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Analyst Meet / AGM
14-Feb-15
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Conference Call
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Mangalam Cement
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Expects demand to improveinpre-monsoon period
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The company conducted a conference call on 13th February 2015 to discuss the financial performance for the third quarter ended December 2014 and way forward. Mr Yaswant Mishra, President (Corporate) of the Company addressed the conference call.
Key highlights
- The Company has registered 32% growth in net sales to Rs 213.34 crore in the quarter ended December 2014 (Q3FY2015). Company's operating expenses rose 22% to Rs 203.86 crore, thus, the operating profit de-grew by 260% to Rs 9.49 crore. The company has suffered net loss (LAT) of Rs 2.40 crore as against PAT of Rs 0.47 crore in Q3FY14, due to rise in finance cost (up 359% to Rs 10.62 crore) and depreciation cost (up 28% to Rs 8.89 crore), partially offset by tax credit of Rs 6.96 crore vs credit of Rs 14.95 crore corresponding year ago.
- For the 9MFY2015, net profit of the company declined by 31% to Rs 15.20 crore, in spite of 43% jump in Sales to Rs 683.18 crore.
- The Company clinker production was 4.45 lakh tonneand cement production was 5.29 lakh tonne for Q3FY15. The Company has dispatched 5.52 lakh tonne of cement during the period.
- Mangalam Cement's board has approved building a new grinding plant at Aligarh, Uttar Pradesh, with a capacity of 5 lakh tonne per year. The capex for the plant is Rs 100 crore and expected to commission in FY 2016.
- The company has total grinding plant capacity of 3.5 million tonne per year. The utilization level was 68-69% in Q3FY15.
- The Company debt on book of account was Rs 360 crore. The Company expects first debt repayment instalment to commence from March 2015onwards.
- The Company is utilizing a blending mix at present at 62% and expects to reach 72-75% by March 2015.
- The Company has received a7 year VAT exemption for sale in Rajasthan, starting from January 2015. The upper cap for exemption is Rs 250 crore. The Company expects to claim of around Rs 150-175 crore (around Rs 25 crore per year). The Company intends exemption likely to adjust as per accounting standard into capital receipt.
- The Company product mix at present is 62% Pozzalona Portland cement (PPC) and 28% Ordinary Portland cement (OPC).
- The Company expects cement demand to strong during pre-monsoon period (Q4FY15 and Q1FY16) which is traditionally a better period. The Company also expects a demand improvement going forward with government project initiatives in housing and infrastructure development.
- The Company intendsto maintain EBITDA above Rs 700 per tonne and utilization of 80-85% in FY 2016.
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