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Results
09-Aug-23
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Analysis
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Star Cement
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Net Profit up 38% YoY to Rs 93.3 cr in Q1FY2024
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On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating
income) of Star Cement has increased 14.32% to Rs 760.47 crore.
Operating profit margin has declined
from 18.66% to 17%, leading to 4.16% rise in operating profit to Rs 129.28
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 24.93% to 25.55%. Employee cost
decreased from 7.06% to 6.78%. Other expenses rose from 49.76% to
50.49%. Power and Oil fuel cost rose from 19.10% to 23.00%.
Other direct service cost fell from 19.22% to 16.75%.
Other
income fell 37.91% to Rs 8.73 crore. PBIDT fell 0.12% to Rs 138.01
crore. Provision for interest fell 13.18% to Rs 2.24
crore.
PBDT
rose 0.13% to Rs 135.77 crore. Provision for depreciation rose 4.53%
to Rs 31.81 crore.
Profit
before tax down 1.15% to Rs 103.96 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 10.7
crore, compared to Rs 37.61 crore. Effective tax rate was 10.29%
compared to 35.76%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 38.04% to Rs 93.26 crore.
Promoters’
stake was 66.76% as of 30 June 2023 ,compared to 67.37% as of 30 June 2022
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Full year results analysis.
Net sales (including other operating
income) of Star Cement has increased 21.74% to Rs 2704.85
crore. Sales of Cement segment has gone up 25.90% to Rs 3,701.39
crore (accounting for 96.11% of total sales). Sales of Power segment
has gone up 10.32% to Rs 149.84 crore (accounting for 3.89% of total
sales). Inter-segment sales rose Rs 854.01 crore to Rs 1,146.38
crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 53.87% to Rs
344.44 crore. PBIT of Cement segment rose 54.58% to Rs 340.86 crore
(accounting for 98.96% of total PBIT). PBIT of Power segment rose
6.99% to Rs 3.58 crore (accounting for 1.04% of total PBIT).
PBIT
margin of Cement segment rose from 7.50% to 9.21%. PBIT margin of
Power segment fell from 2.47% to 2.39%. Overall PBIT margin rose
from 7.28% to 8.94%.
Operating profit margin has jumped
from 15.54% to 17.32%, leading to 35.67% rise in operating profit to Rs 468.39
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 24.87% to 23.64%. Employee cost
decreased from 7.27% to 7.19%. Other expenses fell from 52.13% to
51.97%. Power and Oil fuel cost rose from 19.01% to 20.93%.
Other direct service cost fell from 19.47% to 18.61%.
Other
income rose 56.07% to Rs 52.08 crore. PBIDT rose 37.47% to Rs 520.47
crore. Provision for interest fell 27.29% to Rs 9.7
crore. Loan funds rose to Rs 35.35 crore as of 31 March 2023 from Rs
15.65 crore as of 31 March 2022. Inventories rose to Rs 374.11 crore
as of 31 March 2023 from Rs 195.30 crore as of 31 March 2022. Sundry
debtors were lower at Rs 104.69 crore as of 31 March 2023 compared to Rs 128.75
crore as of 31 March 2022. Cash and bank balance declined from Rs
384.67 crore as of 31 March 2022 to Rs 311.74 crore as of 31 March
2023. Investments rose to Rs 172.55 crore as of 31 March 2023 from
Rs 167.27 crore as of 31 March 2022 .
PBDT
rose 39.83% to Rs 510.77 crore. Provision for depreciation rose
7.79% to Rs 131.11 crore. Fixed assets increased to Rs 1,437.58
crore as of 31 March 2023 from Rs 1,027.76 crore as of 31 March
2022. Intangible assets declined from Rs 4.77 crore to Rs 3.98
crore.
Profit
before tax grew 55.82% to Rs 379.66 crore. Share of profit/loss were
nil in both the periods. Provision for tax was debit of Rs 132.06
crore, compared to credit of Rs 3.12 crore. Effective tax rate was
34.78% compared to negative 1.28%.
Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 0.34% to Rs 247.60 crore.
Equity
capital stood at Rs 40.42 crore as of 31 March 2023 to Rs 40.42 crore as of 31
March 2022. Per share face Value remained same at Rs
1.00.
Promoters’
stake was 67.12% as of 31 March 2023 ,compared to 67.33% as of 31 March 2022
.
Cash
flow from operating activities decreased to Rs 375.23 crore for year ended
March 2023 from Rs 417.07 crore for year ended March 2022. Cash flow
used in acquiring fixed assets during the year ended March 2023 stood at Rs
571.86 crore, compared to Rs 199.44 crore during the year ended March
2022.
| Star Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 760.47 | 665.21 | 14.32 | 2,704.85 | 2,221.82 | 21.74 | | OPM (%) | 17.00 | 18.66 | -166 bps | 17.32 | 15.54 | 178 bps | | OP | 129.28 | 124.12 | 4.16 | 468.39 | 345.25 | 35.67 | | Other Inc. | 8.73 | 14.06 | -37.91 | 52.08 | 33.37 | 56.07 | | PBIDT | 138.01 | 138.18 | -0.12 | 520.47 | 378.62 | 37.47 | | Interest | 2.24 | 2.58 | -13.18 | 9.70 | 13.34 | -27.29 | | PBDT | 135.77 | 135.60 | 0.13 | 510.77 | 365.28 | 39.83 | | Depreciation | 31.81 | 30.43 | 4.53 | 131.11 | 121.63 | 7.79 | | PBT | 103.96 | 105.17 | -1.15 | 379.66 | 243.65 | 55.82 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 103.96 | 105.17 | -1.15 | 379.66 | 243.65 | 55.82 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 103.96 | 105.17 | -1.15 | 379.66 | 243.65 | 55.82 | | Taxation | 10.7 | 37.61 | -71.55 | 132.06 | -3.12 | PL | | PAT | 93.26 | 67.56 | 38.04 | 247.6 | 246.77 | 0.34 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 93.26 | 67.56 | 38.04 | 247.6 | 246.77 | 0.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 93.26 | 67.56 | 38.04 | 247.6 | 246.77 | 0.34 | | EPS (Rs)* | 2.31 | 1.67 | 38.04 | 6.13 | 6.11 | 0.34 | | | * 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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