PCBL Chemical (PCBL) Q2 24/25 earnings summary

Executive summary

• Consolidated sales volume of carbon black rose 14% year-on-year to 1.48 lakh tons in Q2 FY25, with revenue up 45% to INR 2,163 crores, driven by higher realizations, volumes, and Aquapharm Chemicals acquisition.

• EBITDA grew 53% year-on-year to INR 369 crores; EBIT at INR 164 crores and PAT at INR 123 crores; EBITDA per ton in carbon black reached INR 21,324.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, were approved, showing continued profitability and growth in both revenue and net income.

• Re-appointment of Mr. Kaushik Roy as Managing Director for three years, effective February 5, 2025, subject to shareholder approval.

• Change of company name to "PCBL Chemical Limited" approved and application submitted to authorities.

Financial highlights

• H1 FY25 consolidated revenue rose 52% year-on-year to INR 4,307 crores; sales volume up 19% to 302,610 tons.

• H1 FY25 EBITDA increased 62% year-on-year to INR 738 crores.

• Consolidated revenue from operations for Q2 FY25 was ₹2,163.20 crore, up from ₹1,486.71 crore in Q2 FY24; consolidated net profit after tax for the quarter was ₹123.45 crore.

• Total comprehensive income (consolidated) for the quarter was ₹268.27 crore.

• Aquapharm Chemicals Q2 FY25 revenue at INR 362 crores, EBITDA at INR 50 crores, with capacity utilization above 75%.

Outlook and guidance

• Aggressive capacity expansion underway in carbon black and chemicals; targeting 1 million tons carbon black capacity by FY27-28.

• Specialty project (20,000 tons) and greenfield expansion (30,000 tons) to be commissioned in Q3 FY25; further 60,000 tons expansion planned.

• Aquapharm expansion of 38,000 tons to be commissioned by March 2025.

• The company continues to focus on diversification and innovation, with investments in new chemical and battery technology ventures.

• Battery chemicals JV expected to generate INR 2,000 crore top line at 50% EBITDA margin by FY29.