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Results
24-May-23
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Analysis
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Star Cement
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Net sales up 10.1% YoY to Rs 825 cr in Q4FY2023
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On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of Star Cement has increased
10.12% to Rs 825.04 crore. Sales of Cement segment has gone up
18.23% to Rs 1,163.52 crore (accounting for 96.12% of total
sales). Sales of Power segment has gone up 16.43% to Rs 46.97 crore
(accounting for 3.88% of total sales). Inter-segment sales rose Rs
275.23 crore to Rs 385.45 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 72.00% to Rs 134.63
crore. PBIT of Cement segment rose 70.85% to Rs 133.22 crore
(accounting for 98.96% of total PBIT). PBIT of Power segment rose
373.06% to Rs 1.41 crore (accounting for 1.04% of total PBIT).
PBIT margin of Cement segment rose
from 7.92% to 11.45%. PBIT margin of Power segment rose from 0.74%
to 2.99%. Overall PBIT margin rose from 7.64% to 11.12%.
Operating profit margin has jumped
from 15.13% to 20.14%, leading to 46.61% rise in operating profit to Rs 166.20
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 24.85% to 22.91%. Employee cost
increased from 5.69% to 5.83%. Other expenses fell from 53.77% to
50.86%. Power and Oil fuel cost rose from 18.40% to 20.23%.
Other direct service cost fell from 22.56% to 17.23%.
Other income rose 38.63% to Rs 12.74
crore. PBIDT rose 46.01% to Rs 178.94 crore. Provision
for interest fell 50% to Rs 1.18 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 47.90% to Rs 177.76
crore. Provision for depreciation fell 0.20% to Rs 35.07
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 67.77% to Rs
142.69 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 46.57 crore, compared to
credit of Rs 3.37 crore. Effective tax rate was 32.64% compared to
negative 3.96%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 8.71% to Rs 96.12 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 .
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 .
| Star Cement : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 825.04 | 749.24 | 10.12 | 2,704.85 | 2,221.82 | 21.74 | | OPM (%) | 20.14 | 15.13 | 501 bps | 17.32 | 15.54 | 178 bps | | OP | 166.20 | 113.36 | 46.61 | 468.39 | 345.25 | 35.67 | | Other Inc. | 12.74 | 9.19 | 38.63 | 52.08 | 33.37 | 56.07 | | PBIDT | 178.94 | 122.55 | 46.01 | 520.47 | 378.62 | 37.47 | | Interest | 1.18 | 2.36 | -50.00 | 9.70 | 13.34 | -27.29 | | PBDT | 177.76 | 120.19 | 47.90 | 510.77 | 365.28 | 39.83 | | Depreciation | 35.07 | 35.14 | -0.20 | 131.11 | 121.63 | 7.79 | | PBT | 142.69 | 85.05 | 67.77 | 379.66 | 243.65 | 55.82 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 142.69 | 85.05 | 67.77 | 379.66 | 243.65 | 55.82 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 142.69 | 85.05 | 67.77 | 379.66 | 243.65 | 55.82 | | Taxation | 46.57 | -3.37 | PL | 132.06 | -3.12 | PL | | PAT | 96.12 | 88.42 | 8.71 | 247.6 | 246.77 | 0.34 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 96.12 | 88.42 | 8.71 | 247.6 | 246.77 | 0.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 96.12 | 88.42 | 8.71 | 247.6 | 246.77 | 0.34 | | EPS (Rs)* | 2.38 | 2.19 | 8.71 | 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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| Star Cement : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Cement | 96.12 | 1,163.52 | 984.13 | 18.23 | 96.11 | 3,701.39 | 2,940.00 | 25.90 | | Power | 3.88 | 46.97 | 40.34 | 16.43 | 3.89 | 149.84 | 135.83 | 10.32 | | Total Reported Sales | 100.00 | 1,210.49 | 1,024.47 | 18.16 | 100.00 | 3,851.23 | 3,075.83 | 25.21 | | Less: Inter segment revenues | | 385.45 | 275.23 | 40.04 | | 1,146.38 | 854.01 | 34.23 | | Net Sales | 100.00 | 825.04 | 749.24 | 10.12 | 100.00 | 2,704.85 | 2,221.82 | 21.74 | | PBIT | | Cement | 98.96 | 133.22 | 77.97 | 70.85 | 98.96 | 340.86 | 220.50 | 54.58 | | Power | 1.04 | 1.41 | 0.30 | 373.06 | 1.04 | 3.58 | 3.35 | 6.99 | | Total PBIT | 100.00 | 134.63 | 78.27 | 72.00 | 100.00 | 344.44 | 223.85 | 53.87 | | Less : Interest | | 1.18 | 2.36 | -50.10 | | 9.70 | 13.34 | -27.33 | | Add: Other un-allcoable | | 9.24 | 9.14 | 1.05 | | 44.92 | 33.14 | 35.54 | | PBIT Margin(%) | | Cement | | 11.45 | 7.92 | 352.67 | | 9.21 | 7.50 | 170.89 | | Power | | 2.99 | 0.74 | 225.52 | | 2.39 | 2.47 | -7.43 | | PBT | 100.00 | 142.69 | 85.06 | 67.76 | 100.00 | 379.67 | 243.65 | 55.82 |
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