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09.02.2020

AAKASHAYA PATRA EXCLUSIVE STOCK FOR INVESTMENT:

PUDUMJEE PAPER
CMP 16
ENTER LEVEL – 15 TO 16 STOPLOSS-ZERO TARGET 30 IN 24 MONTHS

Pudumjee Pulp & Paper Mills Ltd. (PPPM) established in the year 1964, started with the manufacture of high quality papers to meet customers critical and demanding requirement in packaging of food and oily products. Pudumjee Paper Products Limited was incorporated on 14th January, 2015 as a public limited company under the provisions of the Companies Act, 2013.Pursuant to the Scheme of Arrangement and Reconstruction (Demerger) between Pudumjee Pulp & Paper Mills Limited (PPPM), Pudumjee Industries Limited (PIL),Pudumjee Hygiene Products Limited (PHPL), Pudumjee Paper Products Limited (PPPL) and their respective Shareholders and Creditors, the paper manufacturing businesses of PPPM, PIL and Hygiene products business of PHPL have been transferred to Pudumjee Paper Products Limited with effect from 1st April, 2014 vide order of Hon'ble Bombay High Court. The Company's manufacturing capacity of 60,000 MT per annum comprises of 2 state of the art fourdrinier specialty paper machines supplied from VoithSulzer Germany which is updated from time to time with current capacity of 38000 MT per annum and 2 Yankee Machines with combined capacity of 22,000 MT per annum for production of crepe tissue products, M.G.Papers and other specialty products. PPPL's distribution network has a presence Pan-India and an effective reach in Europe, South-East Asia, U.A.E, and Iran amongst others.It has an equity base of just Rs.9.50crore that is supported by reserves of around Rs.260.46crore.It has a book value of Rs.27.18 & stock is trading around 0.6 P/BV. The promoters hold 67.11% while the investing public holds 32.89% stake in the company.

Company has posted robust numbers for Q3FY20. It PAT grew 102% to Rs.9.91crore as against Rs.4.91crore on higher sales of Rs.153.21crore fetching an EPS of Rs.1.04. During 9MFY20, its PAT zoomed 50.67% to Rs.23.31crore as against Rs.15.47crore on higher sales of Rs.471.21crore fetching an EPS of Rs.2.46. It has recorded 39% higher profit against FY19 in just first nine months of FY20.Currently, the stock trades at a P/E of 6.4x. It has paid 15% dividend for FY19. Its recent high rate was Rs.34.7 which was formed on 7th May 2018. Stock almost corrected 54% from recent high.During the nine months period ended 31st December, 2019, the Company produced 53276 MT of paper, 11% increase over 47822 MT produced during the same period in the previous year.While the Turnover for the nine month period increased by about 8% to Rs.47121 lacs (Rs.43787 lacs), EBIDTA for the period increased by 39% to Rs.4804 lacs (Rs.3466 lacs) due to improved operating efficiency and lower cost. The company is working to replace single use plastic in various applications including food & hygiene products packaging. The company is developing value added papers in collaboration with reputed companies in the field of food, hygiene and medical packaging. The Company has successfully completed erection of equipment for downstream value added products which is expected to supplement efforts of the Company for improving performance as well as strengthening business segment of Flexible Packaging papers.

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