Manali Petrochemicals Ltd

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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)

  • Market Cap 1,397 Cr.
  • Current Price 81.2
  • High / Low 90.2 / 19.2
  • Stock P/E 6.73
  • Book Value 37.0
  • Dividend Yield 0.92 %
  • ROCE 50.6 %
  • ROE 38.0 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 33.45% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.18%

Cons

  • The company has delivered a poor sales growth of 9.76% over past five years.
  • Debtor days have increased from 47.87 to 59.04 days.

Peer comparison

Sector: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
177 184 178 164 181 168 146 183 68 195 326 333
151 157 158 145 161 152 133 168 67 159 200 206
Operating Profit 27 26 19 19 20 15 13 15 2 35 126 127
OPM % 15% 14% 11% 12% 11% 9% 9% 8% 2% 18% 39% 38%
Other Income 1 3 1 19 2 5 1 -7 2 -7 -5 2
Interest 0 1 0 0 2 2 1 1 1 1 1 1
Depreciation 2 3 3 3 4 3 3 3 3 4 10 4
Profit before tax 25 26 17 35 17 15 9 3 -1 23 110 124
Tax % 35% 35% 34% 39% 35% 35% 34% -237% 5% 24% 24% 26%
Net Profit 16 17 12 21 11 10 6 12 -1 18 84 92
EPS in Rs 0.93 0.98 0.67 1.23 0.65 0.57 0.35 0.67 -0.07 1.04 4.87 5.35

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
381 445 565 515 554 733 579 583 645 702 677 922
350 408 505 478 508 663 511 521 552 611 613 632
Operating Profit 31 38 61 37 47 70 68 62 93 91 64 290
OPM % 8% 8% 11% 7% 8% 10% 12% 11% 14% 13% 9% 31%
Other Income 5 3 6 7 6 7 9 11 2 24 1 -8
Interest 2 2 2 2 2 2 3 2 3 2 6 4
Depreciation 4 5 6 6 7 6 6 9 8 10 14 20
Profit before tax 30 34 59 35 45 70 69 62 84 103 45 257
Tax % 30% 26% 26% 23% 35% 37% 30% 32% 35% 36% 14% 25%
Net Profit 21 25 44 27 29 44 48 42 55 65 39 193
EPS in Rs 1.22 1.47 2.54 1.59 1.69 2.56 2.80 2.46 3.19 3.80 2.25 11.20
Dividend Payout % 31% 34% 24% 31% 30% 20% 18% 20% 16% 20% 33% 13%
Compounded Sales Growth
10 Years:8%
5 Years:10%
3 Years:13%
TTM:36%
Compounded Profit Growth
10 Years:23%
5 Years:33%
3 Years:56%
TTM:370%
Stock Price CAGR
10 Years:21%
5 Years:21%
3 Years:17%
1 Year:311%
Return on Equity
10 Years:19%
5 Years:19%
3 Years:22%
Last Year:38%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
86 86 86 86 86 86 86 86 86 86 86 86
Reserves 41 57 88 106 125 159 197 256 300 356 371 550
Borrowings 6 6 1 2 2 1 2 23 17 14 9 13
64 76 95 85 98 162 215 176 116 145 141 172
Total Liabilities 198 225 270 279 312 408 500 541 519 601 607 822
76 92 99 103 104 105 105 142 171 183 200 181
CWIP 3 8 5 4 3 6 16 28 12 6 26 28
Investments 24 34 18 6 19 82 74 126 167 110 151 110
94 91 149 166 187 215 305 244 168 301 229 501
Total Assets 198 225 270 279 312 408 500 541 519 601 607 822

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
29 34 8 2 45 78 -6 92 69 19 84 199
-6 -25 -8 -4 -2 -6 -12 -137 -15 -17 -22 -15
-9 -7 -14 -13 -12 -14 -11 3 -19 -15 -26 -13
Net Cash Flow 15 2 -14 -16 31 58 -29 -42 35 -14 36 172

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 25% 26% 38% 20% 23% 31% 28% 20% 23% 21% 13% 51%
Debtor Days 33 24 25 28 35 40 57 43 43 43 42 59
Inventory Turnover 9.77 9.87 8.27 6.87 7.49 8.35 4.98 4.29 5.69 6.91 6.24 8.24

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
44.82 44.82 44.82 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86
1.81 1.75 1.66 1.66 1.50 0.00 0.00 0.00 0.00 0.64 0.91 0.87
0.40 0.30 0.37 0.47 0.34 0.37 0.30 0.25 0.12 0.04 0.03 0.05
52.97 53.13 53.16 53.01 53.30 54.77 54.83 54.89 55.02 54.46 54.20 54.21

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