Multibagger mid-cap stock declares ₹55 apiece dividend, sales up 35% in Q2

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With a market worth of Rs. 5,551.29 crores, Polyplex Corporation Ltd. is a mid-cap company that engages in the packaging industry. The seventh-largest capacity for polyester (PET) film in the world is held by Polyplex Corporation Ltd. BOPP, Blown PP/PE, and CPP films are included in the company’s diverse business portfolio. The firm has a presence in 75 countries worldwide, including Europe, the Americas, the Indian subcontinent, the Far East, Asia Pacific, and the Middle East. The company has 7 production facilities worldwide, spread over 5 nations: India, Thailand, Indonesia, Turkey, and the US.

The company has said in a stock exchange filing that its Board of Directors have approved “Declaration and payment of Interim/Special Dividend for the Financial Year 2022-23 @ Rs. 55/- per share (including special dividend @ Rs. 35/- per share) of the face value of Rs. 10/- each, subject to TDS/Withholding Tax. ‘Record date’ for the purpose of payment of aforesaid Dividend has been fixed as November 25, 2022 and is proposed to be paid within the time prescribed under law.”

On a consolidated basis, the company reported net sales of 2,089.29 crore in Q2FY23 compared to Rs. 1,547.58 crores posted in Q2FY22, representing a YoY growth of 35%. Net profit reached Rs. 115.02 crore in the quarter ended September 2022 up 19.76% from Rs. 96.04 crore posted in the same quarter last year. The company’s earnings per share (EPS) surged to Rs. 36.64 in Q2FY23, compared to Rs. 30.59 posted in Q2FY22. On a standalone basis, the company reported net sales of 467.89 crore in Q2FY23, up 13.86% from Rs. 410.95 crore posted in Q2FY22. Net profit plummeted by 79.64% year-on-year to Rs. 38.36 crore in Q2FY23 from Rs. 188.40 crore in Q2FY22. Polyplex Corp.’s earnings per share (EPS) dropped from Rs. 60.01 in September 2021 to Rs. 12.22 in September 2022.

Today’s closing price for Polyplex Corp. Ltd. shares was Rs. 1,772, up 0.78% from the previous close of Rs. 1,758.20. 93,118 shares were traded in total today, which is lower than the 20-Day average volume of 161,489 shares. The stock has produced a multibagger return of 255.59% over the past three years and 226.22% over the past five years. The stock has appreciated 4.92% over the past year but is down 5.98% YTD in 2022.

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