Sah Polymers IPO

Last Updated: 10 January 2023 12:13 AM by rahul_raskar

The company, led by Asad Daud and professionally backed by Hakim Sadiq Ali Tidiwala and Murtaza Ali Moti, is primarily engaged in manufacturing and selling of Polypropylene (PP)/ High Density Polyethylene (HDPE) FIBC Bags, Woven Sacks,HDPE/PP woven fabrics, based products of different weight, sizes and colours as per customers specifications. 

It offers customised bulk packaging solutions to business-to-business (“B2B”) manufacturers catering to different industries such as Agro Pesticides Industry, Basic Drug Industry, Cement Industry, Chemical Industry, Fertilizer Industry, Food ProductsIndustry, Textile Industry Ceramic Industry and Steel Industry. તે Indian ઑઇલ કોર્પોરેશન લિમિટેડના ડેલ ક્રેડિયર એસોસિએટ કમ કન્સાઇનમેન્ટ સ્ટોકિસ્ટ (DCA/CS) પણ છે અને Indian ઑઇલ કોર્પોરેશન લિમિટેડના તેમના પોલિમર ડિવિઝન માટે ડીલર દ્વારા સંચાલિત પોલિમર વેરહાઉસ (DOPW) તરીકે પણ કાર્ય કરે છે

Return on net-worth is 16.42% and PAT margin for the year ended 2022 stood at 5.39%. The Company’s sales have grown from Rs. 49.90 crores in FY 2020 to Rs. 81.23 crores in FY 22. The sales for the quarter ended June 2022 stood at Rs.27.59 crores. Thus the sales CAGR for last three completed years is 27.6%. Similarly, the post-tax profits, i.e., PAT of the Company has increased with CAGR of 284% over last three years.

The Company operates at 85% to 92% of the installed capacity and therefore going for further capex. Total capex is Rs. 33.81 crores, out of which the Company has taken bridge loan of Rs. 15.71 crores from the holding company and deployed while the IPO approvals came so that the overall timeframe of the installation is not delayed. The new Project is estimated to commence commercial operations within this year 2022-23 itself.

The total equity issued before IPO is 15.59 crores and along with reserves the net-worth is Rs 27.74 crores as at the end of the 30th June 2022. IPO બાદ કંપનીની નેટવર્થ 92.95 કરોડ રૂપિયા થઈ જશે. The Book value post IPO would be 36 plus the profit surplus for the period.
It has two business divisions (i) domestic sales; and (ii) exports. The company has presence in 5 states and 1 union territory with one manufacturing facility in Rajasthan. Sah Polymers exports its products to 14 countries such as Algeria, Togo, Ghana, Poland, Portugal, France, Italy, Dominican Republic, USA, Australia, UAE, Palestine, UK and Ireland. જૂન 30, 2022 ના રોજ સમાપ્ત થયેલ 3 મહિના માટે અને નાણાંકીય વર્ષ 2022 માટે, કંપનીની નિકાસમાંથી આવકમાં અનુક્રમે 57.61% અને 55.14%, કામગીરીમાંથી કુલ આવકના યોગદાન આપવામાં આવ્યું છે.

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પીઅરની તુલના

Kanpur Plastipack Ltd., Rishi Techtex Ltd., Gopala Polyplast Ltd., Jumbo Bag Ltd., SMVD Polypack Ltd., EMMBI Industries Ltd., and Commercial Syn. Bags Ltd. are competitors; however, the peers are not directly comparable due to the type, range of products/services, turnover, and size of the firm.