Jaiprakash Associates Limited
NSE Symbol JPASSOCIAT
Q1 FY2011 RESULTS
COMPARISON
NON-CONSOLIDATED FIGURES
Net Sales Has increased by 53.6% TO Rs.3174 Cr compared to Q1 FY2010 (Rs.2067 Cr) – and proportionately by 25.8% compared to FY2010 (Rs.10089 Cr – non consolidated).
Total Expenditure is higher by 64.9% at Rs.2682 Cr – compared to Rs.1627 cr in Q1 FY2010 – and higher by 35.5 proportionately compared to rs.7921 Cr for FY2010 (non consolidated).
Profit from Operations is higher by 8.6% at Rs.532 Cr compared to Q1 FY2010 (Rs.490 Cr) - but proportionately lower by 11.2% compared to Rs.2395 Cr in FY2010.
Net Profit is Rs.516 cr – higher by 5% compared to Rs.491 Cr in Q1 FY2010 – and higher by 20.8% proportionately compared to Rs.1708 Cr in FY2010.
The net profit is helped by Exceptional Items of Rs.512 Cr – compared to Rs.273 Cr in Q1 FY2010 (+87.7%) and proportionately compared to Rs.1215 Cr in FY2010 (+68.8%).
Paid Up Equity has gone up by 51.6% to Rs.425 Cr – compared to Rs.280 Cr in Q1 FY2010- due to a bonus issue in the ratio of 1 share for every 2 held.
Basic EPS is Rs.2.43 compared to Rs.3.5 in Q1 FY2010 – and proportionately compared to FY2010 EPS of Rs.9.09.
During Q4 FY2010, the company has commissioned 3 new cement plants with 4.4 MTPA capacity. So interest and depreciation has increased by 48% during the quarter. Addl impact on account of interest , depreciation and tax increase during the quarter is Rs.309 Cr.
The company has been performing well in the past. In current quarter also, sales has increased by 53.6% compared to Q1 FY2010. But, the cement Industry is creating huge capacities. Whether the Demand will match with the additional capacities is a key point to be watched. Also, interest and depreciation costs increase in the short run – till the SALES pick up proportionately on the new capacities. However, JP associates is one of the well managed companies in the Industry.
Current Market price of the share is Rs.129.At current EPS rate, for current year the EPS may be Rs.11 and above – taking into account the additional capacities. Hence, the PE Ratio on this FY11 EPS is 11.73.
RESULTS IN FIGURES :
Jun-10 | Jun-09 | dif%1 | dif%2 | |||
Net Sales | 317419 | 206708 | 53.6 | 1008891 | 25.8 | 652555 |
Other OptgIncome | 4028 | 4978 | -19.1 | 22713 | -29.1 | 24714 |
SIT&WIP | 3301 | 13918 | -76.3 | 8310 | 58.9 | 10091 |
Raw Materials | 199353 | 103418 | 92.8 | 572596 | 39.3 | 245679 |
Employees Cost | 14648 | 9449 | 55 | 45335 | 29.2 | 38215 |
Depreciation | 15034 | 10171 | 47.8 | 45606 | 31.9 | 47220 |
Other Exp | 35907 | 25739 | 39.5 | 120228 | 19.5 | 108632 |
Total Exp | 268243 | 162695 | 64.9 | 792075 | 35.5 | 449837 |
Profit .Operations | 53204 | 48991 | 8.6 | 239529 | -11.2 | 227432 |
Other Income5 | 331 | - | 3939 | -66.4 | 1607 | |
P B I & EI | 53535 | 48991 | 9.3 | 243468 | -12 | 229039 |
Interest6 | 32794 | 22189 | 47.8 | 105579 | 24.2 | 128638 |
P A I B B EI | 20741 | 26802 | -22.6 | 137889 | -39.8 | 100401 |
Except. Items7 | -51248 | -27296 | 87.7 | -121472 | 68.8 | -121472 |
P B T | 71989 | 54098 | 33.1 | 259361 | 11 | 221873 |
Tax expense | 20391 | 4980 | 309.5 | 67331 | 21.1 | 82495 |
P A T | 51598 | 49118 | 5 | 192030 | 7.5 | 139378 |
Extra. Items | - | - | 21194 | 21194 | ||
Net Profit | 51598 | 49118 | 5 | 170836 | 20.8 | 118184 |
Dividend (%) | - | - | 54 | - | ||
Face Value | 2 | 2 | 0 | 2 | 300 | 2 |
