SHREE CEMENTS LIMITED
RESULTS FOR Q/E SEP,2012
SHREE
CEMENTS LTD has performed well in the Quarter ending Sept, 2012. The results
for the previous 15 month period ending June 2012 compared with earlier years
is also presented down below in tabular form.
HIGH LIGHTS
Net
Sales for Q/e Sep,2012 stands at
Rs.1323.00 Cr; down by -9.09% compared to the previous Qtr ending
June 2012 (Rs.1455.28Cr); and up by 54.8 % compared to Q/E Sep,2011 Rs. 854.65
Cr)
Total
Expenditure for Q/e Sep,2012 stands at
Rs.1024.15 Cr; down by -3.01% compared to the previous Qtr
ending June 2012 (Rs.1055.91 Cr); and up by 25.49% compared to Q/E Sep,2011(
Rs.816.15Cr).
Profit before Intt, Dep. & Taxes for Q/e
Sep,2012 stands at Rs.298.85 Cr;down by -25.17% compared to the previous Qtr
ending June 2012 (Rs. 399.37 Cr); and up by 676.3% compared to Q/E Sep,2011 (
Rs.3849.69 Cr).
Net
Profit for Q/e Sep,2012 stands at Rs.228.13 Cr; down by
-35.1% compared to the previous Qtr ending June 2012 (Rs.351.52 Cr); and
up by 492.67% compared to Q/E Sep,2011 (Rs.38.49 Cr).
Diluted
EPS for Q/e Sep,2012 stands at
Rs.65.48 ;Rs.100.9 for q/e June
2012; Rs.11.05 for Q/e Sep,2011.
CURRENT MP : 4190.00
52 week
high/low price : 4445.00/1820.00
Full Details are in the
Table Below :-
RESULTS
TABLE
|
SHREE CEMENTS
|
30-Sep-12
|
%Dif QoQ
|
30-Jun-12
|
%Dif YoY
|
30-Sep-11
|
31-Mar-12
|
31-Dec-11
|
|
Net Sales
|
132300
|
-9.09
|
145528
|
54.8
|
85464.54
|
147784.9
|
125855.9
|
|
Total Expenditure
|
102415
|
-3.01
|
105591
|
25.49
|
81614.85
|
133943
|
116120.2
|
|
Profit before Intt, Dep.
& Taxes
|
29885
|
-25.17
|
39937
|
676.3
|
3849.69
|
13841.82
|
9735.75
|
|
Net Profit
|
22813
|
-35.1
|
35152
|
492.67
|
3849.22
|
11427.54
|
5919.37
|
|
Diluted EPS
|
65.48
|
-35.1
|
100.9
|
492.58
|
11.05
|
32.8
|
16.99
|
|
Changes in inventories of FG,SIT,WIP
|
253
|
-34.63
|
387
|
-76.4
|
1072.1
|
119
|
-1540.92
|
|
Cost of materials
|
45654
|
-3.65
|
47382
|
52.84
|
29870.09
|
50674.39
|
43445.6
|
|
Purchases of SIT
|
-
|
-
|
263.81
|
10170.19
|
6278.05
|
||
|
Employee benefits expense
|
7042
|
-5.65
|
7464
|
18.82
|
5926.77
|
6053.32
|
6383.62
|
|
Depreciation
|
9415
|
15.13
|
8178
|
-41.85
|
16192.15
|
23458.09
|
23505.31
|
|
Other expenses
|
40051
|
-5.05
|
42180
|
41.57
|
28289.93
|
43468.04
|
38048.49
|
|
Total expenses
|
102415
|
-3.01
|
105591
|
25.49
|
81614.85
|
133943
|
116120.2
|
|
P B T
|
27356
|
-28.67
|
38351
|
2436.53
|
1078.48
|
17190.71
|
6221.15
|
|
Tax Expenses
|
4543
|
42.01
|
3199
|
-263.96
|
-2770.74
|
5763.17
|
301.78
|
|
Net Profit
|
22813
|
-35.1
|
35152
|
492.67
|
3849.22
|
11427.54
|
5919.37
|
|
Face Value (Rs )
|
10
|
0
|
10
|
0
|
10
|
10
|
10
|
|
Paid-up Equity
|
3484
|
0
|
3484
|
0.01
|
3483.72
|
3483.72
|
3483.72
|
|
Basic EPS
|
65.48
|
-46.69
|
122.83
|
492.58
|
11.05
|
32.8
|
16.99
|
|
Public holding (%)
|
35.21
|
-0.03
|
35.22
|
-0.03
|
35.22
|
35.22
|
35.22
|
ANNUAL REPORT SUMMARY
15 MONTHS ENDING JUNE 2012
Dividend : The Directors are pleased to recommend a
final dividend @ Rs. 8 per share. Together with two interim dividends of Rs.
