Company Overview - ACLPlastics

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Total Revenue		1,900.0	2,955.0	2,477.3	0.0	447.0	491.3			2,373.4
	YoY		20.2	55.5	-16.2						-4.2

2	Segment		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						nan

3	Segment		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						0

4	Segment		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	YoY		nan	nan	nan						0

5	Other		0.0	0.0	0.0	0.0	0.0	0.0			0.0
	0		0	0	0						0

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		1,707.8	2,242.0	1,690.5	400.2	335.8	382.8			1,840.6
	- As a % of sales		89.0%	75.3%	67.5%	0%	-1.0%	-0.9%			76.8%

2	Administration		-9.6	-8.7	-7.3	1.8	-2.9	-1.9			-6.5	0
	- As a % of sales		0.3%	0.3%	0.5%	0%	0.4%	0.5%			0.5%

3	Selling & Distribution		0.3	0.0	0.0	0.0	0.0	0.0			0.0
	- As a % of sales		0.0%	-0.0%	-0.0%	0%	0%	0%			-0.0%

4	Capital Expenditure		2.9	35.8	0.5	0.0	0.0	-0.0		0	0.0	00	0	00	0
	- As a % of sales		0.2%	1.2%	0.0%	0%	0.0%	-0.0%			0.0%

	Fixed Assets - Cost	FY21	FY22	FY23	4Q24E	FY24E	1Q25E	3Q25E	FY28E
1	Balance B/F	509.2	589.1	547.8	548.3	325.1	320.5	548.3	592.3
	Capital Expenditure	2.9	35.8	0.5	0.0	-0.0	222
	Balance C/F	589.1	547.8	548.3	325.1	320.5		592.3

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	228.3	259.2	199.9	0.0	218.6	0.0	0.0		218.6					220.3
Depreciation charge	16.2	17.8	18.7	0.0	4.6	4.6			17.5
- As a % of sales	0.9%	0.6%	0.8%	0%	1.0%	0.9%			0.7%
Balance C/F	259.2	199.9	218.6	0.0	0.0	0.0	111	111	220.3	111	111	111	111	111	111	111	111	111
Net Book Value at end	329.9	347.9	329.7	0.0	325.1	320.5			372.0

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	927.5	1,326.2	1,345.9	0.0	1,513.8	1,561.8	1,606.5
- As a % of sales	48.8	44.9	54.3	0	338.6	317.9	67.7
Four Qtr Cum. Revenue				491.3	938.3	1,512.6
Four Qtr Cum. COGS				-382.8	-718.6	-1,118.9

	2.2 Inventories		308.4	454.1	557.5	0.0	496.0	412.6			563.7
	- As a % of COGS		18.1	20.3	33.0	0	147.7	107.8			30.6

	2.3 Prepayments		0.0	0.0	0.0	0.0	0.0	0.0			35.0
	- As a % of sales		0	0	0	0	0	0			1.5

	2.4 Accounts payable		145.2	429.9	41.1	0.0	13.8	17.6			20.7
	- As a % of COGS		8.5	19.2	2.4	0	4.1	4.6			1.1

2.5 Other	182.3	177.3	0.0	0.0	0.0	0.0	0.0
- As a % of COGS	0.0	0.0	0.0	0.0	0.0	0.0
Working Capital				42673.1
Change in Working Capital						-287.3

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0
Issuance of debt/Proceeds from import loans	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Repayment of debt	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Average Interest rate (%)	0	0	0	0	0	0	%	%	0	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0					0.0
Additions	0.0	0.0	0.0	0.0	0.0	0.0
Payments	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Closing balance	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Adjustments	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Lease Interest expenses	0.0	0.0	0.0	0.0	0.0	0.0			0.0
Average Interest rate (%)	0	0	0	0	0	0	%	%	0	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			871.0	0.0	755.7	837.1		823.3	841.6
ii. Interest Income	28.4	156.9	102.3	0.0	0.0	77.4			51.8
Average Interest Income Rate	6.4	18.0	12.4	0	0	9.3	%	%	6.2	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Profit Before Tax	208.2	844.5	870.7	172.3	97.1	183.3			574.7
Opening balance	56.1	43.0	109.4	109.4	152.0	117.5	34.4
Current Income Tax	39.7	125.6	200.3	0.0	0.0	0.0			177.1
Taxes paid	52.7	59.2	181.5	0.0	34.5	83.1	0.0		189.0					177.1
Closing balance	43.0	109.4	152.0	109.4	117.5	34.4			97.4
Effective Tax Rate (%)	0	0	0	0	0	0	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	1,900.0	2,955.0	2,477.3	447.0	491.3	2,373.4
COGS	1,707.8	2,242.0	1,690.5	335.8	382.8
Gross Profit	192.2	713.0	786.8	111.2	108.5	532.8
Administration Exp.	-9.6	-8.7	-7.3	-2.9	-1.9
Selling & Distribution Exp.	0.3	0.0	0.0	0.0	0.0
Depreciation	16.2	17.8	18.7	4.6	4.6	17.5
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	nan
Operating Income	186.2	706.1	778.6	111.5	105.9	524.0
Interest Expenses	6.4	18.5	10.2			1.1
Interest Income	28.4	156.9	102.3	0.0	77.4
Other (Expenses)/Income	0.0	0.0	0.0	-14.4	0.0	nan
Profit Before Tax	208.2	844.5	870.7	97.1	183.3	574.7
Tax Expenses	39.7	125.6	200.3	0.0	0.0
Profit After Tax	179.3	721.0	635.0	62.7	152.0
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	179.3	721.0	635.0	62.7	152.0

