Results     24-May-23
Analysis
Star Cement
Net sales up 10.1% YoY to Rs 825 cr in Q4FY2023
On consolidated basis

Quarter ended March 2023 compared with Quarter ended March 2022.

Net sales (including other operating income) of Star Cement has increased 10.12% to Rs 825.04 crore.  Sales of Cement segment has gone up 18.23% to Rs 1,163.52 crore (accounting for 96.12% of total sales).  Sales of Power segment has gone up 16.43% to Rs 46.97 crore (accounting for 3.88% of total sales).  Inter-segment sales rose Rs 275.23 crore to Rs 385.45 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 72.00% to Rs 134.63 crore.  PBIT of Cement segment rose 70.85% to Rs 133.22 crore (accounting for 98.96% of total PBIT).  PBIT of Power segment rose 373.06% to Rs 1.41 crore (accounting for 1.04% of total PBIT).  

PBIT margin of Cement segment rose from 7.92% to 11.45%.  PBIT margin of Power segment rose from 0.74% to 2.99%.  Overall PBIT margin rose from 7.64% to 11.12%.  

Operating profit margin has jumped from 15.13% to 20.14%, leading to 46.61% rise in operating profit to Rs 166.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.85% to 22.91%.   Employee cost increased from 5.69% to 5.83%.   Other expenses fell from 53.77% to 50.86%.   Power and Oil fuel cost rose from 18.40% to 20.23%.   Other direct service cost fell from 22.56% to 17.23%.   

Other income rose 38.63% to Rs 12.74 crore.  PBIDT rose 46.01% to Rs 178.94 crore.  Provision for interest fell 50% to Rs 1.18 crore.  Loan funds rose to Rs 35.35 crore as of 31 March 2023 from Rs 15.65 crore as of 31 March 2022.  Inventories rose to Rs 374.11 crore as of 31 March 2023 from Rs 195.30 crore as of 31 March 2022.  Sundry debtors were lower at Rs 104.69 crore as of 31 March 2023 compared to Rs 128.75 crore as of 31 March 2022.  Cash and bank balance declined from Rs 384.67 crore as of 31 March 2022 to Rs 311.74 crore as of 31 March 2023.  Investments rose to Rs 172.55 crore as of 31 March 2023 from Rs 167.27 crore as of 31 March 2022 .  

PBDT rose 47.90% to Rs 177.76 crore.  Provision for depreciation fell 0.20% to Rs 35.07 crore.  Fixed assets increased to Rs 1,437.58 crore as of 31 March 2023 from Rs 1,027.76 crore as of 31 March 2022.  Intangible assets declined from Rs 4.77 crore to Rs 3.98 crore.  

Profit before tax grew 67.77% to Rs 142.69 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was debit of Rs 46.57 crore, compared to credit of Rs 3.37 crore.  Effective tax rate was 32.64% compared to negative 3.96%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 8.71% to Rs 96.12 crore.  

Equity capital stood at Rs 40.42 crore as of 31 March 2023 to Rs 40.42 crore as of 31 March 2022.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 67.12% as of 31 March 2023 ,compared to 67.33% as of 31 March 2022 .  

Full year results analysis.

Net sales (including other operating income) of Star Cement has increased 21.74% to Rs 2704.85 crore.  Sales of Cement segment has gone up 25.90% to Rs 3,701.39 crore (accounting for 96.11% of total sales).  Sales of Power segment has gone up 10.32% to Rs 149.84 crore (accounting for 3.89% of total sales).  Inter-segment sales rose Rs 854.01 crore to Rs 1,146.38 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 53.87% to Rs 344.44 crore.  PBIT of Cement segment rose 54.58% to Rs 340.86 crore (accounting for 98.96% of total PBIT).  PBIT of Power segment rose 6.99% to Rs 3.58 crore (accounting for 1.04% of total PBIT).  

PBIT margin of Cement segment rose from 7.50% to 9.21%.  PBIT margin of Power segment fell from 2.47% to 2.39%.  Overall PBIT margin rose from 7.28% to 8.94%.  

Operating profit margin has jumped from 15.54% to 17.32%, leading to 35.67% rise in operating profit to Rs 468.39 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.87% to 23.64%.   Employee cost decreased from 7.27% to 7.19%.   Other expenses fell from 52.13% to 51.97%.   Power and Oil fuel cost rose from 19.01% to 20.93%.   Other direct service cost fell from 19.47% to 18.61%.   

