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Results
27-Apr-24
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Analysis
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Shree Digvijay Cement Co.
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Revenue up 14.9% YoY to Rs 224.4 crore in Q4FY2024
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On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Shree Digvijay Cement Co. has
increased 14.94% to Rs 224.36 crore. Sales of Cement Business
segment has gone up 14.89% to Rs 224.26 crore (accounting for 99.95% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 34.02% to Rs 43.02
crore. PBIT of Cement Business segment rose 33.98% to Rs 43.01 crore
(accounting for 99.98% of total PBIT). PBIT of Logistics Business
reported profit of Rs 0.01 crore compared to loss of Rs 0.00 crore.
PBIT margin of Cement Business
segment rose from 16.45% to 19.18%. Overall PBIT margin rose from
16.44% to 19.17%.
Operating profit margin has jumped
from 19.54% to 21.38%, leading to 25.77% rise in operating profit to Rs 47.97
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.03% to 18.74%. Employee cost
increased from 4.26% to 4.58%. Other expenses fell from 59.29% to
54.66%. Power and Oil fuel cost fell from 36.01% to 27.19%.
Freight charges rose from 14.74% to 18.17%.
Other income rose 12.37% to Rs 3.27
crore. PBIDT rose 24.82% to Rs 51.24 crore. Provision for
interest rose 500% to Rs 0.06 crore. Loan funds declined from Rs
0.03 crore as of 31 March 2023 to Rs 0.02 crore as of 31 March
2024. Inventories rose to Rs 133.33 crore as of 31 March 2024 from
Rs 115.44 crore as of 31 March 2023. Sundry debtors were higher at
Rs 32.11 crore as of 31 March 2024 compared to Rs 21.66 crore as of 31 March
2023. Cash and bank balance declined from Rs 107.66 crore as of 31
March 2023 to Rs 13.84 crore as of 31 March 2024. Investments rose
to Rs 2.15 crore as of 31 March 2024 from Rs 0.06 crore as of 31 March 2023
.
PBDT rose 24.71% to Rs 51.18
crore. Provision for depreciation fell 8.04% to Rs 8.23
crore. Fixed assets increased to Rs 193.83 crore as of 31 March 2024
from Rs 173.06 crore as of 31 March 2023. Intangible assets
increased from Rs 15.66 crore to Rs 15.81 crore.
Profit before tax grew 33.84% to Rs
42.95 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 11.22 crore, compared
to Rs 7.66 crore. Effective tax rate was 26.12% compared to 23.87%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 29.88% to Rs 31.73 crore.
Equity capital increased from Rs
145.20 crore as of 31 March 2023 to Rs 147.41 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 54.83% as of 31
March 2024 ,compared to 55.66% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Shree Digvijay Cement Co. has
increased 8.99% to Rs 792.11 crore. Sales of Cement Business segment
has gone up 9.21% to Rs 791.64 crore (accounting for 99.94% of total
sales). Sales of Logistics Business segment has gone down 74.63% to
Rs 0.47 crore (accounting for 0.06% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 65.30% to Rs 120.36
crore. PBIT of Cement Business segment rose 66.34% to Rs 120.32
crore (accounting for 99.97% of total PBIT). PBIT of Logistics
Business segment fell 92.55% to Rs 0.04 crore (accounting for 0.03% of total
PBIT).
PBIT margin of Cement Business
segment rose from 9.98% to 15.20%. PBIT margin of Logistics Business
segment fell from 25.53% to 7.49%. Overall PBIT margin rose from
10.02% to 15.19%.
Operating profit margin has jumped
from 13.90% to 18.39%, leading to 44.15% rise in operating profit to Rs 145.65
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.70% to 19.31%. Employee cost
decreased from 5.32% to 5.13%. Other expenses fell from 63.16% to
57.19%. Power and Oil fuel cost fell from 38.01% to 30.70%.
