Table of content
Sati Poly Plast Introduction
Sati Polyplast is an ISO-certified company that manufactures flexible packaging materials to cater to the packaging needs of various industries.
Brief about Sati Poly Plast
Summary of the business of Sati Poly Plast
Company engaged in the manufacturing of flexible packaging material which is multi- functional and caters to the packaging requirements of various industries. We provide end-to-end solution for various flexible packaging needs. Till year 2015, our company was engaged in the business of trading of flexible packaging material. From 2017
History of Sati Poly Plast
Company was originally incorporated as “Sati Poly Plast Private Limited” as a private limited company under the provision of the Companies Act, 1956 vide certificate of incorporation dated July 14, 1999, issued by Registrar of Companies, Bihar.
Company engaged in the manufacturing of flexible packaging material which is multi-functional and caters to the packaging requirements of various industries. We provide end-to-end solution for various flexible packaging needs. Till year 2015, our company was engaged in the business of trading of flexible packaging material. From 2017, our Company commenced the manufacturing of flexible packaging material. Sati Poly Plast Company has set up two manufacturing units, of which “Plant 1” is situated at C44, Phase II, Gautam Budh Nagar – Noida-201305 with an installed capacity of 500 tones per month and “Plant 2” is situated at Plot No. 85 Udhyog Kendra, Noida -201306 with an installed capacity of 450 tones per month. Sati Poly Plast Company has been consistently expanding its business operations by increasing its installed capacity from 250 tonnes per month to 400 tonnes per month in 2018 and to 500 tonnes per month in 2019. Our range of packaging solutions span a variety of products in the food and beverage category, including salty snacks, snack bars, dry fruits, confectionery and dry foods. We utilise the advanced equipment available and continually invest to maintain the quality of product, process efficiency and the superior service that we are renowned for. Our products are crafted out of an extensive range of industry approved materials such as polyethylene terephthalate, biaxially-oriented polypropylene, polythene, cast polypropylene, foil, paper, bio-degradable films, etc. Since, flexible packaging material predominantly consists of plastic as a major raw material, we aim to manufacture our products sustainably by aiming towards “Reuse, Recycle and Upcycle”. We stringently maintain the processes and accreditation required to ensure the quality needs of the customers we supply in the food and beverages. We have also installed Automated Machine with Auto Gauge Control with minimum gauge variation specially for Edible Oil Industries. Currently Sati Poly Plast is working with Pidilite, Adani Wilmar, JVL and have also started vacuum bags for cashews.
MAJOR EVENTS of Sati Poly Plast
| Year | Key Events/Milestone/ Achievement |
| 1999-2000 | Sati Poly Plast Company was incorporated as a private limited company under the name “Sati Poly Plast Private Limited” |
| 2015-16 | Sati Poly Plast company achieved the milestone of ₹ 75 Crores from Revenue from Operations. |
| 2020-21 | Sati Poly Plast company achieved the milestone of ₹ 125 Crores from Revenue from Operations. |
| 2021-22 | Sati Poly Plast company achieved the milestone of ₹ 175 Crores from Revenue from Operations. |
| 2023-24 | Conversion of Sati Poly Plast company from Private Limited to Public Limited Company. |
Promoters & Board of Directors of Sati Poly Plast
Promoters of Sati Poly Plast Company are Balmukund Jhunjhunwala, Anita Jhunjhunwala, Aditya Jhunjhunwala, Keshav Jhunjhunwala and Balmukund Jhunjhunwala HUF
Board of directors of Sati Poly Plast
| Name | Designation |
| Mr. Balmukund Jhunjhunwala | Chairman and Managing Director |
| Mr. Aditya Jhunjhunwala | Executive Director |
| Mr. Keshav Jhunjhunwala | Non-Executive Director |
| Mr. Ankit Aggarwal | Independent Director |
| Ms. Rashmi Kamlesh Otavani | Independent Director |
Share Holding pattern of Sati Poly Plast
| Sr.No. | Name of shareholders | As a % of Issued Capital |
| 1. | Balmukund Jhunjhunwala | 35.13 |
| 2. | Anita Jhunjhunwala | 30.18 |
| 3. | Aditya Jhunjhunwala | 10.38 |
| 4. | Keshav Jhunjhunwala | 8.31 |
| 5. | Balmukund Jhunjhunwala HUF | 0.91 |
| Total – A | 84.91 | |
| Promoter’s Group | ||
| 1. | Swati Agarwal | 1.38 |
| Public | 13.70 | |
Qualitative Factors of Sati Poly Plast
- Established Manufacturing Facility
- Cost Leadership and time bound execution
- Cordial relationship between management and labour
- Existing relationship with the clients
- Quality Assurance
Competitive Strength of Sati Poly Plast
- Established Manufacturing Facility.