Other income rose 56.07% to Rs 52.08 crore.  PBIDT rose 37.47% to Rs 520.47 crore.  Provision for interest fell 27.29% to Rs 9.7 crore.  Loan funds rose to Rs 35.35 crore as of 31 March 2023 from Rs 15.65 crore as of 31 March 2022.  Inventories rose to Rs 374.11 crore as of 31 March 2023 from Rs 195.30 crore as of 31 March 2022.  Sundry debtors were lower at Rs 104.69 crore as of 31 March 2023 compared to Rs 128.75 crore as of 31 March 2022.  Cash and bank balance declined from Rs 384.67 crore as of 31 March 2022 to Rs 311.74 crore as of 31 March 2023.  Investments rose to Rs 172.55 crore as of 31 March 2023 from Rs 167.27 crore as of 31 March 2022 .  

PBDT rose 39.83% to Rs 510.77 crore.  Provision for depreciation rose 7.79% to Rs 131.11 crore.  Fixed assets increased to Rs 1,437.58 crore as of 31 March 2023 from Rs 1,027.76 crore as of 31 March 2022.  Intangible assets declined from Rs 4.77 crore to Rs 3.98 crore.  

Profit before tax grew 55.82% to Rs 379.66 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was debit of Rs 132.06 crore, compared to credit of Rs 3.12 crore.  Effective tax rate was 34.78% compared to negative 1.28%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 0.34% to Rs 247.60 crore.  

Equity capital stood at Rs 40.42 crore as of 31 March 2023 to Rs 40.42 crore as of 31 March 2022.  Per share face Value remained same at Rs 1.00.  

Promoters’ stake was 67.12% as of 31 March 2023 ,compared to 67.33% as of 31 March 2022 .  



Star Cement : Consolidated Results
 Quarter endedYear ended
Particulars202303202203Var.(%)202303202203Var.(%)
Net Sales (including other operating income)825.04749.2410.122,704.852,221.8221.74
OPM (%)20.1415.13501 bps17.3215.54178 bps
OP166.20113.3646.61468.39345.2535.67
Other Inc.12.749.1938.6352.0833.3756.07
PBIDT178.94122.5546.01520.47378.6237.47
Interest1.182.36-50.009.7013.34-27.29
PBDT177.76120.1947.90510.77365.2839.83
Depreciation35.0735.14-0.20131.11121.637.79
PBT142.6985.0567.77379.66243.6555.82
Share of Profit/(Loss) from Associates00-00-
PBT before EO142.6985.0567.77379.66243.6555.82
EO Income00-00-
PBT after EO142.6985.0567.77379.66243.6555.82
Taxation46.57-3.37PL132.06-3.12PL
PAT96.1288.428.71247.6246.770.34
Minority Interest (MI)00-00-
Net profit96.1288.428.71247.6246.770.34
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations96.1288.428.71247.6246.770.34
EPS (Rs)*2.382.198.716.136.110.34
* EPS is on current equity of Rs 40.42 crore, Face value of Rs 1, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Star Cement : Consolidated Segment Results
 Quarter endedYear ended
% of (Total)202303202203Var.(%)% of (Total)202303202203Var.(%)
Sales
Cement96.121,163.52984.1318.2396.113,701.392,940.0025.90
Power3.8846.9740.3416.433.89149.84135.8310.32
Total Reported Sales100.001,210.491,024.4718.16100.003,851.233,075.8325.21
Less: Inter segment revenues 385.45275.2340.04 1,146.38854.0134.23
Net Sales100.00825.04749.2410.12100.002,704.852,221.8221.74
PBIT
Cement98.96133.2277.9770.8598.96340.86220.5054.58
Power1.041.410.30373.061.043.583.356.99
Total PBIT100.00134.6378.2772.00100.00344.44223.8553.87
Less : Interest1.182.36-50.109.7013.34-27.33
Add: Other un-allcoable9.249.141.0544.9233.1435.54
PBIT Margin(%)
Cement 11.457.92352.67 9.217.50170.89
Power 2.990.74225.52 2.392.47-7.43
PBT100.00142.6985.0667.76100.00379.67243.6555.82
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