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Results
10-Nov-23
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Analysis
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Star Cement
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Net Profit up 31% YoY to Rs 40.7 cr in Q2FY2024
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On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Star Cement has declined 1.51%
to Rs 585.26 crore.
Operating profit margin has jumped
from 11.72% to 16.84%, leading to 41.48% rise in operating profit to Rs 98.57
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 24.20% to 21.82%. Employee cost increased
from 8.84% to 9.59%. Other expenses fell from 54.79% to 52.05%.
Power and Oil fuel cost rose from 20.04% to 22.02%.
Other direct service cost fell from 20.51% to 15.14%.
Other income fell 57.42% to Rs 5.77
crore. PBIDT rose 25.38% to Rs 104.34 crore. Provision for
interest rose 23.11% to Rs 3.25 crore. Loan funds declined from Rs
57.90 crore as of 30 September 2022 to Rs 31.95 crore as of 30 September
2023. Inventories rose to Rs 367.51 crore as of 30 September 2023
from Rs 190.57 crore as of 30 September 2022. Sundry debtors were
lower at Rs 98.85 crore as of 30 September 2023 compared to Rs 133.81 crore as
of 30 September 2022. Cash and bank balance declined from Rs 438.17
crore as of 30 September 2022 to Rs 131.17 crore as of 30 September 2023. Investments
declined from Rs 189.54 crore as of 30 September 2022 to Rs 98.89 crore as of
30 September 2023.
PBDT rose 25.45% to Rs 101.09
crore. Provision for depreciation rose 14.20% to Rs 36.02
crore. Fixed assets increased to Rs 1,840.95 crore as of 30 September
2023 from Rs 1,092.25 crore as of 30 September 2022. Intangible
assets declined from Rs 4.89 crore to Rs 3.15 crore.
Profit before tax grew 32.69% to Rs
65.07 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 24.4 crore, compared to
Rs 17.98 crore. Effective tax rate was 37.50% compared to 36.66%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 30.94% to Rs 40.67 crore.
Equity capital stood at Rs 40.42
crore as of 30 September 2023 to Rs 40.42 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 66.55% as of 30
September 2023 ,compared to 67.43% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Star Cement has increased 6.78%
to Rs 1345.73 crore.
Operating profit margin has jumped
from 15.38% to 16.93%, leading to 17.57% rise in operating profit to Rs 227.83
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 25.09% to 23.90%. Employee cost
increased from 7.96% to 8.02%. Other expenses fell from 51.49% to
51.18%. Power and Oil fuel cost rose from 19.52% to 22.57%.
Other direct service cost fell from 18.90% to 16.04%.
Other income fell 47.48% to Rs 14.5
crore. PBIDT rose 9.45% to Rs 242.33 crore. Provision for
interest rose 5.17% to Rs 5.49 crore. Loan funds declined from Rs
57.90 crore as of 30 September 2022 to Rs 31.95 crore as of 30 September
2023. Inventories rose to Rs 367.51 crore as of 30 September 2023
from Rs 190.57 crore as of 30 September 2022. Sundry debtors were
lower at Rs 98.85 crore as of 30 September 2023 compared to Rs 133.81 crore as
of 30 September 2022. Cash and bank balance declined from Rs 438.17
crore as of 30 September 2022 to Rs 131.17 crore as of 30 September
2023. Investments declined from Rs 189.54 crore as of 30 September
2022 to Rs 98.89 crore as of 30 September 2023.
PBDT rose 9.56% to Rs 236.84 crore. Provision
for depreciation rose 9.44% to Rs 67.82 crore. Fixed assets
increased to Rs 1,840.95 crore as of 30 September 2023 from Rs 1,092.25 crore
as of 30 September 2022. Intangible assets declined from Rs 4.89 crore
to Rs 3.15 crore.
Profit before tax grew 9.60% to Rs
169.02 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 35.1 crore, compared to
Rs 55.6 crore. Effective tax rate was 20.77% compared to 36.05%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 35.81% to Rs 133.92 crore.
Equity capital stood at Rs 40.42
crore as of 30 September 2023 to Rs 40.42 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 66.55% as of 30
September 2023 ,compared to 67.43% as of 30 September 2022 .
Full year results analysis.
Net sales (including other operating income) of Star Cement has increased
21.74% to Rs 2704.85 crore. Sales of Cement segment has gone up
25.90% to Rs 3,701.39 crore (accounting for 96.11% of total
sales). Sales of Power segment has gone up 10.32% to Rs 149.84 crore
(accounting for 3.89% of total sales). Inter-segment sales rose Rs
854.01 crore to Rs 1,146.38 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 53.87% to Rs 344.44
crore. PBIT of Cement segment rose 54.58% to Rs 340.86 crore
(accounting for 98.96% of total PBIT). PBIT of Power segment rose
6.99% to Rs 3.58 crore (accounting for 1.04% of total PBIT).
