Conversion Cycle 53555665504554697476
Entity Percentage Holding
Promoters 55.74%
Institutions 8.44%
Non-Institutions 35.83%
Pledged *0.000.000.000.000.0075.4475.4475.440.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of TCPL Packaging Ltd. and arrived at the following conclusion:

Past 10 year's financial track record indicates that TCPL Packaging Ltd. is a below average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of TCPL Packaging Ltd.'s performance infers:

TCPL Packaging Ltd. earnings have grown by 1%, whereas share price has depreciated -8.6% 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 TCPL Packaging Ltd. share prices over the last 10 years. Here is what we found out:

TCPL Packaging Ltd. share price has depreciated 22.9% annually over the past ten years.

TCPL Packaging Limited, formerly Twenty-First Century Printers Ltd was incorporated in August 1987. It is an ISO 9001:2000 and BRC/IoP certified packaging unit. It is one of leading and largest manufacturers of folding cartons in India.

TCPL Packaging Ltd began commercial production at its plant at Silvassa, Union Territory of Dadra & Nagar Haveli, in April 1990, with a web-fed printing machine equipped with an in-line die cutter.

The first

TCPL Packaging Limited, formerly Twenty-First Century Printers Ltd was incorporated in August 1987. It is an ISO 9001:2000 and BRC/IoP certified packaging unit. It is one of leading and largest manufacturers of folding cartons in India.

TCPL Packaging Ltd began commercial production at its plant at Silvassa, Union Territory of Dadra & Nagar Haveli, in April 1990, with a web-fed printing machine equipped with an in-line die cutter.

The first client being Godfrey Phillips India (associates of Phillip Morris International), TCPL had its initial experience in the cigarette industry. Printed shells and hinge lid packs were what TCPL cut its teeth on, and from there, it was no looking back.

With the precious experience gathered while catering to the needs of Godfrey Phillips India TCPL began to look at other players in the cigarette industry and soon had many other cigarette majors as its clients.

Business was looking good and it was time to expand. The second six colour rotogravure machine was commissioned at its plant in 1995. With this, it also started forays in the liquor industry.

Then, in 1997, TCPL became the first printing and packaging unit in India to have been certified 1SO 9002. It added a state-of-the-art six colour offset printing machine at its plant and got all set to take on the future in the year 2001.

By 2005, not only had TCPL started supplying printed cartons to almost all FMCG manufacturers in India, but exports were also growing at a very fast pace. It felt the need for an additional manufacturing unit to service its customers in the northern region of India.

In the year 2005, TCPL set-up its second plant, a state-of-the-art manufacturing unit at Haridwar in the Northern India at an outlay of Rs.300 million (US$ 6.5 million). Since then TCPL has been constantly adding equipments and new capacity to maintain its level of service and quality to its ever growing range of customers. Today, TCPL is one of the largest converters of paperboard in India and its revenue for the year ended 31st March, 2008 is Rs.130.93 crores equivalent to approx $32.50 million.

TCPL has set-up an in-house prepress house known as Accura Reprotech Pvt. Ltd. which handles its prepress requirements and also services other prestigious clients.

Business area of the company:

TCPL manufactures packaging material for the following segments

  • Cigarette
  • Liquor 
  • Food  
  • FMCG
  • Others  

Achievements/ recognition:

  • 2013 - IFCA Star Awards received in 2013
  • 2012 - Indian Institute of Packaging Indiastar Awards received in 2012
  • 2011 - IFCA Star Awards received in 2011
  • 2010 - GlaxoSmithKline Excellence award for Gen X Pack
    Printing & Publishing Group Aspiration award
  • PFFCA Star Award received in 2008
  • The year 2008, TCPL won 3 awards for various cartons being printed for their customers.
  • PFFCA Star Award recieved in 2007
  • PFFCA Star Award recieved in 2005
  • PFFCA Star Award recieved in 2003
  • India star Award recieved in 2002
  • ISO9001:2000 & BRC-IOP Global Stander
  • Certified 1SO 9002.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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