- Cost Leadership and time bound execution.
- Cordial relationship between management and labour.
- Existing relationship with the clients.
- Quality Assurance.
Strategies of Sati Poly Plast
- Expand our existing product portfolio.
- Improving functional efficiency.
- Focus on consistently meeting quality standards.
Industry Outlook
Manufacturing is emerging as an integral pillar in the country’s economic growth, thanks to the performance of key sectors like automotive, engineering, chemicals, pharmaceuticals, and consumer durables. The Indian manufacturing industry generated 16-17% of India’s GDP pre-pandemic and is projected to be one of the fastest growing sectors.
The machine tool industry was literally the nuts and bolts of the manufacturing industry in India. Today, technology has stimulated innovation with digital transformation a key aspect in gaining an edge in this highly competitive market.
Technology has today encouraged creativity, with digital transformation being a critical element in gaining an advantage in this increasingly competitive industry. The Indian manufacturing sector is steadily moving toward more automated and process-driven manufacturing, which is projected to improve efficiency and enhance productivity.
India now has the physical and digital infrastructure to raise the share of the manufacturing sector in the economy and make a realistic bid to be an important player in global supply chains.
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra Modi, launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy.
ADVANTAGES INDIA
- Robust Demand
- Manufacturing exports have registered highest ever annual exports of US$ 447.46 billion with 6.03% growth during FY23 surpassing the previous year (FY22) record exports of US$ 422 billion. By 2030, Indian middle class is expected to have the second largest share in global consumption at 17%.
- Increasing Investment
- Propelled by growth in priority sectors and driven by favourable megatrends, India’s manufacturing sector has opened itself into new geographies and segments. Building on the competitive advantage of a skilled workforce and lower cost of labour, the manufacturing sector is also witnessing an increased inflow of capex and heightened M&A activity, leading to a surge in manufacturing output and resultant increased contribution to exports.
- Policy Support
- The Production Linked Incentive (PLI) scheme has been notified for Large Scale Electronics Manufacturing in India. The scheme aims to attract large investments in the mobile phone manufacturing and specified electronic components, including Assembly, Testing, Marking and Packaging (ATMP) units. Initiatives like Make in India, Digital India and Startup India have given the much-needed thrust to the Electronics System Design and Manufacturing (ESDM) sector in India.
- Competitive Advantage
- The positive developments in the manufacturing sector, driven by production capacity expansion, government policy support, heightened M&A activity, and PE/VCled investment, are creating a robust pipeline for the country’s sustained economic growth in the years to come.
EXPORTS OF MANUFACTURED GOODS
- Manufacturing is a key component of India’s merchandise export.
- India’s manufacturing exports have traditionally grown between 5% and 10% pre-COVID-19 years, but exports have seen tremendous growth over the last two years, with a compound annual growth rate (CAGR) of 15%.
- Manufacturing exports registered the highest ever annual exports of US$ 447.46 billion with 6.03% growth during FY23 surpassing the previous year (FY22) record exports of US$ 422 billion.
GOVERNMENT INITIATIVES
In the Union Budget 2023-24:
- As per the Union Budget 2023-24, the income tax rate for new co-operative societies engaged in manufacturing activities has been lowered from 22% to 15% (plus 10% surcharge).
- Startups incorporated within a time-period and meeting other conditions can deduct up to 100% of their profits; the end of this period has been extended from March 31, 2023 to March 31, 2024. In addition, the period within which losses of startups may be carried forward has been extended from seven to ten years.
- The upper limit on turnover for MSMEs to be eligible for presumptive taxation has been raised from Rs 2 crore (US$ 2,43,044) to Rs 3 crore (US$ 3,64,528). The upper limit on gross receipts for professionals eligible for presumptive taxation has been raised from Rs 50 lakh (US$ 60,754) to Rs 75 lakh (US$ 91,132).
- The India Packaging Market is expected to reach $ 204.81 Bn by 2025, registering a CAGR of 26.7% during the period of 2020-2025.
- The fastest growing packaging segments are laminates and flexible packaging, especially PET and woven sacks.
