Results update

                   TCPL Packaging Ltd                 

Company posted 512 Cr Turnover and posted 32.18 Cr profit.(37 Rs e.p.s) and paid 60%Dividend. 

The Company has commenced commercial production at its new plant near Guwahati, Assam w.e.f. March 26, 2015

I think Company will  come in lime light after crossing 500 cr market cap. Till Now no brooking firm recommended  because of low liquidity. 

company expects 20% sales growth for next 3 years If company post results with same  operating margin of 16.5%  next year we can expect 20% sales growth (600 cr ) top line and net profit margin of 6.7-7% we can expect 40-42 cr profit 46-48 Rs e.p.s one can expect 750-800 Rs price target with in 6-8 months time frame

Particulars	15-Mar	14-Mar	13-Mar	12-Mar	11-Mar
Net Sales/Income from operations	491.16	390.04	367.64	279.17	240.21
Other Operating Income	6.69	4.88	5.66	4.17	0
Total Income From Operations	497.84	394.92	373.29	283.35	240.21
Increase/Decrease in Stocks	-3.5	-2.16	-0.46	-2.94	-1.26
Consumption of Raw Materials	283.57	228.86	217.17	162.43	137.93
Employees Cost	34.91	29.08	24.3	17.82	15.21
Depreciation	21.77	23.79	20.35	17.97	14.63
Other Expenses	100.77	77.96	76.63	64.71	53.55
Total Expenses	437.52	357.53	337.99	259.99	220.06
P/L Before Other Inc. , Int., Excpt. Items & Tax	60.32	37.39	35.3	23.36	20.15
P/L Before Interest, Excpt. Items & Tax	60.32	37.39	35.3	23.36	20.15
Interest	17.29	17.66	14.96	11.97	9.84
P/L Before Exceptional Items & Tax	43.04	19.73	20.34	11.39	10.31
P/L Before Tax	43.04	19.73	20.34	11.39	10.31
Tax	10.85	7.23	6.84	3.69	3.4
P/L After Tax from Ordinary Activities	32.19	12.5	13.51	7.71	6.91
Extra Ordinary Item	0	0	0	0	-0.62
Net Profit/Loss For the Period	32.19	12.5	13.51	7.71	6.29
Equity Share Capital	8.7	8.7	8.7	8.7	8.35
Reserves And Surplus	105.13	0	69.42	57.77	50.41
Equity Dividend Rate	60	25	26.5	20	15
Basic EPS	37	14.37	15.52	8.93	7.69
Diluted EPS	37	14.37	15.52	8.93	7.65
Basic EPS	37	14.37	15.52	8.93	7.69
Diluted EPS	37	14.37	15.52	8.93	7.65
Public Share Holding	41.58	42.53	44.39	51.28	53.45
Promoters and Promoter Group Shareholding	58.42	57.47	55.61	48.72	46.55
PBITOE Margin (%)	12.11	9.46	9.45	8.24	8.38
PBTE Margin (%)	8.64	4.99	5.45	4.02	4.29
PBT Margin (%)	8.64	4.99	5.45	4.02	4.29
PAT Margin (%)	6.46	3.16	3.61	2.71	2.61

TCPL Packaging Ltd (450.00) BUY

Company Background:TCPL Packaging Ltd., (formerly known as Twenty-First Century Printers Ltd) was promoted by the Kanoria family, and began commercial production in April 1990. It is one of India's largest manufacturers of printed folding cartons, and one of the few listed packaging companies in India.

Today, TCPL Packaging Ltd. operates out of its six manufacturing units ; three in Silvassa, 180 kms from Mumbai in Western India ; two in Haridwar, 200 kms from Delhi in Northern India ; and one in Goa, 600 kms from Mumbai in Western India. All the plants are ISO 9001: 2008, ISO 22000: 2005 certified and are also compliant with BRC/IoP Global Standard-Packaging Issue 3, which is suitable for direct food contact. In addition, plants at Silvassa and Haridwar are also FSC certified & SEDEX Compliant.

TCPL is one of the largest exporters of printed cartons from India. It regularly caters to consumers in countries like UK, The Netherlands, UAE, Bangladesh etc. Exports constitute about 17% of TCPL's annual revenues.

