Ultramar & Pigments

₹369.2 -4.1 | 1.1%

WEBSITE BSE:506685 NSE : ULTRAMARINE 10 May, 16:01

Market Cap ₹1078 Cr.

Stock P/E 18.7

P/B 1.3

Current Price ₹369.2

Book Value ₹ 292.6

Face Value 2

52W High ₹463.3

Dividend Yield 1.35%

52W Low ₹ 306.3

Edit Ratio

Ultramar & Pigments Research see more...

Overview Inc. Year: 1960Industry: Chemicals

Ultramarine & Pigments Ltd is an totally India-based employer, which is engaged in providing surfactants, pigments and information technology-enabled offerings (ITES). The Company operates via 3 segments: Laundry and allied merchandise, IT enabled offerings & BPO activities, and Wind Turbine Generator. The Company's operations relate to manufacture of laundry and allied products and its intermediaries, and imparting ITES and business process outsourcing (BPO) activities. The Company is likewise engaged in generation of power from wind turbine. The Company caters to the wishes of the domestic marketplace. It's products include detergents, sulfonation and pigments. The Company's manufacturing plants are placed at Ambattur, Ranipet and T V K Industrial Estate in Tamil Nadu.

Ultramar & Pigments Share Price

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Peer Comparison

Ultramar & Pigments Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	118	154	130	131	152	150	125	131	146	148
Other Income	5	1	1	1	7	2	1	2	5	2
Total Income	123	155	131	132	159	152	126	132	151	150
Total Expenditure	99	131	110	105	126	117	105	104	122	125
Operating Profit	25	24	21	27	33	34	21	29	29	25
Interest	1	1	1	1	1	1	1	2	2	2
Depreciation	3	3	3	3	4	4	5	5	5	6
Exceptional Income / Expenses	0	0	0	0	0	-3	0	0	0	0
Profit Before Tax	21	20	17	23	28	26	15	22	22	17
Provision for Tax	4	5	5	6	6	6	4	6	5	4
Profit After Tax	17	15	13	17	22	19	11	17	17	13
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	17	15	13	17	22	19	11	17	17	13
Adjusted Earnings Per Share	5.7	5.1	4.4	5.9	7.5	6.6	3.7	5.7	5.9	4.4

Ultramar & Pigments Profit & Loss

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	306	308	490	557	550
Other Income	12	10	9	12	10
Total Income	318	318	499	568	559
Total Expenditure	230	232	406	455	456
Operating Profit	88	85	93	113	104
Interest	2	2	4	5	7
Depreciation	9	9	12	17	21
Exceptional Income / Expenses	0	0	0	0	0
Profit Before Tax	78	75	78	91	76
Provision for Tax	16	19	19	22	19
Profit After Tax	62	56	58	69	58
Adjustments	0	0	0	0	0
Profit After Adjustments	62	56	58	69	58
Adjusted Earnings Per Share	21.2	19.1	20	23.7	19.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	14%	22%	0%	0%
Operating Profit CAGR	22%	9%	0%	0%
PAT CAGR	19%	4%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	7%	-3%	9%	20%
ROE Average	9%	11%	13%	13%
ROCE Average	11%	14%	17%	17%

Ultramar & Pigments Balance Sheet

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	302	461	860	736
Minority's Interest	0	0	0	0
Borrowings	20	35	42	55
Other Non-Current Liabilities	15	91	90	78
Total Current Liabilities	44	72	81	91
Total Liabilities	381	659	1072	959
Fixed Assets	91	119	152	238
Other Non-Current Assets	126	304	695	466
Total Current Assets	164	236	226	256
Total Assets	381	659	1072	959

Ultramar & Pigments Cash Flow

#(Fig in Cr.)	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	27	20	70	30
Cash Flow from Operating Activities	48	58	29	59
Cash Flow from Investing Activities	-39	-20	-63	-55
Cash Flow from Financing Activities	-16	13	-7	-2
Net Cash Inflow / Outflow	-7	50	-40	2
Closing Cash & Cash Equivalent	20	70	30	32

Ultramar & Pigments Ratios

#	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	21.24	19.11	19.97	23.7
CEPS(Rs)	24.19	22.11	24.04	29.49
DPS(Rs)	5	5	5	5
Book NAV/Share(Rs)	103.59	157.9	294.36	251.93
Core EBITDA Margin(%)	24.97	24.58	17.14	18.2
EBIT Margin(%)	25.92	24.86	16.57	17.24
Pre Tax Margin(%)	25.35	24.32	15.83	16.33
PAT Margin (%)	20.25	18.1	11.89	12.43
Cash Profit Margin (%)	23.07	20.95	14.32	15.47
ROA(%)	16.26	10.73	6.74	6.81
ROE(%)	20.5	14.61	8.83	8.68
ROCE(%)	24.59	18.7	11.57	11.23
Receivable days	46.78	49.2	30.98	27.41
Inventory Days	40.33	41.91	40.42	52.52
Payable days	80.35	82.56	49.28	52.1
PER(x)	6.66	15.3	16.28	13.76
Price/Book(x)	1.37	1.85	1.1	1.29
Dividend Yield(%)	3.53	1.71	1.54	1.53
EV/Net Sales(x)	1.35	2.65	1.97	1.77
EV/Core EBITDA(x)	4.69	9.58	10.38	8.73
Net Sales Growth(%)	0	0.66	59.12	13.5
EBIT Growth(%)	0	-3.45	6.04	18.12
PAT Growth(%)	0	-10.03	4.51	18.69
EPS Growth(%)	0	-10.03	4.51	18.69
Debt/Equity(x)	0.07	0.08	0.06	0.09
Current Ratio(x)	3.74	3.29	2.79	2.8
Quick Ratio(x)	2.97	2.77	1.9	1.83
Interest Cover(x)	45.74	46.01	22.33	18.96
Total Debt/Mcap(x)	0.05	0.04	0.05	0.07

Ultramar & Pigments Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	44.53	44.07	43.04	42.96	42.66	42.37	42.37	41.68	41.08	41.05
FII	0.58	0.54	0.73	0.71	0.67	0.8	0.8	0.8	0.84	1.21
DII	0.13	0.13	0.15	0.32	0.15	0.83	0.83	0.83	0.83	0.24
Public	54.75	55.26	56.08	56.01	56.52	56	56	56.69	57.26	57.5
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.3	1.29	1.26	1.25	1.25	1.24	1.24	1.22	1.2	1.2
FII	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.04
DII	0	0	0	0.01	0	0.02	0.02	0.02	0.02	0.01
Public	1.6	1.61	1.64	1.64	1.65	1.64	1.64	1.66	1.67	1.68
Others	0	0	0	0	0	0	0	0	0	0
Total	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92	2.92

Pros

Company is almost debt free.

Cons

Promoter holding is low: 41.05%.
Company has a low return on equity of 11% over the last 3 years.
Debtor days have increased from 49.28 to 52.1days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.