On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of ACC has increased 15.02% to Rs
4468.42 crore. Sales of Cement segment has gone up 13.12% to Rs 4,154.13
crore (accounting for 91.43% of total sales). Sales of Ready Mix
Concrete segment rose 52.69% to Rs 389.49 crore (accounting for 8.57% of total
sales). Inter-segment sales rose Rs 42.45 crore to Rs 75.20
crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 63.00% to Rs 268.06
crore. PBIT of Cement segment fell 64.57% to Rs 255.70 crore
(accounting for 95.39% of total PBIT). PBIT of Ready Mix Concrete
segment rose 352.75% to Rs 12.36 crore (accounting for 4.61% of total
PBIT).
PBIT margin of Cement segment fell
from 19.65% to 6.16%. PBIT margin of Ready Mix Concrete segment rose
from 1.07% to 3.17%. Overall PBIT margin fell from 18.45% to
5.90%.
Operating profit margin has declined
from 22.38% to 9.54%, leading to 50.97% decline in operating profit to Rs
426.23 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 12.37% to 14.90%. Purchase of finished
goods cost rose from 5.07% to 7.16%. Employee cost decreased from
5.11% to 4.66%. Other expenses rose from 56.24% to 64.14%.
Power and Oil fuel cost rose from 20.26% to 28.17%.
Freight charges rose from 22.45% to 23.15%.
Other income rose 18.24% to Rs 53.86
crore. PBIDT fell 47.52% to Rs 480.09 crore. Provision
for interest rose 11.21% to Rs 14.88 crore. Loan funds rose to Rs
122.17 crore as of 30 June 2022 from Rs 99.07 crore as of 30 June
2021. Inventories rose to Rs 2,034.12 crore as of 30 June 2022 from
Rs 1,317.67 crore as of 30 June 2021. Sundry debtors were higher at
Rs 1,088.00 crore as of 30 June 2022 compared to Rs 828.40 crore as of 30 June
2021. Cash and bank balance declined from Rs 5,847.20 crore as of 30
June 2021 to Rs 4,682.04 crore as of 30 June 2022. Investments rose
to Rs 157.46 crore as of 30 June 2022 from Rs 147.19 crore as of 30 June 2021
.
PBDT fell 48.40% to Rs 465.21
crore. Provision for depreciation rose 12.42% to Rs 164.67
crore. Fixed assets increased to Rs 8,837.36 crore as of 30 June
2022 from Rs 7,250.56 crore as of 30 June 2021. Intangible assets
declined from Rs 48.31 crore to Rs 3.77 crore.
Profit before tax down 60.19% to Rs
300.54 crore. Share of profit/loss was 33.03% higher at Rs 4.35
crore. Provision for tax was expense of Rs 77.54 crore, compared to
Rs 188.84 crore. Effective tax rate was 25.43% compared to 24.90%.
Net profit attributable to owners of
the company decreased 60.08% to Rs 227.32 crore.
Equity capital stood at Rs 187.99
crore as of 30 June 2022 to Rs 187.99 crore as of 30 June 2021. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 54.53% as of 30
June 2022 ,compared to 54.53% as of 30 June 2021 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of ACC has increased 8.78% to Rs
8894.96 crore. Sales of Cement segment has gone up 7.88% to Rs
8,256.37 crore (accounting for 91.32% of total sales). Sales of
Ready Mix Concrete segment rose 27.69% to Rs 785.09 crore (accounting for 8.68%
of total sales). Inter-segment sales rose Rs 91.10 crore to Rs
146.50 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 47.57% to Rs 756.70
crore. PBIT of Cement segment fell 49.30% to Rs 716.65 crore
(accounting for 94.71% of total PBIT). PBIT of Ready Mix Concrete
segment rose 34.67% to Rs 40.05 crore (accounting for 5.29% of total
PBIT).
PBIT margin of Cement segment fell
from 18.47% to 8.68%. PBIT margin of Ready Mix Concrete segment rose
from 4.84% to 5.10%. Overall PBIT margin fell from 17.45% to
8.37%.
Operating profit margin has declined
from 21.15% to 11.93%, leading to 38.66% decline in operating profit to Rs
1,060.89 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.43% to 15.03%. Purchase of
finished goods cost rose from 4.59% to 6.68%. Employee cost
decreased from 4.92% to 4.48%. Other expenses rose from 56.60% to
62.19%. Power and Oil fuel cost rose from 19.35% to 25.74%.
Freight charges fell from 23.71% to 23.26%.
