On consolidated basis
Quarter ended September 2024
compared with Quarter ended September 2023.
Net sales (including other operating income) of Shree Cement has declined
15.07% to Rs 4054.17 crore.
Operating profit margin has declined
from 18.56% to 15.13%, leading to 30.76% decline in operating profit to Rs
613.48 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 9.69% to 10.08%. Purchase of finished
goods cost rose from 0.02% to 0.13%. Employee cost increased from
5.62% to 7.10%. Other expenses rose from 65.99% to 67.56%.
Power and Oil fuel cost fell from 32.39% to 28.69%.
Freight charges rose from 20.71% to 23.19%.
Other income rose 37.46% to Rs
181.38 crore. PBIDT fell 21.92% to Rs 794.86
crore. Provision for interest fell 16.91% to Rs 55.71
crore. Loan funds declined from Rs 2,004.74 crore as of 30 September
2023 to Rs 1,682.20 crore as of 30 September 2024. Inventories rose
to Rs 2,682.62 crore as of 30 September 2024 from Rs 2,237.37 crore as of 30
September 2023. Sundry debtors were higher at Rs 1,812.31 crore as
of 30 September 2024 compared to Rs 1,632.72 crore as of 30 September
2023. Cash and bank balance rose to Rs 242.11 crore as of 30
September 2024 from Rs 228.08 crore as of 30 September 2023. Investments
declined from Rs 8,051.99 crore as of 30 September 2023 to Rs 6,943.30 crore as
of 30 September 2024.
PBDT fell 22.27% to Rs 739.15
crore. Provision for depreciation rose 73.88% to Rs 715.87
crore. Fixed assets increased to Rs 12,327.33 crore as of 30
September 2024 from Rs 11,076.33 crore as of 30 September
2023. Intangible assets increased from Rs 85.23 crore to Rs 106.25
crore.
Profit before tax down 95.68% to Rs
23.28 crore. Share of profit/loss were nil in both the
periods. Provision for tax was credit of Rs 53.36 crore, compared to
debit of Rs 92.62 crore. Effective tax rate was negative 229.21%
compared to 17.18%.
Net profit attributable to owners of
the company decreased 82.89% to Rs 76.44 crore.
Equity capital stood at Rs 36.08
crore as of 30 September 2024 to Rs 36.08 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 62.55% as of 30
September 2024 ,compared to 62.55% as of 30 September 2023 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Shree Cement has declined 6.43%
to Rs 9178.13 crore.
Operating profit margin has declined
from 18.67% to 16.79%, leading to 15.86% decline in operating profit to Rs
1,540.66 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 9.65% to 10.23%. Purchase of
finished goods cost rose from 0.05% to 0.11%. Employee cost
increased from 5.42% to 6.24%. Other expenses rose from 66.23% to 66.66%.
Power and Oil fuel cost fell from 32.86% to 29.47%.
Freight charges rose from 20.97% to 22.72%.
Other income rose 6.47% to Rs 320.51
crore. PBIDT fell 12.70% to Rs 1861.17 crore. Provision
for interest fell 20.83% to Rs 111.91 crore. Loan funds declined
from Rs 2,004.74 crore as of 30 September 2023 to Rs 1,682.20 crore as of 30
September 2024. Inventories rose to Rs 2,682.62 crore as of 30
September 2024 from Rs 2,237.37 crore as of 30 September
2023. Sundry debtors were higher at Rs 1,812.31 crore as of 30
September 2024 compared to Rs 1,632.72 crore as of 30 September
2023. Cash and bank balance rose to Rs 242.11 crore as of 30
September 2024 from Rs 228.08 crore as of 30 September
2023. Investments declined from Rs 8,051.99 crore as of 30 September
2023 to Rs 6,943.30 crore as of 30 September 2024.
PBDT fell 12.12% to Rs 1749.26
crore. Provision for depreciation rose 89.06% to Rs 1420.13
crore. Fixed assets increased to Rs 12,327.33 crore as of 30
September 2024 from Rs 11,076.33 crore as of 30 September 2023. Intangible
assets increased from Rs 85.23 crore to Rs 106.25 crore.
Profit before tax down 73.45% to Rs
329.13 crore. Share of profit/loss were nil in both the
periods. Provision for tax was credit of Rs 25.96 crore, compared to
debit of Rs 220.91 crore. Effective tax rate was negative 7.89%
compared to 17.82%.
Net profit attributable to owners of
the company decreased 65.15% to Rs 355.05 crore.
Equity capital stood at Rs 36.08
crore as of 30 September 2024 to Rs 36.08 crore as of 30 September 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 62.55% as of 30
September 2024 ,compared to 62.55% as of 30 September 2023 .
Cash flow from operating activities
decreased to Rs 1,474.90 crore for YTD ended September 2024 from Rs 1,838.20
crore for YTD ended September 2023. Cash flow used in acquiring
fixed assets during the YTD ended September 2024 stood at Rs 2,197.99 crore,
compared to Rs 1,639.01 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Shree Cement has increased
14.29% to Rs 20403.8 crore.
Operating profit margin has jumped
from 16.58% to 22.14%, leading to 52.62% rise in operating profit to Rs
4,516.74 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 7.91% to 9.83%. Purchase of
finished goods cost fell from 0.50% to 0.05%. Employee cost
decreased from 5.45% to 5.19%. Other expenses fell from 69.63% to
62.88%. Power and Oil fuel cost fell from 33.92% to 30.52%.
Freight charges fell from 21.10% to 20.25%.
