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Resins and Plastics Ltd. (RPL) is one of India’s leading Synthetic Resin manufacturers catering to a wide range of industries today such as Adhesives, Coatings, Printing Inks, Insulating Varnishes, Wire Enamels, Lamination, Construction, Cosmetics, Textiles, and Foundries. RPL commenced its operations in 1971 for manufacturing Alkyd Resins, Epoxy Resins, Foundry Resins, Ketonic Resins, and Phenolic Resins some of which are import substitutes. RPL’s manufacturing facilities are located at MIDC, Taloja in Maharashtra and GIDC, Ankleshwar in Gujarat, both of which are in close proximity to the shipping ports. RPL’s strength lies in its manufacturing and strong distribution network that spans across India. RPL has its own sales offices and branches across the country and also deals through a few major distributors across different regions.
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 145 | 314 | 252 | 258 |
| Cost of Material Consumed | 108 | 165 | 203 | 207 |
| Gross Margins | 25.52 | 47.45 | 19.44 | 19.77 |
| Change in Inventory | -1 | -1.6 | -1.2 | 0.4 |
| Employee Benefit Expenses | 10 | 12 | 13 | 14 |
| Other Expenses | 15 | 23 | 22 | 22 |
| EBITDA | 13 | 115.6 | 15.2 | 14.6 |
| OPM | 8.97 | 36.82 | 6.03 | 5.66 |
| Other Income | 3.7 | 1.8 | 0.9 | 2 |
| Finance Cost | 0.04 | 0 | 0 | 0 |
| D&A | 0.7 | 0.9 | 1.2 | 1 |
| EBIT | 12.3 | 114.7 | 14 | 13.6 |
| EBIT Margins | 8.48 | 36.53 | 5.56 | 5.27 |
| PBT | 15 | 16 | 13 | 16 |
| PBT Margins | 10.34 | 5.1 | 5.16 | 6.2 |
| Tax (2021) | 4 | 4 | 3 | 4 |
| PAT | 11 | 12 | 10 | 12 |
| NPM | 7.59 | 3.82 | 3.97 | 4.65 |
| EPS | 26.83 | 28.78 | 23.98 | 28.78 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 8.97 | 36.82 | 6.03 | 5.66 |
| Net Profit Margin | 7.59 | 3.82 | 3.97 | 4.65 |
| Earning Per Share (Diluted) | 26.83 | 28.78 | 23.98 | 28.78 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 8.7 | 11 | 15 | 15 |
| CWIP | 1 | 0.9 | 0 | 0.23 |
| Investments | 7.6 | 20 | 21 | 27 |
| Trade Receivables | 42 | 51 | 54 | 58 |
| Inventory | 20 | 22 | 25 | 19 |
| Other Assets | 17.7 | 4.1 | 5 | 6.77 |
| Total Assets | 97 | 109 | 120 | 126 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 4.1 | 4.17 | 4.17 | 4.17 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 78 | 87 | 95 | 104 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 11 | 13 | 17 | 14 |
| Other Liabilities | 3.9 | 4.83 | 3.83 | 3.83 |
| Total Liabilities | 97 | 109 | 120 | 126 |
| Cash-Flow Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PBT | 15.6 | 15.8 | 13 | 16 |
| OPBWC | 13 | 15.5 | 13.8 | 16 |
| Change in Receivables | -12 | -9.1 | -3.6 | -3.3 |
| Change in Inventories | -5.4 | -1.1 | -3.1 | 5.5 |
| Change in Payables | 0.5 | 2.5 | 4 | -2.6 |
| Other Changes | 0.97 | -1.02 | 0.18 | -1.4 |
| Working Capital Change | -15.93 | -8.72 | -2.52 | -1.8 |
| Cash Generated From Operations | -2.93 | 6.78 | 11.28 | 14.2 |
| Tax | -3.4 | -4.3 | -3.3 | -3.6 |
| Cash Flow From Operations | -6.33 | 2.48 | 7.98 | 10.6 |
| Purchase of PPE | -6 | -49 | -37 | -1.2 |
| Sale of PPE | 28 | 35 | 32 | 0 |
| Cash Flow From Investment | 21.6 | -14.05 | -5 | -6.8 |
| Borrowing | 0 | 0 | 0 | 0 |
| Divided | -1.8 | -2.3 | -2.5 | -2.5 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | 0 | 0 | 0 | 0 |
| Cash Flow from Financing | -1.8 | -2.3 | -2.5 | -2.5 |
| Net Cash Generated | 13.47 | -13.87 | 0.48 | 1.3 |
| Cash at the Start | 1.5 | 14.7 | 0.6 | 1 |
| Cash at the End | 14.97 | 0.83 | 1.08 | 2.3 |
| Shareholding Pattern | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Elf Trading & Chemical Manufacturing Private Limited | 12.14% | 12.14% | 12.14% | 12.14% |
| Gujarat Organics Limited | 8.30% | 8.30% | 8.30% | 8.30% |
| Elcid Investments Limited | 7.29% | 7.29% | 7.29% | 7.29% |
| Geetanjali Trading And Investment Private Limited | 8.08% | 8.08% | 8.14% | 8.14% |
| Directors, Relatives And Associates | 41.13% | 41.13% | 41.19% | 0 |
| Others | 11.54% | 11.54% | 11.46% | 64.11% |
