On consolidated basis
Quarter ended March 2022 compared
with Quarter ended March 2021.
Net sales (including other operating income) of Nuvoco Vistas Corporation has
increased 11.35% to Rs 2930.18 crore. Sales of Cement segment has gone
up 8.73% to Rs 2,677.01 crore (accounting for 90.83% of total
sales). Sales of Ready Mix conrete and Others segment has gone up
54.12% to Rs 270.19 crore (accounting for 9.17% of total
sales). Inter-segment sales rose Rs 5.76 crore to Rs 17.02 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 40.41% to Rs 180.52
crore. PBIT of Cement segment fell 40.57% to Rs 186.45 crore
(accounting for 103.28% of total PBIT). PBIT of Ready Mix conrete
and Others segment rose 45.04% to Rs -5.93 crore (accounting for -3.28% of
total PBIT).
PBIT margin of Cement segment fell
from 12.74% to 6.96%. PBIT margin of Ready Mix conrete and Others
segment rose from negative 6.15% to negative 2.19%. Overall PBIT
margin fell from 11.49% to 6.13%.
Operating profit margin has declined
from 19.91% to 14.50%, leading to 18.92% decline in operating profit to Rs
424.93 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 15.06% to 16.33%. Purchase of finished
goods cost fell from 1.24% to 0.59%. Employee cost decreased from
5.17% to 4.96%. Other expenses rose from 58.00% to 63.00%.
Power and Oil fuel cost rose from 17.27% to 21.64%.
Freight charges rose from 28.14% to 28.44%.
Other income rose 28.46% to Rs 14.94
crore. PBIDT fell 17.89% to Rs 439.87 crore. Provision
for interest fell 19.63% to Rs 131.47 crore. Loan funds declined
from Rs 7,791.66 crore as of 31 March 2021 to Rs 5,575.22 crore as of 31 March
2022. Inventories rose to Rs 1,068.33 crore as of 31 March 2022 from
Rs 712.37 crore as of 31 March 2021. Sundry debtors were higher at
Rs 570.85 crore as of 31 March 2022 compared to Rs 453.90 crore as of 31 March
2021. Cash and bank balance declined from Rs 527.75 crore as of 31
March 2021 to Rs 149.09 crore as of 31 March 2022. Investments
declined from Rs 384.22 crore as of 31 March 2021 to Rs 185.58 crore as of 31
March 2022.
PBDT fell 17.12% to Rs 308.4
crore. Provision for depreciation rose 10.54% to Rs 244.41
crore. Fixed assets declined from Rs 13,003.31 crore as of 31 March
2021 to Rs 12,529.86 crore as of 31 March 2022. Intangible assets
stood at Rs 3,278.47 crore.
Profit before tax down 57.62% to Rs
63.99 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 34.88 crore, compared
to Rs 113.48 crore. Effective tax rate was 54.51% compared to
75.15%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company decreased
22.41% to Rs 29.11 crore.
Equity capital increased from Rs
315.09 crore as of 31 March 2021 to Rs 357.16 crore as of 31 March
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 71.42% as of 31
March 2022
Full year results analysis.
Net sales (including other operating income) of Nuvoco Vistas Corporation has
increased 24.43% to Rs 9318.03 crore. Sales of Cement segment has
gone up 20.57% to Rs 8,599.50 crore (accounting for 91.82% of total
sales). Sales of Ready Mix conrete and Others segment has gone up
101.50% to Rs 766.60 crore (accounting for 8.18% of total
sales). Inter-segment sales rose Rs 24.18 crore to Rs 48.07
crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 13.19% to Rs 578.74
crore. PBIT of Cement segment fell 17.93% to Rs 606.77 crore
(accounting for 104.84% of total PBIT). PBIT of Ready Mix conrete
and Others segment rose 61.39% to Rs -28.03 crore (accounting for -4.84% of
total PBIT).
PBIT margin of Cement segment fell
from 10.37% to 7.06%. PBIT margin of Ready Mix conrete and Others
segment rose from negative 19.08% to negative 3.66%. Overall PBIT
margin fell from 8.87% to 6.18%.
Operating profit margin has declined
from 19.50% to 16.06%, leading to 2.48% rise in operating profit to Rs 1,496.70
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.02% to 15.89%. Purchase of finished
goods cost fell from 0.65% to 0.44%. Employee cost decreased from
6.55% to 6.11%. Other expenses rose from 58.95% to 61.79%.
Power and Oil fuel cost rose from 18.42% to 22.17%.
Freight charges fell from 27.57% to 26.64%.
Other income rose 24.35% to Rs 42.08
crore. PBIDT rose 2.97% to Rs 1538.78 crore. Provision
for interest fell 14.17% to Rs 569.92 crore. Loan funds declined
from Rs 7,791.66 crore as of 31 March 2021 to Rs 5,575.22 crore as of 31 March
2022. Inventories rose to Rs 1,068.33 crore as of 31 March 2022 from
Rs 712.37 crore as of 31 March 2021. Sundry debtors were higher at
Rs 570.85 crore as of 31 March 2022 compared to Rs 453.90 crore as of 31 March
2021. Cash and bank balance declined from Rs 527.75 crore as of 31
March 2021 to Rs 149.09 crore as of 31 March 2022. Investments
declined from Rs 384.22 crore as of 31 March 2021 to Rs 185.58 crore as of 31
March 2022.