6/-per share each, total dividend for
2011-12 (15 months period ended 30 June, 12) would be Rs. 20 per share as against Rs.14 per share
paid for the year 2010-11 (12 months).
Cement
Industry Developments and Outlook
During April
11- June 12, general
economic slowdown, high
interest rates, less
government spending coupled with good monsoon impacted real estate, infrastructure and other construction projects resulting in
moderation in cement demand growth to
around 3 per cent. Construction activity however picked up subsequently
resulting in cement
demand recording healthy
growth. Overall the cement
industry clocked a growth of around 7.5 %
during 2011-12 (15 months) which is better than 4.8 % in previous year.
Costs especially power&fuel and freight have
increased during 2011-12. This was driven
by international fuel prices. Sharp
depreciation of rupee has added to the cost of imported fuel. General inflation
and high interest cost have caused rise in costs of other inputs and overheads
also.
To give much needed impetus to the slackening infrastructure space, Planning Commission has projected an
investment of over Rs 45 lakh Cr during
the Twelfth Plan (2012-17).
Infrastructure projects such as dedicated freight corridors, upgraded and
new airports and
ports, large number
of highway projects
are expected to enhance the scale
of economic activity, leading to increase
in cement demand.
Based on Report
of a Working Group
on Rural Housing
formed by the
Planning Commission for
Twelfth Plan, a
shortage of 40 million dwelling units has been estimated in rural areas.
A similar report of
a Working Group
formed for Financing
Urban Infrastructure has estimated
shortage of 29 million units for affordable
housing in urban
area during Twelfth
Plan. These shortages
are expected to drive housing
demand both in rural and urban areas which,
in turn, will help in driving cement demand.
Power
Sector Development and Outlook
India continued to face high deficit in terms of peak as
well as base energy. The peak and base
energy deficit were at 11.1 %and 8.5 %for
2011-12 (April 11 - March 12) vis a vis 9.8 %and 8.5 % respectively for same period last year. During Qtr/ ended June 12, the peak deficit moderated to 8.6 % and
base energy deficit dropped a little to
8.1 %. Greater participation from
private sector accelerated
new capacity addition, but the issue of fuel availability
and transmission bottleneck continued. There
are many gas
based power projects
which are operating
at much lower
capacity than rated
as gas availability
has deteriorated. Similarly many
coal based power projects are forced to
operate on costly imported coal as domestic linkage coal supply is
not adequate, leading to high cost of
generation.
Southern India is facing
acute power shortages. Although other regions have surplus power,
the same can’t be fully transferred due
to transmission constraints resulting in
significant mismatch in merchant power prices. Further, because of un-remunerative tariffs, State
Electricity Distribution Companies
(Discoms), which are main buyers of power are facing acute financial
crisis. They prefer
to apply power
cuts rather than
buy expensive power for which there is very little cost recovery. All
the factors have led to a situation
where, while power can be generated (i.e.
supply is available), power
plants are required to operate at a low load
(as either fuel is not available or Discoms refrain from buying). In fact low plant load factor of power plants has
become a norm. As a result of low power
purchase by the Distribution Companies, the merchant tariff during the year remained low in the range of
Rs. 3.50 - 4.00 per unit.
RBI and power ministry are forcing Discoms into
reforms by regulating
bank funding. There are
reports that Ministry of Power is
finalizing a loan restructuring programme spread over
three-seven years under
which State
Govts will issue bonds for part
of their losses and there will be
deferment on some part of the principle repayment obligation. Also filing of Annual Revenue Requirement and
consequently tariff increases has become
mandatory for all Discoms. Already many Discoms have gone in for tariff increases / have
proposed increase in their tariffs to Regulatory
Agencies. All these measures should lead to much needed increase
in tariffs thereby
increasing revenues of the
Discoms. With improvement in
financial position, the Discoms are expected to enhance their power purchases leading to up-tick in
power demand.
New /
Expansion Projects
Considering that sufficient land is available at existing plant sites at Beawar,
Ras and grinding units as well as
looking to the intricate and time-consuming process involved in allotment
of land, registration,
conversions, clearances from
various authorities etc, it has
been decided to set up clinker plants at Ras and cement grinding plants at existing and new
places. As a first step, Company has decided to
set up two clinker
manufacturing units (IX
& X) of
2 Million Ton
Per Annum (MTPA) each
at Ras in
Rajasthan. Company has sufficient limestone reserves to meet its present as well as future needs at Ras. The
locations for cement grinding capacity is
under finalization based
on demand potential
in relevant markets,
logistics optimization, better
servicing, cost of production
and other factors.
