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Ticker WSTCSTPAPR
Sector Paper and Pulp
CMP (in Rs.) 318
Company Description
West Coast Paper Mills Limited enjoys a pedigree standing over the past 61 years as premium brand in Paper
industry,widely acknowledged both in India and abroad. The product-line features many well-established brands-
ranging from 52 to 600 GSM- of commercial to premium grades of paper and boards,spread out across six different
product segments : Writing,Printing, Business stationery, Specialty, Industrial and Packaging. The Company operates six
versatile machines with an installed capacity of 3,20,000 TPA,latest addition being the 500 TPD state of the art Voith
Paper Machine, with which the quality standards of the Company products have risen to international standards.
Products
1. Premium Printing Papers
2. Business Stationary
3. Security and Hi-Value Grade Paper
4. Cup Stock and Coated Duplex Board
5. Printing and Writing
Brands
Competitors Price
Price Mcap Mcap/Sales FY 17 Sales PAT %
WestCoast Paper 318 2100 1.2 1770 7.2%
JK Paper 157 2449 1 2629 6.6%
Tamil Newsprint 458 3170 1.1 2,950 9.0%
and in Paper
ablished brands-
across six different
Company operates six
tate of the art Voith
tional standards.
ROE D/E EPS PE Beta
21% 0.59 19.5 16.3 1.61
16% 1.08 10.0 15.8 1.53
16% 38.2 12.0 1
Amt in Crs 2013 A 2014 A 2015 A 2016 A
1 Segment Revenue
Cables 0 44 103 86
Y-o-Y % 16196% 134% -17%
% of sales 0% 3% 6% 5%
WindPower 42 0 0 0
Y-o-Y % -99% -9% -30%
% of sales 3% 0% 0% 0%
Sale of Scrap 4 5 6 5
Y-o-Y % 29% 29% -21%
% of sales 0% 0% 0% 0%
Total 4 5 6 5
YoY growth 30% 23% -20%
% of sales 0% 0% 0% 0%
Total Revenue 1545 1660 1754 1804
YoY growth 7% 6% 3%
2017 A 2018 E 2019 E 2020 E
75 79 83 87
-13% 5% 5% 5%
4% 4% 4% 4%
0 0 0 0
-33% 10% 10% 10%
0% 0% 0% 0%
0 0 0
#DIV/0! 6% 5% 5%
0% 0% 0% 0%
0 0 0
#DIV/0! 9% 10% 10%
0% 0% 0% 0%
- - -
#DIV/0! 5% 5% 5%
0% 0% 0% 0%
0 0 0
#DIV/0! 10% 10% 10%
0% 0% 0% 0%
0 0 0
#DIV/0! 12% 12% 12%
0% 0% 0% 0%
0 0 0
#DIV/0! 12% 12% 12%
0% 0% 0% 0%
0 0 0
#DIV/0! 12% 12% 12%
0% 0% 0% 0%
0 0 0
#DIV/0! 12% 12% 12%
0% 0% 0% 0%
1870 2008 2147 2317
4% 7% 7% 8%
100% 100% 100% 100%
0 0 0 0
-100% 5% 5% 5%
0% 0% 0% 0%
6.00 6 7 7
27% 5% 5% 5%
0% 0% 0% 0%
0 0 0
#DIV/0! 6% 7% 7%
0% 0% 0% 0%
0 0 0
#DIV/0! 6% 7% 7%
0% 0% 0% 0%
6 6 7 7
19% 5% 5% 5%
0% 0% 0% 0%
1876 2015 2154 2324
4% 7% 7% 8%
WestCoast Paper -16.23 -0.03 0.00 -0.11
BALANCE SHEET 2013 A 2014 A 2015 A 2016 A
