Heidelberg Cement India Limited – Q1 FY 2022-23

Heidelberg Cement India – the Indian subsidiary of Heidelberg Cement Group, Germany today announced its unaudited financial results for the quarter ended June 30, 2022.

Revenue from Operations

The Company’s revenue from operations stood at INR 589.89 Cr for the period ended 30 June 2022 as compared to INR 620 Cr for the quarter ended 31 March 2022, registering a fall of 4.86% quarter-on-quarter basis. However, the year-on-year revenues increased by 6.11%, which stood at INR 555.6 Cr period one year ago.

Expenses

Total expenses of the company stood at INR 530.84 Cr for the period ended 30 June 2022 which was INR 534.60 Cr for the previous quarter. However, total expenses were INR 462.60 Cr a period one year ago, increased by 14.75% year-on-year basis.

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Net Profit

Heidelberg Cement India registered a net profit of INR 51.61 Cr for the quarter ended 30 June 2022 as compared to INR 93.61 Cr for the quarter ended 31 March 2022, a fall of 44.86% Q-O-Q basis. PAT of the company stood at INR 68.65 Cr a period one year ago, again a fall of 24.82% Y-O-Y basis.

Elevated power and fuel cost, increase in depreciation and amortization expense, etc. are a couple of reasons why the company registered a fall in PAT.

The Earnings Per Share (EPS) of the company are as follows –

INR 2.28 as on 30 June 2022

INR 4.13 as on 31 March 2022, and

INR 3.03 as of June 30, 2022

During June 2022Q –

• The Company started receiving Solar Power under its long-term power purchase agreement for the Jhansi plant. The contracted capacity is 15 Mega Watt and the Company is expected to receive 22 Gigawatt Hours of solar power annually. As a result of an increase in green power across various plants, the Company’s overall share of green power increased to 30%.
• The Company has moved to a concessional Income tax regime from FY 2022-23 and therefore calculated the corporate tax @ 25.168% (including Surcharge and Cess) under section 115BAA of Income Tax Act, 1961.
• As one June 30, 2022, the gross cash and bank balance of the company stood at 458.4 Cr as against total borrowings of INR 234.6 Cr, i.e. net cash balance of INR 223.8 Cr.

Daily Chart –

heidelbergcement share ended at INR 177.45 up by 0.28% today with a volume of 727572 shares.

The share is trading 36.16% below when compared to its 52-week high of INR 277.95 on the NSE.

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