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	208.2	844.5	870.7	97.1	184.0		574.7
Depreciation	From OA 1.1	16.2	17.8	18.7	4.6	4.6		17.5
Change in Working Capital	From OA 2	1.0	-259.6	-511.9	-133.7	39.1		-287.3
Income Tax Paid	From OA 5	52.7	59.2	181.5	34.5	83.1		189.0
Other		-10.6	-27.6	-80.4	-47.8	-37.1		-144.6
Net Cash Flow from / (used in) Operating Activities		162.1	516.0	115.5	-114.2	107.5		-28.7
Capital Expenditure	From CA 4	2.9	35.8	0.5	0.0	-0.0		0.0
Other		10.8	27.0	80.5	47.7	37.1		111.3
Cash Flows from Investing Activities		7.9	-8.8	80.0	47.7	37.1		111.3
Borrowings		1,132.9	1,364.0	48.5	0.0	0.0		0.0
Debt Repayments		950.6	225.8	225.8	0.0	0.0		0.0
10. Lease Additions
Lease Repayments		0.0	0.0	0.0	0.0	0.0		0.0
Other		-25.3	-42.1	-63.2	0.0	-63.2		-63.2
Net Cash flows from / (used in) Financing Activities		157.0	-47.2	-240.5	0.0<	-63.2		-63.2
Other		0.0	0.0	0.0	0.0	0.0		0.0
Net Increase/(Decrease) in Cash and Cash Equivalents		327.1	460.0	-44.9	-66.5	81.4		19.5
Balance adjustments as per company		39.2	3.9	1.2	0.0	-0.0		-0.0
Cash and CE at Start		80.1	407.1	867.1	822.2	755.7	4Q	822.2	841.6
Cash and CE at End		407.1	867.1	822.2	755.7			841.6

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	329.9	347.9	329.7	325.1	320.5			372.0
2. Right-of-use assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Investment in an associate		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other financial assets		1.6	1.6	1.6	1.5	1.5	1.5	nan	1.5	nan	nan	nan	nan	nan	nan	nan	nan	nan
6. Deferred income tax assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other		43.4	49.1	43.2	45.1	55.8	59.1	59.1	49.3	59.1	59.1	59.1	59.1	59.1	59.1	59.1	59.1	59.1
Non Current Assets		374.8	398.6	374.5	371.7	377.9			422.8
Inventories	From OA 2.2	308.4	454.1	557.5	496.0	412.6			563.7
Trade and Other Receivables	From OA 2.1	927.5	1,326.2	1,345.9	1,513.8	1,561.8			1,606.5
Prepayments	From OA 2.3	0.0	0.0	0.0	0.0	0.0			35.0
Other		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Other financial assets		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Income tax recoverable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	446.3	871.0	823.3	755.7	837.1			841.6
Current Assets		1,682.2	2,651.3	2,726.7	2,765.4	2,811.5			3,046.9
Total Assets		2,057.1	3,049.9	3,101.2	3,137.1	3,189.4
Equities and Liabilities
1. Stated capital		80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0
2. Reserves	2,372.2	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0	170.0
Retained Earnings		1,106.9	1,798.6	2,372.2	2,434.8	2,524.4			2,770.5
Other Adjustments		221.1	221.7	194.6	196.5	207.2	245.1	245.1	235.2	245.1	245.1	245.1	245.1	245.1	245.1	245.1	245.1	245.1
Equity attributable to equity holders of parent
5. Non-controlling interest		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Equity		1,578.0	2,270.3	2,816.7	2,881.3	2,981.6			3,255.7
Long Term Debt	From OA 3	0.0	0.0	0.0	0.0	0.0			0.0
Financing and Lease Payables	From OA 4	0.0	0.0	0.0	0.0	0.0			0.0
Defined benefit obligations		17.4	7.5	11.3	11.2	11.2	12.4	12.4	12.5	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4
Deferred tax liability		51.9	51.5	78.9	78.9	78.9	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4	83.4
0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		69.4	59.0	90.2	90.1	90.1			95.9
Current Maturities of Long Term Debt	Added to LT debt in the forecast	0.0	0.0	0.0	0.0	0.0			0.0
Trade Payables	From OA 2.4	145.2	429.9	41.1	13.8	17.6			20.7
13. Amounts due to related parties		nan	nan	nan	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	43.0	109.4	152.0	117.5	34.4			97.4
Other Accruals	From OA 2.5	0	0	0	0	0
Other		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bank Overdraft		39.2	3.9	1.2	0.0	0.0	0.0	nan	0.0	nan	nan	nan	nan	nan	nan	nan	nan	nan
Current Liabilities		409.7	720.5	194.3	165.8	117.7			118.1
Total Equity and Liabilities		2,057.1	3,049.9	3,101.2	3,137.1	3,189.4			3,469.7

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		841.6
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		4.2
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			3,255.7
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		4.2	4.2	4.2
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	1.576419	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)