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Grasim: Cement drives profits - Views on News from Equitymaster
 
 
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  • Jan 24, 2001

    Grasim: Cement drives profits

    Led by a 20% rise in revenues from its cement business, Grasim Industries Limited has announced a 78% growth in bottomline for the quarter ended 31st December 2000. The growth in the cement business was driven by a 10% jump in volumes and a 10% growth in realisations.

    (Rs m) 3QFY00 3QFY01 Change
    Sales 10,618 11,890 12.0%
    Other Income 142 182 28.3%
    Expenditure 8,976 9,815 9.3%
    Operating Profit (EBDIT) 1,642 2,075 26.4%
    Operating Profit Margin (%) 15.5% 17.5%  
    Interest 624 593 -5.0%
    Depreciation 596 634 6.4%
    Profit before Tax 564 1,030 82.8%
    Other Adjustments (12) (25)  
    Tax 43 100 135.3%
    Profit after Tax/(Loss) 509 905 77.8%
    Net profit margin (%) 4.9% 7.8%  
    No. of Shares (eoy) 72.3 72.3  
    Diluted Earnings per share#* 28.17 50.08 77.8%
    *(annualised)      

    The VSF business too turned in a good performance recording a 20% rise in production and a 5% growth in realisations. The sponge iron business, while witnessing a 2% drop in realisations, recorded a 8% growth in realisations. Owing to this better pricing environment the company has been able to expand its operating margins by 2%.

    We have projected the company's full year revenues and profits to grow 10% and 29% respectively in this fiscal year.

    Grasim trades at Rs 337, implying a P/e of 6.7x.

     

     

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