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Results
21-Jul-22
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Analysis
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PCBL
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PAT up 20.9% YoY to Rs 126.2 cr in Q1FY2022
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On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of PCBL has increased 40.37% to Rs
1409.07 crore. Sales of Carbon Black segment has gone up 39.09% to
Rs 1,373.90 crore (accounting for 96.28% of total sales). Sales of
Power segment has gone up 57.59% to Rs 53.06 crore (accounting for 3.72% of
total sales). Inter-segment sales rose Rs 17.63 crore to Rs 17.89
crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 8.85% to Rs 214.75
crore. PBIT of Carbon Black segment rose 1.88% to Rs 183.48 crore
(accounting for 85.44% of total PBIT). PBIT of Power segment rose
81.80% to Rs 31.27 crore (accounting for 14.56% of total PBIT).
PBIT margin of Carbon Black segment
fell from 18.23% to 13.35%. PBIT margin of Power segment rose from
51.08% to 58.93%. Overall PBIT margin fell from 19.31% to
15.05%.
Operating profit margin has declined
from 16.30% to 13.87%, leading to 19.48% rise in operating profit to Rs 195.46
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 67.18% to 72.82%. Employee cost
decreased from 3.57% to 3.34%. Other expenses fell from 13.08% to
9.98%.
Other income rose 209.52% to Rs 11.7
crore. PBIDT rose 23.77% to Rs 207.16 crore. Provision
for interest rose 16.29% to Rs 8.85 crore.
PBDT rose 24.13% to Rs 198.31
crore. Provision for depreciation rose 28.37% to Rs 37.47
crore.
Profit before tax grew 23.18% to Rs
160.84 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 34.55 crore, compared
to Rs 26.1 crore. Effective tax rate was 21.48% compared to 19.99%.
Net profit attributable to owners of
the company increased 20.90% to Rs 126.21 crore.
Promoters’ stake was 51.38% as of 30
June 2022 ,compared to 53.56% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of PCBL has increased 67.19% to Rs
4446.42 crore. Sales of Carbon Black segment has gone up 67.94% to
Rs 4,353.42 crore (accounting for 96.30% of total sales). Sales of
Power segment has gone up 28.03% to Rs 167.33 crore (accounting for 3.70% of
total sales). Inter-segment sales rose Rs 63.45 crore to Rs 74.33
crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 28.91% to Rs 729.23
crore. PBIT of Carbon Black segment rose 27.79% to Rs 632.07 crore
(accounting for 86.68% of total PBIT). PBIT of Power segment rose
36.67% to Rs 97.16 crore (accounting for 13.32% of total PBIT).
PBIT margin of Carbon Black segment
fell from 19.08% to 14.52%. PBIT margin of Power segment rose from
54.39% to 58.06%. Overall PBIT margin fell from 20.77% to
16.13%.
Operating profit margin has declined
from 19.48% to 14.69%, leading to 26.04% rise in operating profit to Rs 652.96
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 60.10% to 70.71%. Employee cost
decreased from 5.03% to 3.55%. Other expenses fell from 15.20% to
11.17%. Loss on forex transaction rose from 0.39% to 0.50%.
Other income rose 58.83% to Rs 28.59
crore. PBIDT rose 27.15% to Rs 681.55 crore. Provision
for interest fell 14.14% to Rs 29.09 crore. Loan funds rose to Rs
785.82 crore as of 31 March 2022 from Rs 723.85 crore as of 31 March
2021. Inventories rose to Rs 603.91 crore as of 31 March 2022 from
Rs 444.84 crore as of 31 March 2021. Sundry debtors were higher at
Rs 1,105.10 crore as of 31 March 2022 compared to Rs 708.50 crore as of 31
March 2021. Cash and bank balance declined from Rs 264.38 crore as
of 31 March 2021 to Rs 159.09 crore as of 31 March 2022. Investments
rose to Rs 587.99 crore as of 31 March 2022 from Rs 196.27 crore as of 31 March
2021 .
PBDT rose 29.93% to Rs 652.46
crore. Provision for depreciation rose 9.78% to Rs 120.89
crore. Fixed assets increased to Rs 2,108.59 crore as of 31 March
2022 from Rs 2,008.53 crore as of 31 March 2021. Intangible assets increased
from Rs 0.65 crore to Rs 0.75 crore.
