Madras Cements Limited
NSE Symbol MADRASCEM
Madras Cements has produced improved
results in Q/E Dec,2011 over the corresponding quarter of Dec,2010 – but, the
same falls below the preceding 2 Qtrs (Q2 and Q1, FY 2011).
Net Sales stands at Rs.741.04 Cr in
Q3 FY 12 –down by -9.52% from Q2 FY 12;
down by -3.03% from Q1 FY 12 ; but up by 15.42% from Q3 FY 11.
Raw Materials stands at Rs.280.17 Cr
– down by -5.18% from Q2 Fy 12; up by 8.42% from Q1 FY 12; but down by -0.89%
from Q3 FY 11.
Other Expenditure stands at Rs. 235.24
cr – up by 4.21% in Q2 FY 12; Up by 19.35% from Q1 FY 12; and up by 13.71% from Q3 FY 11.
Total Expenditure stands at Rs.594.92
cr – down by -3.16% from Q2 FY 12; up by
1.87% from Q1 FY 12; and up by 0.84%
from Q3 FY 11. Expenditure has gone up more than proportionately in previous 2
qtrs – but less than proportionately from Sales in corresponding qtr of Q3 FY
11.
In last year 2010-11 annual report,
the cost increases were analysed by the company for that year as follows :
COST
There
has been steep escalations in input costs. The cost of imported and indigenous
coal has increased, thereby increasing the cost of energy. The cost of flyash
has also increased.
Road
transportation cost has increased due to upward revision in the administered
fuel cost. The Rail transportation cost has also increased, as the Railways
have increased the basic freight structure, terminal charges and demurrage and
wharfage penal charges, in addition to imposing various restrictions on
movement of material through wagons.
The
increase in the transportation cost and the general inflationary trends has led
to overall increase in the cost of raw materials.
The
depreciation cost has gone up due to the capacity additions implemented by the
Company in the past years.
The
increase in various statutory levies has also contributed to the increase in
the cost.
Profit from Operations stands
at Rs.149.15 Cr in Q3 FY 12 (current qtr)– down by -29.44%
from Q2 FY 12; down by -19.04% from Q1 FY 12; but up by a huge 148.46% from Q3 FY 11.
Profit before tax stands at Rs.113.55
cr – down by -33.9% from Q2 FY 12; down by -17.97% from Q1 FY 12; but up
by a huge 311.26% from Q3 FY 11.
Tax expense is down at Rs.36.71
compared to all 3 qtrs.
Net Profit stands at Rs.76.84 Cr –
down by -30.7% from Q2 FY 12; down by -21.83% from Q1 FY 12; but up by a good 146.92%
from Q3 FY 11, the corresponding qtr.
Paid Up Equity isRs.23.80 Cr.
Basic EPS on a FV of Rs.1 stands at
Rs.3 in Q3 FY 12; Rs.5 in Q2 FY 12;
Rs.4in Q1 FY 12 and Rs.1in Q3 FY 11.
The annual EPS is likely to be
around Rs.15.
Current
Market price is Rs.129, while the 52 week high price is Rs.131.40 and the
52 week low price is Rs.76.
The PE Ratio will be around
8.6
OTHER DETAILS
The Annual
Report for FY 2011 mentioned following details about Expansion Plans etc :
NEW PROJECTS
At R R
Nagar, the Company is installing a Roll Press for increasing the cement
grinding capacity from the present level of 210 TPH to 260 TPH at a cost of
Rs.60 crores. The project is expected to be commissioned in March 2012.
At
Ariyalur, as informed in the Annual Report for the year 2009 - 2010, to further
augment the production capacity, the Company is in the process of establishing
a second unit with a capacity of 2 MTPA. The project is slated to be commissioned
in the month of August 2011.
Consequently,
the cement production capacity of the Company will go up from 10.49 MTPA to
12.49 MTPA.
At Salem
Grinding Unit, the cement grinding capacity is proposed to be increased from
the present level of 90 TPH to 230 TPH by installation of a Roll Press, at a
cost of Rs.60 crores. The project is expected to be commissioned in December
2011.
POWER PLANTS
The Company continues to lay emphasis on captive source of
energy, to cater to the electrical energy requirements of its production
facilities.
• In the Annual Report for the year 2009 - 2010, it was
informed about the Company's proposal to install a thermal power plant of 60 MW
capacity, consisting of 3 x 20 MW at Ariyalur. Accordingly, 2 Nos. of 20 MW
capacity thermal power plant have been commissioned in the months of November
2010 and February 2011. The balance 20 MW is expected to be commissioned in the
month of December 2011.
• At R R Nagar, the Company is in the process of installing
a thermal power plant of 25 MW capacity at a cost of Rs.110 crores. The project
is expected to be commissioned in the month of August 2011.
• At Salem Grinding Unit, the Company is in the process of
installing a Heavy Fuel Oil based power generator of 5 MW capacity, at a cost
of Rs.23 crores. The project is expected to be commissioned in the month of
June 2011.
RESULTS TABLE
Madras Cement
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
%dif2
|
30-Sep-10
|
%dif3
|
|||
Net Sales
|
74104
|
81899
|
-9.52
|
76418
|
-3.03
|
64206
|
15.42
|
|||
Other Operating Income
|
303
|
670
|
-54.78
|
403
|
-24.81
|
795
|
-61.89
|
|||
Increase in SIT / WIP
|
-2491
|
-1234
|
101.9
|
2273
|
-209.6
|
842
|
-395.84
|
|||
Raw Materials
|
28017
|
29549
|
-5.18
|
25842
|
8.42
|
28268
|
-0.89
|
|||
Employees Cost
|
4308
|
4292
|
0.37
|
4158
|
3.61
|
3715
|
15.96
|
|||
Depreciation
|
6134
|
6251
|
-1.87
|
6415
|
-4.38
|
5485
|
11.83
|
|||
Other Expenditure
|
23524
|
22573
|
4.21
|
19710
|
19.35
|
20688
|
13.71
|
|||
Total Expenditure
|
59492
|
61431
|
-3.16
|
58398
|
1.87
|
58998
|
0.84
|
|||
Profit from Operations
|
14915
|
21138
|
-29.44
|
18423
|
-19.04
|
6003
|
148.46
|
|||
Other Income
|
180
|
290
|
-37.93
|
180
|
0
|
258
|
-30.23
|
|||
Interest
|
3740
|
4250
|
-12
|
4760
|
-21.43
|
3500
|
6.86
|
|||
Profit before tax
|
11355
|
17178
|
-33.9
|
13843
|
-17.97
|
2761
|
311.26
|
|||
Tax expense
|
3671
|
6052
|
-39.34
|
4013
|
-8.52
|
-351
|
-1145.87
|
|||
Net Profit
|
7684
|
11088
|
-30.7
|
9830
|
-21.83
|
3112
|
146.92
|
|||
Face Value (In Rs
|
1
|
1
|
0
|
1
|
0
|
1
|
0
|
|||
Paid Up Equity
|
2380
|
2380
|
0
|
2380
|
0
|
2380
|
0
|
|||
Basic EPS
|
3
|
5
|
-40
|
4
|
-25
|
1
|
200
|
|||
Public holding (%)
|
58
|
58
|
0
|
58
|
0
|
58
|
0
|
|||
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