PCBL Chemical (PCBL) Q4 01/02 earnings summary

Executive summary

• FY ended 30 Sep 2002: sales rose 1% to Rs 49,449.17 lakh; PBT more than doubled to Rs 990.41 lakh and PAT rose 25% to Rs 540.59 lakh.

• Improved yields, lower power use and financing costs, tighter expenses, and higher export realizations supported profit growth despite production constraints.

Financial highlights

• PBDIT increased 12% to Rs 4,690.09 lakh from Rs 4,195.35 lakh; PBT was Rs 990.41 lakh versus Rs 468.24 lakh.

• PAT was Rs 540.59 lakh versus Rs 432.24 lakh; basic and diluted EPS rose to Rs 3.05 from Rs 2.44.

• Sales turnover reached Rs 49,449.17 lakh versus Rs 48,983.45 lakh; reported growth was 1%.

• Manufacturing power and fuel cost per MT fell 30% to Rs 392 from Rs 564; power purchases declined 27% and financing costs 16%.

Outlook and guidance

• Domestic tyre production recovery was expected to continue, with higher Indian tyre exports also expected to lift carbon black demand.

• 10,000 MT of idle Cochin capacity was shifted to Durgapur; ongoing debottlenecking was expected to add 15,000 MT of annual capacity there.

• Higher international feedstock prices were identified as an impediment to improved performance.