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Standalone net sales of JMC Projects (India) for the quarter ended Dec 2021 has
increased 26.49% to Rs 1,348.32 crore. Operating profit margin stayed
flat at 9%, leading to 28% increase in operating profit to Rs 121.78
crore. Other income up 100.87% to Rs 11.51 crore.
Provision for interest up 18.96% to Rs 31.88 crore. Provision
for depreciation rose 21.95% to Rs 43.44 crore. Profit before tax up
49% to Rs 57.97 crore. EO expense was Rs 87.56 crore against nil.
Thus the PBT after EO was a loss of Rs 29.59 crore against a profit of Rs 38.81
crore. Provision for tax was credit of Rs 10.32 crore, compared to debit of Rs
13.12 crore. Effective tax rate was 34.88% compared to 33.81%. Thus
the PAT was a loss of Rs 19.27 crore against a profit of Rs 25.69 crore.
Consolidated net sales has increased 25.18% to Rs 1390.94
crore. Operating profit margin has declined from 11.31% to 7.80%,
leading to 13.66% decline in operating profit to Rs 108.52 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
41.02% to 49.08%. Employee cost increased from 7.96% to 8.04%.
Other expenses fell from 39.70% to 35.07%. Selling and
administration expenses fell from 35.71% to 26.50%. Construction
development cost fell from 35.71% to 26.50%. Other income rose
100.17% to Rs 11.63 crore. PBIDT fell 8.63% to Rs 120.15
crore. Provision for interest rose 1.17% to Rs 63.98
crore. PBDT fell 17.71% to Rs 56.17 crore. Provision for
depreciation rose 13.64% to Rs 53.73 crore. Profit before tax down
88.37% to Rs 2.44 crore. Share of profit/loss was 73.15% higher at
Rs -1.49 crore. Provision for tax was credit of Rs 10.17 crore, compared
to debit of Rs 12.73 crore. Effective tax rate was 26.20% compared
to 82.50%. Minority interest was nil in both the periods.
Sales of Engineering Procurement and
Construction segment has gone up 26.49% to Rs 1,348.32 crore (accounting for
96.94% of total sales). Sales of Development Projects segment has
gone down 5.77% to Rs 42.62 crore (accounting for 3.06% of total
sales).
Profit before interest, tax and other unallocable items (PBIT) has
slumped 9.56% to Rs 116.02 crore. PBIT of Engineering Procurement
and Construction segment fell 19.49% to Rs 78.70 crore (accounting for 67.83%
of total PBIT). PBIT of Development Projects segment rose 22.20% to
Rs 37.32 crore (accounting for 32.17% of total PBIT).
PBIT margin of Engineering Procurement and Construction segment fell
from 9.17% to 5.84%. PBIT margin of Development Projects segment
rose from 67.52% to 87.56%. Overall PBIT margin fell from 11.55% to
8.34%.
Nine month performance
Standalone net sales has increased 62% to Rs 3,793.34 crore. Operating
profit margin has declined by 80 bps to 7.6%, leading to 47% increase in
operating profit to Rs 288.86 crore. Other income up
43.94% to Rs 22.93 crore. Provision for interest up
0.84% to Rs 86.6 crore Provision for depreciation rose 19.53% to Rs
124.88 crore. PBT was a profit of RS 100.31 crore, a growth of 358%. EO
was a loss of Rs 380.62 crore against nil. Thus profit before tax reported loss
of Rs 280.31 crore compared to profit of Rs 21.89 crore. Provision
for tax was credit of Rs 65.76 crore, compared to debit of Rs 10.88
crore. Effective tax rate was 23.46% compared to 49.70%. Profit
after tax reported loss of Rs 214.55 crore compared to profit of Rs 11.01
crore.
Consolidated net sales (including other
operating income has declined 15.15% to Rs 2452.24 crore. Operating
profit margin has declined from 13.51% to 10.99%, leading to 30.98% decline in
operating profit to Rs 269.47 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 44.59% to 39.16%.
