Punjab Alkalies & Chemicals announced Q3FY23 results: Consolidated Q3FY23: Revenue from operations of Rs 1,876 million, growth of 44% YoY from Rs 1,307 million in Q3FY22. EBITDA of Rs 510 million, compared to Rs 616 million in Q3FY22 Net Profit of Rs 300 million, compared to Rs 429 million in Q3FY22. 9MFY23: Revenue from operations of Rs 5,596 million, growth of 91% YoY from Rs 2,930 million in 9MFY22 EBITDA showed more than 4x fold increase of Rs 1,826 million, compared to 425 million in 9MFY22 Net Profit showed more than 8x fold increase of Rs 1,198 million, compared to Rs 146 million in 9MFY22 Commenting on the results, Mr. Naveen Chopra, Managing Director, said: “I am pleased to report a robust revenue growth of 44% YoY during the quarter, driven by higher demand for our products. During the quarter, the revenue generated from operations amounted to Rs 1,876 million and EBITDA was recorded at Rs 510 million, with margin of 27%. The net profit for the period reached Rs 300 million, resulting in a margin of 16%. The company capitalized the Expansion Project for Rs 688 million, leading to increased depreciation and margin pressure. During the quarter, we announced a new chapter in the evolution of our company and decided to rebrand and change our company name to “Primo Chemicals Limited”. Our new name reflects our commitment to growth and provide exceptional products and services to our customers. The name change aligns with our vision to be a leader in our industry, reinforces our dedication to deliver excellence in all that we do and represents our ongoing commitment to meet the evolving needs of our customers and the market." Result PDF
Punjab Alkalies & Chemicals announced Q2FY23 results: Revenue from Operations of Rs. 1,857 million, growth of 113% YoY from Rs. 870 million in Q2 FY23 Revenue growth was primarily driven by better realization of caustic soda pricing and global economic and political scenario lead by increase in demand and volume of CSL. Caustic soda lye sales contributed 97% to the Q2 FY23 sales with capacity utilization of 94%. The caustic soda volumes grew by 26% YoY from 26,872 MT to 33,995 MT driven by consistent demand from key end-user industries. EBITDA of Rs. 614 million compared to (374) million in same quarter last year EBITDA growth was driven by robust increase in revenue and higher operational efficiencies. In Q2 FY23, PACL registered EBITDA margins of 31.6% despite the rise in input costs. Net Profit of Rs. 418 million, compared to Rs. (373) million in Q2 FY22 Net Profit margins improved to 21.5% as compared to (41.7%) in Q2 FY22. Commenting on the results, Mr. Naveen Chopra, Managing Director, said: “I am pleased to announce that PACL continues to maintain its growth momentum in the second quarter amidst volatile economic scenario. This strong performance was driven by increase in sales volume and better realizations. The revenue from operation remained at Rs.1,857 million for the quarter with growth of 113% year on year. EBITDA for the period remained at Rs. 614 million with superior margins of 31.6%. Net Profit was Rs. 418 million, compared to Rs. (373) million in Q2 FY22 with margins of 21.5% and (41.7%) respectively. This performance is in line with our future growth objective through Strategic Initiatives of Capacity expansion, process optimization, product portfolio expansion and efficient costing. On update of our multiple expansion plans, 35 MW Power Plant, SBP (Stable Bleaching Powder) Plant, Caustic Flaker Unit and Aluminium Chloride project are under progress as per schedule. Hydrogen Peroxide Plant is under pipeline. Paracetamol API manufacturing project is at Environment clearance stage, which will be a mega project in the history of the company. These projects will enable us to reduce our energy costs and help us to increase our chlorine consumption (in line with our forward integration strategy) which is a key raw material thereby increasing the production of Caustic Soda. These projects shall have positive impact on company’s topline and thereby increase profitability by Q4FY23 onwards. The world economy continued to face significant pressure because of the food security, energy pricing and supply chain disruptions associated with ongoing war in the Ukraine. Despite all this external influence we remain confident in our product offerings and cost-efficient business model. Our recent developments across the business and upcoming developments will strongly position PACL within the industry. Customer satisfaction remains our key focus area through which we can build long term relationship and expand our product offerings efficiently. We remain committed to using eco-friendly, costeffective technology and safest practices at our plants leading us to sustainable business growth going forward”. Result PDF
Punjab Alkalies & Chemicals announced Q4FY22 results: Revenue from Operations of Rs. 1,611 million, growth of 113 % YoY from Rs. 756 million in Q4 FY21 EBITDA of Rs. 593 million, up 169% YoY from Rs. 221 million in Q4 FY21 Net Profit of Rs. 422 million, a nine-fold increase compared to Rs. 46 million in Q4 FY21 Net Debt of Rs. 356 million with Cash and Cash equivalent of Rs. 252 million as on 31st March 2022 Commenting on the results, Mr. Naveen Chopra, Managing Director, said: “I am pleased to report that the company has delivered an exceptional performance in Q4 FY22 and closed the year on a strong note. The quarter performance reflects the underlying strength of our business operations especially after completion of divestment by the Punjab State Industrial Development Corporation Ltd. The company has now become a non-government entity and our experienced senior management team is committed to implement the outlined strategic growth plan and deliver accelerated growth in the coming years. In Q4 FY22, PACL delivered consolidated Revenue from Operations of Rs. 1,611 million, an increase of 113 % YoY. The growth was supported by favourable and improving demand environment across end-user industries and improved price realizations due to increase in commodity prices globally. EBITDA for the period was Rs. 593 million, an increase of 169% YoY. Operating margins stood at 36.8% and are one of the highest in the industry. We believe that current operating profitability is sustainable in the near future. Net Profit was Rs. 422 million, a nine-fold increase compared to Rs. 46 million in Q4 FY21 with margins of 25.4%. During the quarter, we have expanded our manufacturing capacity from 300 TPD to 500 TPD which will help in increasing production volumes of caustic soda by ~ 40% and the consequent incremental revenue is expected from Q1 FY23 onwards. The growth momentum is anticipated to continue in the coming quarters driven by strong demand scenario and prices are expected to stabilize at current levels amidst the ongoing rising global energy price environment. In the year ahead, PACL will embark on a step-up phase of growth with several initiatives planned: A power plant with 35 mw capacity will be commissioned which will not only act as a captive energy source but also reduce the cost of production across our operations, once the coal prices and supply stabilizes PACL is commissioning a SBP (Stable Bleaching Powder) Plant which is expected to operationalize by Q2 FY23. We are also awaiting regulatory approvals for Aluminium Chloride project which should operationalize by Q3 FY23. These projects will consume chlorine as a key raw material thereby increasing the production of caustic soda and will drive company topline and profitability. The total cost of these projects is estimated at Rs. 100 crore PACL has applied for environmental clearance for a paracetamol API manufacturing project (where benzene and chlorine are the key raw materials). The manufacturing unit will be backward integrated through the consumption of PACL’s products such as chlorine, hydrochloric acid, hydrogen gas and caustic soda. This is a milestone project with investment commitment of Rs. 170 crore and will be funded through a combination of internal accruals and debt Looking ahead, we remain optimistic of maintaining our growth momentum as markets have started stabilizing. With a clear expansion plans and strategic direction, PACL is well positioned to deliver incremental profitable growth in the coming year and create wealth for all stakeholders.” Result PDF