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IDBI Capital Report
Philip Carbon Black Ltd. reported stronger than expected Q1 FY22 profitability mainly led by higher than expected export volumes (up 19% q-o-q).
Its Ebitda was 11% above our estimate due to higher than expected volumes.
Overall, Phillips Carbon Black sales volumes grew 113% y-o-y to 109 kilo tonne and its Ebitda/tonne improved 94% y-o-y to Rs 14,404 led by better product mix.
Ebitda jumped ~3 times y-o-y to Rs 1,609 million and net profit jumped 4.4 times y-o-y to Rs 1,043 million as interest cost fell 33.1% y-o-y to Rs 76 million.
Given stronger than expected Q1 FY22 margin performance, we raise our FY22/FY23 Ebitda estimates by 17%/23% as we now expect better margins led by rising sales of specialty black volumes.
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