Manali Petrochemicals Ltd

About

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 1,939 Cr.
  • Current Price 113
  • High / Low 139 / 29.3
  • Stock P/E 6.56
  • Book Value 39.5
  • Dividend Yield 1.33 %
  • ROCE 49.0 %
  • ROE 37.3 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 34.75% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.11%

Cons

  • The company has delivered a poor sales growth of 11.98% over past five years.

Peer comparison

Sector: Petrochemicals Industry: Petrochemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
209 200 198 206 190 170 237 88 217 349 366 330
181 180 177 184 175 155 220 82 179 222 240 217
Operating Profit 28 21 21 22 16 15 17 6 37 127 126 113
OPM % 13% 10% 10% 11% 8% 9% 7% 7% 17% 36% 34% 34%
Other Income 6 2 19 3 8 1 -6 3 -6 -2 3 0
Interest 1 1 0 2 2 1 1 1 1 1 1 2
Depreciation 3 3 3 4 4 4 4 4 4 10 4 4
Profit before tax 30 19 36 20 18 11 5 4 27 114 123 107
Tax % 29% 33% 36% 31% 36% 32% -158% 21% 22% 24% 26% 25%
Net Profit 21 13 23 14 12 7 14 3 21 86 91 80
EPS in Rs 1.25 0.74 1.36 0.78 0.68 0.43 0.82 0.18 1.21 5.00 5.31 4.64

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
579 626 748 810 803 1,020 1,261
511 574 651 710 733 723 858
Operating Profit 68 52 97 100 70 297 403
OPM % 12% 8% 13% 12% 9% 29% 32%
Other Income 9 18 3 27 5 -3 -5
Interest 3 2 3 2 6 5 5
Depreciation 6 8 9 11 14 21 22
Profit before tax 69 60 88 113 54 268 371
Tax % 31% 37% 34% 33% 14% 25%
Net Profit 48 38 58 77 47 201 278
EPS in Rs 2.79 2.20 3.37 4.45 2.71 11.70 16.16
Dividend Payout % 18% 23% 15% 17% 28% 13%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 11%
TTM: 84%
Compounded Profit Growth
10 Years: %
5 Years: 35%
3 Years: 55%
TTM: 570%
Stock Price CAGR
10 Years: 26%
5 Years: 20%
3 Years: 51%
1 Year: 256%
Return on Equity
10 Years: %
5 Years: 20%
3 Years: 23%
Last Year: 37%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
86 86 86 86 86 86
Reserves 196 225 306 369 395 594
Borrowings 2 26 23 34 26 14
215 195 141 165 153 192
Total Liabilities 499 532 556 654 660 887
105 206 273 283 302 292
CWIP 16 28 12 6 26 28
Investments 69 16 57 0 41 0
310 282 214 364 291 566
Total Assets 499 532 556 654 660 887

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-6 87 58 13 87 218
-7 -133 -8 -20 -18 -3
-11 6 -17 -2 -29 -28
Net Cash Flow -24 -39 33 -9 41 186

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 57 48 49 51 49 62
Inventory Days 96 101 53 81 58 47
Days Payable 100 54 47 64 36 60
Cash Conversion Cycle 54 94 55 68 71 49
Working Capital Days 44 31 32 65 50 41
ROCE % 20% 24% 22% 14% 49%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
44.82 44.82 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86 44.86
1.75 1.66 1.66 1.50 0.00 0.00 0.00 0.00 0.64 0.91 0.87 1.80
0.30 0.37 0.47 0.34 0.37 0.30 0.25 0.12 0.04 0.03 0.05 0.05
53.13 53.16 53.01 53.30 54.77 54.83 54.89 55.02 54.46 54.20 54.21 53.28

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