TCPL is the country's second largest carton manufacturer after ITC. While ITC manufactures carton for captive consumption, TCPL biggest clients are Godfrey Philips India, Nestle India, Colgate, Godrej, HLL, Seagram and Jagatjit Industries. TCPL prints Shells and Hinge Lid Blanks required by cigarette manufacturing companies and Cartons, Boxes & other packaging material for various companies in the booming liquor, FMCG, Food & Beverages segment and others.

TCPL won several awards for excellence in printing from Paper, Film & Foil Converters Association for cartons manufactured for various customers. TCPL has core manufacturing business and enjoys reputation of a reliable packaging company for supply of various types of packaging materials to large foreign and domestic companies. It is presently consolidating its operations and working on new product offerings.

Production Facilities 

1. The Silvassa Factory

TCPL Packaging is now operating three plants at Silvassa. Of the three plants, one houses the web fed gravure machines, the second houses sheet fed offset machines and the third is a dedicated facility for corrugated cartons. As a result the Silvassa operations are extremely versatile allowing TCPL to offer printing on a variety of substrates and combinations thereof, as also capability to cater to a variety of requirements depending on the nature of the job in terms of volume and print appearance 
Gravure Packaging Unit: This exclusive gravure printing facility was set-up in January 2010 and houses three 10 colour gravure presses all with inline die cutting facilities. Of the three presses, two have been imported earlier from Komori Chambon and the third and latest one is imported from ATN Industrie, France. Two of the above three presses have the capability to rotary die cut and emboss inline besides printing in one operation. The plant is also equipped with a specialised Bobst offline die cutting and foil stamping machinery besides facilities for lamination of film to board. The printing machines are also equipped with online defect detection camera to guarantee 100% defect free supplies. 

Offset Packaging Unit: This unit houses three MAN Roland 700 offset presses all of which are six colour with inline coaters. The plant is also equipped with multiple line Bobst folder-gluers and die-cutters as well as window patching machines. Besides, the facility also has equipments for hot foil stamping, automatic film lamination and every other conceivable finishing capability. Of the three offset machines, one is equipped with interdeck UV driers capable of printing on plastic and non-absorbent substrates. The die-cutter and folder gluers are also similarly equipped to handle plastic substrates. In addition, a sheet fed gravure printing machine has also been recently commissioned, enabling the plant to print by both offset and gravure or in combination thereof. 
Fluted Carton Unit: This unit set-up in March 2010 is a dedicated facility for production of E / F fluted cartons. It houses 2 lines of E/F fluting corrugation single facers, Litho Laminator, three special die cutting equipment designed for fluted cartons and specialised folder gluers from Bobst equipped for gluing/folding of fluted cartons. The plant is also equipped with a hot room for control of moisture and is fully equipped to handle sophisticated requirements of E / F fluted cartons.
2. The Haridwar Factory 
TCPL Packaging is now operating two plants at Haridwar. Of the two plants, one houses the sheet fed offset machines, and the second one is a dedicated facility for corrugated cartons. 
Offset Packaging Unit 
Printing: Haridwar plant is equipped with two Mitsubishi LX six color sheet fed offset printing machines, one KBA 106 six color sheet fed offset printing machine equipped with in-line coaters besides a sheet-fed gravure printing machine to enable it to print offset-gravure combination jobs. 
Die-cutting: Multiple number of state-of-art die cutters from Bobst with in-line stripping facility. 
Folding & Glueing: Multiple lines of high speed folding and glueing facilities from Bobst equipped with crash lock bottom devices. Folding & Glueing equipment at Haridwar plant is equipped with a Code Reader Xtend Series from Baumer HHS in combination with lower glue line detection. 
Window Patching / Liner Capability: Three Heiber & Schroder Window Patching machines with liner capability. 
Fluted Carton Unit 
This unit set-up in March 2012 is a dedicated facility with state-of-the art technology for production of E / F fluted cartons. It houses one line of E / F fluting corrugation single facer, Litho Laminator with all latest and automated features, special die cutting equipment designed for fluted cartons and specialised and renowned folder gluer equipped for gluing/folding of fluted cartons. The plant is also equipped with latest testing equipments for quality assurance and a hot room for control of moisture and is fully equipped to handle sophisticated requirements of E / F fluted cartons. 
3. The Goa Factory 
TCPL operates one plant at Goa. This unit set-up in July 2012 is a dedicated facility for production of E/F/N fluted cartons. It houses 2 lines of E/F/N fluting corrugation single facers, Litho Laminator, three special die cutting equipment designed for fluted cartons and specialized folder gluers from Bobst equipped for gluing E/F/N and straight line glued cartons at high speed. The plant is also equipped with a hot room (de- humidifier) for control of moisture and is fully equipped to handle sophisticated requirements of E/F/N fluted cartons. 
The Prepress Centre 
TCPL always put best of its efforts to exceed customer expectations. It is with this objective that TCPL has promoted a company viz. Accura Reprotech Pvt. Ltd., (ART) based out of Mumbai which is responsible for prepress and repro activities of the company. ART has been set-up to focus on areas such as structural and graphic design, use of varied raw material and suggesting to customers, different types of finishes to be incorporated in their packaging. 
This centre is located in heart of Mumbai making it easy for customers to visit the centre and experiment with different possibilities. ART is equipped with Esko Graphics Suite 10 PDF enabled workflow and has all facilities under one roof geared up for designing, editing and processing of jobs. The facility is also equipped with the latest Kongsberg Sample Table for the production of printed / unprinted cartons including complete proofing facility. ART is connected to both manufacturing plants by dedicated leased lines and to customers via FTP (File transfer protocol). 
 

