Primo Chemicals Ltd

₹ 69.5 -4.07%
27 Jan - close price
punjabalkalies.com BSE: 506852
About

The Company was incorporated on 1st December 1975 and the name was changed to Punjab Alkalies & Chemicals Limited on 19th April 1983. The company’s main product is Caustic Soda Lye and it is the largest producer of Caustic Soda in the North India region. The by-products of the company are Hydrochloric Acid, Liquid Chlorine, Sodium Hypochlorite, and Hydrogen gas.[1]

Key Points

Product Portfolio
The Company's key products include Caustic Soda Lye, Liquid Chlorine, Hydrochloric Acid, Hydrogen Gas, Sodium Hypochlorite. [1] Its new products include Caustic flakes, Stable bleaching powder (SBP), Aluminum chloride and Hydrogen Peroxide. [1]

Website BSE
  • Market Cap ₹ 1,684 Cr.
  • Current Price ₹ 69.5
  • High / Low ₹ 101 / 62.2
  • Stock P/E 9.77
  • Book Value ₹ 14.9
  • Dividend Yield 0.00 %
  • ROCE 39.0 %
  • ROE 30.6 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 20.3%

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 11.4% over past five years.
  • Promoter holding is low: 31.4%

* 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: Chlor Alkali / Soda Ash

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
74 59 65 36 56 58 76 75 87 131 161 186 186
75 62 64 38 51 56 93 60 127 74 107 121 133
Operating Profit -1 -2 1 -1 5 2 -18 15 -40 57 54 65 53
OPM % -1% -4% 2% -4% 9% 3% -24% 20% -46% 43% 34% 35% 28%
2 7 10 4 4 7 40 3 2 5 5 5 9
Interest 1 1 1 1 1 1 2 2 2 3 2 2 1
Depreciation 3 3 5 5 4 4 4 4 4 4 5 4 4
Profit before tax -3 1 5 -3 3 4 16 12 -43 54 53 64 56
Tax % 51% 109% 134% 0% 0% 7% 72% 24% 14% 21% 21% 27% 27%
Net Profit -1 -0 -2 -3 3 4 5 9 -37 43 42 47 41
EPS in Rs -0.10 -0.00 -0.13 -0.25 0.25 0.26 0.29 0.40 -1.54 1.77 1.74 1.93 1.67
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
171 232 281 259 260 236 262 327 369 284 223 449 664
175 205 260 260 267 243 277 298 290 268 235 362 435
Operating Profit -5 27 20 -1 -7 -8 -15 29 78 16 -12 87 228
OPM % -3% 12% 7% -1% -3% -3% -6% 9% 21% 6% -6% 19% 34%
2 3 4 3 2 5 3 -4 5 20 55 15 24
Interest 10 11 8 1 1 5 4 20 8 5 5 9 7
Depreciation 12 13 13 10 8 7 8 9 16 13 17 17 18
Profit before tax -24 7 4 -10 -13 -14 -24 -5 59 18 20 76 227
Tax % 0% 33% 31% 0% 0% 0% 0% 0% 5% 52% 59% 25%
Net Profit -24 4 3 -10 -13 -14 -24 -5 56 9 8 57 172
EPS in Rs -2.36 0.43 0.27 -0.93 -1.26 -1.39 -1.79 -0.36 4.12 0.65 0.53 2.34 7.11
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 7%
5 Years: 11%
3 Years: 7%
TTM: 124%
Compounded Profit Growth
10 Years: 29%
5 Years: 34%
3 Years: 1%
TTM: 953%
Stock Price CAGR
10 Years: 30%
5 Years: 72%
3 Years: 108%
1 Year: -6%
Return on Equity
10 Years: 9%
5 Years: 31%
3 Years: 20%
Last Year: 31%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
20 20 20 20 20 20 27 27 27 27 31 48 48
Reserves 84 84 83 67 51 33 12 9 38 43 66 225 312
89 78 50 51 51 44 28 27 28 29 1 61 67
42 43 56 57 58 95 123 147 133 129 148 141 167
Total Liabilities 235 225 209 196 180 193 190 211 226 228 246 476 594
165 152 142 130 122 114 111 106 89 168 156 155 152
CWIP 1 1 2 1 1 2 5 5 16 15 35 177 247
Investments 0 0 0 0 0 0 0 0 0 0 0 30 53
69 73 65 66 57 77 74 100 121 46 55 114 143
Total Assets 235 225 209 196 180 193 190 211 226 228 246 476 594

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
5 26 46 8 2 23 9 43 54 27 53 70
-4 -2 -7 -7 -1 -3 -11 -3 -36 -82 -24 -191
-2 -21 -37 1 -2 -6 -0 -4 -3 -3 -34 137
Net Cash Flow -1 3 2 2 -1 13 -2 36 16 -58 -5 16

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 53 47 19 15 9 8 6 5 6 7 27 26
Inventory Days 91 78 93 84 62 92 69 68 51 59 52 84
Days Payable 194 143 147 177 200 246 220 160 186 233 231 216
Cash Conversion Cycle -51 -18 -35 -78 -129 -146 -145 -86 -130 -167 -152 -106
Working Capital Days 8 22 -7 -24 -88 -77 -112 -125 -91 -157 -160 -40
ROCE % -7% 9% 7% -6% -9% -9% -25% 40% 85% 14% 25% 39%

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
33.49 33.49 22.13 55.99 48.91 34.56 31.35 31.35 31.35 31.35 31.36 31.36
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
0.09 0.09 0.09 0.09 0.08 0.06 0.05 0.05 0.31 0.05 0.04 1.92
66.42 66.42 77.79 43.92 51.01 65.38 68.60 68.60 68.34 68.60 68.60 66.72

* 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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