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 3,390 Cr.
  • Current Price 197
  • High / Low 212 / 54.1
  • Stock P/E 13.1
  • Book Value 104
  • Dividend Yield 3.56 %
  • ROCE 16.5 %
  • ROE 16.7 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Stock is providing a good dividend yield of 3.56%.
  • Company has delivered good profit growth of 91.95% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 22.89%

Cons

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
781 880 946 921 912 863 769 700 360 664 769
624 705 769 814 798 735 648 601 321 559 581
Operating Profit 157 175 177 107 113 128 120 99 38 105 188
OPM % 20% 20% 19% 12% 12% 15% 16% 14% 11% 16% 24%
Other Income 4 3 4 8 8 6 6 9 3 2 2
Interest 8 7 11 11 13 9 11 12 11 6 8
Depreciation 15 18 16 18 21 22 22 25 27 27 28
Profit before tax 137 154 155 87 88 103 93 71 3 73 155
Tax % 29% 30% 31% 20% 24% 25% 25% -3% 13% 20% 19%
Net Profit 98 108 107 71 66 77 70 73 2 58 125
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
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 TTM
1,178 1,696 2,187 2,285 2,277 2,470 1,894 1,927 2,558 3,529 3,244 2,493
1,052 1,474 1,980 2,212 2,252 2,319 1,729 1,669 2,181 2,912 2,779 2,062
Operating Profit 126 222 207 73 25 151 165 258 377 616 464 431
OPM % 11% 13% 9% 3% 1% 6% 9% 13% 15% 17% 14% 17%
Other Income 56 21 11 9 22 14 16 19 29 20 29 16
Interest 21 44 68 72 80 95 72 51 41 37 46 38
Depreciation 31 39 49 52 55 58 62 61 61 66 92 107
Profit before tax 130 160 101 -42 -88 12 47 165 304 533 355 302
Tax % 6% 30% 16% 47% 1% 14% 66% 58% 24% 28% 19%
Net Profit 122 113 86 -22 -87 11 16 69 229 384 287 259
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 15.00
Dividend Payout % 12% 15% 16% -8% 0% 32% 54% 30% 11% 16% 42%
Compounded Sales Growth
10 Years:11%
5 Years:6%
3 Years:19%
TTM:-28%
Compounded Profit Growth
10 Years:9%
5 Years:92%
3 Years:60%
TTM:-9%
Stock Price CAGR
10 Years:22%
5 Years:64%
3 Years:-6%
1 Year:86%
Return on Equity
10 Years:12%
5 Years:15%
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 Sep 2020
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 1,758
Borrowings 555 501 711 874 1,087 1,220 1,022 758 717 793 617 589
518 712 775 840 540 285 524 691 776 944 991 890
Total Liabilities 1,397 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,307 3,272
593 604 743 782 889 851 1,416 1,388 1,399 1,500 1,640 1,604
CWIP 92 181 102 165 74 80 80 80 67 175 306 337
Investments 38 38 38 38 38 86 228 291 316 362 155 182
674 899 1,211 1,315 1,127 995 867 822 1,090 1,350 1,207 1,149
Total Assets 1,397 1,722 2,094 2,299 2,128 2,012 2,590 2,580 2,871 3,387 3,307 3,272

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
42 187 -91 129 -149 35 422 346 293 290 531
-98 -148 -88 -130 -36 -68 -121 -36 -34 -278 -107
81 -6 129 60 122 34 -262 -337 -110 -70 -389
Net Cash Flow 26 33 -50 59 -63 1 39 -27 148 -58 36

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

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56 53.56
10.98 10.81 10.97 11.37 10.30 9.81 10.99 11.81 12.01 10.46 10.08 9.00
3.06 3.36 3.10 3.21 2.30 2.31 2.42 1.70 1.29 1.34 1.40 1.49
1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36 1.36
31.04 30.91 31.01 30.50 32.48 32.96 31.67 31.57 31.78 33.28 33.60 34.59

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