IDBI Capital: Phillips Carbon Black - Volume And Margin Recovery Ahead

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..IDBI Capital Report.Philip Carbon Black Ltd. reported better than expected Q2 FY21 results. Its sales/Ebitda were 4.5%/22.1% above our estimates.Its volumes at 110 kilo tonne were a beat to our estimate and its Ebitda/tonne at Rs 9,482 was also above our forecast.Phillips’ Ebitda fell 22.8% YoY to Rs 1,056 million mainly due to lower realizations. Nevertheless, its net debt fell to Rs 3,840 million from Rs 4,367 million as of March 2020.We introduce FY23 estimates in this report. We have raised our FY21 sales volumes estimates slightly to account for Q2 FY21 volume beat.We lower our FY21/FY22 interest expense to account for sharper than expected fall in debt in Q2 FY21..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

IDBI Capital: Phillips Carbon Black - Volume And Margin Recovery Ahead

IDBI Capital: Phillips Carbon Black - Volume And Margin Recovery Ahead

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