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Results
23-May-24
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Analysis
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Star Cement
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Revenue up 10.2% YoY to Rs 913.5 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 Star Cement has increased
10.18% to Rs 913.53 crore.
Operating profit margin has declined
from 20.04% to 19.67%, leading to 8.13% rise in operating profit to Rs 179.72
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 11.98% to 18.45%. Employee cost
decreased from 6.74% to 6.34%. Other expenses fell from 60.99% to
54.40%. Power and Oil fuel cost fell from 19.42% to 13.57%.
Other direct service cost fell from 27.89% to 27.86%.
Other income fell 38.54% to Rs 7.83
crore. PBIDT rose 4.81% to Rs 187.55 crore. Provision for
interest rose 251.69% to Rs 4.15 crore. Loan funds rose to Rs 146.94
crore as of 31 March 2024 from Rs 35.35 crore as of 31 March
2023. Inventories declined from Rs 374.11 crore as of 31 March 2023
to Rs 334.96 crore as of 31 March 2024. Sundry debtors were higher
at Rs 150.78 crore as of 31 March 2024 compared to Rs 104.69 crore as of 31
March 2023. Cash and bank balance declined from Rs 311.74 crore as
of 31 March 2023 to Rs 97.34 crore as of 31 March 2024. Investments
declined from Rs 172.55 crore as of 31 March 2023 to Rs 1.99 crore as of 31 March
2024.
PBDT rose 3.17% to Rs 183.4
crore. Provision for depreciation rose 20.50% to Rs 42.26
crore. Fixed assets increased to Rs 2,432.50 crore as of 31 March
2024 from Rs 1,437.58 crore as of 31 March 2023. Intangible assets
increased from Rs 3.98 crore to Rs 5.03 crore.
Profit before tax down 1.09% to Rs
141.14 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 53.47 crore, compared
to Rs 46.57 crore. Effective tax rate was 37.88% compared to 32.64%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 8.79% to Rs 87.67 crore.
Equity capital stood at Rs 40.42
crore as of 31 March 2024 to Rs 40.42 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 66.59% as of 31
March 2024 ,compared to 67.12% as of 31 March 2023 . Promoters
pledged stake was 0.08% as of 31 March 2024
Full year results analysis.
Net sales (including other operating income) of Star Cement has increased 7.61%
to Rs 2910.67 crore.
Operating profit margin has jumped
from 17.32% to 19.11%, leading to 18.77% rise in operating profit to Rs 556.31
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.19% to 16.00%. Employee cost
increased from 7.23% to 7.42%. Other expenses fell from 62.37% to
57.36%. Power and Oil fuel cost fell from 19.86% to 19.18%.
Other direct service cost fell from 29.05% to 25.62%.
Other income fell 49.17% to Rs 26.47
crore. PBIDT rose 11.97% to Rs 582.78 crore. Provision
for interest rose 29.90% to Rs 12.6 crore. Loan funds rose to Rs
146.94 crore as of 31 March 2024 from Rs 35.35 crore as of 31 March
2023. Inventories declined from Rs 374.11 crore as of 31 March 2023
to Rs 334.96 crore as of 31 March 2024. Sundry debtors were higher
at Rs 150.78 crore as of 31 March 2024 compared to Rs 104.69 crore as of 31
March 2023. Cash and bank balance declined from Rs 311.74 crore as
of 31 March 2023 to Rs 97.34 crore as of 31 March 2024. Investments
declined from Rs 172.55 crore as of 31 March 2023 to Rs 1.99 crore as of 31
March 2024.
PBDT rose 11.63% to Rs 570.18
crore. Provision for depreciation rose 11.81% to Rs 146.6
crore. Fixed assets increased to Rs 2,432.50 crore as of 31 March 2024
from Rs 1,437.58 crore as of 31 March 2023. Intangible assets
increased from Rs 3.98 crore to Rs 5.03 crore.
Profit before tax grew 11.57% to Rs
423.58 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 128.47 crore, compared
to Rs 132.06 crore. Effective tax rate was 30.33% compared to
34.78%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 19.19% to Rs 295.11 crore.
Equity capital stood at Rs 40.42
crore as of 31 March 2024 to Rs 40.42 crore as of 31 March 2023. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 66.59% as of 31
March 2024 ,compared to 67.12% as of 31 March 2023 . Promoters
pledged stake was 0.08% as of 31 March 2024
Cash flow from operating activities
increased to Rs 489.75 crore for year ended March 2024 from Rs 358.44 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 1,036.46 crore, compared to Rs
571.86 crore during the year ended March 2023.
Operational Highlights:
Volume
Clinker production stood at 6.93 lac tonnes in Q4FY2024 as
against 7.78 lac tonnes in Q4FY2023
Cement Production stood at 13.88 lac tonnes in Q4FY2024 as
against 12.51lac tonnes in Q4FY2023.
The company has successfully commissioned 2 MT cement
grinding unit in March 2024.
Cement sales of 13.87 lac tonnes in Q4FY2024 as against 12.35
lac tonnes in Q4FY2023.
Cliker sales stood at .24 lac tonnes in Q4Fy2024 against nil
in corresponding previous year.
Geography wise North East sales stood at 10.40 lac tones in
Q4FY2024 as against 9.12 lac tonnes in Q3FY2023. Outside North East cement
stood at 3.48 lac tonnes in Q4FY2024 as against 3.23 lac tonnes.
| Star Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 913.53 | 829.16 | 10.18 | 2,910.67 | 2,704.85 | 7.61 | | OPM (%) | 19.67 | 20.04 | -37 bps | 19.11 | 17.32 | 180 bps | | OP | 179.72 | 166.20 | 8.13 | 556.31 | 468.39 | 18.77 | | Other Inc. | 7.83 | 12.74 | -38.54 | 26.47 | 52.08 | -49.17 | | PBIDT | 187.55 | 178.94 | 4.81 | 582.78 | 520.47 | 11.97 | | Interest | 4.15 | 1.18 | 251.69 | 12.60 | 9.70 | 29.90 | | PBDT | 183.40 | 177.76 | 3.17 | 570.18 | 510.77 | 11.63 | | Depreciation | 42.26 | 35.07 | 20.50 | 146.6 | 131.11 | 11.81 | | PBT | 141.14 | 142.69 | -1.09 | 423.58 | 379.66 | 11.57 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 141.14 | 142.69 | -1.09 | 423.58 | 379.66 | 11.57 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 141.14 | 142.69 | -1.09 | 423.58 | 379.66 | 11.57 | | Taxation | 53.47 | 46.57 | 14.82 | 128.47 | 132.06 | -2.72 | | PAT | 87.67 | 96.12 | -8.79 | 295.11 | 247.6 | 19.19 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 87.67 | 96.12 | -8.79 | 295.11 | 247.6 | 19.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 87.67 | 96.12 | -8.79 | 295.11 | 247.6 | 19.19 | | EPS (Rs)* | 2.17 | 2.38 | -8.79 | 7.30 | 6.13 | 19.19 | | | * EPS is on current equity of Rs 40.42 crore, Face value of Rs 1, 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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