PBIT margin of Cement segment rose
from 7.50% to 9.21%. PBIT margin of Power segment fell from 2.47% to
2.39%. Overall PBIT margin rose from 7.28% to 8.94%.
Operating profit margin has jumped
from 15.54% to 17.32%, leading to 35.67% rise in operating profit to Rs 468.39
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 24.87% to 23.64%. Employee cost
decreased from 7.27% to 7.19%. Other expenses fell from 52.13% to
51.97%. Power and Oil fuel cost rose from 19.01% to 20.93%.
Other direct service cost fell from 19.47% to 18.61%.
Other income rose 56.07% to Rs 52.08
crore. PBIDT rose 37.47% to Rs 520.47 crore. Provision
for interest fell 27.29% to Rs 9.7 crore. Loan funds rose to Rs
35.35 crore as of 31 March 2023 from Rs 15.65 crore as of 31 March
2022. Inventories rose to Rs 374.11 crore as of 31 March 2023 from
Rs 195.30 crore as of 31 March 2022. Sundry debtors were lower at Rs
104.69 crore as of 31 March 2023 compared to Rs 128.75 crore as of 31 March
2022. Cash and bank balance declined from Rs 384.67 crore as of 31
March 2022 to Rs 311.74 crore as of 31 March 2023. Investments rose
to Rs 172.55 crore as of 31 March 2023 from Rs 167.27 crore as of 31 March 2022
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PBDT rose 39.83% to Rs 510.77
crore. Provision for depreciation rose 7.79% to Rs 131.11
crore. Fixed assets increased to Rs 1,437.58 crore as of 31 March
2023 from Rs 1,027.76 crore as of 31 March 2022. Intangible assets
declined from Rs 4.77 crore to Rs 3.98 crore.
Profit before tax grew 55.82% to Rs
379.66 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 132.06 crore, compared to
credit of Rs 3.12 crore. Effective tax rate was 34.78% compared to
negative 1.28%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 0.34% to Rs 247.60 crore.
Equity capital stood at Rs 40.42
crore as of 31 March 2023 to Rs 40.42 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 67.12% as of 31
March 2023 ,compared to 67.33% as of 31 March 2022 .
Cash flow from operating activities
decreased to Rs 375.23 crore for year ended March 2023 from Rs 417.07 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 571.86 crore, compared to Rs
199.44 crore during the year ended March 2022.
| Star Cement : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 585.26 | 594.21 | -1.51 | 1,345.73 | 1,260.27 | 6.78 | 2,704.85 | 2,221.82 | 21.74 | | OPM (%) | 16.84 | 11.72 | 512 bps | 16.93 | 15.38 | 155 bps | 17.32 | 15.54 | 178 bps | | OP | 98.57 | 69.67 | 41.48 | 227.83 | 193.79 | 17.57 | 468.39 | 345.25 | 35.67 | | Other Inc. | 5.77 | 13.55 | -57.42 | 14.50 | 27.61 | -47.48 | 52.08 | 33.37 | 56.07 | | PBIDT | 104.34 | 83.22 | 25.38 | 242.33 | 221.40 | 9.45 | 520.47 | 378.62 | 37.47 | | Interest | 3.25 | 2.64 | 23.11 | 5.49 | 5.22 | 5.17 | 9.70 | 13.34 | -27.29 | | PBDT | 101.09 | 80.58 | 25.45 | 236.84 | 216.18 | 9.56 | 510.77 | 365.28 | 39.83 | | Depreciation | 36.02 | 31.54 | 14.20 | 67.82 | 61.97 | 9.44 | 131.11 | 121.63 | 7.79 | | PBT | 65.07 | 49.04 | 32.69 | 169.02 | 154.21 | 9.60 | 379.66 | 243.65 | 55.82 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 65.07 | 49.04 | 32.69 | 169.02 | 154.21 | 9.60 | 379.66 | 243.65 | 55.82 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 65.07 | 49.04 | 32.69 | 169.02 | 154.21 | 9.60 | 379.66 | 243.65 | 55.82 | | Taxation | 24.4 | 17.98 | 35.71 | 35.1 | 55.6 | -36.87 | 132.06 | -3.12 | PL | | PAT | 40.67 | 31.06 | 30.94 | 133.92 | 98.61 | 35.81 | 247.6 | 246.77 | 0.34 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 40.67 | 31.06 | 30.94 | 133.92 | 98.61 | 35.81 | 247.6 | 246.77 | 0.34 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 40.67 | 31.06 | 30.94 | 133.92 | 98.61 | 35.81 | 247.6 | 246.77 | 0.34 | | EPS (Rs)* | 1.01 | 0.77 | 30.94 | 3.31 | 2.44 | 35.81 | 6.13 | 6.11 | 0.34 | | | * 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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