HeidelbergCement India Ltd

₹ 186 0.22%
May 20 - close price
About

Heidelberg Cement India is the Indian subsidiary of HeidelbergCement Group, Germany. The Company has its operations in Central India at Damoh (Madhya Pradesh), Jhansi (Uttar Pradesh), and in Southern India at Ammasandra (Karnataka). [1]

The company sells under the MyCem and MyCem Power brand. [2]

Key Points

Capacity utilisation
The cement grinding capacity of the company is currently 6.26 MTPA [1]
The capacity utilization has been 99.6% at their Jhansi plant and 94.5% at their Imlai plant. [2]

The company add 1.05MTPA capacity in FY20 but the same was completely utilised due to volume growth in FY21. [2]

The total capacity utilisation of the company was 72.4% vs ~67% of the industry. [3]

  • Market Cap 4,224 Cr.
  • Current Price 186
  • High / Low 285 / 178
  • Stock P/E 16.7
  • Book Value 69.1
  • Dividend Yield 4.29 %
  • ROCE 20.9 %
  • ROE 16.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 4.29%.
  • Company has been maintaining a healthy dividend payout of 67.27%

Cons

  • The company has delivered a poor sales growth of 6.27% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Cement Industry: Cement - North India

Loading peers table ...

Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
589 522 548 510 408 514 595 600 556 576 545 620
432 399 428 382 299 388 475 448 425 460 476 501
Operating Profit 158 123 120 127 108 126 120 152 131 116 68 119
OPM % 27% 24% 22% 25% 27% 25% 20% 25% 24% 20% 13% 19%
12 12 11 17 10 10 12 15 11 14 12 12
Interest 20 19 19 16 16 13 12 9 10 11 10 5
Depreciation 28 26 27 28 28 28 28 27 28 28 28 28
Profit before tax 122 90 86 101 74 95 92 130 104 91 43 98
Tax % 35% 35% 25% 34% 34% 34% 31% -7% 34% 34% 28% 4%
Net Profit 79 58 65 66 49 62 64 140 69 60 30 94
EPS in Rs 3.49 2.57 2.85 2.93 2.16 2.75 2.81 6.18 3.03 2.63 1.34 4.13

Profit & Loss

Figures in Rs. Crores

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
866 988 870 1,209 2,044 1,648 1,694 1,889 2,133 2,170 2,117 2,297
767 922 807 1,107 1,783 1,417 1,416 1,526 1,650 1,642 1,610 1,862
Operating Profit 98 66 63 102 261 231 279 363 483 528 507 435
OPM % 11% 7% 7% 8% 13% 14% 16% 19% 23% 24% 24% 19%
31 12 16 12 135 22 24 20 35 53 46 49
Interest 4 4 10 106 139 108 90 74 75 74 51 36
Depreciation 29 31 24 89 138 100 99 101 102 109 111 112
Profit before tax 96 42 46 -81 120 45 114 208 342 398 391 335
Tax % 34% 31% 32% 50% 50% 22% 33% 36% 35% 33% 20% 25%
Net Profit 63 29 31 -41 60 35 76 133 221 268 315 252
EPS in Rs 2.79 1.29 1.36 -1.80 2.63 1.56 3.36 5.88 9.74 11.83 13.90 11.13
Dividend Payout % 0% 0% 0% 0% 0% 0% 59% 43% 41% 63% 58% 81%
Compounded Sales Growth
10 Years: 9%
5 Years: 6%
3 Years: 2%
TTM: 9%
Compounded Profit Growth
10 Years: 24%
5 Years: 27%
3 Years: 5%
TTM: -19%
Stock Price CAGR
10 Years: 20%
5 Years: 8%
3 Years: -1%
1 Year: -24%
Return on Equity
10 Years: 12%
5 Years: 19%
3 Years: 20%
Last Year: 16%

Balance Sheet

Figures in Rs. Crores

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
227 227 227 227 227 227 227 227 227 227 227 227
Reserves 557 589 620 607 645 668 740 820 945 1,088 1,267 1,339
Borrowings 0 777 1,031 1,357 1,299 1,039 705 619 517 413 302 199
438 563 578 568 650 681 735 867 1,008 1,065 1,050 1,060
Total Liabilities 1,222 2,156 2,455 2,759 2,820 2,615 2,408 2,533 2,696 2,793 2,845 2,824
330 348 374 1,787 1,794 1,901 1,877 1,806 1,737 1,693 1,618 1,562
CWIP 428 1,054 1,517 167 127 56 6 8 17 16 19 27
Investments 0 0 0 0 0 0 0 0 0 0 0 0
463 754 564 804 899 657 524 719 941 1,084 1,208 1,235
Total Assets 1,222 2,156 2,455 2,759 2,820 2,615 2,408 2,533 2,696 2,793 2,845 2,824

Cash Flows

Figures in Rs. Crores

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
56 52 50 119 238 257 361 377 393 459 439 302
3 -630 -431 -195 6 -108 -40 -14 -26 -14 -173 -35
-23 690 144 117 -212 -287 -315 -165 -242 -314 -304 -328
Net Cash Flow 36 112 -238 41 32 -138 6 198 125 131 -38 -61

Ratios

Figures in Rs. Crores

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 10 9 9 9 3 6 3 4 4 4 6 6
Inventory Days 123 173 370 288 168 195 141 125 158 137 157 147
Days Payable 341 219 333 276 168 204 194 223 262 243 265 225
Cash Conversion Cycle -208 -38 46 22 3 -3 -50 -95 -100 -101 -102 -71
Working Capital Days -69 -70 -52 -25 5 -11 -37 -50 -41 -42 -40 -5
ROCE % 13% 4% 2% 1% 9% 7% 11% 17% 25% 28% 25% 21%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
69.39 69.39 69.39 69.39 69.39 69.39 69.39 69.39 69.39 69.39 69.39 69.39
11.68 10.15 9.89 10.41 9.70 8.76 9.25 8.87 6.59 5.81 5.47 5.45
7.08 8.46 8.45 8.34 8.00 6.74 7.10 7.98 10.09 10.94 10.91 10.65
0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14
11.70 11.86 12.13 11.71 12.77 14.97 14.11 13.62 13.79 13.72 14.09 14.36

Documents