Employee cost increased from 9.07% to 9.14%. Other
expenses rose from 32.84% to 40.71%. Selling and administration
expenses rose from 29.30% to 35.62%. Construction development cost
rose from 29.30% to 35.62%. Other income fell 15.50% to Rs 16.36
crore. PBIDT fell 30.25% to Rs 285.83 crore. Provision
for interest fell 3% to Rs 189.08 crore. PBDT fell 54.98% to Rs
96.75 crore. Provision for depreciation rose 18.81% to Rs 132.68
crore. Profit before tax reported loss of Rs 35.93 crore compared to
profit of Rs 103.22 crore. Share of profit/loss was 21.50% lower at
Rs -22.21 crore. Provision for tax was expense of Rs 9.5 crore,
compared to Rs 28.98 crore. Effective tax rate was negative 16.34%
compared to 34.12%. Minority interest was nil in both the periods.
Sales of Engineering Procurement and Construction segment has gone down
15.66% to Rs 2,340.25 crore (accounting for 95.43% of total
sales). Sales of Development Projects segment has gone down 2.87% to
Rs 111.99 crore (accounting for 4.57% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
slumped 30.13% to Rs 275.32 crore. PBIT of Engineering Procurement
and Construction segment fell 34.78% to Rs 201.21 crore (accounting for 73.08%
of total PBIT). PBIT of Development Projects segment fell 13.34% to
Rs 74.11 crore (accounting for 26.92% of total PBIT).
PBIT margin of Engineering Procurement and Construction segment fell
from 11.12% to 8.60%. PBIT margin of Development Projects segment
fell from 74.17% to 66.18%. Overall PBIT margin fell from 13.63% to
11.23%.
Others
On account of continuous disruption and
blockade of traffic on National Highway-71 due to farmer agitation with
stoppage of toll collection, Kurukshetra Expressway Private Limited (“KEPL” or
“Concessionaire”), a joint venture of the Company, has issued a notice of
termination of Concession Agreement (“CA”) vide letter dated October 7, 2021 to
the National Highway Authority of India (“NHAI”). The provisions of Concession
Agreement clearly provides for termination events, which are not in the control
of KEPL, and payment obligation of NHAI thereunder towards the amount of Debt
Due and Adjusted Equity with necessary adjustments. During the previous quarter
ended September 30, 2021, the Company had made provision for impairment of ?
9,827 lakhs against equity investment in KEPL, which is presented as
exceptional items and for Expected credit loss of ? 17,936 lakhs against loans
given to KEPL / others. The Promoters of KEPL have jointly and severally given
‘shortfall undertakings’ to the Senior Lenders, which is exceptional in nature.
KEPL has received copy of the letter dated February 3, 2022 sent by the
Independent Engineer (“IE”) to NHAI in which IE seeks to limit the amount
payable (net of other deductions) as “Termination Payment”. Accordingly, in
light of the above the Company has made further provision for Expected Credit
Loss of ? 4,779 lakhs. The Company has also made additional provision of ?
3,977 lakhs for shortfall, if any and disclosed as Exceptional item. The
Company has made above provisions without prejudice to its and KEPL legal
rights and claims against NHAI and will continue to pursue these amounts
against KEPL and further ask KEPL to pursue their claims and termination
payment against NHAI, notwithstanding the above recognition.
Additionally during the previous quarter
ended September 30, 2021, the Company had recognised provision for impairment
of ? 1,543 lakhs against equity investment in a subsidiary namely Wainganga
Expressway Private Limited, which is presented as exceptional items.
1,500, 9.95% Secured, Rated, Listed,
Redeemable Non-Convertible Debentures (NCDs) of the face value of ? 1,000,000
each are secured against 5,916,820 equity shares constituting 26% of the paid
up equity capital of Brij Bhoomi Expressway Private Limited and the Company has
maintained 100% asset cover sufficient to discharge the principal amount and
interest accrued thereon as at December 31, 2021.
