PARADEEP · Chemicals
Paradeep Phosphates Ltd. reported revenue of ₹4,990 cr for October to December 2024, +92.3% on the year and +8.0% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹438 cr, a margin of 8.8%, −209 bps on the year and −220 bps on the quarter. Over the last 7 quarters the margin has ranged from −1.3% to 11.0%, averaging 7.0%. Operating costs grew +96.8%, faster than revenue at +92.3%, so operating profit grew less than sales.
Net profit was ₹209 cr, +91.7% on the year and −18.0% on the quarter, with earnings per share of ₹2.57. Profit before other income, one-offs and tax grew 70.3%, so 21 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹6.03 over the last four quarters, the stock at ₹147.22 trades at 24.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +91.7% on the year; profit before other income, exceptional items and tax +70.3%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 8.8%, −209 bps on the year (−220 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,595 cr | ₹2,243 cr | ₹2,377 cr | ₹4,619 cr | ₹4,990 cr | ₹4,194 cr | ₹4,504 cr | ₹6,872 cr | ₹5,749 cr | ₹4,702 cr | ₹6,124 cr | ₹7,364 cr |
| YoY | — | — | −22% | +25% | +92% | +87% | +89% | +49% | +15% | +12% | +36% | +7% |
| EBITDA margin | 10.9% | 6.6% | 6.1% | 11.0% | 8.8% | 9.1% | 12.9% | 9.6% | 8.2% | 9.4% | 11.8% | 5.6% |
| Other income, % of PBT | 6% | 119% | 146% | 6% | 15% | 25% | 8% | 9% | −4% | 21% | 8% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 18% | 59% | 24% | 28% | 28% | 25% | 27% | 22% | 23% | 25% | 26% |
| Net profit | ₹109 cr | ₹22.0 cr | ₹5.0 cr | ₹255 cr | ₹209 cr | ₹172 cr | ₹317 cr | ₹342 cr | ₹182 cr | ₹156 cr | ₹393 cr | ₹121 cr |
| YoY | — | — | — | +187% | +92% | +682% | +6,240% | +34% | −13% | −9% | +24% | −65% |
| Core profit YoY | — | — | — | +191% | +70% | — | — | +35% | −2% | −10% | +24% | −66% |
| EPS | ₹1.34 | ₹0.26 | ₹0.07 | ₹3.13 | ₹2.57 | ₹2.11 | ₹3.88 | ₹4.19 | ₹1.75 | ₹1.50 | ₹3.78 | ₹1.17 |
| Flags | · | 1 | 1 | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Paradeep Phosphates Ltd. reported revenue of ₹4,990 cr (+92.3% on the year) and net profit of ₹209 cr (+91.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +70.3% on the year, against +91.7% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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