On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of JK Lakshmi Cement has declined
4.36% to Rs 1780.85 crore.
Operating profit margin has jumped
from 12.49% to 18.90%, leading to 44.64% rise in operating profit to Rs 336.52
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.20% to 14.10%. Purchase of finished
goods cost rose from 7.06% to 7.68%. Employee cost decreased from
5.43% to 5.29%. Other expenses fell from 60.18% to 54.25%.
Power and Oil fuel cost fell from 28.38% to 23.06%.
Freight charges fell from 20.77% to 19.27%.
Other income rose 57.58% to Rs 26.3
crore. PBIDT rose 45.51% to Rs 362.82 crore. Provision
for interest rose 55.31% to Rs 44.62 crore. Loan funds rose to Rs
2,084.02 crore as of 31 March 2024 from Rs 1,879.73 crore as of 31 March
2023. Inventories rose to Rs 991.24 crore as of 31 March 2024 from
Rs 841.60 crore as of 31 March 2023. Sundry debtors were lower at Rs
44.31 crore as of 31 March 2024 compared to Rs 65.42 crore as of 31 March
2023. Cash and bank balance declined from Rs 338.96 crore as of 31
March 2023 to Rs 267.25 crore as of 31 March 2024. Investments
declined from Rs 526.54 crore as of 31 March 2023 to Rs 406.93 crore as of 31
March 2024.
PBDT rose 44.23% to Rs 318.2
crore. Provision for depreciation rose 15.41% to Rs 67.87
crore. Fixed assets increased to Rs 5,458.91 crore as of 31 March
2024 from Rs 4,344.91 crore as of 31 March 2023. Intangible assets
increased from Rs 72.32 crore to Rs 72.45 crore.
Profit before tax grew 54.71% to Rs
250.33 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 87.94 crore, compared
to Rs 46.98 crore. Effective tax rate was 35.18% compared to 29.03%.
Minority interest increased 5.21% to
Rs 5.05 crore. Net profit attributable to owners of the company
increased 42.70% to Rs 157.01 crore.
Equity capital stood at Rs 58.85
crore as of 31 March 2024 to Rs 58.85 crore as of 31 March 2023. Per
share face Value remained same at Rs 5.00.
Promoters’ stake was 46.34% as of 31
March 2024 ,compared to 46.31% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of JK Lakshmi Cement has increased
5.22% to Rs 6788.47 crore.
Operating profit margin has jumped
from 13% to 15.50%, leading to 25.45% rise in operating profit to Rs 1,052.15
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.40% to 14.32%. Purchase of finished
goods cost rose from 6.32% to 7.94%. Employee cost increased from
5.97% to 6.08%. Other expenses fell from 60.39% to 56.33%.
Power and Oil fuel cost fell from 29.16% to 25.41%. Freight
charges fell from 19.38% to 19.22%.
Other income rose 18.41% to Rs 68.11
crore. PBIDT rose 25% to Rs 1120.26 crore. Provision for
interest rose 12.77% to Rs 150.43 crore. Loan funds rose to Rs
2,084.02 crore as of 31 March 2024 from Rs 1,879.73 crore as of 31 March
2023. Inventories rose to Rs 991.24 crore as of 31 March 2024 from
Rs 841.60 crore as of 31 March 2023. Sundry debtors were lower at Rs
44.31 crore as of 31 March 2024 compared to Rs 65.42 crore as of 31 March
2023. Cash and bank balance declined from Rs 338.96 crore as of 31
March 2023 to Rs 267.25 crore as of 31 March 2024. Investments
declined from Rs 526.54 crore as of 31 March 2023 to Rs 406.93 crore as of 31
March 2024.
PBDT rose 27.14% to Rs 969.83
crore. Provision for depreciation rose 7.72% to Rs 245.95 crore. Fixed
assets increased to Rs 5,458.91 crore as of 31 March 2024 from Rs 4,344.91
crore as of 31 March 2023. Intangible assets increased from Rs 72.32
crore to Rs 72.45 crore.
Profit before tax grew 35.43% to Rs
723.88 crore. Share of profit/loss was 1,300% lower at Rs -0.28
crore. Provision for tax was expense of Rs 244.62 crore, compared to
Rs 165.37 crore. Effective tax rate was 33.40% compared to 30.94%.
Minority interest increased 53% to
Rs 16.05 crore. Net profit attributable to owners of the company
increased 31.57% to Rs 471.82 crore.
Equity capital stood at Rs 58.85
crore as of 31 March 2024 to Rs 58.85 crore as of 31 March 2023. Per
share face Value remained same at Rs 5.00.
Promoters’ stake was 46.34% as of 31
March 2024 ,compared to 46.31% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 899.17 crore for year ended March 2024 from Rs 634.23 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 1,010.99 crore, compared to Rs
737.23 crore during the year ended March 2023.
Operational highlights:
The
consolidated sales volume increased by 0.9% YoY to 32.62 Lac Tonnes in Q4FY24.
The
consolidated sales volume increased by 5.0% YoY to 119.89 Lac Tonnes in FY24
Capacity
utilization stood at 89% in Q4FY2024 v/s 79% in Q3FY2024.