2 Non-Current Liabilities
a) Long Term Borrowings 592 594 396 419
b) Deferred Tax Liabilities (net) 62 69 72 89
c) Other Long Term Liabilities 31 30 29 28
d) Long Term Provisions 4 4 4 4
3 Current Liabilities
a) Short Term Borrowings 299 274 301 221
b) Trade Payables 106 258 249 199
c) Other Current Liabilities 256 260 274 186
d) Short Term Provisions 10 10 2 12
TOTAL 1941 2094 1925 1758
B ASSETS
1 Non-Current Assets
a) Fixed assets
(i) Tangible Assets 1318 1243 1147 1052
(ii) Intangible Assets 0 0
(iii) Capital Work-in Progress 3 5 2 3
(iv) Intangible Assets under Developm 0 0 0
b) Non-Current Investments 47 47 47 8
c) Long-term Loans & Advances 52 56 64 63
d) Other Non-Current Assets 0 0 0 1
2 Current Assets
a) Current Investments 0 0 0 0
b) Inventories 301 488 483 468
c) Trade Receivables 82 101 125 118
d) Cash and Cash Equivalents 6 9 13 13
e) Short-Term Loans and Advances 64 75 18 19
f) Other Current Assets 86 71 26 13
1958 2094 1925 1758
Fixed Asset 1320.30 1247.40 1149.00 1055.80
Y-o-Y -6% -8% -8%
Capex 54 24 18
Book Value 88 90 91 91
Debt 892 867 697 640
D:E 1.53 1.45 1.17 1.07
Networth 582 597 598 599
Capital Employed 1174 1190 994 1018
13 13 13 13
626 651 690 754
0 0 0 0
283 301 322 347
128 130 139 150
23 397 526 691
5 33 35 38
54 61 65 70
1610 1970 2122 2323
1030.00 992.35 973.97 962.07
-2% -4% -2% -1%
85 85 102 95
97 102 108 118
378 796 851 918
0.59 1.20 1.21 1.20
639 664 703 767
933 1175 1250 1357
Income from Operations 1450 1557 1642 1694 1763 1888 2019
Y-o-Y 7% 5% 3% 4% 7% 7%
Other Operating Revenues 4 5 6 5 6 6 7
Y-o-Y 30% 17% -21% 36% -2% 5%
Revenue From Operations 1454 1562 1648 1699 1770 1894 2025
Y-o-Y 7% 5% 3% 4% 7% 7%
Q-o-Q
Cost of Materials Consumed 839 1041 1015 1009 995 1095 1171
% of Sales 58% 67% 62% 59% 56% 58% 58%
Purchases of stock-in-trade 0 0 0 0 0 0 0
% of Sales 0% 0% 0% 0% 0% 0% 0%
Changes in Inventories 13 -71 20 42 24 0 0
% of Sales 1% -5% 1% 2% 1% 0% 0%
Employee Benefit Expense 84 90 98 115 118 114 122
% of Sales 6% 6% 6% 7% 7% 6% 6%
Depreciation 136 127 122 111 111 123 120
% of Sales 9% 8% 7% 7% 6% 6% 6%
% of Fixed Asset 10% 10% 11% 11% 11% 11% 11%
Other Expenses 250 294 274 281 294 326 348
% of Sales 17% 19% 17% 17% 17% 17% 17%
EBITDA 268 208 241 251 338 360 385
EBITDA Margin 18% 13% 15% 15% 19% 19% 19%
Y-o-Y -22% 16% 4% 35% 6% 7%
Other Income 5 7 3 8 2 6 6
Y-o-Y 39% -54% 151% -71% 153% 7%
EBIT 137 88 122 148 230 243 270
EBIT Margin 9% 6% 7% 9% 13% 13% 13%