- The Indian packaging industry has made a mark with its exports that comprise flattened cans, printed sheets and components, crown cork, lug caps, plastic film laminates, craft paper, paper board and packaging machinery, while the imports include tinplate, coating and lining compounds and others.
- Over the last few years Packaging Industry is an important sector driving technology and innovation growth in the country and adding value to the various manufacturing sectors including agriculture and FMCG segments.
- Growth in this sector is primarily driven by factors like growing pharmaceutical, food processing, manufacturing industry, FMCG, healthcare sector and ancillary in the emerging economies like China, India, Brazil, Russia and few other East European countries.
- Indian paper industry remains largely a fragmented sector. It consists of small, medium and large paper mills, having production ranging from 5 to 2000 tonnes per day.
- Packaging is currently the 5th largest sector of Indian economy.
- India is a net exporter of packaging products and the largest exporter of sub-segments— Biaxially-oriented Polyethylene Terephthalate (BOPET) & Flexible Intermediate Bulk Container (FIBC).
- 100% FDI is permitted under the automatic route in Paper & Packaging industries in India.
India Specific Key Facts for Paper and Packaging:
- In term of value, $3179.24 Mn of paper, paperboard & newsprint was exported in 2021-22, as against $1940.94 Mn in the previous year. This added nearly $1238.30 Mn (in terms of percentage it is 63% growth) in the nation growth.
- It has been recorded that most of the new green or brown field projects are coming in Packaging Grade Sector and most of them are based on Recycled Fibre, hence, total share of RCF paper-based mills are exponentially increasing.
- 70% paper and board is contributed by non-wood sectors of the Industry.
- Focus States of Paper: Andhra Pradesh, Karnataka, Maharashtra, and Gujarat.
Also read: Prizor Viztech IPO: A Critical Look
Business Data of Sati Poly Plast
Verticals
- Roll Form Packaging
- Food and Beverage Industry: Used for packaging products such as snacks, edible oils, dry fruits, flour, frozen food and beverages like tea, etc.
- Personal Care and Cosmetics Industry: Used for packaging products like lotions, creams, shampoos, and cosmetics.
- Agriculture Industry: Used for packaging products like fertilizers, seeds, and agricultural films.
- Pharmaceutical Industry: Used for packaging medicines, tablets, capsules, and medical devices.
- Pouch Form Packaging
- Food and Beverage Industry: Used for packaging a range of food and beverage products, including snacks, sauces, condiments, baby food, pet food, and beverages like juices, energy drinks, and coffee.
- Pharmaceutical Industry: Utilized for packaging pharmaceutical products such as tablets, capsules, powders, and liquid medications.
- Personal Care and Cosmetics Industry: Used for packaging personal care products like shampoo, conditioner, body wash, lotions, creams, and cosmetics.
- Household and Cleaning Products: Pouches are employed for packaging household cleaning agents, laundry detergents, dishwashing liquids, and other similar products.
- Automotive and Industrial Applications: Used for packaging lubricants, adhesives, sealants, and other automotive and industrial chemicals.
- Agricultural and Horticultural Industry: Utilized for packaging seeds, fertilizers, pesticides, and other agricultural and horticultural products.
- Coextruded Films
- Food Packaging: Used in the food industry for packaging perishable and non-perishable products.
- Pharmaceutical Industry: Utilized for packaging pharmaceutical products, medical devices, and healthcare supplies.
- Flexible Packaging: widely employed in the flexible packaging industry for various products, including snacks, confectionery, beverages, pet food, and personal care items.
- Agriculture and Horticulture Industry: Such films find applications in agriculture and horticulture for greenhouse covers, mulch films, and crop protection films.
