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Results
09-Feb-24
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Analysis
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JK Lakshmi Cement
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Net profit up 88.1% YoY to Rs 143.67 crore in Q3FY2024
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On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of JK Lakshmi Cement has increased
9.03% to Rs 1702.84 crore.
Operating profit margin has jumped
from 11.86% to 17.74%, leading to 63.08% rise in operating profit to Rs 302.14
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.68% to 14.34%. Purchase of finished
goods cost rose from 5.81% to 7.36%. Employee cost increased from
5.88% to 6.19%. Other expenses fell from 62.33% to 55.06%.
Power and Oil fuel cost fell from 31.60% to 24.93%.
Freight charges rose from 18.60% to 18.66%.
Other income rose 16.62% to Rs 16.7
crore. PBIDT rose 59.75% to Rs 318.84 crore. Provision
for interest rose 10.48% to Rs 39.11 crore.
PBDT rose 70.37% to Rs 279.73
crore. Provision for depreciation rose 15.75% to Rs 65.71
crore.
Profit before tax grew 99.24% to Rs
214.02 crore. Provision for tax was expense of Rs 72.83 crore,
compared to Rs 29.99 crore. Effective tax rate was 32.66% compared
to 27.92%.
Minority interest increased 523.08%
to Rs 6.48 crore. Net profit attributable to owners of the company
increased 88.10% to Rs 143.67 crore.
Promoters’ stake was 46.31% as of 31
December 2023 ,compared to 46.31% as of 31 December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of JK Lakshmi Cement has increased
9.11% to Rs 5007.62 crore.
Operating profit margin has jumped
from 13.21% to 14.29%, leading to 18.08% rise in operating profit to Rs 715.63
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.47% to 14.40%. Purchase of finished
goods cost rose from 6.05% to 8.04%. Employee cost increased from
6.18% to 6.36%. Other expenses fell from 60.47% to 57.07%.
Power and Oil fuel cost fell from 29.46% to 26.24%.
Freight charges rose from 18.86% to 19.21%.
Other income rose 2.40% to Rs 41.81
crore. PBIDT rose 17.09% to Rs 757.44 crore. Provision
for interest rose 1.09% to Rs 105.81 crore.
PBDT rose 20.18% to Rs 651.63
crore. Provision for depreciation rose 5.05% to Rs 178.08
crore.
Profit before tax grew 27.06% to Rs
473.55 crore. Provision for tax was expense of Rs 156.68 crore,
compared to Rs 118.39 crore. Effective tax rate was 32.47% compared
to 31.77%.
Minority interest increased 93.32%
to Rs 11.00 crore. Net profit attributable to owners of the company
increased 26.64% to Rs 314.81 crore.
Promoters’ stake was 46.31% as of 31
December 2023 ,compared to 46.31% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of JK Lakshmi Cement has increased
19.03% to Rs 6451.5 crore.
Operating profit margin has declined
from 17.54% to 13%, leading to 11.78% decline in operating profit to Rs 838.71
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 15.08% to 14.40%. Purchase of finished
goods cost rose from 5.30% to 6.32%. Employee cost decreased from
6.64% to 5.97%. Other expenses rose from 55.58% to 60.39%.
Power and Oil fuel cost rose from 23.59% to 29.16%.
Freight charges fell from 20.12% to 19.38%.
Other income fell 15.81% to Rs 57.52
crore. PBIDT fell 12.05% to Rs 896.23 crore. Provision
for interest fell 6.18% to Rs 133.4 crore. Loan funds declined from
Rs 1,886.54 crore as of 31 March 2022 to Rs 1,879.73 crore as of 31 March
2023. Inventories rose to Rs 841.60 crore as of 31 March 2023 from
Rs 581.00 crore as of 31 March 2022. Sundry debtors were higher at
Rs 65.42 crore as of 31 March 2023 compared to Rs 35.20 crore as of 31 March
2022. Cash and bank balance declined from Rs 572.94 crore as of 31
March 2022 to Rs 338.96 crore as of 31 March 2023. Investments
declined from Rs 652.04 crore as of 31 March 2022 to Rs 526.54 crore as of 31
March 2023.
PBDT fell 13% to Rs 762.83
crore. Provision for depreciation rose 2.17% to Rs 228.33
crore. Fixed assets increased to Rs 4,344.91 crore as of 31 March
2023 from Rs 3,714.59 crore as of 31 March 2022. Intangible assets
stood at Rs 72.32 crore.
Profit before tax down 18.19% to Rs
534.50 crore. Share of profit/loss was 50% higher at Rs -0.02
crore. Provision for tax was expense of Rs 165.37 crore, compared to
Rs 148.76 crore. Effective tax rate was 30.94% compared to 23.75%.
Minority interest decreased 25.18%
to Rs 10.49 crore. Net profit attributable to owners of the company
decreased 22.64% to Rs 358.62 crore.
Equity capital stood at Rs 58.85
crore as of 31 March 2023 to Rs 58.85 crore as of 31 March 2022. Per
share face Value remained same at Rs 5.00.
