Punjab Alkalies & Chemicals Ltd

Punjab Alkalies & Chemicals Limited is involved in chemicals business. The Company's products include Caustic Soda Lye, Liquid Chlorine, Hydrochloric Acid, Sodium Hypochlorite and Hydrogen Gas.

Pros:
Company has good consistent profit growth of 49.94% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.53%
Cons:
Promoter's stake has decreased
Promoter holding is low: 33.49%
Tax rate seems low
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Chemicals // Industry: Chlor Alkali / Soda Ash

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
62 65 70 63 76 88 107 101 87 97 90 92
73 67 74 59 72 88 85 72 76 83 67 73
Operating Profit -11 -2 -4 3 3 -0 22 29 12 15 23 18
OPM % -17% -3% -6% 5% 5% -0% 21% 29% 13% 15% 26% 20%
Other Income 1 1 1 1 1 2 -8 1 1 1 1 1
Interest 1 1 1 5 1 1 14 1 3 2 2 1
Depreciation 2 2 2 2 2 2 2 2 2 11 2 3
Profit before tax -13 -4 -7 -3 1 -1 -1 28 8 3 20 15
Tax % -0% -0% -0% -0% 0% -0% -0% 0% 38% 0% -0% 21%
Net Profit -13 -4 -7 -3 1 -1 -1 28 5 3 20 12
EPS in Rs -6.14 -1.88 -2.79 -1.14 0.30 -0.41 -0.53 10.25 1.79 1.24 7.31 4.40
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
197 200 152 171 232 281 259 260 236 262 327 369 366
169 170 160 175 205 261 260 267 243 277 299 290 299
Operating Profit 28 31 -8 -5 27 20 -1 -7 -8 -15 28 78 67
OPM % 14% 15% -5% -3% 12% 7% -1% -3% -3% -6% 9% 21% 18%
Other Income 2 3 2 2 3 5 3 2 5 3 -3 5 5
Interest 11 10 8 10 11 8 1 1 5 4 20 8 9
Depreciation 11 11 11 12 13 13 10 8 7 8 9 16 17
Profit before tax 7 13 -25 -24 7 4 -10 -13 -14 -24 -5 59 46
Tax % 45% 46% 10% -0% 33% 31% -0% -0% -0% -0% -0% 5%
Net Profit 4 7 -22 -24 4 3 -10 -13 -14 -24 -5 56 40
EPS in Rs 1.92 3.47 0.00 0.00 2.14 1.37 0.00 0.00 0.00 0.00 0.00 20.61 14.74
Dividend Payout % 0% 0% -0% -0% 0% 0% -0% -0% -0% -0% -0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.30%
5 Years:7.32%
3 Years:16.12%
TTM:-1.70%
Compounded Profit Growth
10 Years:22.81%
5 Years:49.94%
3 Years:80.46%
TTM:53.37%
Return on Equity
10 Years:-4.91%
5 Years:3.53%
3 Years:27.53%
Last Year:109.51%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
20 20 20 20 20 20 20 20 20 27 27 27
Reserves 78 92 113 84 84 83 67 51 33 12 9 38
Borrowings 97 73 82 89 78 50 51 51 44 28 27 28
34 35 40 42 45 57 57 58 95 123 147 134
Total Liabilities 230 220 255 235 228 210 196 180 193 190 211 227
158 145 178 165 152 142 130 122 114 111 106 89
CWIP 3 2 3 1 1 2 1 1 2 5 5 16
Investments 0 0 0 0 0 0 0 0 0 0 0 0
70 72 75 69 75 67 66 57 77 74 100 121
Total Assets 230 220 255 235 228 210 196 180 193 190 211 227

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
34 29 -3 5 26 46 8 2 23 9 43 54
-3 -0 -3 -4 -2 -7 -7 -1 -3 -11 -3 -36
-27 -31 1 -2 -21 -37 1 -2 -6 -0 -4 -3
Net Cash Flow 4 -3 -5 -1 3 2 2 -1 13 -2 36 16

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 9% 12% -8% -7% 9% 7% -6% -9% -9% -25% 40% 85%
Debtor Days 50 48 61 53 47 19 15 9 8 6 5 6
Inventory Turnover 22.82 20.93 14.13 19.28 28.35 26.38 21.86 25.92 23.82 27.48 38.40 43.24

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