Revenue contribution from Geography presence
Geography-wise Bifurcation
| Particulars | Period Ended 30th Sep, 2023 | Year Ended 31st March, 2023 | Year Ended 31st March, 2022 | Year Ended 31st March, 2021 |
| Sale of products | ||||
| Domestics Sales % | 99.24% | 99.71% | 99.52% | 99.70% |
| Export Sales % | 0.76% | 0.29% | 0.48% | 0.3% |
| Particulars | Period Ended 30th Sep, 2023 | Year Ended 31st March, 2023 | Year Ended 31st March, 2022 | Year Ended 31st March, 2021 |
| Andhra Pradesh | – | – | – | 0.12 |
| Assam | 0.008 | 0.05 | 0.02 | 0.001 |
| Bihar | 5.35 | 3.41 | 3.86 | 1.92 |
| Chhattisgarh | 0.09 | – | – | – |
| Dadra and Nagar Haveli and Daman and Diu | 0.63 | 0.51 | 0.63 | 1 |
| Delhi | 11.47 | 19.95 | 15.57 | 3.88 |
| Gujarat | 5.18 | 3.37 | 0.017 | 0.18 |
| Haryana | 6.57 | 4.49 | 7.59 | 13.45 |
| Himachal Pradesh | – | 0.09 | 0.05 | 0.24 |
| Jammu and Kashmir | 0.44 | 0.32 | 0.22 | 0.2 |
| Jharkhand | – | 0.03 | – | 0.25 |
| Karnataka | 0.04 | – | – | – |
| Madhya Pradesh | 0.18 | – | 0.63 | 0.23 |
| Maharashtra | 0.6 | 0.004 | – | 0.36 |
| Meghalaya | – | – | 0.02 | 0.4 |
| Odisha | – | 0.03 | 0.08 | 0.4 |
| Puducherry | 0.22 | 0.19 | 0.23 | 0.28 |
| Punjab | 0.32 | 0.17 | 0.18 | 0.44 |
| Rajasthan | 6.05 | 5.5 | 6.73 | 7.16 |
| Telangana | – | – | 0.13 | 0.19 |
| Uttar Pradesh | 51.54 | 50.45 | 49.87434403 | 58.3 |
| Uttarakhand | 6.346 | 7.73 | 9.62 | 3.39 |
| West Bengal | 4.17 | 3.38 | 4.01 | 7.25 |
| Export | 0.76 | 0.29 | 0.48 | 0.30 |
Customer dependency
| Particulars | Top Customers as a percentage (%) of revenue | |||
| September 30, 2023 | FY 2022-23 | FY 2021-22 | FY 2020-21 | |
| Top 1 Customers | 21.12% | 27.96% | 22.12% | 31.94% |
| Top 3 Customers | 42.24% | 56.35% | 38.35% | 44.86% |
| Top 5 Customers | 52.95% | 65.94% | 50.87% | 55.39% |
| Top 10 Customers | 70.36% | 80.05% | 71.15% | 70.80% |
Supplier dependency
| Particulars | Top Suppliers as a percentage (%) of purchase | |||
| September 30, 2023 | FY 2022-23 | FY 2021-22 | FY 2020-21 | |
| Top 1 Suppliers | 28.47% | 36.86% | 22.94% | 22.10% |
| Top 3 Suppliers | 52.94% | 64.93% | 55.62% | 57.34% |
| Top 5 Suppliers | 69.11% | 74.89% | 70.48% | 64.98% |
| Top 10 Suppliers | 81.53% | 85.36% | 81.76% | 78.41% |
Machinery/Plants/Factory
- Company carries out its business operations from two manufacturing units, situated at C-44, Phase-II, Noida, District Gautam Buddh Nagar, Uttar Pradesh – 201305 (Plant -1) and Plot No. 85, Ecotech-III, Greater Noida, Gautam Buddh Nagar, Uttar Pradesh – 201306 (Plant -2).
Capacity Utilisation
| ParticularsParticulars | Installed Capacity and Capacity Utilization | ||||||||||||
| For period ended on September 30, 2023 | FY 2022-23 | FY 2021-22 | FY 2020-21 | ||||||||||
| Unit Nam e | Product Name | Installe d Capacity | Actual Production( in Tonnes) | %utilization | Instal led Capa city | Actual Productio n | %utilization | Instal led Capa city | Actual Production | %utilizatio n | Installe d Capacit y | Actual Productio n | %utilizatio n |
| Plant 1 | Roll films/ Pouches/ Coextrude d Films | 500Tons Per Month | 250 Tons Per Month | 50% | 450Tons PerMont h | 400 Tons Per Month | 88.89% | 450Tons PerMont h | 400 Tons Per Month | 88.89% | 400Tons Per Month | 200 Tons Per Month | 50% |
| Plant 2 | Roll films / Injection Mouldin g Films/ StrechFilm | 500 Tons Per Month | 250 Tons Per Month | 50% | 450 Tons Per Month | 400 Tons Per Month | 88.89% | 450 Tons Per Month | 400 Tons Per Month | 88.89% | 400 Tons Per Month | 200 Tons Per Month | 50% |
Customers
- Currently working with Pidilite, Adani Wilmar, JVL and have also started vacuum bags for cashews.
