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IDBI Capital Report
Philips Carbon Black Ltd. Q4 FY22 volumes were flattish at 112 kt (-2% year-on-year); however, its Ebitda/tonne fell sharply to Rs 11,507 (-22% quarter-on-quarter, -27% YoY) led by rising prices of key inputs.
Overall Ebitda fell 21.6% year-on-year to Rs 1.4 billion.
Even specialty black volumes weakened 5% QoQ to 10 kt.
Further, rising crude oil prices led to increased working capital requirement by Rs 3 billion.
Nevertheless, PCBL mitigated its impact due to healthy cash generation and prudent working capital management.
We have lowered our FY22/FY23 Ebitda estimates by 17%/14% to factor rising prices of crude oil.
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