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Results
09-Aug-24
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Analysis
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Star Cement
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Revenue down 1% YoY to Rs 751 crore in Q1FY2025
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On consolidated basis
Quarter ended June 2024 compared
with Quarter ended June 2023.
Net sales (including other operating income) of Star Cement has declined 1.24%
to Rs 751.01 crore.
Operating profit margin has declined
from 17% to 15.46%, leading to 10.16% decline in operating profit to Rs 116.14
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 25.55% to 24.45%. Employee cost
increased from 6.78% to 8.09%. Other expenses rose from 50.49% to
52.35%. Power and Oil fuel cost fell from 23.00% to 14.90%.
Other direct service cost rose from 16.75% to 24.44%.
Other income fell 84.19% to Rs 1.38
crore. PBIDT fell 14.85% to Rs 117.52 crore. Provision
for interest rose 163.39% to Rs 5.9 crore.
PBDT fell 17.79% to Rs 111.62
crore. Provision for depreciation rose 128.07% to Rs 72.55
crore.
Profit before tax down 62.42% to Rs
39.07 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 8.08 crore, compared to
Rs 10.7 crore. Effective tax rate was 20.68% compared to 10.29%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 66.72% to Rs 31.04 crore.
Promoters’ stake was 66.49% as of 30
June 2024 ,compared to 66.76% as of 30 June 2023 . Promoters pledged
stake was 0.08% as of 30 June 2024
Full year results analysis.
Net sales (including other operating income) of Star Cement has increased 7.61%
to Rs 2910.67 crore.
Operating profit margin has jumped
from 17.32% to 19.11%, leading to 18.77% rise in operating profit to Rs 556.31
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.19% to 16.00%. Employee cost
increased from 7.23% to 7.42%. Other expenses fell from 62.37% to 57.36%.
Power and Oil fuel cost fell from 19.86% to 19.18%.
Other direct service cost fell from 29.05% to 25.62%.
Other income fell 49.17% to Rs 26.47
crore. PBIDT rose 11.97% to Rs 582.78 crore. Provision
for interest rose 29.90% to Rs 12.6 crore. Loan funds rose to Rs
146.94 crore as of 31 March 2024 from Rs 35.35 crore as of 31 March
2023. Inventories declined from Rs 374.11 crore as of 31 March 2023
to Rs 334.96 crore as of 31 March 2024. Sundry debtors were higher
at Rs 150.78 crore as of 31 March 2024 compared to Rs 104.69 crore as of 31
March 2023. Cash and bank balance declined from Rs 311.74 crore as
of 31 March 2023 to Rs 97.34 crore as of 31 March 2024. Investments
declined from Rs 172.55 crore as of 31 March 2023 to Rs 1.99 crore as of 31
March 2024.
PBDT rose 11.63% to Rs 570.18
crore. Provision for depreciation rose 11.81% to Rs 146.6
crore. Fixed assets increased to Rs 2,432.50 crore as of 31 March
2024 from Rs 1,437.58 crore as of 31 March 2023. Intangible assets increased
from Rs 3.98 crore to Rs 5.03 crore.
Profit before tax grew 11.57% to Rs
423.58 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 128.47 crore, compared
to Rs 132.06 crore. Effective tax rate was 30.33% compared to
34.78%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 19.19% to Rs 295.11 crore.
Equity capital stood at Rs 40.42
crore as of 31 March 2024 to Rs 40.42 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 66.59% as of 31
March 2024 ,compared to 67.12% as of 31 March 2023 . Promoters
pledged stake was 0.08% as of 31 March 2024
Cash flow from operating activities increased to
Rs 489.75 crore for year ended March 2024 from Rs 358.44 crore for year ended
March 2023. Cash flow used in acquiring fixed assets during the year
ended March 2024 stood at Rs 1,036.46 crore, compared to Rs 571.86 crore during
the year ended March 2023.
| Star Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 751.01 | 760.47 | -1.24 | 2,910.67 | 2,704.85 | 7.61 | | OPM (%) | 15.46 | 17.00 | -154 bps | 19.11 | 17.32 | 180 bps | | OP | 116.14 | 129.28 | -10.16 | 556.31 | 468.39 | 18.77 | | Other Inc. | 1.38 | 8.73 | -84.19 | 26.47 | 52.08 | -49.17 | | PBIDT | 117.52 | 138.01 | -14.85 | 582.78 | 520.47 | 11.97 | | Interest | 5.90 | 2.24 | 163.39 | 12.60 | 9.70 | 29.90 | | PBDT | 111.62 | 135.77 | -17.79 | 570.18 | 510.77 | 11.63 | | Depreciation | 72.55 | 31.81 | 128.07 | 146.6 | 131.11 | 11.81 | | PBT | 39.07 | 103.96 | -62.42 | 423.58 | 379.66 | 11.57 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 39.07 | 103.96 | -62.42 | 423.58 | 379.66 | 11.57 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 39.07 | 103.96 | -62.42 | 423.58 | 379.66 | 11.57 | | Taxation | 8.08 | 10.7 | -24.49 | 128.47 | 132.06 | -2.72 | | PAT | 30.99 | 93.26 | -66.77 | 295.11 | 247.6 | 19.19 | | Minority Interest (MI) | -0.05 | 0 | - | 0 | 0 | - | | Net profit | 31.04 | 93.26 | -66.72 | 295.11 | 247.6 | 19.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 31.04 | 93.26 | -66.72 | 295.11 | 247.6 | 19.19 | | EPS (Rs)* | 0.77 | 2.31 | -66.72 | 7.30 | 6.13 | 19.19 | | | * 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 |
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