Today, TCPL Packaging operates out of its six manufacturing units: three in Silvassa, two in Haridwar, and one in Goa.

The company prints and finishes 3,600 tonnes of carton every month or 43,360 tonnes per year. Its sales have risen from 1.31 million USD at the start of the 1990s to 69 million USD today.
The new 8-color KBA Rapida 106 press with coater ordered by TCPL Packaging is equipped for printing board and film. It will be set-up for UV mixed operation allowing the firm to offer maximum flexibility in terms of in-line finishing. The press which will be raised by 450mm (17.7in) is equipped with features typical for packaging printing, such as non-stop automatic facilities at the feeder and delivery, a coating supply and cleaning system, IR/TA/UV drying systems in the delivery extension, as well as four VariDry UV interdeck dryers.
Automatic plate changers, impression cylinder, blanket and roller washing units for conventional and UV printing and EES exhaust-air cleaning system round off the press’ kit, which KBA said boosts productivity.
It is the third KBA Rapida 106 press installed by TCPL Packaging in Silvassa, where it operates three plants, and follows a 6-color model with coater installed in 2013 and a 7-color and coater version in 2014. The new KBA Rapida 106 will go live in 2015.
In addition, a KBA Rapida 106 with six printing units, coater and delivery extension mainly for handling plastic film has been in operation at the company’s plant in Haridwar for three years. Products combining the sheet-fed offset and sheet-fed gravure printing processes are also produced there.

 TCPL’s Guwahati plant will convert 750 tonnes of paperboard per month The eight-acre campus with 85,000 sq/ft build-up area, which is located in the Industrial Growth Centre of Chaygaon in the outskirts of Guwahati, is spacious enough to accommodate multifold expansion and addition to the production base. 

EXPECTING COMPANY COULD GROW 20% ANNULALLY NEXT 5 YEARS .THIS YEAR EXPECTING 40 EPS. STOCK COULD TOUCH 3 DIGITS IN NEXT 1 YEAR

STOCK IDEA

L&T Finance Holdings

Asset quality improves

Focus on B2C products in the retail business and operational projects in the wholesale segment

L&T Finance Holdings conducted an analyst meet on 24 April 2015 to discuss the results for the quarter ended March 2015Chairman and Managing Director Y M Deosthalee and President and Wholetime Director N Sivaraman addressed the cal.: Highlights:

Consolidated net profit of L&T Finance Holdings grew 10% to Rs 205.56 crore in the quarter ended March 2015 over a year ago. The profit growth was aided by healthy margin, increased fee income, stable capex and improvement in asset quality. The net interest margin of the lending business improved to 5.71% from 5.66% in the December 2014 quarter and 5.62% in the same quarter a year ago.