Profit before tax grew 35.59% to Rs
531.57 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 105.23 crore, compared
to Rs 78.05 crore. Effective tax rate was 19.80% compared to 19.91%.
Minority interest decreased 11.11%
to Rs 0.32 crore. Net profit attributable to owners of the company
increased 35.84% to Rs 426.02 crore.
Equity capital increased from Rs
34.47 crore as of 31 March 2021 to Rs 37.75 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 51.38% as of 31
March 2022 ,compared to 53.56% as of 31 March 2021 .
Cash flow from operating activities
decreased to Rs 290.42 crore for year ended March 2022 from Rs 385.01 crore for
year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 306.20 crore, compared to Rs
115.49 crore during the year ended March 2021.
| PCBL : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,409.07 | 1,003.85 | 40.37 | 4,446.42 | 2,659.52 | 67.19 | | OPM (%) | 13.87 | 16.30 | -242 bps | 14.69 | 19.48 | -479 bps | | OP | 195.46 | 163.59 | 19.48 | 652.96 | 518.04 | 26.04 | | Other Inc. | 11.70 | 3.78 | 209.52 | 28.59 | 18.00 | 58.83 | | PBIDT | 207.16 | 167.37 | 23.77 | 681.55 | 536.04 | 27.15 | | Interest | 8.85 | 7.61 | 16.29 | 29.09 | 33.88 | -14.14 | | PBDT | 198.31 | 159.76 | 24.13 | 652.46 | 502.16 | 29.93 | | Depreciation | 37.47 | 29.19 | 28.37 | 120.89 | 110.12 | 9.78 | | PBT | 160.84 | 130.57 | 23.18 | 531.57 | 392.04 | 35.59 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 160.84 | 130.57 | 23.18 | 531.57 | 392.04 | 35.59 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 160.84 | 130.57 | 23.18 | 531.57 | 392.04 | 35.59 | | Taxation | 34.55 | 26.1 | 32.38 | 105.23 | 78.05 | 34.82 | | PAT | 126.29 | 104.47 | 20.89 | 426.34 | 313.99 | 35.78 | | Minority Interest (MI) | 0.08 | 0.08 | 0 | 0.32 | 0.36 | -11.11 | | Net profit | 126.21 | 104.39 | 20.90 | 426.02 | 313.63 | 35.84 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 126.21 | 104.39 | 20.90 | 426.02 | 313.63 | 35.84 | | EPS (Rs)* | 3.34 | 2.77 | 20.90 | 11.29 | 8.31 | 35.84 | | | * EPS is on current equity of Rs 37.75 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| PCBL : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Carbon Black | 96.28 | 1,373.90 | 987.81 | 39.09 | 96.30 | 4,353.42 | 2,592.27 | 67.94 | | Power | 3.72 | 53.06 | 33.67 | 57.59 | 3.70 | 167.33 | 130.70 | 28.03 | | Total Reported Sales | 100.00 | 1,426.96 | 1,021.48 | 39.70 | 100.00 | 4,520.75 | 2,722.97 | 66.02 | | Less: Inter segment revenues | | 17.89 | 17.63 | 1.47 | | 74.33 | 63.45 | 17.15 | | Net Sales | 100.00 | 1,409.07 | 1,003.85 | 40.37 | 100.00 | 4,446.42 | 2,659.52 | 67.19 | | PBIT | | Carbon Black | 85.44 | 183.48 | 180.09 | 1.88 | 86.68 | 632.07 | 494.60 | 27.79 | | Power | 14.56 | 31.27 | 17.20 | 81.80 | 13.32 | 97.16 | 71.09 | 36.67 | | Total PBIT | 100.00 | 214.75 | 197.29 | 8.85 | 100.00 | 729.23 | 565.69 | 28.91 | | Less : Interest | | 8.85 | 7.61 | 16.29 | | 29.09 | 33.88 | -14.14 | | Add: Other un-allcoable | | -45.06 | -59.11 | 23.77 | | -168.57 | -139.77 | -20.61 | | PBIT Margin(%) | | Carbon Black | | 13.35 | 18.23 | -487.66 | | 14.52 | 19.08 | -456.09 | | Power | | 58.93 | 51.08 | 784.92 | | 58.06 | 54.39 | 367.32 | | PBT | 100.00 | 160.84 | 130.57 | 23.18 | 100.00 | 531.57 | 392.04 | 35.59 |
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