Analyst Meet / AGM 08-Feb-16
Conference Call
JK Lakshmi Cement
Guides demand to improve ~6.6.5% in north and ~5% in East H1FY17
Lower pet coke prices to reap benefits in Q4
The company has conducted a conference call on 05 February 2016 to discuss the results for the quarter ended December 2015 and way forward. Dr. Shailendra Chouksey, Whole-time Director and Mr Sudhir Bidkar, CFO of the Company, addressed the conference call.
Key highlights
The Company has reported a net loss of Rs 3.67 crore for the quarter ended December 2015 as compared to net profit of Rs 18.48 crore for the same quarter in the previous year. However, the company's total income from operation has increased by 5% to Rs 648.28 crore for the quarter under review.
The Company profitability suffered due to additional burden of interest and depreciation on account of commissioning of first phase of company's Greenfield cement plant at Durg in March 2015,
The Company clocked 21% production and 17% sales volume growth in Q3FY16. The Company production cements volume was 16.40 lakh tonne, translating to 77% capacity utilization. Sales volume was 17.61 lakh tonne as against 15.01 lakh tonne corresponding previous quarter.
The Company coal consumption improved to 700 K Cal/kg of clinker in Q3FY16 and guides to improve its efficiency parameters going forward.
The Company power & fuel costs not reap benefit of drop in pet coke price in Q3FY16 due to inventory time gap but guides full benefit of pet coke decline in Q4FY16. The average pet coke cost was stood at ~Rs 6100
per quintal
.in Q3FY16 and guides ~Rs 5000
per quintal
in Q4FY16.
On Capex, the Company has utilised ~Rs 160 crore of allotted Rs 230 crore for expansion of its grinding capacity by 1 MT at Surat, Gujarat, expected to commissioned in April 2016.The company has utilised ~Rs 35 crore till Q3 for Odhisa plant and remaining ~Rs 100-120 crore capex in hand for Odhisa plant expansion. The Company has utilised ~Rs 400 crore of total planned capex of Rs 700 crore for Udaipur plant which expected to commence by October 2016.
The company expects cement demand growth in the northern region hovers ~2-3% in Q4 and ~6-6.5% in first two quarter of FY17. In Eastern region, cement demand growth would maintain at ~5% in next two quarters.
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