Analyst Meet / AGM 17-Aug-17
Conference Call
Heidelberg Cement India
Expects bounce back in volumes, utilizations levels to stay above 80%
The company has conducted a conference call on 8th August 2017 to discuss the financial performance for the first quarter ended June 2017 and way forward. Mr. Jamshed Naval Cooper –CEO & Managing Director and Mr. Anil Sharma –Chief Financial Officer of the Company addressed the conference call.
Key highlights
The company reported 6% decline in top-line to Rs 441 crore in Q1FY18 mainly owing to lower sales volume. PAT fell by 39% to Rs 16 crore.
The company sales volume declined by 9.6% to 11.02 lakh tonne. Shortage of sand and aggregates in Uttar Pradesh impacted construction leading to lower cement sales in Q1FY18. Cement prices however firmed up driven by cost increases on power & fuel. The realization increased by 3.4% at Rs 3,914/tonne. During the quarter, company operated at ~80% utilization. Trade and Non-trade mix for central India is ~80:20.
The company EBITDA has decreased by 23% to Rs 67.1 crore due increase in employee cost and other expenses. EBITDA margins reduced to 15.5% from 18.9% corresponding previous quarter. EBITDA per tonne for the quarter stood at Rs 608 vs Rs 717 in 1QFY17.
The company total cost per tonne was up 9% to Rs 3,400/ tonne. Costs firmed up during the quarter led by hardening of petcoke prices. Power and Fuel cost due to increase in pet coke price and increase in power tariff by 6% in MP (w.e.f. mid April 2017). Employee cost and other expenses increased due to planned shutdown of line-3.
The Company fuel mix stood at ~70% of pet coke and ~30% of domestic coal. Average cost of Petcoke stood at Rs 9,000/tn in Q1FY18. The Company rail: road mix is ~50:50, average lead distance stood at ~400kms.
The Company debt to equity has reduced from 1.1x in FY15 to 0.6x in FY17. The company expects debt to equity to reduce further going forward with limited capex due to no major capacity addition and improving
The Company plans to adopt solar and other renewable sources of energy in the future for WHR expansion. It projects to ramp up a 5MW project in Central India.
The Company expects demand for cement could witness a growth of ~7% in UP and capacity utilizations levels to stay above 80%.
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