Heidelberg Cement Q2FY23 PAT down -88% at Rs7.01cr as EBITDA margins fall by 1080 basis points yoy

19 Oct 2022 , 08:12 AM

Heidelberg Cement reported -12.22% fall in total sales revenues for the September 2022 quarter on consolidated basis at Rs506.05cr. Sequential revenues were down -14.21%.

For the September 2022 quarter, the sales volumes were down -18.8% at 1.00 million tonnes. Despite prices maintained at flat to positive, this had a net impact on the sales revenues for the quarter.

The share of green power at its plants increased on a yoy basis from 27% to 34%. The company has distributed dividend of Rs9 per share for fiscal year FY21-22.

The 19% fall in volumes was partially offset by an 8% rise in the average price realization.

Consolidated Profit after tax (PAT) for September 2022 quarter was down -88.23% at Rs7.01cr. On a per tonne basis, the operating costs including freight increased by a steep 23% yoy due to steep increase in petcoke, diesel and packaging costs.

EBITDA per tonne at Rs476 was down nearly 50% yoy. As a result the EBITDA margins compressed on a yoy basis from 20.2% to 9.4%; a fall of 1080 basis points.

Net margins came in at 1.39% for Q2FY23 as compared to 10.33% in the year ago quarter and 8.75% in the sequential June 2022 quarter. The company saw improvement in the interest coverage and debt coverage ratios.

Financial highlights for Sep-22 compared yoy and sequentially

	Heidelberg Cement
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 506.05	₹ 576.47	-12.22%	₹ 589.89	-14.21%
Net Profit (Rs cr)	₹ 7.01	₹ 59.56	-88.23%	₹ 51.61	-86.42%
Diluted EPS (Rs)	₹ 0.31	₹ 2.63		₹ 2.28
Net Margins	1.39%	10.33%		8.75%