Company has undertaken setting up a cement grinding unit
in Bihar. Company plans to set up a
clinker cum grinding unit (integrated
unit) in Chhattisgarh.
Cement
On the back of a good momentum in cement demand in the
later part of the Year, the performance
of cement business of the Company improved
during 2011-12. Company’s cement sales volume grew by 21.7 %
(annualized) during the
year to 142.06
lac tons as
against overall industry growth of approx. 7.5 per cent. cement
realization improved by
about 12 %
during 2011-12. Company improved its
market share on all India basis from approx. 4.5 %in 2010-11 to approx. 5.0 %during 2011-12. On cost front, there was increase across all
input costs driven by general inflation
as well as other specific factors. This impact
could be neutralized to some
extent by greater efficiency
in use of
power and fuel
in operations.
Power
During 2011-12, Company
commissioned its 300 MW (2 x 150
MW) capacity Thermal Power Plant at Beawar,
Rajasthan. With this commissioning,
net power generation increased to 2342
Million Units (15 months) vis-Ã -vis 1240
Million Units in previous year. Power sale
also went up from 524 Million Units in 2010-11 to 1322 Million Units
in 2011-12 (15 Months) showing an
annualized increase of 102 per cent. Power
sale was affected because of financial constraints faced by Discoms resulting in lower power procurement
by them. Company is making efforts to
enter into advance sales arrangements to increase its sales
volume during 2012-13
5 YEARS
COMPARISON
|
Shree Cements
|
2007-08
|
2008-09
|
2009-10
|
2010-11
|
2011-12
|
|
5 Years Figures
|
15Mths
|
||||
|
ProductionInLk Tns)
|
|||||
|
Clinker
|
46.23
|
64.18
|
80.45
|
74.65
|
102.88
|
|
Cement In Lk Tns
|
63.37
|
77.65
|
93.72
|
94.28
|
142.02
|
|
Sales(Clk&Cem)
|
66.05
|
84.5
|
102.47
|
102.65
|
148.69
|
|
Sales(Pwr.InLkKwh)
|
1171
|
2636
|
5240
|
13223
|
|
|
EnergyConsumption
|
|||||
|
Power-Kwt/PT Cem
|
79.35
|
76.72
|
75.25
|
79.26
|
76.86
|
|
Fuel(% of Clnk)
|
11.34
|
10.75
|
10.64
|
11.74
|
11.28
|
|
Sales-Gross
|
2440.32
|
3091.6
|
4014.09
|
3879.45
|
6577.37
|
|
OtherIncome
|
76.84
|
39.15
|
75.84
|
125.1
|
162.78
|
|
TotalIncome
|
2517.16
|
3130.75
|
4089.92
|
4004.55
|
6740.15
|
|
Operating Exp
|
1577.91
|
2138.11
|
2511.57
|
2994.62
|
4931.61
|
|
OperatingProfit
|
939.25
|
992.64
|
1578.35
|
1009.93
|
1808.54
|
|
FinanceCost
|
53.3
|
33.41
|
76.58
|
175.35
|
235.36
|
|
ProfitBef. Dep&Tax
|
885.95
|
959.23
|
1501.77
|
834.58
|
1573.18
|
|
Less:Deprn
|
478.76
|
205.39
|
570.43
|
675.76
|
873.09
|
|
Less:ExcpnlItems
|
38.88
|
30.93
|
63.43
|
48.47
|
12.34
|
|
Profit Bef.Tax
|
368.31
|
722.91
|
867.91
|
110.35
|
687.75
|
|
Tax(InclFBT)
|
122.65
|
136.87
|
193.83
|
-39.5
|
66.73
|
|
DeferredTax
|
-14.72
|
8.07
|
-2.01
|
-59.85
|
2.52
|
|
Profit AfterTax
|
260.37
|
577.97
|
676.1
|
209.7
|
618.5
|
|
Basic EPS
|
74.74
|
165.91
|
194.07
|
60.19
|
177.54
|
|
CashEPS (In Rs)
|
207.94
|
227.18
|
369.77
|
236.99
|
428.88
|
|
Investment
|
2205.26
|
2734.8
|
3918.28
|
5069.9
|
5516.42
|
|
Net Block
|
759.96
|
626.86
|
751.95
|
1167.06
|
1521.06
|
|
Sh'holders'Finds
|
672.81
|
1210.02
|
1833.24
|
1986.18
|
2733.93
|
|
Capital Employed
|
2003.5
|
2706.17
|
3939.48
|
4241.29
|
4825.27
|
|
RONW%
|
36.51
|
48.43
|
36.77
|
7.54
|
18.17
|
|
ROAC%
|
24.88
|
32.12
|
28.42
|
5.09
|
14.51
|
* *
* E N D *
* *
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