Other income rose 25.48% to Rs
112.33 crore. PBIDT fell 35.51% to Rs 1173.22
crore. Provision for interest rose 3.45% to Rs 25.46
crore. Loan funds rose to Rs 122.17 crore as of 30 June 2022 from Rs
99.07 crore as of 30 June 2021. Inventories rose to Rs 2,034.12
crore as of 30 June 2022 from Rs 1,317.67 crore as of 30 June
2021. Sundry debtors were higher at Rs 1,088.00 crore as of 30 June
2022 compared to Rs 828.40 crore as of 30 June 2021. Cash and bank
balance declined from Rs 5,847.20 crore as of 30 June 2021 to Rs 4,682.04 crore
as of 30 June 2022. Investments rose to Rs 157.46 crore as of 30
June 2022 from Rs 147.19 crore as of 30 June 2021 .
PBDT fell 36.04% to Rs 1147.76
crore. Provision for depreciation rose 9.97% to Rs 318.58
crore. Fixed assets increased to Rs 8,837.36 crore as of 30 June
2022 from Rs 7,250.56 crore as of 30 June 2021. Intangible assets
declined from Rs 48.31 crore to Rs 3.77 crore.
Profit before tax down 44.90% to Rs
829.18 crore. Share of profit/loss was 3.36% higher at Rs 7.99
crore. Provision for tax was expense of Rs 213.49 crore, compared to
Rs 380.46 crore. Effective tax rate was 25.50% compared to 25.15%.
Net profit attributable to owners of
the company decreased 44.91% to Rs 623.63 crore.
Equity capital stood at Rs 187.99
crore as of 30 June 2022 to Rs 187.99 crore as of 30 June 2021. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 54.53% as of 30
June 2022 ,compared to 54.53% as of 30 June 2021 .
Cash flow from operating activities
has turned negative Rs 757.05 crore for YTD ended June 2022 from positive Rs
421.05 crore for YTD ended June 2021. Cash flow used in acquiring
fixed assets during the YTD ended June 2022 stood at Rs 1,084.93 crore,
compared to Rs 343.52 crore during the YTD ended June 2021.
Management Commentary:
Commenting on the performance Mr Sridhar Balakrishnan,
Managing Director and CEO, said “ACC
continues its journey of capacity growth with the Ametha integrated project
being on track. The integrated unit at Ametha will be commissioned in Q4 2022.
Land acquisition and other actions for the grinding unit project at Salai Banwa
are progressing as per schedule.
The April to June 2022 quarter was
impacted by rising global fuel costs and related inflationary impacts. We were
able to mitigate part of this impact through our efficiency project ‘Parvat’.
The cost reduction journey will be further accelerated with commissioning of
waste heat recovery projects in Jamul, Kymore & Ametha plants taking the
share of green power to 15%.
Sustainability continues to be one
of our key focus areas. ACC is committed to making a tangible difference in the
areas of carbon footprint reduction, protection of natural resources, and
enabling progress and welfare of our communities through our various
initiatives. I am pleased to inform that our ‘#ChangeTheStory’ campaign, which
seeks to free our water bodies of plastic waste, has been widely appreciated at
multiple forums.
I am confident that with all the
projects that are underway, we will continue to deliver strongly on all our
strategic priorities”-
