Phillips Carbon Black

20 Jan 2022 , 07:06 PM

On Consolidated basis 

Quarter ended Dec 2021 compared with Quarter ended Dec 2020 

Net sales (including other operating income) of PCBL has increased 50.27% to Rs 1156.14 crore.  Sales of Carbon Black segment has gone up 50.54% to Rs 1,128.31 crore (accounting for 96.09% of total sales).  Sales of Power segment has gone up 22.94% to Rs 45.93 crore (accounting for 3.91% of total sales).  Inter-segment sales rose Rs 17.45 crore to Rs 18.10 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 8.31% to Rs 174.55 crore.  PBIT of Carbon Black segment fell 16.72% to Rs 145.51 crore (accounting for 83.36% of total PBIT).  PBIT of Power segment rose 85.68% to Rs 29.04 crore (accounting for 16.64% of total PBIT).  

PBIT margin of Carbon Black segment fell from 23.31% to 12.90%.  PBIT margin of Power segment rose from 41.86% to 63.23%.  Overall PBIT margin fell from 24.19% to 14.86%.  

Operating profit margin has declined from 24.47% to 14.53%, leading to 10.74% decline in operating profit to Rs 168.03 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 54.69% to 72.78%.   Employee cost decreased from 4.56% to 3.43%.   Other expenses fell from 15.68% to 9.31%.   Loss on forex transaction fell from 0.37% to 0.28%.   

Other income rose 268.31% to Rs 8.95 crore.  PBIDT fell 7.18% to Rs 176.98 crore.  Provision for interest fell 12.94% to Rs 6.93 crore.  

PBDT fell 6.93% to Rs 170.05 crore.  Provision for depreciation rose 10.87% to Rs 30.81 crore.  

Profit before tax down 10.13% to Rs 139.24 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 27.72 crore, compared to Rs 29.38 crore.  Effective tax rate was 19.91% compared to 18.96%.

Minority interest decreased 18.18% to Rs 0.09 crore.  Net profit attributable to owners of the company decreased 11.17% to Rs 111.43 crore.  

Promoters stake was 51.38% as of 31 December 2021 ,compared to 53.56% as of 31 December 2020 .   

For year-to-date (YTD) results analysis

Net sales (including other operating income) of PCBL has increased 80.03% to Rs 3227.59 crore.  Sales of Carbon Black segment has gone up 81.30% to Rs 3,161.29 crore (accounting for 96.27% of total sales).  Sales of Power segment has gone up 30.10% to Rs 122.62 crore (accounting for 3.73% of total sales).  Inter-segment sales rose Rs 46.15 crore to Rs 56.32 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 64.42% to Rs 564.58 crore.  PBIT of Carbon Black segment rose 67.87% to Rs 493.44 crore (accounting for 87.40% of total PBIT).  PBIT of Power segment rose 43.95% to Rs 71.14 crore (accounting for 12.60% of total PBIT).  

PBIT margin of Carbon Black segment fell from 16.86% to 15.61%.  PBIT margin of Power segment rose from 52.44% to 58.02%.  Overall PBIT margin fell from 18.68% to 17.19%.  

Operating profit margin has declined from 18.52% to 16.07%, leading to 56.21% rise in operating profit to Rs 518.62 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 60.30% to 69.46%.   Employee cost decreased from 5.57% to 3.58%.   Other expenses fell from 15.21% to 11.09%.   Loss on forex transaction rose from 0.23% to 0.45%.   

Other income rose 141.20% to Rs 16.45 crore.  PBIDT rose 57.92% to Rs 535.07 crore.  Provision for interest fell 13.95% to Rs 22.2 crore.  

PBDT rose 63.85% to Rs 512.87 crore.  Provision for depreciation rose 10.02% to Rs 90.4 crore.  

Profit before tax grew 83.01% to Rs 422.47 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 84.39 crore, compared to Rs 44.67 crore.  Effective tax rate was 19.98% compared to 19.35%.

Minority interest decreased 14.29% to Rs 0.24 crore.  Net profit attributable to owners of the company increased 81.73% to Rs 337.84 crore.  

