GUJARAT NRE COKE LTD
 |
| Mr.Arun Kumar Jagatramka, CMD |
Q3 FY 2012-13 RESULTS
Q/E DEC,2012
Gujarat
NRE Coke Ltd (GNCL), the flagship company of Gujarat NRE group is the largest
independent producer of met coke in India with an installed capacity of 1.434
MTPA. Identified as the 4th best performing stock in 1st decade of this
millennium, GNCL has also been ranked 7th by Business Today in 10 year profit
growth (BT 500 ranking).
Gujarat NRE has coking coal mines in Australia with over
650 million tons of Coking Coal resource with excellent coking properties. The
coal mines are owned through its subsidiary — Gujarat NRE Coking Coal Limited,
listed on the ASX. The two coking coal mines NRE NO.1 and NRE Wongawilli are
located in the Illawarra region of New South Wales, Australia. The hard coking
coal production is being increased from current level of around 1.5 MTPA to
over 5 MTPA by 2016 making it one of the top 10 hard coking coal producers in
the world.
Gujarat NRE Coke Ltd, through forward integration has forayed
into steel making and power generation through the renewable energy route. The
company has 87.5 MW wind power energy and has also set up a mini steel mill in
Gujarat to recycle steel scraps using green wind energy to manufacture TMT
Bars. The company is currently setting up 60 MW power plants out of the waste
heat emanating from the coke making process, while over next few years’ targets
to increase metallurgical coke making capacity to 4 MTPA.
The Group is headed by Mr Arun Kumar Jagatramka, a
qualified Chartered Accountant. The group wants to emerge as a global resource
entity with core focus on coking coal and coke.
PERFORMANCE
HIGH LIGHTS IN Q3 FY 2012-13
Net Sales stands at Rs.527.11 Cr in Q3 FY 13; compared to Rs.331.83
Cr in Q2 FY 13 (+58.85%); and Rs.335.57
Cr in Q3 FY 12 (+57.08%).
Total Expenditure stands at Rs.413.82
cr in Q3 FY 13; compared to Rs.238.17 cr in Q2 FY 13 (+73.75%); and Rs. 255.08 Cr in Q3 FY 12 (+62.23%).
Profit before Intt,
Dep. & Taxes stands at Rs.113.29
cr in Q3 FY 13; compared to Rs.93.66 Cr In Q2 FY 13 (+20.96%); and Rs.80.49 Cr
in Q3 FY 12 (+40.75%).
Profit before tax
stands at Rs.31.87 cr in Q3 FY 13; compared to Rs.25.41 Cr in Q2 FY 12 (+25.42%);
and Rs.2.77 Cr in Q3 FY 12 (+1050.54%).
Tax Expenses stands at Rs.11.75 Cr in Q3 FY 13; compared to Rs.8.69
cr (+35.21%); and Rs.0.87 Cr in Q3 FY 12 (+1250.57%).
Net Profit stands at Rs.20.12
Cr in Q3 FY 13; compared to Rs.16.72 cr in Q2 FY 13 (+20.33%); and Rs. 1.90 Cr in Q3 FY 12 (+958.95%).
The Diluted EPS stands at Rs.0.34 in Q3 FY 13; compared to Rs.0.29 in
Q2 FY 13; and Rs.0.03 in Q3 FY 12. The EPS is very low compared to the Face
value of Rs.10.
Face Value of Share. Is Rs.10.
Paid-up Equity is Rs.622.37 cr in Q3 FY 13; compared to Rs.577.37 Cr
in Q2 FY 13; and Rs.577.37 Cr in Q3 FY 12; The Net profits are improving but
are still very small compared to the Equity.
52 week high/low
price : 28.70/15.90 ; current price is around Rs.22.65
Public holding in the company
is 49.32%.
Note : There is a proposed scheme for amalgamation of Guj
NRE Coke Ltd and Bharat NRE Coke Ltd..
During the
Quarter, the Company has issued 200, 5.5% Unsecured Foreign Currency
Convertible Bonds (FCCB) of US$ 100,000 each aggregating US$ 20 Million on 29th
October 2012. These bonds are convertible into equity shares of the Company at
the option of bondholders at a price of Rs. 22.50 per share. If not converted
then they are redeemable on 30th October, 2017. Out of the above FCCBs od
Rs.107.47 cr, a sum of Rs.0.23 Cr remains unutilized till the end of Dec,2012.
Results
table
|
GujNRE Coke
|
31-Dec-12
|
30-Sep-12
|
QoQ %Dif
|
31-Dec-11
|
YoY% Dif
|
|
Net Sales
|
52711
|
33183
|
58.85
|
33557
|
57.08
|
|
Total Expenditure
|
41382
|
23817
|
73.75
|
25508
|
62.23
|
|
Profit before Intt, Dep.
& Taxes
|
11329
|
9366
|
20.96
|
8049
|
40.75
|
|
Net Profit
|
2012
|
1672
|
20.33
|
190
|
958.95
|
|
Diluted EPS
|
0.34
|
0.29
|
17.24
|
0.03
|
1033.33
|
|
Changes in inventories of
FG, WIP, SIT
|
8913
|
-6835
|
-230.4
|
-21514
|
-141.43
|
|
Cost of materials
|
24762
|
24236
|
2.17
|
-
|
|
|
Purchases of SIT
|
-
|
-
|
38752
|
||
|
Employee expense
|
1593
|
1538
|
3.58
|
536
|
197.2
|
|
Depreciation
|
1486
|
1463
|
1.57
|
1494
|
-0.54
|
|
Other expenses
|
4628
|
3415
|
35.52
|
6240
|
-25.83
|
|
Total expenses
|
41382
|
23817
|
73.75
|
25508
|
62.23
|
|
Profit before tax
|
3187
|
2541
|
25.42
|
277
|
1050.54
|
|
Tax Expenses
|
1175
|
869
|
35.21
|
87
|
1250.57
|
|
Net Profit
|
2012
|
1672
|
20.33
|
190
|
958.95
|
|
Face Value of Share.Rs
|
10
|
10
|
0
|
10
|
0
|
|
Paid-up Equity
|
62237
|
57737
|
7.79
|
57737
|
7.79
|
|
Diluted EPS
|
0.34
|
0.29
|
17.24
|
0.03
|
1033.33
|
|
Public holding (%)
|
49.32
|
0
|
53.97
|
-8.62
|
* *
* E N D *
* *
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