| ACC : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202206 | 202106 | Var.(%) | 202112 | 202012 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,468.42 | 3,884.94 | 15.02 | 8,894.96 | 8,176.91 | 8.78 | 16,151.67 | 13,785.98 | 17.16 | | OPM (%) | 9.54 | 22.38 | -1,284 bps | 11.93 | 21.15 | -923 bps | 18.56 | 17.08 | 148 bps | | OP | 426.23 | 869.33 | -50.97 | 1,060.89 | 1,729.57 | -38.66 | 2,998.08 | 2,355.11 | 27.30 | | Other Inc. | 53.86 | 45.55 | 18.24 | 112.33 | 89.52 | 25.48 | 206.71 | 216.74 | -4.63 | | PBIDT | 480.09 | 914.88 | -47.52 | 1,173.22 | 1,819.09 | -35.51 | 3,204.79 | 2,571.85 | 24.61 | | Interest | 14.88 | 13.38 | 11.21 | 25.46 | 24.61 | 3.45 | 54.62 | 57.08 | -4.31 | | PBDT | 465.21 | 901.50 | -48.40 | 1,147.76 | 1,794.48 | -36.04 | 3,150.17 | 2,514.77 | 25.27 | | Depreciation | 164.67 | 146.48 | 12.42 | 318.58 | 289.71 | 9.97 | 600.68 | 638.84 | -5.97 | | PBT | 300.54 | 755.02 | -60.19 | 829.18 | 1504.77 | -44.90 | 2549.49 | 1875.93 | 35.91 | | Share of Profit/(Loss) from Associates | 4.35 | 3.27 | 33.03 | 7.99 | 7.73 | 3.36 | 11.65 | 8.93 | 30.46 | | PBT before EO | 304.89 | 758.29 | -59.79 | 837.17 | 1512.5 | -44.65 | 2561.14 | 1884.86 | 35.88 | | EO Income | 0 | 0 | - | 0 | 0 | - | -54.76 | -176.01 | 68.89 | | PBT after EO | 304.89 | 758.29 | -59.79 | 837.17 | 1512.5 | -44.65 | 2506.38 | 1708.85 | 46.67 | | Taxation | 77.54 | 188.84 | -58.94 | 213.49 | 380.46 | -43.89 | 643.28 | 278.59 | 130.91 | | PAT | 227.35 | 569.45 | -60.08 | 623.68 | 1132.04 | -44.91 | 1863.1 | 1430.26 | 30.26 | | Minority Interest (MI) | 0.03 | 0.03 | 0 | 0.05 | 0.05 | 0 | 0.11 | 0.08 | 37.50 | | Net profit | 227.32 | 569.42 | -60.08 | 623.63 | 1131.99 | -44.91 | 1862.99 | 1430.18 | 30.26 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 227.32 | 569.42 | -60.08 | 623.63 | 1131.99 | -44.91 | 1862.99 | 1430.18 | 30.26 | | EPS (Rs)* | 12.11 | 30.32 | -60.08 | 33.21 | 60.28 | -44.91 | 101.37 | 84.00 | 20.69 | | | * EPS is on current equity of Rs 187.79 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| ACC : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) |
|---|
| Sales | | Cement | 91.43 | 4,154.13 | 3,672.31 | 13.12 | 91.32 | 8,256.37 | 7,653.15 | 7.88 | 92.35 | 15,105.76 | 12,953.67 | 16.61 | | Refractory | 0.00 | 0.00 | 0.00 | - | | Ready Mix Concrete | 8.57 | 389.49 | 255.08 | 52.69 | 8.68 | 785.09 | 614.86 | 27.69 | 7.65 | 1,251.85 | 961.56 | 30.19 | | Others | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 4,543.62 | 3,927.39 | 15.69 | 100.00 | 9,041.46 | 8,268.01 | 9.35 | 100.00 | 16,357.61 | 13,915.23 | 17.55 | | Less: Inter segment revenues | | 75.20 | 42.45 | 77.15 | | 146.50 | 91.10 | 60.81 | | 205.94 | 129.25 | 59.33 | | Net Sales | 100.00 | 4,468.42 | 3,884.94 | 15.02 | 100.00 | 8,894.96 | 8,176.91 | 8.78 | 100.00 | 16,151.67 | 13,785.98 | 17.16 | | PBIT | | Cement | 95.39 | 255.70 | 721.73 | -64.57 | 94.71 | 716.65 | 1,413.43 | -49.30 | 97.68 | 2,348.38 | 1,707.48 | 37.53 | | Refractory | 0.00 | 0.00 | 0.00 | - | | Ready Mix Concrete | 4.61 | 12.36 | 2.73 | 352.75 | 5.29 | 40.05 | 29.74 | 34.67 | 2.32 | 55.81 | 13.51 | 313.10 | | Others | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 268.06 | 724.46 | -63.00 | 100.00 | 756.70 | 1,443.17 | -47.57 | 100.00 | 2,404.19 | 1,720.99 | 39.70 | | Less : Interest | | 14.88 | 13.38 | 11.21 | | 25.46 | 24.61 | 3.45 | | 54.62 | 57.08 | -4.31 | | Add: Other un-allcoable | | 51.71 | 47.21 | 9.53 | | 105.93 | 93.94 | 12.76 | | 156.81 | 44.94 | 248.93 | | PBIT Margin(%) | | Cement | | 6.16 | 19.65 | -1,349.80 | | 8.68 | 18.47 | -978.86 | | 15.55 | 13.18 | 236.48 | | Refractory | | 0.00 | 0.00 | 0.00 | | Ready Mix Concrete | | 3.17 | 1.07 | 210.31 | | 5.10 | 4.84 | 26.45 | | 4.46 | 1.41 | 305.32 | | Others | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 304.89 | 758.29 | -59.79 | 100.00 | 837.17 | 1,512.50 | -44.65 | 100.00 | 2,506.38 | 1,708.85 | 46.67 |
|
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