Paushak Ltd

About

Paushak is India’s largest phosgene based specialty chemicals manufacturer serving pharmaceutical, agrochemical and performance industries. Paushak is part of the Alembic group of companies situated in Gujarat, India. Alembic Ltd is the oldest pharmaceutical company in India founded in 1907. [1][2]

Key Points

REVENUE
Domestic: 82% in FY20 vs 84% in FY19
International: 18%.in FY20 vs 16% in FY19[1][2]
The company derives revenue from chloroformates, isocyanates, specialty chemicals, carbonates and phosgene gas.[3]

See full details
  • Market Cap 2,670 Cr.
  • Current Price 8,664
  • High / Low 10,320 / 3,205
  • Stock P/E 84.5
  • Book Value 881
  • Dividend Yield 0.07 %
  • ROCE 19.9 %
  • ROE 14.4 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 25.28% CAGR over last 5 years

Cons

  • Stock is trading at 9.83 times its book value
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
33.00 38.09 38.55 35.87 34.45 38.30 29.28 32.24 29.64 40.38 38.74 22.85
23.88 28.49 25.50 24.62 24.52 24.49 21.46 21.98 19.84 26.23 22.49 18.08
Operating Profit 9.12 9.60 13.05 11.25 9.93 13.81 7.82 10.26 9.80 14.15 16.25 4.77
OPM % 27.64% 25.20% 33.85% 31.36% 28.82% 36.06% 26.71% 31.82% 33.06% 35.04% 41.95% 20.88%
Other Income 0.84 0.57 0.61 3.17 0.75 1.61 1.49 1.35 0.76 2.86 1.16 0.72
Interest 0.05 0.01 0.02 0.02 0.02 0.02 0.01 0.02 0.01 0.01 0.01 0.01
Depreciation 0.95 0.98 1.00 1.07 1.08 1.12 1.12 1.14 1.23 1.30 1.29 1.45
Profit before tax 8.96 9.18 12.64 13.33 9.58 14.28 8.18 10.45 9.32 15.70 16.11 4.03
Tax % 13.62% 21.35% 23.34% 24.68% 21.92% 22.83% 22.13% 17.42% 34.33% 26.50% 31.66% 27.30%
Net Profit 7.74 7.22 9.69 10.04 7.48 11.02 6.37 8.63 6.12 11.54 11.01 2.93
EPS in Rs 25.11 23.43 31.44 32.58 24.27 35.75 20.67 28.00 19.86 37.44 35.72 9.51

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
25 30 34 51 54 69 78 72 105 140 138 141 132
21 24 29 39 43 52 61 60 75 99 95 91 87
Operating Profit 5 6 5 12 11 17 17 12 29 40 43 50 45
OPM % 18% 20% 15% 23% 20% 25% 22% 17% 28% 29% 31% 36% 34%
Other Income 1 1 1 1 4 3 3 5 3 13 7 6 6
Interest 1 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 2 2 2 2 2 3 3 3 4 4 5 5
Profit before tax 3 5 4 11 13 18 17 14 29 49 45 52 45
Tax % 31% 23% 17% 27% 30% 28% 25% 22% 26% 20% 23% 28%
Net Profit 2 4 3 8 9 13 12 11 21 39 35 37 32
EPS in Rs 6.67 11.54 10.76 24.29 27.50 40.50 38.73 34.11 66.95 126.41 113.27 121.02 102.53
Dividend Payout % 30% 17% 19% 12% 11% 7% 8% 9% 4% 4% 5% 5%
Compounded Sales Growth
10 Years:17%
5 Years:13%
3 Years:10%
TTM:-2%
Compounded Profit Growth
10 Years:25%
5 Years:25%
3 Years:19%
TTM:-6%
Stock Price CAGR
10 Years:64%
5 Years:70%
3 Years:45%
1 Year:117%
Return on Equity
10 Years:17%
5 Years:16%
3 Years:17%
Last Year:14%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3 3 3 3 3 3 3 3 3 3 3 3
Reserves 22 25 28 35 42 54 65 80 110 174 224 269
Borrowings 2 2 3 1 0 0 1 0 1 0 0 0
8 6 7 8 8 11 13 11 31 36 43 57
Total Liabilities 36 37 41 47 54 69 82 94 144 214 270 329
11 11 11 10 9 18 20 35 37 38 41 51
CWIP 1 0 1 0 4 1 12 0 1 6 16 68
Investments 14 14 14 14 18 19 18 33 53 116 163 154
10 11 16 23 23 30 31 26 54 54 50 56
Total Assets 36 37 41 47 54 69 82 94 144 214 270 329

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2 1 1 2 9 9 14 12 10 24 45 30
-1 -0 -1 0 -7 -8 -13 -11 -10 -0 -43 -29
-1 -1 -0 -3 -2 -1 -1 -2 -1 -23 -2 -2
Net Cash Flow 0 0 0 0 0 0 0 -0 0 0 0 -1

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 85 73 81 102 96 114 97 83 135 85 69 85
Inventory Days 163 162 190 133 117 96 117 125 118 122 131 148
Days Payable 108 93 117 79 71 94 104 70 170 73 110 135
Cash Conversion Cycle 141 142 154 155 142 116 110 138 83 133 89 98
Working Capital Days 44 85 109 115 108 110 95 92 109 100 75 60
ROCE % 14% 18% 14% 30% 30% 32% 25% 12% 29% 27% 21% 20%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
66.44 66.60 66.71 66.71 66.71 66.71 66.71 66.71 66.71 66.97 66.97 66.97
0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.07 0.08
0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00
33.54 33.39 33.29 33.29 33.29 33.28 33.29 33.29 33.29 33.02 32.96 32.95

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