On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Nuvoco Vistas Corporation has
increased 0.17% to Rs 2933.44 crore. Sales of Cement segment has
gone down 1.45% to Rs 2,657.59 crore (accounting for 89.88% of total
sales). Sales of Ready Mix conrete and Others segment has gone up
18.01% to Rs 299.32 crore (accounting for 10.12% of total
sales). Inter-segment sales rose Rs 21.92 crore to Rs 23.47
crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 93.01% to Rs 272.74
crore. PBIT of Cement segment rose 80.75% to Rs 252.00 crore
(accounting for 92.40% of total PBIT). PBIT of Ready Mix conrete and
Others segment rose 997.35% to Rs 20.74 crore (accounting for 7.60% of total
PBIT).
PBIT margin of Cement segment rose
from 5.17% to 9.48%. PBIT margin of Ready Mix conrete and Others
segment rose from 0.75% to 6.93%. Overall PBIT margin rose from
4.79% to 9.22%.
Operating profit margin has jumped
from 12.99% to 16.73%, leading to 29.01% rise in operating profit to Rs 490.81
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 16.15% to 15.51%. Purchase of finished
goods cost rose from 0.41% to 2.34%. Employee cost decreased from
5.73% to 5.65%. Other expenses fell from 63.83% to 59.32%.
Power and Oil fuel cost fell from 22.32% to 18.59%.
Freight charges fell from 28.60% to 28.17%.
Other income rose 191.46% to Rs 7.17
crore. PBIDT rose 30.05% to Rs 497.98 crore. Provision
for interest fell 9.13% to Rs 124.9 crore. Loan funds declined from
Rs 4,785.14 crore as of 31 March 2023 to Rs 4,403.74 crore as of 31 March
2024. Inventories declined from Rs 1,050.04 crore as of 31 March
2023 to Rs 946.69 crore as of 31 March 2024. Sundry debtors were
lower at Rs 590.68 crore as of 31 March 2024 compared to Rs 601.18 crore as of
31 March 2023. Cash and bank balance declined from Rs 203.15 crore
as of 31 March 2023 to Rs 106.98 crore as of 31 March
2024. Investments rose to Rs 0.83 crore as of 31 March 2024 from Rs
0.05 crore as of 31 March 2023 .
PBDT rose 52% to Rs 373.08
crore. Provision for depreciation fell 8.81% to Rs 218.07
crore. Fixed assets declined from Rs 12,279.22 crore as of 31 March
2023 to Rs 12,236.29 crore as of 31 March 2024. Intangible assets stood
at Rs 3,278.47 crore.
Profit before tax grew 2,352.69% to
Rs 155.01 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 54.66 crore, compared to
credit of Rs 600.54 crore. Effective tax rate was 35.26% compared to
150.33%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 50.09% to Rs 100.35 crore.
Equity capital stood at Rs 357.16
crore as of 31 March 2024 to Rs 357.16 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 72.02% as of 31
March 2024 ,compared to 71.79% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Nuvoco Vistas Corporation has
increased 1.39% to Rs 10732.89 crore. Sales of Cement segment has
gone up 0.62% to Rs 9,771.49 crore (accounting for 90.34% of total
sales). Sales of Ready Mix conrete and Others segment has gone up
9.64% to Rs 1,045.05 crore (accounting for 9.66% of total sales). Inter-segment
sales rose Rs 77.90 crore to Rs 83.65 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 171.97% to Rs 705.07
crore. PBIT of Cement segment rose 158.37% to Rs 682.89 crore
(accounting for 96.85% of total PBIT). PBIT of Ready Mix conrete and
Others reported profit of Rs 22.18 crore compared to loss of Rs 5.06
crore.
PBIT margin of Cement segment rose
from 2.72% to 6.99%. PBIT margin of Ready Mix conrete and Others
segment rose from negative 0.53% to 2.12%. Overall PBIT margin rose
from 2.43% to 6.52%.
Operating profit margin has jumped
from 11.43% to 15.13%, leading to 34.15% rise in operating profit to Rs
1,623.71 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 16.64% to 16.33%. Purchase of
finished goods cost rose from 0.42% to 1.37%. Employee cost
increased from 5.71% to 6.39%. Other expenses fell from 65.83% to
60.69%. Power and Oil fuel cost fell from 26.32% to 20.07%.
Freight charges rose from 26.56% to 27.46%.
Other income rose 153.52% to Rs
33.49 crore. PBIDT rose 35.44% to Rs 1657.2
crore. Provision for interest rose 4.05% to Rs 532.63
crore. Loan funds declined from Rs 4,785.14 crore as of 31 March
2023 to Rs 4,403.74 crore as of 31 March 2024. Inventories declined
from Rs 1,050.04 crore as of 31 March 2023 to Rs 946.69 crore as of 31 March
2024. Sundry debtors were lower at Rs 590.68 crore as of 31 March
2024 compared to Rs 601.18 crore as of 31 March 2023. Cash and bank
balance declined from Rs 203.15 crore as of 31 March 2023 to Rs 106.98 crore as
of 31 March 2024. Investments rose to Rs 0.83 crore as of 31 March
2024 from Rs 0.05 crore as of 31 March 2023 .
PBDT rose 58.01% to Rs 1124.57
crore. Provision for depreciation fell 3.42% to Rs 918.64
crore. Fixed assets declined from Rs 12,279.22 crore as of 31 March
2023 to Rs 12,236.29 crore as of 31 March 2024. Intangible assets
stood at Rs 3,278.47 crore.