PBDT rose 16.69% to Rs 968.86
crore. Provision for depreciation rose 15.64% to Rs 917.96
crore. Fixed assets declined from Rs 13,003.31 crore as of 31 March
2021 to Rs 12,529.86 crore as of 31 March 2022. Intangible assets
stood at Rs 3,278.47 crore.
Profit before tax grew 39.41% to Rs
50.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 18.82 crore, compared
to Rs 62.46 crore. Effective tax rate was 36.97% compared to
171.08%.
Minority interest was nil in both
the periods.
Equity capital increased from Rs
315.09 crore as of 31 March 2021 to Rs 357.16 crore as of 31 March
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 71.42% as of 31
March 2022
Cash flow from operating activities
decreased to Rs 1,220.85 crore for year ended March 2022 from Rs 1,717.34 crore
for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 410.55 crore, compared to Rs
551.66 crore during the year ended March 2021.
Management Commentary
Commenting
on the financial results, Mr Jayakumar Krishnaswamy, Managing Director, Nuvoco
Vistas Corp said, " FY22 was an exceptionally challenging year. Several
crises such as-the resurgence of Covid-19 pandemic, sand unavailability and
inflationary pressure-have negatively impacted the industry. In the meantime,
we continued to focus on internal levers and operational efficiencies. Market
share of our premium products on trade volumes improved to 34% and will remain
a major thrust area. Our investments in sustainability projects will further
our ESG Agenda. We also remain committed to grow our operations on account of
the announced clinker expansion plans at Risda & Nimbol; and Grinding Unit
at Bhiwani."
| Nuvoco Vistas Corporation : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,930.18 | 2,631.61 | 11.35 | 9,318.03 | 7,488.84 | 24.43 | | OPM (%) | 14.50 | 19.91 | -541 bps | 16.06 | 19.50 | -344 bps | | OP | 424.93 | 524.06 | -18.92 | 1,496.70 | 1,460.50 | 2.48 | | Other Inc. | 14.94 | 11.63 | 28.46 | 42.08 | 33.84 | 24.35 | | PBIDT | 439.87 | 535.69 | -17.89 | 1,538.78 | 1,494.34 | 2.97 | | Interest | 131.47 | 163.58 | -19.63 | 569.92 | 664.04 | -14.17 | | PBDT | 308.40 | 372.11 | -17.12 | 968.86 | 830.30 | 16.69 | | Depreciation | 244.41 | 221.11 | 10.54 | 917.96 | 793.79 | 15.64 | | PBT | 63.99 | 151.00 | -57.62 | 50.9 | 36.51 | 39.41 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 63.99 | 151 | -57.62 | 50.9 | 36.51 | 39.41 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 63.99 | 151 | -57.62 | 50.9 | 36.51 | 39.41 | | Taxation | 34.88 | 113.48 | -69.26 | 18.82 | 62.46 | -69.87 | | PAT | 29.11 | 37.52 | -22.41 | 32.08 | -25.95 | LP | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 29.11 | 37.52 | -22.41 | 32.08 | -25.95 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 29.11 | 37.52 | -22.41 | 32.08 | -25.95 | LP | | EPS (Rs)* | 0.82 | 1.05 | -22.41 | 0.90 | -0.73 | LP | | | * EPS is on current equity of Rs 357.16 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Nuvoco Vistas Corporation : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Cement | 90.83 | 2,677.01 | 2,462.06 | 8.73 | 91.82 | 8,599.50 | 7,132.56 | 20.57 | | Ready Mix conrete and Others | 9.17 | 270.19 | 175.31 | 54.12 | 8.18 | 766.60 | 380.45 | 101.50 | | Total Reported Sales | 100.00 | 2,947.20 | 2,637.37 | 11.75 | 100.00 | 9,366.10 | 7,513.01 | 24.67 | | Less: Inter segment revenues | | 17.02 | 5.76 | 195.49 | | 48.07 | 24.18 | 98.80 | | Net Sales | 100.00 | 2,930.18 | 2,631.61 | 11.35 | 100.00 | 9,318.03 | 7,488.83 | 24.43 | | PBIT | | Cement | 103.28 | 186.45 | 313.74 | -40.57 | 104.84 | 606.77 | 739.30 | -17.93 | | Ready Mix conrete and Others | -3.28 | -5.93 | -10.79 | 45.04 | -4.84 | -28.03 | -72.60 | 61.39 | | Total PBIT | 100.00 | 180.52 | 302.95 | -40.41 | 100.00 | 578.74 | 666.70 | -13.19 | | Less : Interest | | 131.47 | 163.58 | -19.63 | | 569.92 | 664.04 | -14.17 | | Add: Other un-allcoable | | 14.94 | 11.63 | 28.46 | | 42.08 | 33.84 | 24.35 | | PBIT Margin(%) | | Cement | | 6.96 | 12.74 | -577.81 | | 7.06 | 10.37 | -330.93 | | Ready Mix conrete and Others | | -2.19 | -6.15 | 396.01 | | -3.66 | -19.08 | 1,542.63 | | PBT | 100.00 | 63.99 | 151.00 | -57.62 | 100.00 | 50.90 | 36.50 | 39.45 |
|
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