On consolidated basis
Quarter
ended June 2022 compared with Quarter ended June 2021.
Net sales (including other operating income) of Nuvoco
Vistas Corporation has increased 20.40% to Rs 2652.46 crore. Sales
of Cement segment has gone up 17.09% to Rs 2,433.31 crore (accounting for
91.10% of total sales). Sales of Ready Mix conrete and Others
segment has gone up 80.81% to Rs 237.66 crore (accounting for 8.90% of total
sales). Inter-segment sales rose Rs 6.68 crore to Rs 18.51 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 57.66% to
Rs 128.09 crore. PBIT of Cement segment fell 57.67% to Rs 130.82
crore (accounting for 102.13% of total PBIT). PBIT of Ready Mix conrete
and Others segment rose 57.74% to Rs -2.73 crore (accounting for -2.13% of
total PBIT).
PBIT
margin of Cement segment fell from 14.87% to 5.38%. PBIT margin of
Ready Mix conrete and Others segment rose from negative 4.91% to negative
1.15%. Overall PBIT margin fell from 13.69% to 4.80%.
Operating profit margin has declined
from 23.35% to 13.61%, leading to 29.82% decline in operating profit to Rs
360.91 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.63% to 15.51%. Purchase of finished
goods cost rose from 0.24% to 0.43%. Employee cost decreased from
6.13% to 5.52%. Other expenses rose from 56.59% to 65.57%.
Power and Oil fuel cost rose from 18.72% to 25.77%.
Freight charges rose from 25.79% to 26.87%.
Other
income rose 138.64% to Rs 13.34 crore. PBIDT fell 28.01% to Rs
374.25 crore. Provision for interest fell 22.58% to Rs 116.67
crore.
PBDT
fell 30.23% to Rs 257.58 crore. Provision for depreciation rose
9.96% to Rs 232.82 crore.
Profit
before tax down 84.27% to Rs 24.76 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 4.29
crore, compared to Rs 43.17 crore. Effective tax rate was 17.33%
compared to 27.42%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 82.09% to Rs 20.47 crore.
Promoters’
stake was 71.72% as of 30 June 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 10,535.04 crore as of 31 March
2022. Intangible assets increased from Rs 3,278.47 crore to Rs
5,273.29 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.
Others:
Sales volume was up by 11% YoY to
4.7 MT.
Net Debt increased from Rs 5064 cr
as on Mar 31,2022 to Rs 5347 cr as on June 30, 2022 on account of higher
working capital requirements.
Management Commentary
Commenting
on the financial results, Mr Jayakumar Krishnaswamy, Managing Director, Nuvoco
Vistas Corp said, As the industry faces continuous headwinds because of soaring
fuel prices, we have increased prices to partially offset its impact; more
hikes remain essential to offset the full impact. Despite a severe wallop on
account of elevated energy prices in the industry, we managed our power and
fuel cost effectively by leveraging internal levers and optimizing the fuel
mix. In addition, our finance costs have been declining with debt repayments
and effective reductions in the cost of debt over time. Moving forward, this
should support profitability.”
He further added,
“While the seasonally weak period and elevated fuel prices will weigh on near-
term profitability, cement demand is expected to show a healthy increase in
FY23 due to strong housing demand and government-led infrastructure development
projects. Our focus remains on internal levers and operational efficiency while
we remain committed to our expansion project at Bhiwani. We also continue to
invest in de bottle-necking projects at Risda and Nimbol along with alternate
fuel material handling facilities as part of our sustainability initiatives.”
| Nuvoco Vistas Corporation : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,652.46 | 2,202.97 | 20.40 | 9,318.03 | 7,488.84 | 24.43 | | OPM (%) | 13.61 | 23.35 | -974 bps | 16.06 | 19.50 | -344 bps | | OP | 360.91 | 514.29 | -29.82 | 1,496.70 | 1,460.50 | 2.48 | | Other Inc. | 13.34 | 5.59 | 138.64 | 42.08 | 33.84 | 24.35 | | PBIDT | 374.25 | 519.88 | -28.01 | 1,538.78 | 1,494.34 | 2.97 | | Interest | 116.67 | 150.70 | -22.58 | 569.92 | 664.04 | -14.17 | | PBDT | 257.58 | 369.18 | -30.23 | 968.86 | 830.30 | 16.69 | | Depreciation | 232.82 | 211.73 | 9.96 | 917.96 | 793.79 | 15.64 | | PBT | 24.76 | 157.45 | -84.27 | 50.9 | 36.51 | 39.41 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 24.76 | 157.45 | -84.27 | 50.9 | 36.51 | 39.41 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 24.76 | 157.45 | -84.27 | 50.9 | 36.51 | 39.41 | | Taxation | 4.29 | 43.17 | -90.06 | 18.82 | 62.46 | -69.87 | | PAT | 20.47 | 114.28 | -82.09 | 32.08 | -25.95 | LP | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 20.47 | 114.28 | -82.09 | 32.08 | -25.95 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 20.47 | 114.28 | -82.09 | 32.08 | -25.95 | LP | | EPS (Rs)* | 0.57 | 3.20 | -82.09 | 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) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Cement | 91.10 | 2,433.31 | 2,078.21 | 17.09 | 91.82 | 8,599.50 | 7,132.56 | 20.57 | | Ready Mix conrete and Others | 8.90 | 237.66 | 131.44 | 80.81 | 8.18 | 766.60 | 380.45 | 101.50 | | Total Reported Sales | 100.00 | 2,670.97 | 2,209.65 | 20.88 | 100.00 | 9,366.10 | 7,513.01 | 24.67 | | Less: Inter segment revenues | | 18.51 | 6.68 | 177.10 | | 48.07 | 24.18 | 98.80 | | Net Sales | 100.00 | 2,652.46 | 2,202.97 | 20.40 | 100.00 | 9,318.03 | 7,488.83 | 24.43 | | PBIT | | Cement | 102.13 | 130.82 | 309.02 | -57.67 | 104.84 | 606.77 | 739.30 | -17.93 | | Ready Mix conrete and Others | -2.13 | -2.73 | -6.46 | 57.74 | -4.84 | -28.03 | -72.60 | 61.39 | | Total PBIT | 100.00 | 128.09 | 302.56 | -57.66 | 100.00 | 578.74 | 666.70 | -13.19 | | Less : Interest | | 116.67 | 150.70 | -22.58 | | 569.92 | 664.04 | -14.17 | | Add: Other un-allcoable | | 13.34 | 5.59 | 138.64 | | 42.08 | 33.84 | 24.35 | | PBIT Margin(%) | | Cement | | 5.38 | 14.87 | -949.33 | | 7.06 | 10.37 | -330.93 | | Ready Mix conrete and Others | | -1.15 | -4.91 | 376.61 | | -3.66 | -19.08 | 1,542.63 | | PBT | 100.00 | 24.76 | 157.45 | -84.27 | 100.00 | 50.90 | 36.50 | 39.45 |
|
|