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Madras cements: Good show

Nov 7, 2003

Madras cements, the second largest producer of cement in the southern region, had recently announced its 2QFY04 results. While the topline of the company grew by 7% YoY, the net profits increased 35 times over the same period in the previous year. The operating margins of the company have also registered an increase of 450 basis points.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Net Sales 1,582 1,692 7.0% 3,199 3,531 10.4%
Other Income 21 22 5.3% 25 29 13.4%
Expenditure 1,275 1,288 1.1% 2,470 2,644 7.1%
Operating Profit (EBDIT) 307 404 31.5% 729 887 21.7%
Operating Profit Margin (%) 19.4% 23.9%   22.8% 25.1%  
Interest 158 118 -25.5% 336 278 -17.3%
Depreciation 159 151 -4.9% 321 322 0.2%
Profit before Tax 11 157 1337.6% 97 316 224.5%
Extraordinary items 0 0   0 0  
Tax 9 70 723.5% 40 127 215.4%
Profit after Tax/(Loss) 2.4 87 3512.5% 57 189 231.0%
Net profit margin (%) 0.2% 5.1%   1.8% 5.4%  
No. of Shares 12.0 12.0   12.0 12.0  
Diluted Earnings per share* 0.8 28.9   9.5 31.5  
P/E Ratio   25.3     23.2  
(* annualised)            

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