Finance Cost 72 73 67 71 52 81 87
% 8% 8% 10% 11% 14% 10% 10%
Profit Before Tax And Prior Period I 65 15 55 77 178 162 184
Y-o-Y -77% 280% 39% 131% -9% 14%
Prior Period Items/Exceptional Item 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exceptional Items -40.00 0.00 -52 -53.00 0.00 0.00 0.00
Profit Before Tax 25 15 4 24 178 162 184
Tax Expense 6 7 3 16 49 55 62
Tax Rate 26% 48% 78% 67% 28% 34% 34%
Profit After Tax 18 8 1 8 128 107 121
PAT Margin 1% 0% 0% 0% 7% 6% 6%
Y-o-Y -58% -89% 839% 1527% -17% 14%
EPS 8.88 1.00 0.17 1.34 19.46 1641% 1863%
Y-o-Y -89% -83% 688% 1352% -16% 14%
WestCoast Paper 2013 A 2014 A 2015 A 2016 A 2017 A
Particulars
6 LONG-TERM BORROWINGS
Secured 412 399 219 266 152.00
Unsecured 180 194 177 153 142.00
592 594 396 419 294.00
9 LONG-TERM PROVISIONS
Provision for Employee Benefits 4 4 4 4 6.00
4 4 4 4 6
0.002 0.002 0.003 0.002 0.003
10 SHORT-TERM BORROWINGS
10 10 2 12 43.00
Long Term Loans & Advances/Sales 3.6% 3.6% 3.9% 3.7% 0.1%
17 Current Investments
Current Investments
0.00 0.00 0.00 0.00 0.00
18 INVENTORIES
15 17 4 4 1
22 OTHER CURRENT ASSETS
Balance with Govt Authorities 86 71 25.70 13 54
86 71 25.70 13 54
20 16 5 3 10
2018 E 2019 E 2020 E
65 65 65
369 369 369
146 146 146
3 3 3
43 68 107
107 121 146
82 82 82
0 0 0
68 107 171
651 690 754
71 80 90
25 25 25
6 6 6
60.53 64.72 69.82
11 11 11 11
WestCoast Paper
PROFIT & LOSS SCHEDULES 2013 A 2014 A 2015 A 2016 A 2017 A
24 OTHER INCOME
Interest income 4 6 1 7 1
Dividend Income 0 0 0
Other Non Operating Income
Profit on sale of fixed assets 1
Other Income 1 1 1 1 2
Net Foreign Exch Gain 0 0 0
5 7 3 8 2
0.3% 0.4% 0.2% 0.5% 0.1%
25 COST OF MATERIALS CONSUMED 754
Pulp Wood 572.00 753.00 742.00 204 732.00
Chemical Dyes 225.00 242.00 227.00 51 212.00
Packing Material 42.00 46.00 46.00 51.00
839.00 1041.00 1015.00 1009.00 995.00
26 PURCHASE OF STOCK-IN-TRADE
PURCHASE OF STOCK-IN-TRADE
0.00 0.00 0.00 0.00 0.00
Stock in trade Ratio 0% 0% 0% 0% 0%
27 CHANGES IN INVENTORIES
Inventories (at close)
Finished goods
Stock in Trade
Work in progress
0.00 0.00 0.00 0.00 0.00
29 FINANCE COSTS
Interest Expense
Term Loans 51 48 23 30
Others 17 20 40 35
Other Borrowing Cost 2 3 3 2
Applicable net loss on For. Curr. Trans. 3 2 4
72 73 67 71 52.00
30 OTHER EXPENSES
Consumption of stores & spares 42 55 52 49 57
Power and Fuel 143 170 157 153 150
Water charges and cess 1 1 1 1 0
Rent 2 2 2 2 2
Repairs and Maintenance : 18 24 21 23 29
