On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of JK Lakshmi Cement has increased
14.63% to Rs 1574.53 crore.
Operating profit margin has jumped
from 11.93% to 13.80%, leading to 32.53% rise in operating profit to Rs 217.26
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.45% to 14.29%. Purchase of finished
goods cost fell from 8.44% to 8.35%. Employee cost increased from
6.53% to 6.55%. Other expenses fell from 59.10% to 57.17%.
Power and Oil fuel cost fell from 29.33% to 27.01%.
Freight charges rose from 18.04% to 18.78%.
Other income fell 28.67% to Rs 13.98
crore. PBIDT rose 26% to Rs 231.24 crore. Provision for
interest rose 0.57% to Rs 33.6 crore. Loan funds rose to Rs 2,020.44
crore as of 30 September 2023 from Rs 1,862.62 crore as of 30 September
2022. Inventories declined from Rs 1,013.55 crore as of 30 September
2022 to Rs 824.12 crore as of 30 September 2023. Sundry debtors were
higher at Rs 148.00 crore as of 30 September 2023 compared to Rs 132.39 crore
as of 30 September 2022. Cash and bank balance rose to Rs 437.10
crore as of 30 September 2023 from Rs 401.02 crore as of 30 September
2022. Investments rose to Rs 374.45 crore as of 30 September 2023
from Rs 313.66 crore as of 30 September 2022 .
PBDT rose 31.65% to Rs 197.64
crore. Provision for depreciation fell 0.26% to Rs 56.65
crore. Fixed assets increased to Rs 4,718.10 crore as of 30
September 2023 from Rs 3,960.68 crore as of 30 September
2022. Intangible assets declined from Rs 76.35 crore to Rs 72.32
crore.
Profit before tax grew 51.08% to Rs
140.99 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 45.1 crore, compared to
Rs 31.53 crore. Effective tax rate was 31.99% compared to 33.79%.
Minority interest increased 321.05%
to Rs 3.20 crore. Net profit attributable to owners of the company
increased 51.84% to Rs 92.67 crore.
Equity capital stood at Rs 58.85
crore as of 30 September 2023 to Rs 58.85 crore as of 30 September
2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 46.31% as of 30
September 2023 ,compared to 46.31% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of JK Lakshmi Cement has increased
9.15% to Rs 3304.78 crore.
Operating profit margin has declined
from 13.90% to 12.51%, leading to 1.73% decline in operating profit to Rs
413.49 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.36% to 14.44%. Purchase of finished
goods cost rose from 6.18% to 8.41%. Employee cost increased from
6.33% to 6.46%. Other expenses fell from 59.48% to 58.14%.
Power and Oil fuel cost fell from 28.32% to 26.95%.
Freight charges rose from 19.00% to 19.50%.
Other income fell 5.28% to Rs 25.11
crore. PBIDT fell 1.94% to Rs 438.6 crore. Provision for
interest fell 3.71% to Rs 66.7 crore. Loan funds rose to Rs 2,020.44
crore as of 30 September 2023 from Rs 1,862.62 crore as of 30 September
2022. Inventories declined from Rs 1,013.55 crore as of 30 September
2022 to Rs 824.12 crore as of 30 September 2023. Sundry debtors were
higher at Rs 148.00 crore as of 30 September 2023 compared to Rs 132.39 crore
as of 30 September 2022. Cash and bank balance rose to Rs 437.10
crore as of 30 September 2023 from Rs 401.02 crore as of 30 September
2022. Investments rose to Rs 374.45 crore as of 30 September 2023
from Rs 313.66 crore as of 30 September 2022 .
PBDT fell 1.62% to Rs 371.9
crore. Provision for depreciation fell 0.34% to Rs 112.37
crore. Fixed assets increased to Rs 4,718.10 crore as of 30
September 2023 from Rs 3,960.68 crore as of 30 September
2022. Intangible assets declined from Rs 76.35 crore to Rs 72.32
crore.
Profit before tax down 2.16% to Rs
259.53 crore. Share of profit/loss was 100% lower at Rs -0.02
crore. Provision for tax was expense of Rs 83.85 crore, compared to
Rs 88.4 crore. Effective tax rate was 32.31% compared to 33.33%.
Minority interest decreased 2.80% to
Rs 4.52 crore. Net profit attributable to owners of the company
decreased 0.62% to Rs 171.14 crore.