Profit before tax reported profit of
Rs 205.93 crore compared to loss of Rs 239.44 crore. Share of
profit/loss were nil in both the periods. Provision for tax was
debit of Rs 58.56 crore, compared to credit of Rs 661.1
crore. Effective tax rate was 28.44% compared to 102.46%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 829.19% to Rs 147.37 crore.
Equity capital stood at Rs 357.16
crore as of 31 March 2024 to Rs 357.16 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 72.02% as of 31
March 2024 ,compared to 71.79% as of 31 March 2023 .
Cash flow from operating activities
decreased to Rs 1,592.54 crore for year ended March 2024 from Rs 1,711.40 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 581.38 crore, compared to Rs
486.33 crore during the year ended March 2023.
Others:
Net debt reduced by Rs. 384 crores YoY to Rs. 4,030 crores.
Volumes in Q4FY2024 stood at 5.3 MT and for the year FY2024 stood at
18.8 MT.
Capacity:
Successfully commissioned 1.2 MMTPA Grinding unit at Haryana, increasing
North share of capacity from 20% to 24%.
Clinker capacity increased at Risda and Nimbol via debottlenecking
Solar power capacity increased from 1.5 MW to 5.3 MW.
Management Commentary:
Commenting on the performance Mr. Jayakumar Krishnaswamy,
Managing Director, Nuvoco Vistas Corp. Ltd., stated “The Company enhanced its
operational efficiencies and delivered strong growth in EBITDA and PAT despite
a volatile demand environment during FY24, achieving the highest profitability.
Our commendable operational outcomes reflect our dynamic and efficient strategy
focused on premiumisation and cost optimisation. Moving to FY25, our strategies
focus on growth, expanding our market presence, and extracting more volumes
from home markets while continuing our thrust on efficiency improvement
initiatives.”
Furthermore, he added, “The additional capacity in Haryana
allows us to expand our market presence in the North while maintaining our
leadership in the East. We have also seized the opportunity to grow our
Ready-Mix Concrete business, commissioning seven new plants this fiscal year, bringing
the total to 58 plants pan- India.”
| Nuvoco Vistas Corporation : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,933.44 | 2,928.50 | 0.17 | 10,732.89 | 10,586.17 | 1.39 | | OPM (%) | 16.73 | 12.99 | 374 bps | 15.13 | 11.43 | 369 bps | | OP | 490.81 | 380.44 | 29.01 | 1,623.71 | 1,210.38 | 34.15 | | Other Inc. | 7.17 | 2.46 | 191.46 | 33.49 | 13.21 | 153.52 | | PBIDT | 497.98 | 382.90 | 30.05 | 1,657.20 | 1,223.59 | 35.44 | | Interest | 124.90 | 137.45 | -9.13 | 532.63 | 511.90 | 4.05 | | PBDT | 373.08 | 245.45 | 52.00 | 1,124.57 | 711.69 | 58.01 | | Depreciation | 218.07 | 239.13 | -8.81 | 918.64 | 951.13 | -3.42 | | PBT | 155.01 | 6.32 | 2,352.69 | 205.93 | -239.44 | LP | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 155.01 | 6.32 | 2,352.69 | 205.93 | -239.44 | LP | | EO Income | 0 | -405.8 | - | 0 | -405.8 | - | | PBT after EO | 155.01 | -399.48 | LP | 205.93 | -645.24 | LP | | Taxation | 54.66 | -600.54 | PL | 58.56 | -661.1 | PL | | PAT | 100.35 | 201.06 | -50.09 | 147.37 | 15.86 | 829.19 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 100.35 | 201.06 | -50.09 | 147.37 | 15.86 | 829.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 100.35 | 201.06 | -50.09 | 147.37 | 15.86 | 829.19 | | EPS (Rs)* | 2.81 | 0.18 | 1,487.82 | 4.13 | 11.81 | -65.05 | | | * EPS is on current equity of Rs 357.16 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 |
|
| Nuvoco Vistas Corporation : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Cement | 89.88 | 2,657.59 | 2,696.78 | -1.45 | 90.34 | 9,771.49 | 9,710.91 | 0.62 | | Ready Mix conrete and Others | 10.12 | 299.32 | 253.64 | 18.01 | 9.66 | 1,045.05 | 953.16 | 9.64 | | Total Reported Sales | 100.00 | 2,956.91 | 2,950.42 | 0.22 | 100.00 | 10,816.54 | 10,664.07 | 1.43 | | Less: Inter segment revenues | | 23.47 | 21.92 | 7.07 | | 83.65 | 77.90 | 7.38 | | Net Sales | 100.00 | 2,933.44 | 2,928.50 | 0.17 | 100.00 | 10,732.89 | 10,586.17 | 1.39 | | PBIT | | Cement | 92.40 | 252.00 | 139.42 | 80.75 | 96.85 | 682.89 | 264.31 | 158.37 | | Ready Mix conrete and Others | 7.60 | 20.74 | 1.89 | 997.35 | 3.15 | 22.18 | -5.06 | LP | | Total PBIT | 100.00 | 272.74 | 141.31 | 93.01 | 100.00 | 705.07 | 259.25 | 171.97 | | Less : Interest | | 124.90 | 137.45 | -9.13 | | 532.63 | 511.90 | 4.05 | | Add: Other un-allcoable | | 7.17 | -403.34 | LP | | 33.49 | -392.59 | LP | | PBIT Margin(%) | | Cement | | 9.48 | 5.17 | 431.24 | | 6.99 | 2.72 | 426.68 | | Ready Mix conrete and Others | | 6.93 | 0.75 | 618.39 | | 2.12 | -0.53 | 265.33 | | PBT | 100.00 | 155.01 | -399.48 | LP | 100.00 | 205.93 | -645.24 | LP |
|
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