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Madras Cements: Out of the woods

Feb 3, 2004

Low base effect has aided Madras Cements, one of the lowest cost producers of cement in the country, to post a significant growth in its bottomline in 3QFY04 on a YoY basis. The bottomline of the company has experienced an almost seven fold increase as compared to the same quarter last year. A near 9% topline growth and significant reduction in interest outgo have also played a major role in the strong bottomline growth. The operating margins of the company have however taken a hit of nearly 110 basis points.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 1,377 1,500 8.9% 4,576 5,031 9.9%
Other income 13 12 -9.4% 38 40 5.8%
Expenditure 1,055 1,166 10.5% 3,525 3,810 8.1%
Operating profit (EBDITA) 322 334 4.0% 1,050 1,221 16.3%
Operating profit margin (%) 23.4% 22.3%   23.0% 24.3%  
Interest 160 95 -40.6% 495 372 -24.8%
Depreciation 160 161 0.5% 481 482 0.3%
Profit before tax 15 90 506.7% 112 407 262.0%
Tax 10 49 412.5% 50 176 253.3%
Profit after tax/(loss) 5 41 677.4% 62 230 268.9%
Net profit margin (%) 0.4% 2.7%   1.4% 4.6%  
No. of shares (m) 12.1 12.1   12.1 12.1  
Diluted earnings per share (Rs)* 1.8 13.6   6.9 25.4  
P/E ratio (x)   56.9     30.6  
(* annualised)            

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