PCBL Ltd

₹ 124 3.15%
12 Aug - close price
About

Phillips Carbon Black Limited, a part of RP-Sanjiv Goenka Group, was set up by Mr. K. P. Goenka in 1960 in collaboration with Phillips Petroleum Company, USA, with the core objective of substitution of the import of carbon black. PCBL is the largest carbon black manufacturer in India and a strong global player with a significant customer base in 40+ countries. [1]
The company also produces specialty carbon blacks which are used as pigmenting, UV stabilizing, and conductive agents in a variety of common and specialty products, including plastics, printing & packaging, and coatings.[2]

Key Points

Product Portfolio
The company is in the business of manufacturing carbon black and specialty blacks for B2B. Carbon black is used in tyres, non-tyre rubber & non rubber products & the specialty carbon black is used in plastics, inks & toners, paints & coatings, batteries, etc. [1]
Presently, carbon black accounts for 95% of total sales volume & specialty carbon black accounts for the rest 5%. [2] [3]

  • Market Cap 4,692 Cr.
  • Current Price 124
  • High / Low 139 / 89.0
  • Stock P/E 10.5
  • Book Value 69.2
  • Dividend Yield 4.02 %
  • ROCE 18.2 %
  • ROE 18.4 %
  • Face Value 1.00

Pros

  • Stock is providing a good dividend yield of 4.02%.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 41.6%

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: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
912 863 769 700 360 664 769 867 1,004 1,068 1,156 1,219 1,409
798 735 648 601 321 559 581 681 840 881 988 1,084 1,214
Operating Profit 113 128 120 99 38 105 188 186 164 187 168 134 195
OPM % 12% 15% 16% 14% 11% 16% 24% 21% 16% 18% 15% 11% 14%
8 6 6 9 3 2 2 11 4 4 9 12 12
Interest 13 9 11 12 11 6 8 8 8 8 7 7 9
Depreciation 21 22 22 25 27 27 28 28 29 30 31 30 37
Profit before tax 88 103 93 71 3 73 155 161 131 153 139 109 161
Tax % 24% 25% 25% -3% 13% 20% 19% 21% 20% 20% 20% 19% 21%
Net Profit 66 77 70 73 2 58 125 128 104 122 111 88 126
EPS in Rs 1.93 2.24 2.03 2.11 0.07 1.68 3.64 3.71 3.03 3.54 2.95 2.34 3.34

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,696 2,187 2,285 2,277 2,470 1,894 1,927 2,558 3,529 3,244 2,660 4,446 4,852
1,474 1,980 2,212 2,252 2,319 1,729 1,662 2,175 2,912 2,778 2,143 3,793 4,167
Operating Profit 222 207 73 25 151 165 265 383 616 465 517 653 685
OPM % 13% 9% 3% 1% 6% 9% 14% 15% 17% 14% 19% 15% 14%
21 11 9 22 14 16 12 23 20 28 19 28 37
Interest 44 68 72 80 95 72 51 41 37 46 34 29 30
Depreciation 39 49 52 55 58 62 61 61 66 92 110 121 129
Profit before tax 160 101 -42 -88 12 47 165 304 533 355 392 532 562
Tax % 30% 16% 47% 1% 14% 66% 58% 24% 28% 19% 20% 20%
Net Profit 113 86 -22 -87 11 16 69 229 384 287 314 426 448
EPS in Rs 3.39 2.49 -0.63 -2.51 0.31 0.46 2.01 6.64 11.13 8.31 9.10 11.29 12.17
Dividend Payout % 15% 16% -8% 0% 32% 54% 30% 11% 16% 42% 38% 44%
Compounded Sales Growth
10 Years: 7%
5 Years: 18%
3 Years: 8%
TTM: 47%
Compounded Profit Growth
10 Years: 17%
5 Years: 44%
3 Years: 4%
TTM: 8%
Stock Price CAGR
10 Years: 30%
5 Years: 15%
3 Years: 26%
1 Year: 0%
Return on Equity
10 Years: 13%
5 Years: 19%
3 Years: 17%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
33 34 34 34 34 34 34 34 34 34 34 38
Reserves 476 573 551 467 473 1,010 1,096 1,343 1,615 1,665 1,901 2,576
501 711 874 1,087 1,220 1,022 758 717 793 617 724 786
712 775 840 540 285 524 691 776 944 995 1,067 1,385
Total Liabilities 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,311 3,726 4,785
604 743 782 889 851 1,416 1,388 1,399 1,500 1,640 1,742 1,934
CWIP 181 102 165 74 80 80 80 67 175 306 267 175
Investments 38 38 38 38 86 228 291 316 362 155 196 588
899 1,211 1,315 1,127 995 867 822 1,090 1,350 1,210 1,521 2,087
Total Assets 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,311 3,726 4,785

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
187 -91 129 -149 35 422 346 293 290 532 385 290
-148 -88 -130 -36 -68 -121 -36 -34 -278 -107 -203 -541
-6 129 60 122 34 -262 -337 -110 -70 -389 -180 217
Net Cash Flow 33 -50 59 -63 1 39 -27 148 -58 36 3 -34

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 78 91 83 83 77 84 88 74 68 66 97 91
Inventory Days 75 79 98 85 56 66 72 68 73 54 101 70
Days Payable 165 135 140 89 28 74 123 88 81 70 134 106
Cash Conversion Cycle -11 36 40 79 105 77 37 54 60 51 64 55
Working Capital Days 9 55 46 73 80 56 46 40 46 33 52 49
ROCE % 22% 15% 2% -0% 6% 6% 11% 17% 25% 16% 17% 18%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 55.69 51.38 51.38 51.38
10.99 11.81 12.01 10.46 10.08 9.00 8.13 6.65 6.51 9.07 9.46 10.18
2.42 1.70 1.29 1.34 1.40 1.49 1.63 2.07 2.11 4.77 5.16 6.06
1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.24 1.24 1.24
31.67 31.57 31.78 33.28 33.60 34.59 35.32 36.36 34.33 33.53 32.75 31.14

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