Equity capital stood at Rs 58.85
crore as of 30 September 2023 to Rs 58.85 crore as of 30 September
2022. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 46.31% as of 30
September 2023 ,compared to 46.31% as of 30 September 2022 .
Cash flow from operating activities
has turned positive Rs 272.10 crore for YTD ended September 2023 from negative
Rs 46.80 crore for YTD ended September 2022. Cash flow used in
acquiring fixed assets during the YTD ended September 2023 stood at Rs 512.52
crore, compared to Rs 333.98 crore during the YTD ended September
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 13.8% YoY to 28.78 Lac Tonnes in Q2FY24.
Expansion:
The
company has taken-up for implementation setting up of additional Cement
Grinding Unit of 13. 50 Lakh Tonnes Per Annum at its existing Surat Grinding
Unit.
The
Company`s Subsidiary, Udaipur Cement Works Ltd (UCWL) has successfully
commissioned its 2nd Clinker Line of 1. 50 Million Tonnes Per Annum
in October2023,wherebyits Clinker Capacity has doubled to 3 Million Tonnes Per
Annum. Work on the 2. 50 Million Tonnes Per Annum of Cement Mill & Packing Plant
is on full swing as per Schedule.
The
Company is implementing a Project for enhancing its TSR from 4% to 16% in a
phased manner at its Sirohi Cement Plant as a part of its Green Initiatives.
The
Company is also enhancing its WHR Capacity by 3.5 MW at Sirohi which will come
into stream in 4th Quarter of FY’24.
Solar
Power: The Company has tied-up under the Captive Route, sourcing of Solar Power
of 40 MW for its Integrated Cement Plant at Durg in Chhattisgarh. With this
Sourcing, the Share ofRenewable Power at Durg Cement Plant has increased from
36% to 80% from October2023.
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 |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,574.53 | 1,373.55 | 14.63 | 3,304.78 | 3,027.69 | 9.15 | 6,451.50 | 5,419.89 | 19.03 | | OPM (%) | 13.80 | 11.93 | 186 bps | 12.51 | 13.90 | -139 bps | 13.00 | 17.54 | -454 bps | | OP | 217.26 | 163.93 | 32.53 | 413.49 | 420.78 | -1.73 | 838.71 | 950.71 | -11.78 | | Other Inc. | 13.98 | 19.60 | -28.67 | 25.11 | 26.51 | -5.28 | 57.52 | 68.32 | -15.81 | | PBIDT | 231.24 | 183.53 | 26.00 | 438.60 | 447.29 | -1.94 | 896.23 | 1,019.03 | -12.05 | | Interest | 33.60 | 33.41 | 0.57 | 66.70 | 69.27 | -3.71 | 133.40 | 142.19 | -6.18 | | PBDT | 197.64 | 150.12 | 31.65 | 371.90 | 378.02 | -1.62 | 762.83 | 876.84 | -13.00 | | Depreciation | 56.65 | 56.8 | -0.26 | 112.37 | 112.75 | -0.34 | 228.33 | 223.47 | 2.17 | | PBT | 140.99 | 93.32 | 51.08 | 259.53 | 265.27 | -2.16 | 534.5 | 653.37 | -18.19 | | Share of Profit/(Loss) from Associates | -0.02 | 0 | - | -0.02 | -0.01 | -100.00 | -0.02 | -0.04 | 50.00 | | PBT before EO | 140.97 | 93.32 | 51.06 | 259.51 | 265.26 | -2.17 | 534.48 | 653.33 | -18.19 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -26.99 | - | | PBT after EO | 140.97 | 93.32 | 51.06 | 259.51 | 265.26 | -2.17 | 534.48 | 626.34 | -14.67 | | Taxation | 45.1 | 31.53 | 43.04 | 83.85 | 88.4 | -5.15 | 165.37 | 148.76 | 11.17 | | PAT | 95.87 | 61.79 | 55.15 | 175.66 | 176.86 | -0.68 | 369.11 | 477.58 | -22.71 | | Minority Interest (MI) | 3.2 | 0.76 | 321.05 | 4.52 | 4.65 | -2.80 | 10.49 | 14.02 | -25.18 | | Net profit | 92.67 | 61.03 | 51.84 | 171.14 | 172.21 | -0.62 | 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 | 92.67 | 61.03 | 51.84 | 171.14 | 172.21 | -0.62 | 358.62 | 463.56 | -22.64 | | EPS (Rs)* | 7.88 | 5.19 | 51.84 | 14.54 | 14.64 | -0.62 | 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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