Competition
Industry faces competition from organized as well as unorganized players in the domestic market as well as in the international market. We have a number of competitors who manufacture products, which are similar to us. Even with a diversified product portfolio, quality approach and modern technology we may have to face competitive pressures. We believe the principal elements of competition in our industry are price, quality, timely delivery and reliability. We compete against our competitors by establishing ourselves as an integrated packaging material manufacturer with an innovative business model and industry expertise in manufacturing packaging material with varied applications, which enables us to provide our clients with innovative products suitable to their needs and market requirements.
Peer companies comparison
| Name of the company | Face Value (₹) | Current Market Price (₹)@ | EPS(₹) Basic | P/E Ratio | RoNW (%) | NAV per Equity Share(₹) | Revenue from operations (₹ in Lakhs) |
| Sati Poly Plast Limited | 10.00 | 130 | 9.68 | 13.43 | 77.68% | 12.46 | 19,091.77 |
| Peer Group* | |||||||
| Sabar Flex India Limited | 10.00 | 14.45 | 1.36 | 10.59 | 8.44% | 16.17 | 9,527.55 |
| Uma Converter Limited | 10.00 | 30.20 | 0.53 | 56.97 | 1.90% | 27.96 | 17,771.09 |
| Particulars | Sati Poly Plast Limited | Sabar Flex India Limited | Uma Converter Limited | |||||||||
| 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 | 30-Sep-23 | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 | |
| Revenue fromOperations (₹ in Lakhs) | 7,568.59 | 19,091.77 | 17,516.08 | 12,576.52 | 3,812.48 | 9,527.55 | 7,235.78 | 7,391.70 | 9,273.14 | 17,771.09 | 18,698.56 | 15,813.30 |
| Growth in Revenue from Operations (%) | – | 9.00% | 39.28% | – | – | 31.67% | (2.11%) | – | – | (4.96%) | 18.25% | – |
| Gross Profit (₹ in Lakhs) | 1,434.57 | 3,439.84 | 2,648.95 | 2,406.76 | 536.34 | 958.86 | 784.15 | 698.07 | 2,703.55 | 4,986.10 | 5,473.24 | 4,533.73 |
| Gross Profit Margin (%) | 18.95% | 18.02% | 15.12% | 19.14% | 14.07% | 10.06% | 10.84% | 9.44% | 29.15% | 28.06% | 29.27% | 28.67% |
| EBITDA (₹ in Lakhs) | 338.44 | 876.53 | 511.38 | 406.80 | 416.85 | 540.57 | 488.46 | 427.67 | 655.75 | 1,329.96 | 1,794.85 | 1,377.15 |
| EBITDA Margin (%) | 4.47% | 4.59% | 2.92% | 3.23% | 10.93% | 5.67% | 6.75% | 5.79% | 7.07% | 7.48% | 9.60% | 8.71% |
| Profit After Tax (₹ in Lakhs) | 108.93 | 308.89 | 28.23 | (18.35) | 161.76 | 182.50 | 159.67 | 131.20 | 111.00 | 107.48 | 481.62 | 477.34 |
| PAT Margin (%) | 1.44% | 1.62% | 0.16% | (0.15%) | 4.24% | 1.92% | 2.21% | 1.77% | 1.20% | 0.60% | 2.58% | 3.02% |
| RoE (%) | 24.09% | 127.02% | 37.83% | (18.95%) | 7.21% | 9.88% | 10.90% | 10.04% | 1.83% | 1.86% | 10.55% | 11.85% |
| RoCE (%) | 7.59% | 22.63% | 9.21% | 4.60% | 7.75% | 10.82% | 11.36% | 10.98% | 3.27% | 6.03% | 11.74% | 10.96% |
| Net Fixed Asset Turnover (In Times) | 6.97 | 16.57 | 14.47 | 9.67 | 3,812.48 | 9,527.55 | 7,235.78 | 7,391.70 | 9,273.14 | 17,771.09 | 18,698.56 | 15,813.30 |
| Operating Cash Flows (₹ in Lakhs) | (173.30) | 310.69 | 348.98 | 610.36 | – | 31.67% | (2.11%) | – | – | (4.96%) | 18.25% | – |
Group companies
- ABRJ Foods Private Limited
- Pashupatinath Manufacturing Private Limited
Business risk factors
- Majority of our revenues are generated from state of Uttar Pradesh. Any adverse development affecting our operations in this region could have an adverse impact on our business, financial condition and results of operations.
