Sales volume improved by 8.2% to 1,203 in Q1 FY24 from 1,112 KT in Q1 FY23. Gains from volume increase were partially offset by a decrease in prices by c. 7%. Decrease in prices is driven by market prices and State Goods and Services Tax (SGST) incentive that ended after a period of 10 years in February 2023.
EBITDA declined by 2.3% to Rs 92.9 crore while EBITDA margin deteriorated by 52 bps to 15.6% in Q1 FY24 over Q1 FY23.
On a per tonne basis, total operating cost including freight decreased by c. 6% y/y primarily due to a decrease in fuel prices and packaging cost. The decrease in operating cost was partially offset by the decrease in prices. Accordingly, EBITDA per tone in Q1 FY24 was Rs 772, down by 9.7% from 855 in Q1 FY23.
The share of alternate fuel was 6% and with the help of green power initiatives across plants, the company's overall share of green power increased to 33%.
As at 30 June 2023, the cash & bank balance stood at Rs 610.3 crore as against interest-free borrowings of Rs 201 crore.
HeidelbergCement India is a subsidiary of HCAG, Germany. The company operates in central India in Damoh (Madhya Pradesh) and Jhansi (Uttar Pradesh) and in southern India in Ammasandra (Karnataka).
The scrip rose 0.17% to currently trade at Rs 177.95 on the BSE.
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