Primo Chemicals Ltd

₹ 45.7 4.87%

25 Apr - close price

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
Primo Chemicals Limited (formerly Punjab Alkalies & Chemicals Ltd.) has key products like Caustic Soda Lye, Hydrochloric Acid, Liquid Chlorine, Sodium Hypochlorite, Hydrogen Gas, Stable Bleaching Powder. Its new products include Caustic Soda Flakes and Aluminium Chloride. ^[1]

Website BSE

Market Cap ₹ 1,107 Cr.
Current Price ₹ 45.7
High / Low ₹ 78.4 / 34.0
Stock P/E
Book Value ₹ 16.3
Dividend Yield 0.00 %
ROCE 43.5 %
ROE 39.9 %
Face Value ₹ 2.00

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Pros

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Promoter holding is low: 31.4%
Earnings include an other income of Rs.21.4 Cr.
Promoter holding has decreased over last 3 years: -17.6%

* 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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	76	75	87	131	161	186	186	188	148	110	93	91
	93	60	127	74	107	121	133	141	119	103	98	89
Operating Profit	-18	15	-40	57	54	65	53	46	29	7	-4	3
OPM %	-24%	20%	-46%	43%	34%	35%	28%	25%	19%	6%	-5%	3%
	40	3	2	5	5	5	9	5	7	5	5	4
Interest	2	2	2	3	2	2	1	2	3	3	4	5
Depreciation	4	4	4	4	5	4	4	7	8	9	9	10
Profit before tax	16	12	-43	54	53	64	56	42	25	1	-13	-9
Tax %	72%	24%	14%	21%	21%	27%	27%	30%	30%	584%	-5%	-74%
	5	9	-37	43	45	48	42	30	18	-4	-13	-15
EPS in Rs	0.29	0.40	-1.54	1.77	1.84	1.98	1.72	1.24	0.73	-0.18	-0.53	-0.63
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	TTM
	223	449	701	442
	235	362	508	408
Operating Profit	-12	87	192	34
OPM %	-6%	19%	27%	8%
	55	15	26	21
Interest	5	9	8	16
Depreciation	17	17	24	36
Profit before tax	20	76	186	4
Tax %	59%	25%	28%
	8	59	137	-15
EPS in Rs	0.53	2.44	5.67	-0.61
Dividend Payout %	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-39%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-109%

Stock Price CAGR
10 Years:	28%
5 Years:	26%
3 Years:	36%
1 Year:	-41%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	40%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	31	48	48	48
Reserves	66	228	364	347
	1	61	145	160
	148	141	174	155
Total Liabilities	246	478	731	711
	156	155	278	319
CWIP	35	177	213	201
Investments	0	33	59	59
	55	114	181	132
Total Assets	246	478	731	711

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023
	53	70	150
	-24	-191	-233
	-34	137	81
Net Cash Flow	-5	16	-3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023
Debtor Days	27	26	27
Inventory Days	52	84	47
Days Payable	231	216	179
Cash Conversion Cycle	-152	-106	-106
Working Capital Days	-160	-40	-20
ROCE %		39%	43%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	34.56%	31.35%	31.35%	31.35%	31.35%	31.36%	31.36%	31.36%	31.36%	31.36%	31.36%	31.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.01%	0.01%	2.11%	1.78%	0.73%
	0.06%	0.05%	0.05%	0.31%	0.05%	0.04%	1.92%	1.92%	1.92%	1.92%	1.92%	1.92%
	65.38%	68.60%	68.60%	68.34%	68.60%	68.60%	66.72%	66.73%	66.72%	64.62%	64.96%	65.99%
No. of Shareholders	20,756	20,609	21,334	24,650	25,818	28,443	33,800	33,421	33,556	40,947	42,403	45,398

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	33.49%	33.49%	33.49%	33.49%	48.91%	31.35%	31.36%	31.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.73%
	24.43%	2.33%	0.09%	0.09%	0.08%	0.31%	1.92%	1.92%
	42.08%	64.18%	66.42%	66.42%	51.01%	68.34%	66.73%	65.99%
No. of Shareholders	23,361	22,461	21,028	20,552	20,448	24,650	33,421	45,398

* 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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