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Results
18-Jul-22
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Analysis
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HeidelbergCement India
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PAY down 24.8% YoY to Rs 51.61 cr in Q1FY2023
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On standalone basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of HeidelbergCement India has
increased 6.11% to Rs 589.89 crore. Growth in revenue was driven by
increase in prices by 13% which was offset by a decrease in volume by 6%.
Operating profit margin has declined
from 23.58% to 16.11%, leading to 27.49% decline in operating profit to Rs
95.05 crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 19.03% to 17.77%. Employee cost
decreased from 5.82% to 5.56%. Other expenses rose from 51.44% to
61.05%. Power and Oil fuel cost rose from 24.33% to 34.55%.
Freight charges fell from 13.15% to 12.11%.
Other income fell 2.38% to Rs 10.26
crore. PBIDT fell 25.63% to Rs 105.31 crore. Provision
for interest fell 21.41% to Rs 8 crore.
PBDT fell 25.95% to Rs 97.31 crore. Provision
for depreciation rose 1.56% to Rs 28 crore.
Profit before tax down 33.26% to Rs
69.31 crore. Provision for tax was expense of Rs 17.7 crore,
compared to Rs 35.2 crore. Effective tax rate was 25.54% compared to
33.90%.
Profit after tax fell 24.82% to Rs
51.61 crore.
Promoters’ stake was 69.39% as of 30
June 2022 ,compared to 69.39% as of 30 June 2021 .
Full year results analysis
Net sales (including other operating income) of HeidelbergCement India has
increased 8.52% to Rs 2,296.96 crore.
Operating profit margin has declined
from 23.94% to 18.92%, leading to 14.23% decline in operating profit to Rs
434.55 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.44% to 19.42%. Employee cost decreased
from 6.03% to 5.64%. Other expenses rose from 52.55% to 56.20%.
Power and Oil fuel cost rose from 23.10% to 27.71%.
Freight charges fell from 13.13% to 12.75%.
Other income up 5.62% to Rs 49.07
crore. PBIDT fell 12.56% to Rs 483.62 crore. Provision
for interest fell 28.34% to Rs 36.44 crore. Loan funds declined from
Rs 306.33 crore as of 31 March 2021 to Rs 198.75 crore as of 31 March
2022. Inventories rose to Rs 173.05 crore as of 31 March 2022 from
Rs 160.71 crore as of 31 March 2021. Sundry debtors were higher at
Rs 39.99 crore as of 31 March 2022 compared to Rs 33.32 crore as of 31 March
2021. Cash and bank balance declined from Rs 431.65 crore as of 31
March 2021 to Rs 382.13 crore as of 31 March 2022.
PBDT fell 10.96% to Rs 447.18 crore. Provision
for depreciation rose 0.92% to Rs 112.05 crore. Fixed assets
declined from Rs 1,637.14 crore as of 31 March 2021 to Rs 1,588.48 crore as of
31 March 2022. Intangible assets increased from Rs 0.21 crore to Rs
0.34 crore.
Profit before tax down 14.34% to Rs
335.13 crore. Provision for tax was expense of Rs 82.87 crore,
compared to Rs 76.27 crore. Effective tax rate was 24.73% compared
to 19.50%.
Profit after tax fell 19.90% to Rs
252.26 crore.
Promoters’ stake was 69.39% as of 31
March 2022 ,compared to 69.39% as of 31 March 2021 .
Cash flow from operating activities
decreased to Rs 301.85 crore for year ended March 2022 from Rs 439.45 crore for
year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 47.11 crore, compared to Rs 48.46
crore during the year ended March 2021.
Others
- The company has started receiving
Solar Power under its long-term power purchase agreement for the Jhansi plant.
The contracted capacity is 15 MW and the company is expected to receive 22
Gigawatt hours of solar power annually. As a result of an increase in green
power across various plants, the company`s overall share of green power
increased to 30%.
- The company has moved to a
concessional Income tax regime from FY2022-23 and therefore calculated the
corporate tax @25.168% (including Surcharge and Cess ) under section 115BAA of
Income tax Act, 1961.
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The company had net cash balance of Rs 223.8 cr
as on Jun 30,2022.
| HeidelbergCement India : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 589.89 | 555.94 | 6.11 | 2,296.96 | 2,116.67 | 8.52 | | OPM (%) | 16.11 | 23.58 | -747 bps | 18.92 | 23.94 | -502 bps | | OP | 95.05 | 131.09 | -27.49 | 434.55 | 506.64 | -14.23 | | Other Inc. | 10.26 | 10.51 | -2.38 | 49.07 | 46.46 | 5.62 | | PBIDT | 105.31 | 141.60 | -25.63 | 483.62 | 553.10 | -12.56 | | Interest | 8 | 10.18 | -21.41 | 36.44 | 50.85 | -28.34 | | PBDT | 97.31 | 131.42 | -25.95 | 447.18 | 502.25 | -10.96 | | Depreciation | 28 | 27.57 | 1.56 | 112.05 | 111.03 | 0.92 | | PBT | 69.31 | 103.85 | -33.26 | 335.13 | 391.22 | -14.34 | | PBT before EO | 69.31 | 103.85 | -33.26 | 335.13 | 391.22 | -14.34 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 69.31 | 103.85 | -33.26 | 335.13 | 391.22 | -14.34 | | Taxation | 17.7 | 35.2 | -49.72 | 82.87 | 76.27 | 8.65 | | PAT | 51.61 | 68.65 | -24.82 | 252.26 | 314.95 | -19.90 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 51.61 | 68.65 | -24.82 | 252.26 | 314.95 | -19.90 | | EPS (Rs)* | 2.28 | 3.03 | -24.82 | 11.13 | 13.90 | -19.90 | | | * EPS is on current equity of Rs 226.61 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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Peer Comparision (Standalone)
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Q-202206
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
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var.(%)
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Net Profit
(Rs. Crs)
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var.(%)
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Share Price(Rs)
15-Jul-2022
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var.(%)
over
One year
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TTM EPS
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TTM PE
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HeidelbergCement India Ltd
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589.89
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6.11
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95.05
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-27.49
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51.61
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-24.82
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177.05
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-33.11
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10.38
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17.11
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ACC Ltd
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4,393.27
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15.3
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425.33
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-46.73
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222.17
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-60.42
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2,140.95
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1.38
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73.66
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29.48
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Kesoram Industries Ltd
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822.28
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2.34
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38.79
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-78.63
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-41.26
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PL
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46.70
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-41.31
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-2.09
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-
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Industry
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5,805.44
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12.29
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559.17
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-49.68
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232.52
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-64.98
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44,868.84
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-0.52
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23.18
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