Insurance 1 1 2 1 1
Rates and Taxes 0 0 0 0 0
Research and Dev Exp 0 0 0 0 1
Misc Exp 11 12 11 15 12
Payment to Auditors 0 0 0 0 0
Cost Aud Rem 0 0 0 0 0
Forwarding Charges on Sales 20 19 17 20 22
Commission on Sales 10 8 9 11 10
Bad Debt irrecoverable 0 0 0 0 1
Commission to Director 0 0 0 3 7
Director's Fees and Exp 0 0 0 0 0
Charity and Donation 0 0 0 0 0
CSR EXP 0 0 0 0 1
SB CESS 0 0 0 0 1
Obsolete Assets W/OFF 0 0 0 0 0
Loss on sale of fixed assets 0 2 0 0 0
6% 6% 6%
6 7 7
6 7 7
6 6 7
0% 0% 0% 0.3%
2% 2% 2% 2%
58% 58% 58%
-51 65 44 55
-18 13 13 15
31 -26 1 1
185 -18 -21 -25
-10 -1 -9 -11
14 -28 -2 -3
-41 -7 -4 -5
65 0 0 0
2 0 0 0
61 -55 -4 -5
-83 83 0 0
-125 217 35 43
-137 200 20 24
-52 -81 -87 -94
-92 -82 -82 -82
-407 254 -114 -109
-39 373 130 165
-31 23 397 526
-70 397 526 691
WestCoast Paper
FCFF
2019 E 2020 E
2025 2185
7% 8%
385 415
19% 19%
270 314
13% 14%
121 146
6% 7%
18.6 22.4
14% 20%
851 918
87 94
18% 20%
22% 24%
WestCoast Paper
Q1 FY 14 Q2 FY 14 Q3 FY 14 Q4 FY 14 Q1 FY 15 Q2 FY 15 Q3 FY 15
Net Sales 334 424 396 402 392 420
Q-o-Q 27% -7% 2% -2% 7% -100%
Y-o-Y 17% -1% -100%
Other Operating Income 1 1 1 2 2 2
Q-o-Q 39% 42% 41% 0% 0% -100%
Y-o-Y 178% 100% -100%
Total Income from Operations 335 425 397 404 394 422
Q-o-Q 27% -6% 2% -2% 7% -100%
Y-o-Y 18% -1% -100%
Expenses
Cost of Materials Consumed 210 283 281 267 247 261
% of Sales 63% 67% 71% 66% 63% 62% #DIV/0!
Purchase of Stock-in-Trade 0 0 0 0 0 0
% of Sales 0% 0% 0% 0% 0% 0% #DIV/0!
Changes in Inventories -19 23 -43 -32 -4 10
% of Sales -6% 5% -11% -8% -1% 2% #DIV/0!
Employee Benefits Expense 22 22 24 23 24 24
% of Sales 7% 5% 6% 6% 6% 6% #DIV/0!
Depreciation 31 31 32 33 29 30
% of Sales 9% 7% 8% 8% 7% 7% #DIV/0!
Sub-Contracting
% of Sales 0% 0% 0% 0% 0% 0% #DIV/0!
Other Expenses 63 76 73 82 68 73
% of Sales 19% 18% 18% 20% 17% 17% #DIV/0!
Total Expenses 307 435 367 373 364 398 0
% of Sales 92% 102% 92% 92% 92% 94% #DIV/0!
Profit Before Other Income, Finan 28 -10 30 31 30 24 0
% of Sales 8% -2% 8% 8% 8% 6% #DIV/0!
Other Income 0 0 0 0 1
% of Sales 0% 0% 0% 0% 0% 0% #DIV/0!
Profit Before Finance Cost and Ta 28 -10 31 31 30 25 0
% of Sales 8% -2% 8% 8% 8% 6% #DIV/0!
Finance Cost 0 17 18 16 16 15
Exceptional Item
Profit Before Taxes 27 -27 13 15 14 10 0
% of Sales 8% -6% 3% 4% 4% 2% #DIV/0!
Taxes 3 -8 5 7 4 3
% of Tax 11% 30% 40% 46% 28% 30% #DIV/0!
Profit after Taxes 24 -19 8 8 10 7 0
% of Sales 7% -4% 2% 2% 3% 2% #DIV/0!