Expansion:
The
Company`s Subsidiary, Udaipur Cement Works Ltd (UCWL) had successfully
commissioned its 2nd Clinker Lineof 1. 50 Million Tonnes PerAnnum in
October2023, wherebyits Clinker Capacityhas doubled to 3 Million Tonnes Per
Annum. The Cement Grinding Capacity of 2. 5 Million Tonnes Per Annum is commissioned
in March 2024.
The
Company is in the process of expanding its Cement Grinding capacity at its
Surat Grinding Unit from 1. 35 Million Tonnes to 2. 7 Million Tonnes. The
Project is likely to cost Rs. 225 Crores to be funded through Term Loans from
Bank of Rs. 150 Crore & balance through Internal Accruals.
The
Company is expanding the Clinker Capacity at its integrated Cement Plant at
Durg in Chhattisgarh by putting up an Additional Clinker Line of 2. 3 Million
Tonnes Per Annum & Four Cement Grinding Units aggregating to 4. 6 Million
Tonnes Per Annum at Durg in Chhattisgarh and also Three Split Location Cement Grinding
Units with aggregate Cement Grinding Capacity of 3. 4 Million Tonnes Per Annum
at Prayagraj in Uttar Pradesh, Madhubani in Bihar& Patratuin Jharkhaad. TheProject
is likely to cost Rs. 2500 Crores & is proposed to be funded through Term
Loans from Banks of Rs.1750 Crores & balance through Internal Accruals.
The
Company is also putting up a Railway Siding at its Durg Cement Plant at a Cost
of Rs. 325 Crores to be funded through a Debt of Rs. 225 Crores & Balance
from Internal Accruals.
Acquisition:
During
the Quarter, the Company acquired 85% stake in M/s. Agrani Cement Private
Limited at a total Purchase Consideration of Rs. 325. 11 Crores. Consequent to
this Acquisition, M/s. Trivikram Cement Private Limited, M/s. Mahabal Cement
Private Limited & M/s. Avichal Cement Private Limited, wholly owned subsidiaries
(WOS) of M/s. Agrani Cement Private Limited have become the step-down
subsidiaries of the Company. These step-down subsidiaries together with M/s.
Agrani Cement Private Limited (jointly called as "Trivikram
Consortium") have been jointly granted Mining Rights having Limestone 335
Million Tonnes.
Dividend: Recommended
a Final dividend of Rs 4.50, - per Equity Share of Rs 5 each (90%) for the Financial
Year ended 31st March 2024, in addition to Interim Dividend of Rs 2 per Equity Share
of Rs 5 each (40%) which has already been paid i. e. total dividend Rs 6.50, -
per Equity Share (130%) for the said financial year.
Management Commentary:
Commenting
on the Results of the Company, Mrs. Vinita Singhania, Vice Chairman &
Managing Director (VC&MD) of the Company said "the Profitability of the Company
improved on account of Higher Volume, Better Product & Sales Mix and
Reduction in Fuel Cost "
| JK Lakshmi Cement : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,780.85 | 1,862.07 | -4.36 | 6,788.47 | 6,451.50 | 5.22 | | OPM (%) | 18.90 | 12.49 | 640 bps | 15.50 | 13.00 | 250 bps | | OP | 336.52 | 232.66 | 44.64 | 1,052.15 | 838.71 | 25.45 | | Other Inc. | 26.30 | 16.69 | 57.58 | 68.11 | 57.52 | 18.41 | | PBIDT | 362.82 | 249.35 | 45.51 | 1,120.26 | 896.23 | 25.00 | | Interest | 44.62 | 28.73 | 55.31 | 150.43 | 133.40 | 12.77 | | PBDT | 318.20 | 220.62 | 44.23 | 969.83 | 762.83 | 27.14 | | Depreciation | 67.87 | 58.81 | 15.41 | 245.95 | 228.33 | 7.72 | | PBT | 250.33 | 161.81 | 54.71 | 723.88 | 534.5 | 35.43 | | Share of Profit/(Loss) from Associates | -0.33 | 0 | - | -0.28 | -0.02 | -1,300.00 | | PBT before EO | 250 | 161.81 | 54.50 | 723.6 | 534.48 | 35.38 | | EO Income | 0 | 0 | - | 8.89 | 0 | - | | PBT after EO | 250 | 161.81 | 54.50 | 732.49 | 534.48 | 37.05 | | Taxation | 87.94 | 46.98 | 87.19 | 244.62 | 165.37 | 47.92 | | PAT | 162.06 | 114.83 | 41.13 | 487.87 | 369.11 | 32.17 | | Minority Interest (MI) | 5.05 | 4.8 | 5.21 | 16.05 | 10.49 | 53.00 | | Net profit | 157.01 | 110.03 | 42.70 | 471.82 | 358.62 | 31.57 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 157.01 | 110.03 | 42.70 | 471.82 | 358.62 | 31.57 | | EPS (Rs)* | 13.34 | 9.35 | 42.70 | 39.61 | 30.48 | 29.97 | | | * EPS is on current equity of Rs 58.84 crore, Face value of Rs 5, 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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