India Cements Ltd

₹ 224 2.07%

23 Apr - close price

indiacements.co.in BSE: 530005 NSE : INDIACEM

About

India Cements Ltd is a leading cement manufacturing company headquartered in Chennai. It was incorporated in the year 1946 by Shri S N N Sankaralinga Iyer and Sri T S Narayanaswami. While retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining that have purposeful synergy to the core business. The co is also a sponsor of the IPL franchise “Chennai Super Kings”. ^[1]

Key Points

Revenue Mix
The revenue for the company for FY20 was mainly contributed by the sale of cement (95% of total revenues). ^[1]

Website BSE NSE

Market Cap ₹ 6,945 Cr.
Current Price ₹ 224
High / Low ₹ 277 / 179
Stock P/E
Book Value ₹ 176
Dividend Yield 0.00 %
ROCE -4.10 %
ROE -6.53 %
Face Value ₹ 10.0

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Pros

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 0.78% over past five years.
Promoter holding is low: 28.4%
Company has a low return on equity of -0.66% over last 3 years.
Promoters have pledged 45.5% of their holding.
Working capital days have increased from 60.3 days to 103 days

* 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 - South India

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	1,160	1,450	1,022	1,190	1,108	1,392	1,446	1,255	1,219	1,460	1,393	1,222	1,082
	945	1,249	860	1,057	1,004	1,331	1,415	1,346	1,289	1,505	1,388	1,214	1,033
Operating Profit	215	201	162	134	104	61	31	-91	-70	-44	5	8	49
OPM %	19%	14%	16%	11%	9%	4%	2%	-7%	-6%	-3%	0%	1%	5%
	3	12	3	3	6	5	8	4	298	-95	7	6	43
Interest	68	53	55	51	50	48	59	66	61	49	58	59	60
Depreciation	60	61	54	56	55	54	52	54	54	53	53	53	57
Profit before tax	89	98	56	29	5	-36	-72	-207	114	-242	-99	-99	-24
Tax %	30%	27%	33%	25%	36%	35%	206%	33%	21%	10%	24%	18%	31%
	62	72	37	22	3	-24	76	-138	91	-218	-75	-81	-17
EPS in Rs	2.00	2.31	1.21	0.71	0.11	-0.77	2.46	-4.44	2.93	-7.03	-2.43	-2.63	-0.53
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	4,203	4,597	4,441	4,424	4,229	5,079	5,176	5,628	5,058	4,437	4,713	5,381	5,158
	3,119	3,772	3,902	3,740	3,453	4,216	4,475	4,986	4,469	3,628	4,251	5,553	5,140
Operating Profit	1,084	825	539	684	776	863	701	642	589	809	462	-173	18
OPM %	26%	18%	12%	15%	18%	17%	14%	11%	12%	18%	10%	-3%	0%
	-161	17	-71	30	18	14	11	27	-76	21	15	213	-40
Interest	290	308	354	426	382	360	340	324	334	265	204	234	226
Depreciation	251	282	276	258	219	257	256	251	247	242	220	213	216
Profit before tax	381	252	-162	29	192	260	116	93	-68	323	54	-407	-464
Tax %	23%	35%	0%	0%	32%	33%	13%	26%	48%	31%	28%	54%
	293	164	-162	29	130	173	101	69	-36	222	39	-189	-391
EPS in Rs	9.54	5.32	-5.29	0.96	4.23	5.64	3.27	2.24	-1.15	7.16	1.26	-6.08	-12.62
Dividend Payout %	21%	38%	0%	0%	24%	18%	24%	36%	-52%	14%	80%	0%

Compounded Sales Growth
10 Years:	2%
5 Years:	1%
3 Years:	2%
TTM:	-3%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-14%

Stock Price CAGR
10 Years:	12%
5 Years:	16%
3 Years:	10%
1 Year:	24%

Return on Equity
10 Years:	1%
5 Years:	0%
3 Years:	-1%
Last Year:	-7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	307	307	307	307	308	308	308	310	310	310	310	310	310
Reserves	3,752	3,782	3,544	3,286	4,673	4,802	4,892	4,930	5,105	5,308	5,508	5,289	5,134
	2,701	3,023	3,202	3,201	3,155	2,921	3,100	3,270	3,533	3,006	3,068	2,924	2,814
	1,482	1,690	1,683	1,518	2,226	2,614	2,399	2,595	2,504	2,250	2,899	2,662	2,704
Total Liabilities	8,241	8,803	8,737	8,311	10,362	10,645	10,699	11,105	11,452	10,874	11,785	11,186	10,962
	4,133	4,142	4,161	3,586	7,182	6,973	6,796	6,713	6,826	6,670	6,688	6,547	6,462
CWIP	145	339	101	89	93	128	171	177	196	187	272	313	371
Investments	852	958	946	1,585	551	619	588	695	737	746	780	494	495
	3,111	3,364	3,529	3,051	2,536	2,926	3,143	3,520	3,694	3,271	4,046	3,832	3,634
Total Assets	8,241	8,803	8,737	8,311	10,362	10,645	10,699	11,105	11,452	10,874	11,785	11,186	10,962

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	821	666	536	579	917	812	468	413	414	1,036	418	-11
	-542	-572	-243	-99	-160	-188	-294	-240	-340	-196	-254	429
	-310	-93	-294	-479	-798	-624	-173	-175	-74	-840	-168	-405
Net Cash Flow	-30	2	-2	2	-41	0	2	-2	-0	0	-5	14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	18	37	35	38	46	37	44	47	52	45	71	55
Inventory Days	353	324	344	333	321	307	261	294	334	274	402	302
Days Payable	324	507	540	452	555	543	456	470	539	505	621	518
Cash Conversion Cycle	47	-146	-161	-81	-188	-200	-151	-129	-153	-186	-147	-161
Working Capital Days	-15	1	-23	-10	-59	-23	0	2	5	18	60	103
ROCE %	10%	8%	4%	7%	8%	8%	6%	5%	4%	7%	3%	-4%

Shareholding Pattern

Numbers in percentages

6 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%	28.42%
	13.32%	13.22%	13.20%	13.29%	13.42%	13.86%	13.07%	13.15%	13.65%	13.43%	13.58%	13.27%
	7.59%	6.30%	7.91%	8.84%	7.69%	9.50%	9.90%	9.38%	9.43%	10.04%	8.94%	8.47%
	50.67%	52.07%	50.47%	49.46%	50.47%	48.24%	48.62%	49.04%	48.52%	48.12%	49.06%	49.83%
No. of Shareholders	1,61,640	1,65,884	1,81,498	1,85,649	1,95,551	1,82,623	1,89,447	1,95,974	1,94,254	1,85,758	1,96,426	2,06,667

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	28.46%	28.37%	28.30%	28.26%	28.42%	28.42%	28.42%	28.42%
	25.25%	18.22%	13.30%	12.85%	13.06%	13.29%	13.15%	13.27%
	21.26%	28.33%	28.49%	8.26%	9.00%	8.84%	9.38%	8.47%
	25.03%	25.08%	29.91%	50.63%	49.53%	49.46%	49.04%	49.83%
No. of Shareholders	1,06,978	1,42,987	1,59,710	1,56,473	1,54,888	1,85,649	1,95,974	2,06,667

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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