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Results
09-Nov-24
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Analysis
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Star Cement
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Revenue up 9.6% YoY to Rs 641.6 crore in Q2FY2025
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On consolidated basis
Quarter ended September 2024
compared with Quarter ended September 2023.
Net sales (including other operating income) of Star Cement has increased 9.62%
to Rs 641.55 crore.
Operating profit margin has declined
from 16.84% to 14.90%, leading to 3.04% decline in operating profit to Rs 95.57
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.98% to 14.58%. Employee cost
increased from 9.59% to 10.00%. Other expenses rose from 59.89% to
60.61%. Power and Oil fuel cost fell from 22.02% to 18.06%.
Other direct service cost rose from 22.98% to 26.95%.
Other income fell 71.75% to Rs 1.63
crore. PBIDT fell 6.84% to Rs 97.2 crore. Provision for
interest rose 118.77% to Rs 7.11 crore. Loan funds rose to Rs 378.96
crore as of 30 September 2024 from Rs 31.95 crore as of 30 September
2023. Inventories rose to Rs 368.06 crore as of 30 September 2024
from Rs 367.51 crore as of 30 September 2023. Sundry debtors were
higher at Rs 163.10 crore as of 30 September 2024 compared to Rs 98.85 crore as
of 30 September 2023. Cash and bank balance declined from Rs 131.17
crore as of 30 September 2023 to Rs 23.23 crore as of 30 September
2024. Investments declined from Rs 98.89 crore as of 30 September
2023 to Rs 2.01 crore as of 30 September 2024.
PBDT fell 10.88% to Rs 90.09
crore. Provision for depreciation rose 129.12% to Rs 82.53
crore. Fixed assets increased to Rs 2,527.17 crore as of 30
September 2024 from Rs 1,840.95 crore as of 30 September
2023. Intangible assets increased from Rs 3.15 crore to Rs 6.72
crore.
Profit before tax down 88.38% to Rs
7.56 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 1.89 crore, compared to
Rs 24.4 crore. Effective tax rate was 25.00% compared to 37.50%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 85.89% to Rs 5.74 crore.
Equity capital stood at Rs 40.42
crore as of 30 September 2024 to Rs 40.42 crore as of 30 September
2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 66.47% as of 30
September 2024 ,compared to 66.55% as of 30 September 2023
. Promoters pledged stake was 0.60% as of 30 September 2024
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Star Cement has increased 3.48%
to Rs 1392.55 crore.
Operating profit margin has declined
from 16.93% to 15.20%, leading to 7.08% decline in operating profit to Rs
211.70 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.06% to 19.94%. Employee cost
increased from 7.83% to 8.97%. Other expenses fell from 60.22% to
56.12%. Power and Oil fuel cost fell from 22.57% to 16.34%. Other
direct service cost rose from 24.89% to 25.58%.
Other income fell 79.17% to Rs 3.02
crore. PBIDT fell 11.39% to Rs 214.72 crore. Provision
for interest rose 136.98% to Rs 13.01 crore. Loan funds rose to Rs
378.96 crore as of 30 September 2024 from Rs 31.95 crore as of 30 September
2023. Inventories rose to Rs 368.06 crore as of 30 September 2024
from Rs 367.51 crore as of 30 September 2023. Sundry debtors were
higher at Rs 163.10 crore as of 30 September 2024 compared to Rs 98.85 crore as
of 30 September 2023. Cash and bank balance declined from Rs 131.17
crore as of 30 September 2023 to Rs 23.23 crore as of 30 September
2024. Investments declined from Rs 98.89 crore as of 30 September
2023 to Rs 2.01 crore as of 30 September 2024.
PBDT fell 14.83% to Rs 201.71
crore. Provision for depreciation rose 128.66% to Rs 155.08
crore. Fixed assets increased to Rs 2,527.17 crore as of 30
September 2024 from Rs 1,840.95 crore as of 30 September
2023. Intangible assets increased from Rs 3.15 crore to Rs 6.72
crore.
Profit before tax down 72.41% to Rs
46.63 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 9.97 crore, compared to
Rs 35.1 crore. Effective tax rate was 21.38% compared to 20.77%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 72.54% to Rs 36.78 crore.
Equity capital stood at Rs 40.42
crore as of 30 September 2024 to Rs 40.42 crore as of 30 September
2023. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 66.47% as of 30
September 2024 ,compared to 66.55% as of 30 September 2023
. Promoters pledged stake was 0.60% as of 30 September 2024
Cash flow from operating activities
decreased to Rs 66.34 crore for YTD ended September 2024 from Rs 157.93 crore
for YTD ended September 2023. Cash flow used in acquiring fixed
assets during the YTD ended September 2024 stood at Rs 367.76 crore, compared
to Rs 457.57 crore during the YTD ended September 2023.
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 to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 641.55 | 585.26 | 9.62 | 1,392.55 | 1,345.73 | 3.48 | 2,910.67 | 2,704.85 | 7.61 | | OPM (%) | 14.90 | 16.84 | -195 bps | 15.20 | 16.93 | -173 bps | 19.11 | 17.32 | 180 bps | | OP | 95.57 | 98.57 | -3.04 | 211.70 | 227.83 | -7.08 | 556.31 | 468.39 | 18.77 | | Other Inc. | 1.63 | 5.77 | -71.75 | 3.02 | 14.50 | -79.17 | 26.47 | 52.08 | -49.17 | | PBIDT | 97.20 | 104.34 | -6.84 | 214.72 | 242.33 | -11.39 | 582.78 | 520.47 | 11.97 | | Interest | 7.11 | 3.25 | 118.77 | 13.01 | 5.49 | 136.98 | 12.60 | 9.70 | 29.90 | | PBDT | 90.09 | 101.09 | -10.88 | 201.71 | 236.84 | -14.83 | 570.18 | 510.77 | 11.63 | | Depreciation | 82.53 | 36.02 | 129.12 | 155.08 | 67.82 | 128.66 | 146.6 | 131.11 | 11.81 | | PBT | 7.56 | 65.07 | -88.38 | 46.63 | 169.02 | -72.41 | 423.58 | 379.66 | 11.57 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 7.56 | 65.07 | -88.38 | 46.63 | 169.02 | -72.41 | 423.58 | 379.66 | 11.57 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 7.56 | 65.07 | -88.38 | 46.63 | 169.02 | -72.41 | 423.58 | 379.66 | 11.57 | | Taxation | 1.89 | 24.4 | -92.25 | 9.97 | 35.1 | -71.60 | 128.47 | 132.06 | -2.72 | | PAT | 5.67 | 40.67 | -86.06 | 36.66 | 133.92 | -72.63 | 295.11 | 247.6 | 19.19 | | Minority Interest (MI) | -0.07 | 0 | - | -0.12 | 0 | - | 0 | 0 | - | | Net profit | 5.74 | 40.67 | -85.89 | 36.78 | 133.92 | -72.54 | 295.11 | 247.6 | 19.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 5.74 | 40.67 | -85.89 | 36.78 | 133.92 | -72.54 | 295.11 | 247.6 | 19.19 | | EPS (Rs)* | 0.14 | 1.01 | -85.89 | 0.91 | 3.31 | -72.54 | 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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