India Cements Ltd

₹ 225 2.64%

23 Apr 2:11 p.m.

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 ₹ 6,987 Cr.
Current Price ₹ 225
High / Low ₹ 277 / 179
Stock P/E
Book Value ₹ 182
Dividend Yield 0.00 %
ROCE -3.70 %
ROE -5.46 %
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 1.26% over past five years.
Promoter holding is low: 28.4%
Company has a low return on equity of -0.17% over last 3 years.
Promoters have pledged 45.5% of their holding.
Working capital days have increased from 68.3 days to 109 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,184.68	1,472.45	1,045.25	1,234.85	1,160.63	1,417.62	1,514.35	1,327.06	1,281.00	1,485.73	1,436.74	1,264.39	1,144.46
	961.66	1,306.68	880.58	1,092.77	1,046.04	1,354.69	1,474.53	1,403.28	1,340.62	1,532.81	1,428.46	1,259.98	1,095.69
Operating Profit	223.02	165.77	164.67	142.08	114.59	62.93	39.82	-76.22	-59.62	-47.08	8.28	4.41	48.77
OPM %	18.83%	11.26%	15.75%	11.51%	9.87%	4.44%	2.63%	-5.74%	-4.65%	-3.17%	0.58%	0.35%	4.26%
	4.56	22.85	3.13	6.59	7.49	7.18	10.28	10.64	311.26	-105.90	7.13	8.02	55.59
Interest	69.77	54.22	46.67	50.98	51.25	48.76	60.61	69.51	61.63	49.93	58.18	60.39	60.39
Depreciation	61.62	62.52	55.86	57.86	55.98	55.83	53.76	55.22	55.38	54.91	54.45	54.99	58.07
Profit before tax	96.19	71.88	65.27	39.83	14.85	-34.48	-64.27	-190.31	134.63	-257.82	-97.22	-102.95	-14.10
Tax %	27.89%	38.83%	28.56%	18.33%	12.59%	24.13%	230.43%	36.37%	17.39%	5.45%	24.32%	16.91%	53.33%
	71.64	45.51	43.78	34.03	19.82	-10.44	81.74	-110.40	132.80	-229.15	-87.18	-79.79	0.99
EPS in Rs	2.19	1.62	1.39	0.96	0.52	-0.34	2.58	-3.65	4.30	-7.32	-2.82	-2.58	0.02
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	4,631	5,157	5,082	5,057	4,879	5,158	5,267	5,770	5,186	4,511	4,858	5,608	5,331
	3,686	4,219	4,458	4,294	4,006	4,267	4,548	5,131	4,588	3,715	4,373	5,749	5,317
Operating Profit	945	937	624	763	873	891	720	639	599	796	486	-141	14
OPM %	20%	18%	12%	15%	18%	17%	14%	11%	12%	18%	10%	-3%	0%
	22	23	-135	22	21	17	14	26	24	32	23	224	-35
Interest	333	369	411	478	440	380	365	350	343	271	198	242	229
Depreciation	286	324	320	303	291	276	279	265	256	247	226	219	222
Profit before tax	349	267	-241	4	164	252	90	50	24	311	85	-378	-472
Tax %	25%	33%	-0%	127%	29%	37%	21%	49%	-126%	33%	23%	55%
	272	192	-239	-1	119	159	69	26	51	209	87	-125	-395
EPS in Rs	8.84	6.12	-7.92	-0.11	3.80	5.41	2.11	0.68	1.62	6.67	2.53	-4.09	-12.70
Dividend Payout %	23%	33%	-0%	-0%	26%	19%	38%	118%	37%	15%	40%	-24%

Compounded Sales Growth
10 Years:	1%
5 Years:	1%
3 Years:	3%
TTM:	-4%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-64%

Stock Price CAGR
10 Years:	12%
5 Years:	15%
3 Years:	10%
1 Year:	22%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	3,631	3,684	3,364	3,073	4,742	4,867	4,961	4,936	5,188	5,388	5,637	5,466	5,324
Preference Capital	-0	-0	-0	-0	-0	-0	-0	12	10	11	-0	-0
	3,035	3,316	3,498	3,502	3,296	3,100	3,197	3,344	3,582	3,041	3,091	2,945	2,832
	1,697	1,916	1,962	1,805	2,345	2,674	2,479	2,707	2,589	2,351	3,005	2,746	2,772
Total Liabilities	8,669	9,223	9,132	8,687	10,692	10,950	10,946	11,297	11,670	11,090	12,043	11,467	11,238
	5,207	5,199	5,210	4,599	7,488	7,260	7,146	7,072	7,206	7,065	7,101	6,803	6,716
CWIP	170	356	112	98	99	134	176	196	235	300	386	313	371
Investments	422	446	442	440	357	358	358	371	382	381	408	334	325
	2,870	3,221	3,368	3,550	2,748	3,198	3,265	3,659	3,847	3,344	4,147	4,016	3,827
Total Assets	8,669	9,223	9,132	8,687	10,692	10,950	10,946	11,297	11,670	11,090	12,043	11,467	11,238

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	942	732	516	645	964	765	556	377	387	1,046	439	-19
	-693	-544	-184	-124	-220	-158	-306	-202	-282	-189	-250	435
	-288	-190	-335	-520	-757	-605	-235	-180	-110	-860	-183	-397
Net Cash Flow	-39	-2	-3	1	-14	2	16	-5	-6	-3	6	19

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	19	35	33	37	42	37	45	47	52	46	70	54
Inventory Days	302	289	281	287	267	306	258	287	312	270	368	258
Days Payable	407	460	459	402	447	522	441	458	490	488	565	438
Cash Conversion Cycle	-85	-137	-145	-78	-138	-178	-138	-124	-127	-173	-127	-126
Working Capital Days	-24	-6	-20	-3	-42	-12	8	8	15	28	68	109
ROCE %	10%	9%	4%	7%	8%	8%	5%	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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