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MANGALAM CEMENT 2024-25 Annual Report Analysis

Tue, 19 Aug

MANGALAM CEMENT has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

MANGALAM CEMENT Income Statement Analysis

• Operating income during the year fell 2.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 22.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.4% in FY25 as against 11.7% in FY24.
• Depreciation charges increased by 6.0% and finance costs increased by 2.7% YoY, respectively.
• Other income grew by 57.6% YoY.
• Net profit for the year declined by 24.5% YoY.
• Net profit margins during the year declined from 3.5% in FY24 to 2.7% in FY25.

MANGALAM CEMENT Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	17,255	16,810	-2.6%
Other income	Rs m	385	606	57.6%
Total Revenues	Rs m	17,640	17,416	-1.3%
Gross profit	Rs m	2,024	1,574	-22.2%
Depreciation	Rs m	742	786	6.0%
Interest	Rs m	676	694	2.7%
Profit before tax	Rs m	991	700	-29.4%
Tax	Rs m	394	249	-36.7%
Profit after tax	Rs m	597	451	-24.5%
Gross profit margin	%	11.7	9.4
Effective tax rate	%	39.7	35.6
Net profit margin	%	3.5	2.7

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MANGALAM CEMENT Balance Sheet Analysis

• The company's current liabilities during FY25 stood at Rs 9 billion as compared to Rs 8 billion in FY24, thereby witnessing an increase of 9.0%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY24, a fall of 20.7%.
• Current assets rose 5% and stood at Rs 7 billion, while fixed assets rose 4% and stood at Rs 14 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 22 billion as against Rs 21 billion during FY24, thereby witnessing a growth of 5%.

MANGALAM CEMENT Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	8,116	8,519	5.0
Current Liabilities	Rs m	8,236	8,976	9.0
Long-term Debt	Rs m	2,449	1,942	-20.7
Total Liabilities	Rs m	20,679	21,662	4.8
Current assets	Rs m	6,965	7,333	5.3
Fixed Assets	Rs m	13,714	14,329	4.5
Total Assets	Rs m	20,679	21,662	4.8

MANGALAM CEMENT Cash Flow Statement Analysis

• MANGALAM CEMENT's cash flow from operating activities (CFO) during FY25 stood at Rs 2 billion, an improvement of 2.8% on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -1 billion, an improvement of 18.0% on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -626 million, an improvement of 27% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -70 million from the Rs -153 million net cash flows seen during FY24.

MANGALAM CEMENT Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	1,825	1,876	2.8%
Cash Flow from Investing Activities	Rs m	-1,118	-1,320	-
Cash Flow from Financing Activities	Rs m	-859	-626	-
Net Cash Flow	Rs m	-153	-70	-

Current Valuations for MANGALAM CEMENT

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 16.4, an decline from the EPS of Rs 21.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 739.5, stands at 33.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.4 times, while the price to sales ratio stands at 1.2 times.
• The company's price to cash flow (P/CF) ratio stood at 19.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	627.4	611.3
TTM Earnings per share	Rs	21.7	16.4
Diluted earnings per share	Rs	21.7	16.4
Price to Cash Flow	x	15.0	19.6
TTM P/E ratio	x	33.7	33.7
Price / Book Value ratio	x	1.8	2.9
Market Cap	Rs m	14,732	24,283
Dividends per share (Unadj.)	Rs	1.5	1.5

Ratio Analysis for MANGALAM CEMENT

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY25, from 0.8x during FY24. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 2.0x during FY25, from 2.5x during FY24. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 5.3% during FY25, from 7.4% during FY25. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 13.3% during FY25, from 15.8% during FY24. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 5.3% during FY25, from 6.2% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	0.8	0.8
Debtors’ Days	Days	73	86
Interest coverage	x	2.5	2.0
Debt to equity ratio	x	0.3	0.2
Return on assets	%	6.2	5.3
Return on equity	%	7.4	5.3
Return on capital employed	%	15.8	13.3

To see how MANGALAM CEMENT has performed over the last 5 years, please visit here.

MANGALAM CEMENT Share Price Performance

Over the last one year, MANGALAM CEMENT share price has moved down from Rs 941.8 to Rs 739.5, registering a loss of Rs 202.3 or around 21.5%.

Overall, the S&P BSE SENSEX is up 3.0% over the year.

(To know more, check out historical annual results for MANGALAM CEMENT and quarterly results for MANGALAM CEMENT)