Phillips Carbon Black Ltd

About [ edit ]

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. #
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.#

Key Points [ edit ]
  • Market Cap 3,888 Cr.
  • Current Price 226
  • High / Low 230 / 68.2
  • Stock P/E 12.4
  • Book Value 112
  • Dividend Yield 3.10 %
  • ROCE 17.3 %
  • ROE 17.3 %
  • Face Value 2.00

Pros

  • Stock is providing a good dividend yield of 3.10%.
  • Company has been maintaining a healthy dividend payout of 32.10%

Cons

  • The company has delivered a poor sales growth of 7.02% over past five years.
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 76.94 to 97.10 days.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
781 880 946 921 912 863 769 700 360 664 769 867
624 705 769 814 798 735 648 601 321 559 581 681
Operating Profit 157 175 177 107 113 128 120 99 38 105 188 186
OPM % 20% 20% 19% 12% 12% 15% 16% 14% 11% 16% 24% 21%
Other Income 4 3 4 8 8 6 6 9 3 2 2 11
Interest 8 7 11 11 13 9 11 12 11 6 8 8
Depreciation 15 18 16 18 21 22 22 25 27 27 28 28
Profit before tax 137 154 155 87 88 103 93 71 3 73 155 161
Tax % 29% 30% 31% 20% 24% 25% 25% -3% 13% 20% 19% 21%
Net Profit 98 108 107 71 66 77 70 73 2 58 125 128
EPS in Rs 5.67 6.27 6.23 4.10 3.85 4.49 4.07 4.22 0.14 3.36 7.28 7.41

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,178 1,696 2,187 2,285 2,277 2,470 1,894 1,927 2,558 3,529 3,244 2,660
1,052 1,474 1,980 2,212 2,252 2,319 1,729 1,669 2,181 2,912 2,779 2,141
Operating Profit 126 222 207 73 25 151 165 258 377 616 464 518
OPM % 11% 13% 9% 3% 1% 6% 9% 13% 15% 17% 14% 19%
Other Income 56 21 11 9 22 14 16 19 29 20 29 18
Interest 21 44 68 72 80 95 72 51 41 37 46 34
Depreciation 31 39 49 52 55 58 62 61 61 66 92 110
Profit before tax 130 160 101 -42 -88 12 47 165 304 533 355 392
Tax % 6% 30% 16% 47% 1% 14% 66% 58% 24% 28% 19% 20%
Net Profit 122 113 86 -22 -87 11 16 69 229 384 287 314
EPS in Rs 8.65 6.79 4.97 -1.27 -5.02 0.62 0.92 4.02 13.28 22.26 16.63 18.20
Dividend Payout % 12% 15% 16% -8% 0% 32% 54% 30% 11% 16% 42% 38%
Compounded Sales Growth
10 Years:5%
5 Years:7%
3 Years:1%
TTM:-18%
Compounded Profit Growth
10 Years:11%
5 Years:85%
3 Years:11%
TTM:12%
Stock Price CAGR
10 Years:23%
5 Years:57%
3 Years:-1%
1 Year:224%
Return on Equity
10 Years:12%
5 Years:17%
3 Years:20%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
28 33 34 34 34 34 34 34 34 34 34 34
Reserves 296 476 573 551 467 473 1,010 1,096 1,343 1,615 1,665 1,901
Borrowings 555 501 711 874 1,087 1,220 1,022 758 717 793 617 660
518 712 775 840 540 285 524 691 776 944 991 1,130
Total Liabilities 1,397 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,307 3,726
593 604 743 782 889 851 1,416 1,388 1,399 1,500 1,640 1,742
CWIP 92 181 102 165 74 80 80 80 67 175 306 267
Investments 38 38 38 38 38 86 228 291 316 362 155 196
674 899 1,211 1,315 1,127 995 867 822 1,090 1,350 1,207 1,521
Total Assets 1,397 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,307 3,726

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 187 -91 129 -149 35 422 346 293 290 531 385
-98 -148 -88 -130 -36 -68 -121 -36 -34 -278 -107 -203
81 -6 129 60 122 34 -262 -337 -110 -70 -389 -180
Net Cash Flow 26 33 -50 59 -63 1 39 -27 148 -58 36 3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 22% 15% 2% -0% 6% 6% 11% 17% 25% 16% 17%
Debtor Days 91 78 91 83 83 77 84 88 74 68 66 97
Inventory Turnover 5.55 5.45 4.37 3.98 5.40 5.05 5.16 6.13 6.04 5.63 4.17

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56
10.81 10.97 11.37 10.30 9.81 10.99 11.81 12.01 10.46 10.08 9.00 8.13
3.36 3.10 3.21 2.30 2.31 2.42 1.70 1.29 1.34 1.40 1.49 1.63
1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36
30.91 31.01 30.50 32.48 32.96 31.67 31.57 31.78 33.28 33.60 34.59 35.32

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