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quality packing solutions. It provides packing solutions to dairy products, edible oils, tea, coffee, motor oils,
Business medicines, pesticides, chemical and paint industries. It is also a manufacturer of lithographed metal containers.
Description The Company operates in two segments: manufacturing and trading. The products in manufacturing segment
include metal containers, components and printed sheets. Trading includes purchase and sale of tinplates, and
Duty Entitlement Pass Book (DEPB) license.
Notes
1. Largest CAN manufacturer in India.
2. Formed a joint venture with UK-based Rexam plc, the largest beverage cans manufacturer in the world. It
owns a 49% stake in this venture.
3. Around one-fifth of its sales come from exports.
4. Expected an EPS of Rs 14.00 for FY'11 and dividend of Rs 2.25.
Positives Delivered an EPS of Rs 6.56 in H1.
5. Q1 is generally better than other quarters.
6. Insider Buying - Promoters bought 150000 shares between Aug'09 to Aug'10. Promoter holding increased
from 35.38% in Jun'09 to 36.46% in Jun'10.
7. Dividend payout is greater than 25% of Net Profit.
8. Exports are increasing at exponential rates.
1. Input price fluctuations of Tin, Steel as raw materials form more than 80% of revenues.
Risks and Concerns
1. HINDTIN - Village & P.O. Bhigan, Dhatoori Road, Tehsil: Ganour, Murthal, District: Sonepet, Haryana
Plant Location
2. REXAM HTW - C7 MIDC, Taloja Industrial Area, District: Raigad, Taluka: Panvel, Maharashtra 410208
Lactogen, Cerelac, Everyday, Tata Coffee, Asian Paints, Cherry Blossom, Haldiram Rasgullas, Nestle, Heinz,
Clients
Reckitt Benckiser (I) Ltd., Hindustan Lever, Wockhardt, Britannia, Vadilal, Pepsi, Coca-Cola
Hindustan Tin Works
Sanjay Bhatia, Managing Director
Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05
Sales (Rs Crores) 284.86 244.30 185.39 174.45 151.12 144.30
Other Income (Rs Crores) 3.30 3.48 2.89 8.03 0.52 0.03
288.16 247.78 188.28 182.48 151.64 144.33
13.11% 16.30% 31.60% 3.18% 20.34% 5.06% 10.44%
Export Sales (Rs Crores) 44.00 36.83 15.30
Expenditure (Rs Crores) 258.66 223.83 171.88 167.14 139.22 135.24
Operating Profit (Rs Crores) 26.20 20.47 13.51 7.31 11.90 9.06
19.48% 27.99% 51.52% 84.82% -38.57% 31.35% 18.74%
Depreciation (Rs Crores) 3.75 2.90 2.75 2.19 2.00 1.94
PBIT (Rs Crores) 25.75 21.05 13.65 13.15 10.42 7.15
25.81% 22.33% 54.21% 3.80% 26.20% 45.73% 23.92%
Interest (Rs Crores) 8.04 9.99 6.71 3.60 4.31 3.50
18.90% -19.52% 48.88% 86.39% -16.47% 23.14% 10.76%
PBT (Rs Crores) 17.71 11.06 6.94 9.55 6.11 3.65
32.42% 60.13% 59.37% -27.33% 56.30% 67.40% 39.85%
Tax (Rs Crores) 6.24 4.33 2.77 3.94 2.50 1.35
PAT (Rs Crores) 11.47 6.73 4.17 5.61 3.61 2.30
32.30% 70.43% 61.39% -25.67% 55.40% 56.96% 43.75%
Operating Profit Margin 9.20% 8.38% 7.29% 4.19% 7.87% 6.28%
Net Profit Margin 3.98% 2.72% 2.21% 3.07% 2.38% 1.59%
Market Cap (Max) (Rs Crores) 156.00 143.00 67.60 59.28 52.02 52.45
Shares in Issue (Lakhs) 104.00 104.00 104.00 104.00 76.50 54.35
EPS (Rs) 11.03 6.47 4.01 5.39 4.72 4.23
Price (Max) (Rs) 150.00 137.50 65.00 57.00 68.00 96.50
P/E (Max) 13.60 21.25 16.21 10.57 14.41 22.80
PEG (Max) 0.91 1.42 1.08 0.70 0.96 1.52
Price (Min) (Rs) 80.10 13.00 13.85 31.50 32.00 21.30
P/E (Min) 7.26 2.01 3.45 5.84 6.78 5.03
PEG (Min) 0.36 0.10 0.17 0.29 0.34 0.25
Dividend (Rs) 1.90 1.70 1.60 1.50 1.20 1.00
Dividend Yield (Min) 1.27% 1.24% 2.46% 2.63% 1.76% 1.04%
0.00 0.00
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0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
#DIV/0! #DIV/0!
0.00 0.00
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#DIV/0! #DIV/0!
Date Acquirer Role Mode of Acq.
168194 1.6173%