Promoters stake was 51.38% as of 31 December 2021 ,compared to 53.56% as of 31 December 2020 .  

Others

Dividend:

The board has declared an interim dividend @ 500% ie Rs 10/- per equity share of Rs 2/- each.

Phillips Carbon: Consolidated Results

 

	2112(3)	2012(3)	Var. (%)	2112 (9)	2012(9)	Var. (%)	2103 (12)	2003 (12)	Var. (%)
Sales	1156.14	769.40	50	3227.59	1792.79	80	2659.52	3243.54	-18.0
OPM (%)	14.53	24.47	-993 bps	16.07	18.52	-245 bps	19.48	14.31	517 bps
OP	168.03	188.25	-11	518.62	332.00	56	518.04	464.05	11.6
Other inc.	8.95	2.43	268	16.45	6.82	141	18.00	29.01	-38.0
PBIDT	176.98	190.68	-7	535.07	338.82	58	536.04	493.06	8.7
Interest	6.93	7.96	-13	22.20	25.80	-14	33.88	45.90	-26.2
PBDT	170.05	182.72	-7	512.87	313.02	64	502.16	447.16	12.3
Dep.	30.81	27.79	11	90.40	82.17	10	110.12	92.36	19.2
PBT	139.24	154.93	-10	422.47	230.85	83	392.04	354.80	10.5
EO Income	-	-	-	-	-	-	-	-	-
PBT after EO	139.24	154.93	-10	422.47	230.85	83	392.04	354.80	10.5
Taxation	27.72	29.38	-6	84.39	44.67	89	78.05	67.30	16.0
PAT	111.52	125.55	-11	338.08	186.18	82	313.99	287.50	9.2
Minority Interest (MI)	0.09	0.12	-25	0.24	0.28		0.36	0.95	-62.1
Net profit	111.43	125.43	-11	337.84	185.90	82	313.63	286.55	9.5
EPS (Rs)*	#	#		#	#		16.7	15.3
* EPS is on current equity of Rs 34.47 crore, Face value of Rs 2 # EPS is not annualised due to seasonality of business Figures in Rs crore Source: Capitaline Corporate Database

Phillips Carbon : Consolidated Segment results

 

Sales	% Of total	2112 (3)	2012 (3)	Var. (%)	% to total	2112 (9)	2012 (9)	Var. (%)	% to total	% Of total	2103 (12)	2003 (12)	Var. (%)
Carbon Black	96.09%	1128.31	749.49	51	96	3161.29	1743.69	81	96	97.47%	2592.27	3157.06	-18
Power	3.91%	45.93	37.36	23	4	122.62	94.25	30	4	2.53%	67.25	86.48	-22
Total Reportable Segment	100.00%	1174.24	786.85	49	100	3283.91	1837.94	79	100	100.00%	2659.52	3243.54	-18
Less: Inter segment revenues		18.10	17.45			56.32	45.15				63.45	65.30
Net sales	100.00%	1156.14	769.40	50		3227.59	1792.79	80		100.00%	2596.07	3178.24	-18
PBIT
Carbon Black	83.36%	145.51	174.72	-17	83	493.44	293.95	68	87	87.43%	494.60	467.82	6
Power	16.64%	29.04	15.64	86	17	71.14	49.42	44	13	12.57%	71.09	99.05	-28
Total	100.00%	174.55	190.36	-8	100	564.58	343.37	64	100	100.00%	565.69	566.87	0
Less: Interest		6.93	7.96	-13		22.20	25.80	-14			33.88	45.90	-26
Add: Interest Income
Add: Other un-allocable Expenditure nEt of un-allocable income		28.38	27.47	3		119.91	86.72	38			139.77	166.17	-16
PBIT Margin
Carbon Black		12.90%	23.31%			15.61%	16.86%				19.08%	14.82%
Power		63.23%	41.86%			58.02%	52.44%				105.71%	114.54%
PBT		139.24	154.93	-10		422.47	230.85	83			392.04	354.80	10
Figures in Rs crore Source: Capitaline Corporate Database LP Loss to profit

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