Other income rose 30.29% to Rs
598.12 crore. PBIDT rose 49.62% to Rs 5114.86
crore. Provision for interest fell 1.72% to Rs 258.34
crore. Loan funds declined from Rs 2,724.67 crore as of 31 March
2023 to Rs 1,655.55 crore as of 31 March 2024. Inventories rose to
Rs 3,555.07 crore as of 31 March 2024 from Rs 2,759.68 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,286.53 crore as of 31 March
2024 compared to Rs 1,211.57 crore as of 31 March 2023. Cash and
bank balance rose to Rs 421.81 crore as of 31 March 2024 from Rs 160.93 crore
as of 31 March 2023. Investments declined from Rs 8,683.14 crore as
of 31 March 2023 to Rs 7,555.83 crore as of 31 March 2024.
PBDT rose 53.90% to Rs 4856.52
crore. Provision for depreciation rose 14.25% to Rs 1897.32
crore. Fixed assets increased to Rs 11,397.13 crore as of 31 March
2024 from Rs 10,202.81 crore as of 31 March 2023. Intangible assets
increased from Rs 74.67 crore to Rs 123.45 crore.
Profit before tax grew 97.93% to Rs
2,959.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 563.04 crore, compared
to Rs 225.9 crore. Effective tax rate was 19.03% compared to 15.11%.
Net profit attributable to owners of
the company increased 88.53% to Rs 2,395.70 crore.
Equity capital stood at Rs 36.08
crore as of 31 March 2024 to Rs 36.08 crore as of 31 March 2023. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 62.55% as of 31
March 2024 ,compared to 62.55% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 3,347.49 crore for year ended March 2024 from Rs 2,568.74 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 3,200.35 crore, compared to Rs
3,314.45 crore during the year ended March 2023.
Operation highlights
Total sale volume down YoY by 7% from 8.2 million tonnes to 7.6
million tones in Q2FY2025.
CAPEX:
The
Company’s ongoing expansion projects in Jaitaran, Rajasthan (6.0 MTPA), Kodla,
Karnataka (3.00 MTPA), Baloda Bazar, Chhattisgarh (3.40 MTPA), and Etah, Uttar
Pradesh (3.00 MTPA) are progressing satisfactorily. The Company expects to
commission all these projects by the first quarter of FY25-26. The Company is
continuously working to identify suitable opportunities to achieve its goal of achieving
> 80 MTPA capacity by 2028.
Management
Commentary:
Commenting
on the performance during the quarter, Mr. Neeraj Akhoury, Managing Director,
Shree Cement Ltd. Said “Despite strong headwinds on account of extended monsoon
and softer pricing environment across the industry, Shree Cement has delivered
a steady performance on the back of accelerated operational efficiency
measures, focused cost optimisation drive and product premiumisation initiatives.”
He
added, "The company expects gradual improvement in demand driven by
increased government spending in the second half of the financial year and
improved demand from urban and rural segments owing to good monsoon. Shree
Cement
remains focused on its long-term growth and sustainability, with ongoing
investments in capacity expansion and the adoption of greener technologies.”
Shree 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) | 4,054.17 | 4,773.67 | -15.07 | 9,178.13 | 9,809.32 | -6.43 | 20,403.80 | 17,852.33 | 14.29 | OPM (%) | 15.13 | 18.56 | -343 bps | 16.79 | 18.67 | -188 bps | 22.14 | 16.58 | 556 bps | OP | 613.48 | 886.04 | -30.76 | 1,540.66 | 1,830.96 | -15.86 | 4,516.74 | 2,959.50 | 52.62 | Other Inc. | 181.38 | 131.95 | 37.46 | 320.51 | 301.02 | 6.47 | 598.12 | 459.08 | 30.29 | PBIDT | 794.86 | 1,017.99 | -21.92 | 1,861.17 | 2,131.98 | -12.70 | 5,114.86 | 3,418.58 | 49.62 | Interest | 55.71 | 67.05 | -16.91 | 111.91 | 141.36 | -20.83 | 258.34 | 262.87 | -1.72 | PBDT | 739.15 | 950.94 | -22.27 | 1,749.26 | 1,990.62 | -12.12 | 4,856.52 | 3,155.71 | 53.90 | Depreciation | 715.87 | 411.7 | 73.88 | 1420.13 | 751.15 | 89.06 | 1897.32 | 1660.67 | 14.25 | PBT | 23.28 | 539.24 | -95.68 | 329.13 | 1239.47 | -73.45 | 2959.2 | 1495.04 | 97.93 | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT before EO | 23.28 | 539.24 | -95.68 | 329.13 | 1239.47 | -73.45 | 2959.2 | 1495.04 | 97.93 | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | PBT after EO | 23.28 | 539.24 | -95.68 | 329.13 | 1239.47 | -73.45 | 2959.2 | 1495.04 | 97.93 | Taxation | -53.36 | 92.62 | LP | -25.96 | 220.91 | LP | 563.04 | 225.9 | 149.24 | PAT | 76.64 | 446.62 | -82.84 | 355.09 | 1018.56 | -65.14 | 2396.16 | 1269.14 | 88.80 | Minority Interest (MI) | 0.2 | -0.01 | PL | 0.04 | -0.37 | PL | 0.46 | -1.56 | PL | Net profit | 76.44 | 446.63 | -82.89 | 355.05 | 1018.93 | -65.15 | 2395.7 | 1270.7 | 88.53 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 76.44 | 446.63 | -82.89 | 355.05 | 1018.93 | -65.15 | 2395.7 | 1270.7 | 88.53 | EPS (Rs)* | 6.44 | 123.79 | -94.80 | 91.21 | 282.40 | -67.70 | 663.98 | 352.18 | 88.53 | | * EPS is on current equity of Rs 36.08 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 |
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