Manali Petrochemicals Ltd

₹ 80.2 -1.66%
25 Nov - close price
About

Incorporated in 1986, Manali Petrochemicals Limited manufactures and sells Propylene Oxide (PO), Propylene Glycol (PG) and Polyols (PY), which are used as industrial raw materials. Located in Chennai, the company is the only domestic manufacturer of Propylene Glycol. Also, it is the first and largest Indian manufacturer of Propylene Oxide which is the input material for the aforesaid derivative products.

Key Points

Industrial Application:[1] Company operates in the Polyurethanes industry. Polyurethane known as PU is a mixture of compounds containing urethane, urea, Isocyanates, allophanates, etc. It is widely used in consumer and industrial applications such as thermal insulation in buildings, refrigerators, household furniture, shoes, packaging plastics, etc. It also finds application in rigid and flexible foam, fibre, film, composites, elastomers, coatings, adhesives and mainly caters to industries like Automotive, Appliances, Building & Construction, Energy, Defence, Paints and Coatings, Soft furniture, etc.

  • Market Cap 1,379 Cr.
  • Current Price 80.2
  • High / Low 150 / 76.0
  • Stock P/E 5.94
  • Book Value 57.6
  • Dividend Yield 3.12 %
  • ROCE 63.0 %
  • ROE 47.1 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.12%.
  • Company has delivered good profit growth of 54.8% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.1%
  • Company has been maintaining a healthy dividend payout of 19.4%
  • Debtor days have improved from 44.9 to 33.8 days.
  • Company's working capital requirements have reduced from 33.0 days to 22.4 days

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
168 146 183 68 195 326 333 280 404 399 361 301 261
152 133 168 67 159 200 206 171 242 250 259 250 244
Operating Profit 15 13 15 2 35 126 127 109 161 150 102 51 17
OPM % 9% 9% 8% 2% 18% 39% 38% 39% 40% 38% 28% 17% 7%
5 1 -7 2 -7 -5 2 -0 4 4 3 6 7
Interest 2 1 1 1 1 1 1 2 2 2 4 2 2
Depreciation 3 3 3 3 4 10 4 4 4 5 5 5 5
Profit before tax 15 9 3 -1 23 110 124 102 160 147 96 50 17
Tax % 35% 34% -237% 5% 24% 24% 26% 26% 25% 26% 25% 25% 29%
Net Profit 10 6 12 -1 18 84 92 76 120 109 72 37 12
EPS in Rs 0.57 0.35 0.67 -0.07 1.04 4.87 5.35 4.42 6.95 6.34 4.18 2.16 0.68
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
445 565 515 554 733 579 583 645 702 677 922 1,444 1,322
408 505 478 508 663 511 521 552 610 613 632 921 1,002
Operating Profit 38 61 37 47 70 68 62 93 93 64 290 522 320
OPM % 8% 11% 7% 8% 10% 12% 11% 14% 13% 9% 31% 36% 24%
3 6 7 6 7 9 11 2 22 1 -8 10 19
Interest 2 2 2 2 2 3 2 3 2 6 4 9 9
Depreciation 5 6 6 7 6 6 9 8 10 14 20 19 21
Profit before tax 34 59 35 45 70 69 62 84 103 45 257 505 309
Tax % 26% 26% 23% 35% 37% 30% 32% 35% 36% 14% 25% 25%
Net Profit 25 44 27 29 44 48 42 55 65 39 193 377 230
EPS in Rs 1.47 2.54 1.59 1.69 2.56 2.80 2.46 3.19 3.80 2.25 11.20 21.90 13.36
Dividend Payout % 34% 24% 31% 30% 20% 18% 20% 16% 20% 33% 13% 11%
Compounded Sales Growth
10 Years: 10%
5 Years: 20%
3 Years: 27%
TTM: -2%
Compounded Profit Growth
10 Years: 24%
5 Years: 55%
3 Years: 90%
TTM: -39%
Stock Price CAGR
10 Years: 22%
5 Years: 16%
3 Years: 69%
1 Year: -31%
Return on Equity
10 Years: 25%
5 Years: 29%
3 Years: 35%
Last Year: 47%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
86 86 86 86 86 86 86 86 86 86 86 86 86
Reserves 57 88 106 125 159 197 256 300 356 371 550 900 905
6 1 2 2 1 2 23 17 14 9 13 16 12
76 95 85 98 162 215 176 116 145 141 175 199 219
Total Liabilities 225 270 279 312 408 500 541 519 601 607 825 1,201 1,221
92 99 103 104 105 105 142 171 183 200 181 236 232
CWIP 8 5 4 3 6 16 28 12 6 26 28 14 21
Investments 34 18 6 19 82 74 126 167 110 151 110 110 111
91 149 166 187 215 305 244 168 301 229 504 842 857
Total Assets 225 270 279 312 408 500 541 519 601 607 825 1,201 1,221

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
34 8 2 45 78 -6 92 69 19 84 201 385
-25 -8 -4 -2 -6 -12 -137 -15 -17 -22 -16 -12
-7 -14 -13 -12 -14 -11 3 -19 -15 -26 -12 -27
Net Cash Flow 2 -14 -16 31 58 -29 -42 35 -14 36 172 346

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 24 25 28 35 40 57 43 43 43 42 59 34
Inventory Days 49 61 58 60 56 96 102 49 81 58 45 34
Days Payable 50 47 43 50 74 124 95 39 64 35 50 28
Cash Conversion Cycle 22 39 43 44 22 29 51 53 60 65 54 41
Working Capital Days 18 37 55 44 9 44 25 26 57 40 37 22
ROCE % 26% 38% 20% 23% 31% 28% 20% 23% 21% 13% 51% 63%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.87
0.00 0.00 0.00 0.00 0.64 0.91 0.87 1.80 2.68 2.90 3.05 2.24
0.37 0.30 0.25 0.12 0.04 0.03 0.05 0.05 0.05 0.05 0.05 0.03
54.77 54.83 54.89 55.02 54.46 54.20 54.21 53.28 52.40 52.18 52.03 52.86

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