Q-o-Q -178% -140% 10% 25% -33% -100%
Y-o-Y -57% -137% -100%
EPS -2.91
Rs. In Crores
Q4 FY 15 Q1 FY 16 Q2 FY 16 Q3 FY 16 Q4 FY 16 Q1 FY 17 Q2 FY 17 Q3 FY 17 Q4 FY 17 Q1 FY 18
398 392 409 439 408 444 465 508 410
#DIV/0! -2% 4% 7% -100% #DIV/0! 9% 5% 9% -19%
-1% 0% -3% #DIV/0! -100% 4% 9% 6% #DIV/0! 0%
2 1 2 1 1 2 0 2 3
#DIV/0! -50% 100% -50% -100% #DIV/0! 100% -100% #DIV/0! 50%
0% -50% 0% #DIV/0! -100% 0% 0% -100% #DIV/0! 200%
400 393 411 440 0 409 446 465 510 413
#DIV/0! -2% 5% 7% -100% #DIV/0! 9% 4% 10% -19%
-1% 0% -3% #DIV/0! -100% 4% 9% 6% #DIV/0! 1%
0% 0% 0% 0% #DIV/0! 0% 0% 0% 0% 0%
66 66 70 71 69 73 108 110 104
17% 17% 17% 16% #DIV/0! 17% 16% 23% 22% 25%
361 355 383 403 0 364 393 413 440 353
90% 90% 93% 92% #DIV/0! 89% 88% 89% 86% 85%
39 38 28 37 0 45 53 52 70 60
10% 10% 7% 8% #DIV/0! 11% 12% 11% 14% 15%
0 0 1 0 1 0
0% 0% 0% 0% #DIV/0! 0% 0% 0% 0% 0%
39 38 29 37 0 46 53 52 70 60
10% 10% 7% 8% #DIV/0! 11% 12% 11% 14% 15%
20 17 16 17 19 13 21 6 8
51 54 7
-32 -33 13 20 0 27 40 38 64 52
-8% -8% 3% 5% #DIV/0! 6% 9% 8% 13% 13%
-10 -9 6 5 12 14 10 13 -2
31% 28% 48% 25% #DIV/0! 45% 35% 26% 20% -4%
-22 -24 7 15 0 15 26 28 51 54
-6% -6% 2% 3% #DIV/0! 4% 6% 6% 10% 13%
#DIV/0! 7% -128% 130% -100% #DIV/0! 79% 10% 79% 6%
-364% -327% -7% #DIV/0! -100% -162% 298% 90% #DIV/0! 273%
Rs. In Crores
Q2 FY 18
421
3%
-5%
1
-77%
-65%
422
2%
-5%
264
63%
-
0%
-29
-7%
31
7%
28
7%
0%
72
17%
366
87%
56
13%
0%
56
13%
12
44
10%
-3
-8%
47
11%
-13%
81%
Revenue Growth Trend
Rs. In Cr.
2500
Revenue Growth Trend
FY 13 1454
Q1 FY 14 335 2000
Q2 FY 14 425
Q3 FY 14 397
Q4 FY 14 404 1500
FY14 1562
Q1 FY 15 394
1000
Q2 FY 15 422
Q3 FY 15 0
Q4 FY 15 400 500
FY 15 1648
Q1 FY 16 393
0
Q2 FY 16 411
1 3 1 4 1 4 1 5 1 5 1 5 1 6 1 6
Q3 FY 16 440 FY FY FY FY FY FY FY FY FY
Q4 FY 16 0 Q2 Q4 Q1 Q3 Q2 Q4 Q1
FY 16 1699
Q1 FY 17 409
Q2 FY 17 446
Q3 FY 17 465
Q4 FY 17 510
FY 17 E 1770
FY 18 E 1894
FY 19 E 2025
FY 20 E 2185
venue Growth Trend
5 5 5 6 6 7 7 E E
Y1 FY
1
FY
1
FY
1
FY
1
FY
1
FY
1 1 7 1 9
FY FY
Q3 Q2 Q4 Q1 Q3