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Monday, March 12, 2012

Tamil Nadu Petro Products Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Tamil Nadu Petro Products Ltd
cmp:18
Code:500777

HBJ Story:Tamilnadu Petroproducts Limited (TPL) was born in the year 1984 with the objective of setting up a 50,000 MTA Linear Alkyl Benzene (LAB) project. TPL has since imprinted winning hall marks successively over the years in Corporate India and the Petrochemical Industry in particular. Over more than a decade, TPL grew in strength, thinking differently, harnessing the resources by laying a fundamental platform for financial strength and responding to customers innovatively by bringing in new products and services.TPL manufactures the following 4 products:
Linear Alkyl Benzene [ LAB ] Heavy Alkylate – a LAB byproduct,Epichlorohydrin and Caustic Soda.LAB is the jewel in the crown of TPL. LAB is primarily used is in the manufacture of Linear Alkyl Benzene Sulfonates (LAS), which finds extensive application in the manufacture of Domestic Detergents, Institutional and Industrial Cleaners. The LAB market for TPL is revolving on a stable market platform, growing day-to-day with a dominant market share for its brand "SUPERLAB".The company generates annual revenues of close to Rs.1000 crores but the profit margins are very dismal at around 1 per cent. Though the company is not much leveraged, the ROE and ROCE are also pathetic.TPL is exposed to 2 major risks as under :The company's reliance on one product namely LAB which constitutes roughly 80% to its revenues.2)Propylene, benzene, N-Paraffin are the inputs for TPL whose price depends on crude oil.Although TPL doles out a Dividend Yield of about 2.6%, it is currently trading at Rs.18 per share. Considering the pathetic state of the company and it's financials, I do not recommend investing in this company.

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