- The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect our revenues and profitability.
- The Company is dependent on few suppliers for purchase of product. Loss of any of these large suppliers may affect our business operations.
- Volatility in the supply and pricing of our raw materials, restrictions on import of raw materials or failure by suppliers to meet their obligations, may have an adverse effect on our business, cash flows, financial condition and results of operations.
- We have experienced negative cash flows in previous year. Any operating losses or negative cash flows in the future could adversely affect our results of operations and financial condition.
Financials
Key Financial Ratios
(Amount in Lakhs)
| Particulars | As at 30th September, 2023 | As at 31st March, 2023 | As at 31st March, 2022 | As at 31st March, 2021 |
| Current Ratio | 1.51 | 1.35 | 1.14 | 1.50 |
| Debt-Equity Ratio | 4.77 | 6.62 | 26.58 | 42.92 |
| Debt Service Coverage Ratio | 1.45 | 1.71 | 1.36 | 0.87 |
| Return on Equity Ratio | 24.09% | 127.02% | 37.83% | -18.95% |
| Inventory turnover ratio | 2.99 | 9.53 | 11.54 | 8.21 |
| Trade Receivables Turnover Ratio | 9.53 | 29.31 | 23.95 | 18.36 |
| Trade Payables Turnover Ratio | 9.45 | 21.46 | 18.24 | 12.83 |
| Net capital turnover ratio | 6.44 | 25.18 | 61.70 | 15.89 |
| Net Profit ratio | 1.44% | 1.62% | 0.16% | –0.15% |
| Return on Capital employed | 7.59% | 22.63% | 9.21% | 4.60% |
Key Performance Indicators
(₹ in Lakhs)
| Particulars | For the period ended | For the Year ended | ||
| September 30,2023 | March 31,2023 | March 31,2022 | March 31,2021 | |
| Revenue from Operations | 7,568.59 | 19,091.77 | 17,516.08 | 12,576.52 |
| Gross Profit | 1,434.57 | 3,439.84 | 2,648.95 | 2,406.76 |
| Gross Profit Margin (%) | 18.95% | 18.02% | 15.12% | 19.14% |
| EBITDA | 338.44 | 876.53 | 511.38 | 406.80 |
| EBITDA Margin (%) | 4.47% | 4.59% | 2.92% | 3.23% |
| Profit After Tax | 108.93 | 308.89 | 28.23 | (18.35) |
| PAT Margin (%) | 1.44% | 1.62% | 0.16% | (0.15%) |
| RoE (%) | 24.09% | 127.02% | 37.83% | (18.95%) |
| RoCE (%) | 7.59% | 22.63% | 9.21% | 4.60% |
| Net Fixed Asset Turnover | 6.97 | 16.57 | 14.47 | 9.67 |
| Operating Cash Flows | (173.30) | 310.69 | 348.98 | 610.36 |
Balance Sheet
(Amount in Lakhs)
| Particulars | As at 30th Sep, 2023 | As at 31st March, 2023 | As at 31st March, 2022 | As at 31st March, 2021 |
| Equity and Liabilities | ||||
| Total Equity | 506.57 | 397.64 | 88.75 | 60.52 |
| Total Non- Current Liabilities | 1,422.08 | 1,646.82 | 1,503.57 | 2,114.18 |
| Total Current Liabilities | 2,310.90 | 2,149.62 | 1,986.38 | 1,588.02 |
| TOTAL EQUITY & LIABILITIES | 4,671.75 | 4,194.08 | 3,578.70 | 3,762.72 |
| Assets | ||||
| Total Non-Current Assets | 1,185.93 | 1,286.27 | 1,308.45 | 1,383.19 |
| Total Current Assets | 3,485.82 | 2,907.81 | 2,270.25 | 2,379.53 |
| TOTAL ASSETS | 4,671.75 | 4,194.08 | 3,578.70 | 3,762.72 |
Profit & Loss
(₹ in Lakhs)
| Particulars | For the period ended | For the Year ended | ||
| September 30,2023 | March 31,2023 | March 31,2022 | March 31,2021 | |
| Revenue from Operations | 7,568.59 | 19,091.77 | 17,516.08 | 12,576.52 |
| Gross Profit | 1,434.57 | 3,439.84 | 2,648.95 | 2,406.76 |
| Gross Profit Margin (%) | 18.95% | 18.02% | 15.12% | 19.14% |
| EBITDA | 338.44 | 876.53 | 511.38 | 406.80 |
| EBITDA Margin (%) | 4.47% | 4.59% | 2.92% | 3.23% |
| Profit After Tax | 108.93 | 308.89 | 28.23 | (18.35) |
| PAT Margin (%) | 1.44% | 1.62% | 0.16% | (0.15%) |
Cash Flow
(Amount in ₹ Lakhs)
| Particulars | For the Period/ Year Ended | |||
| September 30, 2023 | March 31,2023 | March 31,2022 | March 31,2021 | |
| Net cash flows (used in)/generated from operating activities | (173.30) | 310.69 | 348.98 | 610.36 |
| Net cash flows (used in)/generated from investing activities | (8.67) | (235.96) | (187.36) | (186.26) |
