Madras Cements: A challenging year ahead - Views on News from Equitymaster

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Madras Cements: A challenging year ahead

Jun 21, 2004

Madras Cements, one of the top five players in the Indian cement industry, announced its results recently. While net sales have risen by 11% for FY04, net profits have more than doubled owing to a significant fall in interest costs. Overall, the company's full year topline and earnings are in line with our estimates.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 1,686 1,915 13.6% 6,261 6,946 10.9%
Other income 4 12 187.8% 42 52 23.5%
Expenditure 1,243 1,518 22.1% 4,769 5,328 11.7%
Operating profit (EBDITA) 443 397 -10.3% 1,493 1,618 8.4%
Operating profit margin (%) 26.3% 20.7% 23.8% 23.3%
Interest 166 124 -25.7% 662 496 -25.0%
Depreciation 159 150 -5.6% 640 633 -1.2%
Profit before tax 121 135 11.4% 233 541 132.0%
Extraordinary items - - - - - -
Tax 54 31 -42.4% 104 207 99.9%
Profit after tax/(loss) 67 104 54.5% 130 334 157.7%
Net profit margin (%) 4.0% 5.4% 2.1% 4.8%
No. of shares (m) 12.1 12.1   12.1 12.1  
Diluted earnings per share (Rs)* 22.3 34.4   10.7 27.6  
P/E ratio (x)         23.0  
(* annualised)            

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