Promoters’ stake was 46.31% as of 31
March 2023 ,compared to 46.31% as of 31 March 2022 .
Cash flow from operating activities
decreased to Rs 634.23 crore for year ended March 2023 from Rs 679.96 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 737.23 crore, compared to Rs
374.63 crore during the year ended March 2022.
Operational highlights:
The
consolidated sales volume increased by 7.6% YoY to 29.6 Lac Tonnes in Q3FY24.
Expansion:
The
Company`s Subsidiary, Udaipur Cement Works Ltd (UCWL) had successfully
commissioned its 2nd Clinker Lineof 1. 50 Million Tonnes PerAnnum in
October2023, wherebyits Clinker Capacityhas doubled to 3 Million Tonnes Per
Annum. The Cement Grinding Capacity of 2. 5 Million Tonnes Per Annum is expected
to be commissioned towards the end of the Current Quarter.
The
Company is expanding the Clinker Capacity at its integrated Cement Plant at
Durg in Chhattisgarh by putting up an Additional Clinker Line of 2. 3 Million
Tonnes Per Annum & Four Cement Grinding Units aggregating to 4. 6 Million
Tonnes PerAnnum at Durg in Chhattisgarh and also Three Split Location Cement Grinding
Units with aggregate Cement Grinding Capacity of 3. 4 Million Tonnes Per Annum
at Prayagraj in Uttar Pradesh, Madhubani in Bihar & Patratu in Jharkhand.
The Project is likely to cost Rs. 2500 Crores & is proposed to be funded
through Term Loans from Banks of Rs.1750 Crores & balance through Internal Accruals.
The Company is also putting up a Railway Siding at its Durg Cement Plant at a
Cost of Rs. 325 Crores to be fundedthrough a Debt ofRs. 225 Crores &
Balance from Internal Accruals.
Dividend: The board has approved dividend of Rs 2 per
equity share.
Management Commentary:
Commenting
on the Results of the Company, Mrs. Vinita Singhania, Vice Chairman &
Managing Director (VC&MD) of the Company said "the Profitability ofthe Company improved
on account of Higher Volume, Better Product & Sales Mix and Reduction in
Fuel Cost".
| JK Lakshmi Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,702.84 | 1,561.74 | 9.03 | 5,007.62 | 4,589.43 | 9.11 | 6,451.50 | 5,419.89 | 19.03 | | OPM (%) | 17.74 | 11.86 | 588 bps | 14.29 | 13.21 | 109 bps | 13.00 | 17.54 | -454 bps | | OP | 302.14 | 185.27 | 63.08 | 715.63 | 606.05 | 18.08 | 838.71 | 950.71 | -11.78 | | Other Inc. | 16.70 | 14.32 | 16.62 | 41.81 | 40.83 | 2.40 | 57.52 | 68.32 | -15.81 | | PBIDT | 318.84 | 199.59 | 59.75 | 757.44 | 646.88 | 17.09 | 896.23 | 1,019.03 | -12.05 | | Interest | 39.11 | 35.40 | 10.48 | 105.81 | 104.67 | 1.09 | 133.40 | 142.19 | -6.18 | | PBDT | 279.73 | 164.19 | 70.37 | 651.63 | 542.21 | 20.18 | 762.83 | 876.84 | -13.00 | | Depreciation | 65.71 | 56.77 | 15.75 | 178.08 | 169.52 | 5.05 | 228.33 | 223.47 | 2.17 | | PBT | 214.02 | 107.42 | 99.24 | 473.55 | 372.69 | 27.06 | 534.5 | 653.37 | -18.19 | | Share of Profit/(Loss) from Associates | 0.07 | -0.01 | LP | 0.05 | -0.02 | LP | -0.02 | -0.04 | 50.00 | | PBT before EO | 214.09 | 107.41 | 99.32 | 473.6 | 372.67 | 27.08 | 534.48 | 653.33 | -18.19 | | EO Income | 8.89 | 0 | - | 8.89 | 0 | - | 0 | -26.99 | - | | PBT after EO | 222.98 | 107.41 | 107.60 | 482.49 | 372.67 | 29.47 | 534.48 | 626.34 | -14.67 | | Taxation | 72.83 | 29.99 | 142.85 | 156.68 | 118.39 | 32.34 | 165.37 | 148.76 | 11.17 | | PAT | 150.15 | 77.42 | 93.94 | 325.81 | 254.28 | 28.13 | 369.11 | 477.58 | -22.71 | | Minority Interest (MI) | 6.48 | 1.04 | 523.08 | 11 | 5.69 | 93.32 | 10.49 | 14.02 | -25.18 | | Net profit | 143.67 | 76.38 | 88.10 | 314.81 | 248.59 | 26.64 | 358.62 | 463.56 | -22.64 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 143.67 | 76.38 | 88.10 | 314.81 | 248.59 | 26.64 | 358.62 | 463.56 | -22.64 | | EPS (Rs)* | 11.72 | 6.49 | 80.60 | 26.26 | 21.13 | 24.31 | 30.48 | 41.09 | -25.83 | | | * EPS is on current equity of Rs 58.84 crore, Face value of Rs 5, 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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