KCP has clocked 94% surge in net profit to Rs 10.18 crore on the back of 19% gain in total income from operation to Rs 202.39 crore for third quarter ended December 2016. The improvement in topline was assisted by growth in the engineering and Cement divisions. The OPM expanded by 230 bps to 20.1%, thus, Operating profit grew by 36% to Rs 40.74 crore.
Performance for the quarter ended December 2016
Net sales revenue (includes cement, engineering, power, and hotel segment revenue) of the company inclined 19% to Rs 202.39 crore for the third quarter ended December 2016.The revenue from cement segment (contributes 86% of total revenue) increased by 21% to Rs 216.56 crore and engineering segment (contributes 5% of total revenue) jumped by 36% to Rs 13.45 crore. The power segment revenue (contributes 7% of total revenue) fell by 18% to Rs 16.84 crore. The hotel segment revenue (contributes 2% of total revenue) was Rs 3.78 crore
The operating margins (OPM) inclined 230 bps to 20.1%. As a result, the operating profit rose by 35% at Rs 40.74 crore. At segment level, PBIT of cement business inclined 61% to Rs 35.48 crore while power business PBIT fell 67% to Rs 0.83 crore. The engineering business suffered LBIT of Rs 5.10 crore compared with LBIT of Rs 3.41 crore in corresponding previous quarter.
The other income was down 39% to Rs 0.68 crore. The interest cost rose by 6% to Rs 11.72 crore and depreciation was up 14% to Rs 11.72 crore. Thus, the PBT zoomed by 100% to Rs 17.04 crore. With net taxation of Rs 6.86 crore (up 112% yoy), the Company posted 94% jump in net profit to Rs 10.18 crore.
Nine month performance
Sales of the company inclined 5% to Rs 588.60 crore for nine month ended December 2016. OPM shrank by sharp 280 bps to 18.4%. As a result, Operating Profit declined 9% to Rs 108.28 crore. The other income grew by 72% to Rs 3.62 crore. The interest cost was up 2% to Rs 35.47 crore, and depreciation rose by 29% to Rs 37.42 crore. Thus, the PBT stood at Rs 39.01 crore, which was 31% down compared to the corresponding period of the previous year. The tax outgo inclined 19% to Rs 14.53 crore. The effective tax rate grew to 37.2% from 21.5% corresponding period of the previous year. Thus, the PAT shrank by 45% to Rs 24.48 crore.
The scrip hovers around Rs 88.40 (03 February 2017) on the BSE.
|