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Phillips Carbon Black

20 Jan 2022 , 06:02 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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