Freight charges rose from 15.08% to 16.18%.
Other income rose 32.53% to Rs 9.33
crore. PBIDT rose 43.39% to Rs 154.98 crore. Provision
for interest rose 58.21% to Rs 2.12 crore. Loan funds declined from
Rs 0.03 crore as of 31 March 2023 to Rs 0.02 crore as of 31 March
2024. Inventories rose to Rs 133.33 crore as of 31 March 2024 from
Rs 115.44 crore as of 31 March 2023. Sundry debtors were higher at
Rs 32.11 crore as of 31 March 2024 compared to Rs 21.66 crore as of 31 March
2023. Cash and bank balance declined from Rs 107.66 crore as of 31
March 2023 to Rs 13.84 crore as of 31 March 2024. Investments rose
to Rs 2.15 crore as of 31 March 2024 from Rs 0.06 crore as of 31 March 2023
.
PBDT rose 43.21% to Rs 152.86
crore. Provision for depreciation fell 1.82% to Rs 34.62
crore. Fixed assets increased to Rs 193.83 crore as of 31 March 2024
from Rs 173.06 crore as of 31 March 2023. Intangible assets
increased from Rs 15.66 crore to Rs 15.81 crore.
Profit before tax grew 65.42% to Rs
118.24 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 30.46 crore, compared
to Rs 13.4 crore. Effective tax rate was 25.76% compared to 18.75%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 51.14% to Rs 87.78 crore.
Equity capital increased from Rs
145.20 crore as of 31 March 2023 to Rs 147.41 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 54.83% as of 31
March 2024 ,compared to 55.66% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 95.65 crore for year ended March 2024 from Rs 86.29 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 58.88 crore, compared to Rs 20.69
crore during the year ended March 2023.
Operation highlights:
Volume for the quarter stood at 3.94
lac ton v/s 3.33 lac ton in Q4FY2023.
Volume for the year stood at 13.61
lac ton v/s 12.59 lac ton in FY2023.
EBITDA per ton stood at Rs 1302/ton
in Q4FY2024 as against Rs 1231/ton in
Q4FY2023.
EBITDA per ton stood at Rs 1139/ton
in FY2024 as against Rs 855/ton in FY2023.
Dividend: The
board has recommended final dividend of Rs 3 per equity.
Management Commentary:
Commenting on the performance Anil Sanghvi –Executive
Chairman of the Company said “SDCC continues to excel, this quarter we sold the
highest ever cement and earned the highest EBITDA ever. | am very delighted at
the stupendous performance of SDCC during the year. The company posted the
highest ever EBITDA of Rs 15,494 lacs @ Rs 1,139 per ton, perhaps the best in
the industry. It was led by high productivity of clinker and cement coupled
with all round cost savings and sales performance.
The work on the new 1.5 million ton grinding unit is
progressing well and it is expected to be commissioned in the fourth quarter of
the year.”
