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Analyst Meet / AGM
04-Nov-15
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Conference Call
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Heidelberg Cement India
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Maintains volume growth of 10% for FY 2016e
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The company has conducted a conference call on 3rd November 2015 to discuss the financial performance for the second quarter ended September 2015and 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 net salesdecreased 0.9% y-o-y to Rs 396.4 crore in Q2FY16, and down 10.4% QoQ basis. Cement sales volumes stood at 1057 KT (thousand tonnes), higher by 1.6% on y-o-y basis though seasonal factors impacted volumes sequentially (down 10.4%). The company has posted net profit of Rs 0.21 crore for Q2FY1672%, up 35% annually, but down 37% sequentially.
- Gross realization stood at Rs 3749 per tonne in Q2FY16, improved 2.5% sequentially though 2.5% lower than last year. Freight cost was Rs 506 per tonne, down 10.8% on QoQ basis and down 1.2% on Y-o-Y basis, due to off -peak season discount .
- The total expenses of the company rose 0.8% Y-o-Y to Rs 40.27 crore in Q2FY16, but down 9% Q-o-Q. Control over consumption factors ensured lower overall costs though DMF provision impacted margins.
- Overall cost per tonne was down on year-on-year basis but increasedsequentially. On per tonne basis, operating expenses was Rs 2828 for Q2FY16, down 0.8% on yearly basis but higher by 4.2% sequentially. The Company has booked Rs 61 per tonne for DMF provision.
- EBITDA margin stood at 12.7%, lower by 1.4% on a y-o-y basis due to additional provision on account of District Mineral Foundation and National Mineral Exploration Trust.
- The Company net debt further reduced to Rs 938.8 crore as on 30th September 2015 from Rs 970.9 as on 31st March 2015.
- On the fuel mix, Petcoke usage maintained at 60% and remaining 40% is linkage coal.
- The Company maintains volume growth of 10% for FY 2016e.
- The Company maintains capex of around Rs 200 crore for WHPG and Flyash Silo Project. More than 80% of the total capex is utilized.
Projects update
- Narsingarh: Waste Heat Power Generation (WHPG) Project- No load trials for Line 3 power generation have started. First power generation from Line 3 expected in Q3FY16 . Mechanical erection for Line 2 and Line 1 boilers is ongoing.
- Imlai: Flyash Silo Project-
Silo cone construction is in full swing and is expected to be completed in Q3FY16.Structural steel fabrication completed and erection started.
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