Kanpur Plastipack revenue growth decelerated to 15.9% in FY2015 vs. 21.1% a year earliner

27-05-2015 • About Kanpur Plastipack ($KANPRPLA) • By InTwits

Kanpur Plastipack reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Kanpur Plastipack ($KANPRPLA) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1,168	1,836	1,752	2,122	2,460	15.9%
EBITDA	108	239	231		293
Net Income	30	104	88	109	114	5.3%
Balance Sheet
Cash	5	19	18
Short Term Debt	244	362	470
Long Term Debt	281	226	263
Cash flow
Capex	149	88
Ratios
Revenue growth	-59.3%	57.2%	-4.6%	21.1%	15.9%
EBITDA growth	23.1%	120.8%	-3.1%
EBITDA Margin	9.3%	13.0%	13.2%	0.0%	11.9%	11.9%
Net Income Margin	2.6%	5.6%	5.0%	5.1%	4.7%	-0.5%
CAPEX, % of revenue	12.7%	4.8%				0.0%
ROIC	13.2%	25.0%	19.2%			0.0%
ROE	15.4%	44.2%	27.5%			0.0%
Net Debt/EBITDA	4.8x	2.4x	3.1x		0.0x	0.0x

Revenue and profitability

Kanpur Plastipack's Revenue surged on 15.9% in FY2015.

Net Income marign showed almost no change in FY2015.

Management team

The company's CEO Manoj Agarwal has spent 13 years at the company.

Appendix 1: Peers in Containers & Packaging

Below we provide Kanpur Plastipack benchmarking against other companies in Containers & Packaging industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Neo Corp International ($NEOCORP)	-63.2%	36.7%	45.2%	56.4%
Gopala Polyplast ($GOPALA)	-42.9%	-1.7%	17.0%	29.6%
Shree Rama Multi-Tech ($SHREERAMA)	-18.3%	-25.0%	18.2%	23.3%
Shri Jagdamba Polymers ($SHRJAGP)	-66.8%	35.5%	38.3%	21.7%
Time Technoplast ($TIMETECHNO)	-58.8%	19.8%	17.6%	21.6%
Median (19 companies)	-49.0%	14.8%	16.9%	13.9%	8.5%
Kanpur Plastipack ($KANPRPLA)		57.2%	-4.6%	21.1%	15.9%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Control Print ($CONTROLPR)		13.9%	19.2%	22.5%
Manaksia ($MANAKSIA)	16.5%	14.4%	17.4%	20.3%	18.6%
Essel Propack ($ESSELPRO)	17.8%	17.0%	17.4%	16.9%	17.2%
Piramal Glass ($PIRAMGLAS)	24.4%	23.7%	18.9%	15.5%
Kg Petrochem ($KGPETRO)	11.6%	16.0%	12.8%	14.7%
Median (15 companies)	12.6%	12.9%	10.6%	12.2%	6.9%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Essel Propack ($ESSELPRO)	7.9%	10.0%	6.7%	8.5%	9.4%
Piramal Glass ($PIRAMGLAS)	12.6%	20.7%	6.0%	7.7%
Control Print ($CONTROLPR)		3.0%	5.0%	7.5%
Hindusthan National Glass & Industries ($HINDNATGLS)	21.7%	75.5%	25.0%	6.7%
Time Technoplast ($TIMETECHNO)	18.5%	17.9%	11.1%	6.2%
Median (7 companies)	9.0%	8.9%	6.7%	6.7%	8.0%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Control Print ($CONTROLPR)			19.7%	22.2%
Manaksia ($MANAKSIA)	12.7%	12.9%	15.5%	16.0%	11.4%
Neo Corp International ($NEOCORP)	17.4%	14.9%	13.7%	15.7%
Kg Petrochem ($KGPETRO)	5.0%	10.8%	10.1%	14.3%
Hitech Plast ($HITECHPLAS)	18.1%	13.8%	12.6%	14.0%
Median (32 companies)	8.4%	9.1%	9.9%	11.6%	13.1%
Kanpur Plastipack ($KANPRPLA)	13.2%	25.0%	19.2%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Union Quality Plastics ($UNQTYMI)			14.9x	12.9x	0.0x
Hindusthan National Glass & Industries ($HINDNATGLS)	2.1x	7.4x	15.8x	11.2x
Piramal Glass ($PIRAMGLAS)	3.0x	3.1x	4.1x	4.3x
Kg Petrochem ($KGPETRO)	6.2x	3.3x	3.6x	3.4x
Uflex ($UFLEX)	1.0x	2.7x	3.0x	3.2x
Median (19 companies)	3.0x	3.2x	3.5x	1.5x	0.0x

Kanpur Plastipack stock price chart

Kanpur Plastipack financials

mln.	FY2010	FY2011	FY2012

Revenue	2,868	1,168	1,836
EBITDA	87.811	108.1	238.8
Net income	27.108	30.335	103.7
CAPEX	33.854	148.7	87.686
Debt	351.4	524.9	588.1
Cash	1.744	4.641	18.526

About Kanpur Plastipack

Kanpur Plastipack Limited manufactures and sells flexible intermediate bulk container products. It also offers HDPE/PP woven sacks and bags, including laminated and unlaminated bags, printed and unprinted bags, pallet covers, food grain bags, fertilizer bags, and cement bags, as well as valve bags, bale wraps, liner bags, and gusseted bags. In addition, the company provides PP/HDPE woven fabrics that comprise laminated, unlaminated, circular, and circular cut open fabrics; and various accessories used in the manufacture of FIBCs and woven bags, including webbings, PP filler cords, dust proof cords, tie strings, B-locks, and velcro. Further, it offers ventilated interlocked, ventilated without interlocked, conductive, and food grade application fabrics; and a range of polypropylene multi filament yarn used in various industries. Additionally, the company acts as a consignment stockist of Indian Oil Corporation Limited and JJ Plastalloy Private Limited. Kanpur Plastipack Limited also exports its products worldwide. Kanpur Plastipack Limited was founded in 1971 and is based in Kanpur, India.