Manali Petrochemicals Ltd

Manali Petrochemicals is engaged in the manufacture and sale of Propylene Oxide (PO), Propylene Glycol (PG) and Polyols (PY), which are used as industrial raw materials.(Source : 201903 Annual Report Page No: 43)

Pros:
Company is virtually debt free.
Stock is trading at 0.70 times its book value
Stock is providing a good dividend yield of 4.20%.
Company has been maintaining a healthy dividend payout of 18.61%
Cons:
The company has delivered a poor growth of 4.84% over past five years.
Earnings include an other income of Rs.24.88 Cr.

Peer Comparison Sector: Petrochemicals // Industry: Petrochemicals

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
138 138 151 145 148 162 190 177 184 178 164 181
120 123 140 140 134 132 146 151 157 158 145 161
Operating Profit 18 16 11 6 14 30 44 27 26 19 19 20
OPM % 13% 11% 7% 4% 9% 19% 23% 15% 14% 11% 12% 11%
Other Income 1 9 2 0 0 1 1 1 3 1 19 2
Interest 0 0 1 1 1 0 1 0 1 0 0 2
Depreciation 3 3 2 2 2 2 2 2 3 3 3 4
Profit before tax 16 20 10 3 11 29 41 25 26 17 35 17
Tax % 34% 35% 33% 32% 16% 40% 35% 35% 35% 34% 40% 35%
Net Profit 11 13 7 2 9 17 27 16 17 12 21 11
EPS in Rs 0.62 0.78 0.40 0.12 0.52 1.00 1.53 0.96 0.99 0.65 1.23 0.65
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
319 346 381 445 565 515 554 733 579 583 645 702 706
305 330 350 408 505 478 508 663 511 521 552 611 621
Operating Profit 13 17 31 38 61 37 47 70 68 62 93 91 85
OPM % 4% 5% 8% 8% 11% 7% 8% 10% 12% 11% 14% 13% 12%
Other Income 5 3 5 3 6 7 6 7 9 11 2 24 25
Interest 1 1 2 2 2 2 2 2 3 2 3 2 3
Depreciation 10 8 4 5 6 6 7 6 6 9 8 10 11
Profit before tax 7 10 30 34 59 35 45 70 69 62 84 103 95
Tax % 20% 33% 30% 26% 26% 23% 35% 37% 30% 32% 35% 37%
Net Profit 6 7 21 25 44 27 29 44 48 42 55 65 60
EPS in Rs 0.26 0.37 1.16 1.39 2.44 1.50 1.60 2.45 2.70 2.46 3.19 3.79 3.52
Dividend Payout % 143% 61% 31% 34% 24% 31% 30% 20% 18% 20% 16% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:7.32%
5 Years:4.84%
3 Years:6.64%
TTM:4.22%
Compounded Profit Growth
10 Years:22.69%
5 Years:13.66%
3 Years:3.96%
TTM:-12.40%
Stock Price CAGR
10 Years:5.91%
5 Years:5.90%
3 Years:-27.35%
1 Year:-47.96%
Return on Equity
10 Years:16.53%
5 Years:15.55%
3 Years:14.03%
Last Year:13.32%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
86 86 86 86 86 86 86 86 86 86 86 86
Reserves 26 28 41 57 88 106 125 159 197 256 300 356
Borrowings 17 10 6 6 1 2 2 1 2 23 17 14
50 47 66 78 99 88 102 179 233 189 124 152
Total Liabilities 178 171 200 226 274 283 315 424 518 554 527 608
33 66 76 92 99 103 104 105 105 142 171 183
CWIP 33 9 3 8 5 4 3 6 16 28 12 6
Investments 16 17 24 34 18 6 19 82 74 126 167 110
96 78 96 92 153 170 190 231 323 258 177 308
Total Assets 178 171 200 226 274 283 315 424 518 554 527 608

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
21 33 29 34 8 2 45 78 -6 92 69 19
-24 -16 -6 -25 -8 -4 -2 -6 -12 -137 -15 -18
-16 -16 -9 -7 -14 -13 -12 -14 -11 3 -19 -15
Net Cash Flow -19 1 15 2 -14 -16 31 58 -29 -42 35 -14

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 7% 9% 25% 26% 38% 20% 23% 31% 28% 20% 23% 21%
Debtor Days 38 28 33 24 25 28 35 40 57 43 43 43
Inventory Turnover 6.89 9.21 11.93 11.91 10.42 8.23 9.05 10.60 6.43 5.28 7.46 8.97

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