| Shree Digvijay Cement Co. : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 224.36 | 195.20 | 14.94 | 792.11 | 726.74 | 8.99 | | OPM (%) | 21.38 | 19.54 | 184 bps | 18.39 | 13.90 | 448 bps | | OP | 47.97 | 38.14 | 25.77 | 145.65 | 101.04 | 44.15 | | Other Inc. | 3.27 | 2.91 | 12.37 | 9.33 | 7.04 | 32.53 | | PBIDT | 51.24 | 41.05 | 24.82 | 154.98 | 108.08 | 43.39 | | Interest | 0.06 | 0.01 | 500.00 | 2.12 | 1.34 | 58.21 | | PBDT | 51.18 | 41.04 | 24.71 | 152.86 | 106.74 | 43.21 | | Depreciation | 8.23 | 8.95 | -8.04 | 34.62 | 35.26 | -1.82 | | PBT | 42.95 | 32.09 | 33.84 | 118.24 | 71.48 | 65.42 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 42.95 | 32.09 | 33.84 | 118.24 | 71.48 | 65.42 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 42.95 | 32.09 | 33.84 | 118.24 | 71.48 | 65.42 | | Taxation | 11.22 | 7.66 | 46.48 | 30.46 | 13.4 | 127.31 | | PAT | 31.73 | 24.43 | 29.88 | 87.78 | 58.08 | 51.14 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 31.73 | 24.43 | 29.88 | 87.78 | 58.08 | 51.14 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 31.73 | 24.43 | 29.88 | 87.78 | 58.08 | 51.14 | | EPS (Rs)* | 2.15 | 1.66 | 29.88 | 5.96 | 3.94 | 51.14 | | | * EPS is on current equity of Rs 147.41 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 |
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| Shree Digvijay Cement Co. : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Cement Business | 99.95 | 224.26 | 195.20 | 14.89 | 99.94 | 791.64 | 724.87 | 9.21 | | Logistics Business | 0.05 | 0.11 | 0.00 | - | 0.06 | 0.47 | 1.86 | -74.63 | | Total Reported Sales | 100.00 | 224.36 | 195.20 | 14.94 | 100.00 | 792.11 | 726.74 | 9.00 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 224.36 | 195.20 | 14.94 | 100.00 | 792.11 | 726.74 | 9.00 | | PBIT | | Cement Business | 99.98 | 43.01 | 32.10 | 33.98 | 99.97 | 120.32 | 72.34 | 66.34 | | Logistics Business | 0.02 | 0.01 | 0.00 | LP | 0.03 | 0.04 | 0.48 | -92.55 | | Total PBIT | 100.00 | 43.02 | 32.10 | 34.02 | 100.00 | 120.36 | 72.81 | 65.30 | | Less : Interest | | 0.06 | 0.01 | 331.88 | | 2.12 | 1.34 | 58.43 | | Add: Other un-allcoable | | -11.22 | -7.66 | -46.52 | | -30.46 | -13.40 | -127.36 | | PBIT Margin(%) | | Cement Business | | 19.18 | 16.45 | 273.24 | | 15.20 | 9.98 | 522.00 | | Logistics Business | | 6.97 | 0.00 | 697.03 | | 7.49 | 25.53 | -1,803.39 | | PBT | 100.00 | 31.73 | 24.43 | 29.93 | 100.00 | 87.78 | 58.08 | 51.14 |
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Previous News |
Shree Digvijay Cement Co. consolidated net profit rises 208.15% in the December 2023 quarter
(
Results
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Announcements
19-Jan-24
13:37
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Shree Digvijay Cement Co. consolidated net profit declines 52.73% in the September 2022 quarter
(
Results
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Announcements
21-Oct-22
13:53
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Shree Digvijay Cement Co. standalone net profit rises 18.39% in the March 2021 quarter
(
Results
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Announcements
28-Apr-21
15:37
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Board of Shree Digvijay Cement Company recommends final dividend
(
Corporate News
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29-Apr-21
10:01
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Shree Digvijay Cement Company AGM scheduled
(
Corporate News
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29-Apr-21
10:49
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Shree Digvijay Cement Company fixes record date for interim dividend
(
Market Beat
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Reports
21-Oct-22
12:47
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Shree Digvijay Cement Co. standalone net profit rises 423.44% in the September 2021 quarter
(
Results
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Announcements
27-Oct-21
12:36
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Shree Digvijay Cement Company announces board meeting date
(
Corporate News
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01-Jul-23
10:41
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Board of Shree Digvijay Cement Company recommends Final Dividend
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Corporate News
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15-May-20
09:31
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Shree Digvijay Cement Co. reports standalone net profit of Rs 6.47 crore in the December 2015 quarter
(
Results
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Announcements
11-Feb-16
11:29
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Board of Shree Digvijay Cement Company recommends Interim Dividend
(
Corporate News
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21-Oct-22
12:44
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