| Net cash flows (used in)/generated from financing activities | 180.15 | (76.63) | (418.87) | (175.33) |
| Net (decrease)/ increase in cash & cash equivalents | (1.83) | (1.89) | (257.26) | 248.76 |
| Cash and cash equivalents at the beginning of the period/ year | 81.49 | 83.38 | 340.64 | 91.88 |
| Cash and cash equivalents at the end of the period/ year | 79.66 | 81.49 | 83.38 | 340.64 |
Capital structure
(Amount in Lakhs)
| Particulars | Pre Issue |
| Borrowings | |
| Short- term | 1,026.25 |
| Long- term (including current maturities) | 1,387.88 |
| Total Borrowings | 2,414.13 |
| Shareholders’ funds | |
| Share capital | 319.20 |
| Reserves and surplus | 187.37 |
| Total Shareholders’ funds | 506.57 |
| Long- term borrowings/ equity | 2.74 |
| Total borrowings / equity | 4.77 |
SWOT
- Strengths
- This type of packaging offers great flexibility in terms of shape, size and design. It can be moulded and customized to fit the product’s specific need.
- It is lightweight, which reduces transportation costs and carbon emissions. It also makes it easier for consumers to handle and carry the products.
- Such packaging can be used for a wide range of products from food and beverages to pharmaceuticals and personal care items. It is suitable for both liquid and solid products.
- It is often durable and resistant to punctures, moisture and other external factors. It helps protect the product from damage and spoilage during storage and transportation.
- Can be designed to provide excellent barrier properties, including oxygen and moisture resistance, which help extend the shelf life of perishable products.
- Cost effective than rigid packaging options, such as glass or metal. Requires less material and energy to produce, resulting in lower production costs.
- Weaknesses
- While flexible packaging offers good protection against external environment, it may not be suitable for highly fragile products that require additional structural support or cushioning.
- Some pouches may not have resealable features, making it inconvenient for consumers to reuse or store the product opened.
- In certain industries, such as gourmet food or luxury cosmetics, flexible packaging may be perceived as lower quality compared to rigid packaging options.
- Opportunities
- Flexible packaging has the potential to be more sustainable compared to traditional rigid packaging options due to its lightweight and reduced material usage. There is an increasing demand for environmentally friendly packaging solutions, which presents an opportunity for the flexible packaging industry.
- Ongoing advancements in materials, such as compostable or biodegradable films, offer an opportunity to enhance the sustainability credentials of flexible packaging and appeal to eco conscious consumers.
- With the rise of e-commerce there is higher demand for packaging that can withstand the rigors of shipping and handling.
- Threats
- Flexible packaging industry may face challenges due to regulatory restrictions on certain materials or additives used in packaging, particularly those related to food safety.
- Market is highly competitive with numerous players offering similar products. This can lead to price pressure and reduced profit margins.
IPO Details
Sati Poly Plast IPO Details
| Detail | Information |
|---|---|
| Issue Type | SME IPO |
| Offer Size | ₹17.36 Crore |
| Issue Price Band | ₹123 – ₹130 per share |
| Face Value | ₹10 per share |
| Minimum Lot Size | 1000 Shares |
| Open Date | July 12, 2024 |
| Close Date | July 16, 2024 |
| Listing Exchange | NSE SME |
Object of the issue
| Particulars | Amount(₹ in) Lakhs |
| Working Capital Requirement | 1,100.00 |
| General Corporate Purpose | |
| Less: To meet Public Issue Expenses |
Litigation involved
Gray Market Premium
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