Paid Up Equity | 42493 | 28036 | 51.6 | 42493 | 300 | 42493 |
Reserves | - | - | 777187 | 781144 | ||
Basic EPSA EI | 2.43 | 3.5 | -30.6 | 9.09 | 6.9 | 5.3 |
Diluted EPS A EI | 2.33 | 3.27 | -28.7 | 8.63 | 8 | 5.03 |
Basic EPS B EI | 2.43 | 3.5 | -30.6 | 8.08 | 20.3 | 6.3 |
Diluted EPS B EI | 2.33 | 3.27 | -28.7 | 7.68 | 21.4 | 5.98 |
Public holding% | 54.03 | 49.91 | 8.3 | 54.01 | 300.1 | 54.01 |
ANNOUNCEMENTS
TO THE EXCHANGE
23-07-2010 Jaiprakash Associates Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 317419 lacs for quarter ending on 30-JUN-2010 against Rs. 206708 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 51598 lacs for the quarter ending on 30-JUN-2010 against Rs. 49118 lacs for the quarter ending on 30-JUN-2009. -
17-06-2010 Jaiprakash Associates Limited has informed the Exchange that in terms of the approval of Shareholders accorded on March 12, 2010, the Company proposes to make strategic investment in Fertilizer business through its subsidiary, namely, Jaypee Fertilizers & Industries Limited. -
31-05-2010 Jaiprakash Associates Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 652555 lacs for year ending on 31-MAR-2010 against Rs. 477079 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 111918 lacs for the year ending on 31-MAR-2010 against Rs. 42025 lacs for the year ending on 31-MAR-2009. -
31-05-2010 Jaiprakash Associates Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1008891 lacs for year ending on 31-MAR-2010 against Rs. 576418 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 170836 lacs for the year ending on 31-MAR-2010 against Rs. 89701 lacs for the year ending on 31-MAR-2009. -
31-05-2010 Jaiprakash Associates Limited has informed the Exchange that the Board of Directors, at their meeting held on May 30, 2010 have recommended Final Dividend of Re. 0.54 per equity share of Rs.2/- (i.e. 27%) amounting to Rs.114.73 Crores (excluding Dividend Tax aggregating Rs.19.06 crores) for the year 2009-10, in addition to 1st interim Dividend of Re. 0.54 per equity share of Rs.2/- (i.e.27%) paid in November, 2009.Thus the total Dividend for the year ended March 31, 2010 would be Re. 1.08 per share of Rs. 2/- (i.e. 54%) aggregating Rs.190.44 Crores, excluding aggregate dividend tax of Rs.31.93 Crores.
08-12-2009 Jaiprakash Associates Limited has informed the Exchange that the Company has fixed December 18, 2009 as the Record Date for the purpose of determination of Members who are entitled to receive the Bonus Shares in the ratio of ONE Bonus Equity Share of Rs.2/- for every TWO Equity Shares of Rs.2/- each held in the Company, in terms of the Shareholders' approval accorded through Postal Ballot on December 08, 2009. The said Bonus shares shall be allotted by the Company on December 19, 2009. -
17-11-2009 Jaiprakash Associates Limited has informed the Exchange that the Board of Directors of the Company in their meeting held today, the 16th November, 2009 has, inter-alia, decided:- (a) To raise low cost funds to the extent of Rs.500 Crores by way of private placement of Unsecured Rated Commercial Papers; and (b) To disinvest / offer for sale upto 6 (six) crore equity shares out of 121.50 crore equity shares of Rs.10 each held by the Company in Jaypee Infratech Limited, a subsidiary of Jaiprakaash Associates Limited.
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