Manali Petrochemicals Ltd

₹ 76.8 -0.71%
03 Feb - 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 1,321 Cr.
  • Current Price 76.8
  • High / Low 150 / 74.6
  • Stock P/E 5.64
  • Book Value 59.5
  • Dividend Yield 3.26 %
  • ROCE 60.4 %
  • ROE 45.1 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.26%.
  • Company has delivered good profit growth of 58.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.4%
  • Company has been maintaining a healthy dividend payout of 17.3%
  • Debtor days have improved from 48.4 to 34.5 days.
  • Company's working capital requirements have reduced from 38.4 days to 27.2 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

Consolidated Figures in Rs. Crores / View Standalone

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
190 170 237 88 217 349 366 330 436 491 414 324 286
175 155 220 82 179 222 240 217 277 339 311 274 268
Operating Profit 16 15 17 6 37 127 126 113 159 152 103 51 18
OPM % 8% 9% 7% 7% 17% 36% 34% 34% 36% 31% 25% 16% 6%
8 1 -6 3 -6 -2 2 0 5 3 4 6 6
Interest 2 1 1 1 1 1 1 2 2 2 4 2 2
Depreciation 4 4 4 4 4 10 4 4 4 6 5 5 6
Profit before tax 18 11 5 4 27 114 123 107 158 148 98 49 17
Tax % 36% 32% -158% 21% 22% 24% 26% 25% 26% 25% 25% 26% 30%
Net Profit 12 7 14 3 21 86 91 80 117 110 74 36 12
EPS in Rs 0.68 0.43 0.82 0.18 1.21 5.00 5.31 4.64 6.82 6.40 4.30 2.11 0.68
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
579 626 748 810 803 1,024 1,672 1,515
511 574 651 710 733 723 1,143 1,191
Operating Profit 68 52 97 100 70 302 529 323
OPM % 12% 8% 13% 12% 9% 29% 32% 21%
9 18 3 27 5 -8 11 20
Interest 3 2 3 2 6 5 9 9
Depreciation 6 8 9 11 14 21 20 22
Profit before tax 69 60 88 113 54 268 511 312
Tax % 31% 37% 34% 33% 14% 25% 25%
Net Profit 48 38 58 77 47 201 381 232
EPS in Rs 2.79 2.20 3.37 4.45 2.71 11.70 22.16 13.49
Dividend Payout % 18% 23% 15% 17% 28% 13% 11%
Compounded Sales Growth
10 Years: %
5 Years: 22%
3 Years: 27%
TTM: 2%
Compounded Profit Growth
10 Years: %
5 Years: 59%
3 Years: 80%
TTM: -39%
Stock Price CAGR
10 Years: 24%
5 Years: 16%
3 Years: 55%
1 Year: -34%
Return on Equity
10 Years: %
5 Years: 29%
3 Years: 34%
Last Year: 45%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
86 86 86 86 86 86 86 86
Reserves 196 225 306 369 395 594 944 938
2 26 23 34 26 14 19 11
215 195 141 165 153 198 241 234
Total Liabilities 499 532 556 654 660 892 1,290 1,269
105 206 273 283 302 292 343 330
CWIP 16 28 12 6 26 28 14 21
Investments 69 16 57 0 41 0 0 0
310 282 214 364 291 572 933 917
Total Assets 499 532 556 654 660 892 1,290 1,269

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-6 87 58 13 87 219 373
-7 -133 -8 -20 -18 -4 -16
-11 6 -17 -2 -29 -28 -26
Net Cash Flow -24 -39 33 -9 41 186 331

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 57 48 49 51 49 61 35
Inventory Days 96 101 53 81 58 47 35
Days Payable 124 109 47 64 36 54 38
Cash Conversion Cycle 29 39 55 68 71 54 32
Working Capital Days 44 31 32 65 50 38 27
ROCE % 20% 24% 22% 14% 49% 60%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.87 44.87
0.00 0.00 0.00 0.64 0.91 0.87 1.80 2.68 2.90 3.05 2.24 1.95
0.30 0.25 0.12 0.04 0.03 0.05 0.05 0.05 0.05 0.05 0.03 0.03
54.83 54.89 55.02 54.46 54.20 54.21 53.28 52.40 52.18 52.03 52.86 53.16

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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