Promoters’ stake was 67.75% as of 31
December 2021 ,compared to 67.75% as of 31 December 2020 .
| JMC Projects: Results |
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| |
2112 (3) |
2012 (3) |
Var.(%) |
2112 (9) |
2012 (9) |
Var.(%) |
2103 (12) |
2003 (12) |
Var.(%) |
|
| Sales |
1348.32 |
1065.96 |
26 |
3793.34 |
2340.15 |
62 |
3688.79 |
3713.03 |
-1 |
|
| OPM (%) |
9.0 |
9.0 |
|
7.6 |
8.4 |
|
9.0 |
11.1 |
|
|
| OP |
121.78 |
95.50 |
28 |
288.86 |
196.32 |
47 |
331.54 |
411.36 |
-19 |
|
| Other inc. |
11.51 |
5.73 |
101 |
22.93 |
15.93 |
44 |
26.75 |
27.44 |
-3 |
|
| PBIDT |
133.29 |
101.23 |
32 |
311.79 |
212.25 |
47 |
358.29 |
438.80 |
-18 |
|
| Interest |
31.88 |
26.80 |
19 |
86.60 |
85.88 |
1 |
113.81 |
125.17 |
-9 |
|
| PBDT |
101.41 |
74.43 |
36 |
225.19 |
126.37 |
78 |
244.48 |
313.63 |
-22 |
|
| Dep. |
43.44 |
35.62 |
22 |
124.88 |
104.48 |
20 |
142.38 |
117.34 |
21 |
|
| PBT |
57.97 |
38.81 |
49 |
100.31 |
21.89 |
358 |
102.10 |
196.29 |
-48 |
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| EO Income |
-87.56 |
0.00 |
|
-380.62 |
0.00 |
|
0.00 |
-79.47 |
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| PBT Afte EO |
-29.59 |
38.81 |
PL |
-280.31 |
21.89 |
PL |
102.10 |
116.82 |
-13 |
|
| Taxation |
-10.32 |
13.12 |
LP |
-65.76 |
10.88 |
LP |
31.00 |
37.85 |
-18 |
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| PAT |
-19.27 |
25.69 |
PL |
-214.55 |
11.01 |
PL |
71.10 |
78.97 |
-10 |
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| EPS (Rs)* |
# |
# |
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# |
# |
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4.2 |
7.9 |
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| * EPS is on
current equity of Rs 33.58 crore, Face value of Rs 2 |
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| # EPS is
not annualised due to seasonality of business |
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| Figures in
Rs crore |
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| Source:
Capitaline Corporate Database |
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| JMC Projects (India) : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202012 | 201912 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,390.94 | 1,111.19 | 25.18 | 2,452.24 | 2,890.03 | -15.15 | 3,844.46 | 3,866.31 | -0.57 | | OPM (%) | 7.80 | 11.31 | -351 bps | 10.99 | 13.51 | -252 bps | 11.44 | 11.49 | -4 bps | | OP | 108.52 | 125.69 | -13.66 | 269.47 | 390.45 | -30.98 | 439.99 | 444.20 | -0.95 | | Other Inc. | 11.63 | 5.81 | 100.17 | 16.36 | 19.36 | -15.50 | 27.28 | 27.89 | -2.19 | | PBIDT | 120.15 | 131.50 | -8.63 | 285.83 | 409.81 | -30.25 | 467.27 | 472.09 | -1.02 | | Interest | 63.98 | 63.24 | 1.17 | 189.08 | 194.92 | -3.00 | 250.95 | 260.83 | -3.79 | | PBDT | 56.17 | 68.26 | -17.71 | 96.75 | 214.89 | -54.98 | 216.32 | 211.26 | 2.40 | | Depreciation | 53.73 | 47.28 | 13.64 | 132.68 | 111.67 | 18.81 | 180.68 | 155.26 | 16.37 | | PBT | 2.44 | 20.98 | -88.37 | -35.93 | 103.22 | PL | 35.64 | 56 | -36.36 | | Share of Profit/(Loss) from Associates | -1.49 | -5.55 | 73.15 | -22.21 | -18.28 | -21.50 | -32.21 | -23.38 | -37.77 | | PBT before EO | 0.95 | 15.43 | -93.84 | -58.14 | 84.94 | PL | 3.43 | 32.62 | -89.48 | | EO Income | -39.77 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | -38.82 | 15.43 | PL | -58.14 | 84.94 | PL | 3.43 | 32.62 | -89.48 | | Taxation | -10.17 | 12.73 | LP | 9.5 | 28.98 | -67.22 | 29.63 | 31.42 | -5.70 | | PAT | -28.65 | 2.7 | PL | -67.64 | 55.96 | PL | -26.2 | 1.2 | PL | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | -28.65 | 2.7 | PL | -67.64 | 55.96 | PL | -26.2 | 1.2 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -28.65 | 2.7 | PL | -67.64 | 55.96 | PL | -26.2 | 1.2 | PL | | EPS (Rs)* | 0.06 | 0.16 | -64.81 | -4.03 | 3.33 | PL | -1.56 | 0.07 | PL | | | * EPS is on current equity of Rs 33.58 crore, Face value of Rs 2, 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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| JMC Projects (India) : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
|---|
| Sales | | Engineering Procurement and Construction | 96.94 | 1,348.32 | 1,065.96 | 26.49 | 96.95 | 3,794.76 | 2,340.25 | 62.15 | 95.98 | 3,689.85 | 3,714.20 | -0.66 | | Development Projects | 3.06 | 42.62 | 45.23 | -5.77 | 3.05 | 119.31 | 111.99 | 6.54 | 4.02 | 154.61 | 152.11 | 1.64 | | Total Reported Sales | 100.00 | 1,390.94 | 1,111.19 | 25.18 | 100.00 | 3,914.07 | 2,452.24 | 59.61 | 100.00 | 3,844.46 | 3,866.31 | -0.57 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,390.94 | 1,111.19 | 25.18 | 100.00 | 3,914.07 | 2,452.24 | 59.61 | 100.00 | 3,844.46 | 3,866.31 | -0.57 | | PBIT | | Engineering Procurement and Construction | 67.83 | 78.70 | 97.75 | -19.49 | 68.84 | 203.82 | 201.21 | 1.30 | 75.98 | 343.64 | 339.62 | 1.18 | | Development Projects | 32.17 | 37.32 | 30.54 | 22.20 | 31.16 | 92.25 | 74.11 | 24.48 | 24.02 | 108.65 | 112.24 | -3.20 | | Total PBIT | 100.00 | 116.02 | 128.29 | -9.56 | 100.00 | 296.07 | 275.32 | 7.54 | 100.00 | 452.29 | 451.86 | 0.10 | | Less : Interest | | 63.98 | 63.24 | 1.17 | | 184.37 | 189.08 | -2.49 | | 250.95 | 260.83 | -3.79 | | Add: Other un-allcoable | | -90.86 | -49.62 | -83.11 | | -217.41 | -144.38 | -50.58 | | -197.91 | -158.41 | -24.94 | | PBIT Margin(%) | | Engineering Procurement and Construction | | 5.84 | 9.17 | -333.32 | | 5.37 | 8.60 | -322.67 | | 9.31 | 9.14 | 16.93 | | Development Projects | | 87.56 | 67.52 | 2,004.30 | | 77.32 | 66.18 | 1,114.40 | | 70.27 | 73.79 | -351.51 | | PBT | 100.00 | -38.82 | 15.43 | PL | 100.00 | -105.71 | -58.14 | -81.82 | 100.00 | 3.43 | 32.62 | -89.48 |
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