Gross non-performing assets (NPAs) declined to 2.25% end March 2015 compared with 3.01% end December 2014. Net NPAs dipped to 1.26% at end March 2015 as against 1.98% end December 2014. This improvement was due to robust collections and judicious sale of certain stress assets to asset reconstruction companies.

Accelerated provision of Rs 48 crore was made in the quarter and Rs 96 crore in the fiscal ended March 2015 (FY2015) to strengthen the balance sheet. Accelerated provisions included impact of increase of standard asset provisions to 0.30% from 0.25%, income reversal recognized on 150 to 180 days past due assets and voluntary provisions on select stress accounts.

The provision coverage ratio improved to 44% end March 2015 from 28% end March 2014. Around Rs 230 crore of provisioning, in excess of the Reserve Bank of India norms were carried end March 2015.

Loans grew 18% to Rs 47232 crore end March 2015 over Rs 40082 crore end March 2014, led by a healthy disbursement growth of 25% in key focus areas: B2C products including tractors, two-wheelers, housing and microfinance in the retail business and operational projects in the sectors of renewable power and roads in the wholesale business.

B2C products constituted 57% of the total loan outstanding (B2B the rest 43%) in the retail business, while operating projects accounted for 47% of the total loan outstanding in the wholesale business.

There was strong growth in disbursements, especially in the home loan segment, leading to doubling of loan book. Gearing improved to 10.0x, indicating optimum utilization of net worth. Improvement in asset quality was led by decrease in gross NPA in the organic and inorganic portfolios.

Two assets of net book value Rs 159 crore were sold at Rs 41 crore in the March 2015 quarter. Loss will be amortized equally over eight quarters.

The investment management business clocked a 23% growth in the average assets under management (AAUM) to close the year at Rs 22497 crore compared with Rs 18255 crore in the same period a year ago. Equity assets surged 78% to Rs 8774 comprising 39% of total AAUM. The rank based on AAUM improved to 13 in the quarter. Improved equity mix was led by higher inflows in the year and the quarter.

Two innovative products were launched in the year: L&T Business Cycles Fund (largest contributor to net sales, with AUM growing from Rs 380 crore to Rs 1200 crore; and L&T Resurgent India Corporate Bond Fund, with AUM of Rs 220 crore. The AMC business began to contribute positively to the bottom line due to strong growth in revenues and optimal cost structures.

The focus has been on diversifying sources of funds. The proportion of market borrowings has been increased, while bank borrowing reduced to 33% in FY 2015 from 47% a year ago.

A healthy asset growth of 25% is aimed for FY2016.The trajectory of improvement in returns is expected to continue, aided by stability in key operating metrics and optimization of leverage.

Renewable and roads will continue to be the focus areas. The focus will be on operating projects: 54% of FY 2015 disbursements were to operating projects. Credit cost included accelerated provisions of Rs 48 crore on certain stressed assets.

The operating environment is yet to show significant improvement, while certain restructured assets show continued levels of stress. Unseasonal rains and expected deficient monsoon could have an impact on the rural sector in the quarter ending June 2015. Consequently, the improvement in delinquencies and stressed assets could be moderate.

SOURCE: CAPITALMARKET 

STOCK .......STORY'S

Just Dial’s strengths include an asset-light business model, negative working capital, zero receivables and a debt-free balance sheet. There was cash of Rs 740 crore on the balance sheet end September 2014.

The country’s leading local search engine in mere 17 years after launch of its services operates across multiple platforms including Internet, mobile internet, voice and SMS. With a database of around 11.8 million listings, 1125.7 million searches were addressed from millions of users across platforms in FY 2014.

Also, transactions referred as search plus services have been added to the search platform, enabling small and medium enterprises to expand their businesses. Apart from a corporate office in Mumbai, there is presence in Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata and Pune. Significant institutional investors include Saif Partners, Sequoia Capital, Tiger Global, Morgan Stanley and Goldman Sachs.

The stock has witnessed sustained correction since August 2014, when it reported a 52-week high of Rs 1894, to the current level of Rs 1070. It was hammered in October 2014, when the board of directors passed an enabling resolution to raise up to Rs 1000 crore through issue of equity or equity-linked securities.

SOURCE: CAPITALMARKET