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BIGBLOC Construction Results: Latest Quarterly Results & Analysis

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Bigbloc Construction Ltd. 13 Aug 2024 17:54 PM
Result PDF

Q1FY25 Quarterly Result Announced for Bigbloc Construction Ltd.

Construction & Engineering company Bigbloc Construction announced Q1FY25 results:

  • Consolidated net profit of Rs 3.03 crore (PAT margin 5.80%) for the Q1FY25 ended June 2024 as compared to the net profit of Rs 5.90 crore (PAT margin 10.74%) in Q1FY24. 
  • Revenue from Operations during Q1 FY 2024- 25 was reported at Rs 51.57 crore, de-growth of 6% YoY as compared to revenue from operations of Rs 54.87 crore in Q1FY24.
  • EBITDA for Q1 FY2024-25 stood at Rs 9.65 crore (EBITDA Margin 18.71%) as against EBITDA of Rs 12.64 crore (EBITDA Margin 23.04%) in Q1FY24. EPS for Q1FY25 stood at Rs 0.62 per share.
  • The board also approved the proposal of increasing the authorised share capital of the company to Rs 30 crore divided into 15 crore Equity Shares of Rs 2 each, subject to approval of the members and regulatory authorities.

Narayan Saboo, the Chairman, Bigbloc Construction Ltd said, “Our company is making significant strides in its long-term growth roadmap, positioning ourselves as a leader in the AAC block industry in India. With projects at Kapadvanj and Wada progressing on schedule, we're set to transform the market. To reward our loyal shareholders and enhance liquidity, the board has recommended a bonus issue, reinforcing our equity base. We remain focused on innovation, operational efficiency, and sustainability, which will drive future growth and value for all stakeholders."

The Company in its board meeting on July 19, 2024 has recommended issue of bonus equity shares in the ratio of 1:1 i.e. one bonus equity share for every one existing equity share held by the shareholders of the company as on the record date, subject to the approval of shareholders at the AGM on August 29, 2024. The bonus issue is aimed at rewarding existing shareholders, enhance liquidity, and expand the shareholder base. Free reserves of Rs 28.31 crore will be utilized for the Bonus Issue. Subject to obtaining necessary approvals, the bonus shares shall be credited within 2 months from the date of the Board approval i.e. on or before September 18, 2024.

“The company experienced flat volume growth in Q1FY25 due to market disruptions linked to the Holi festival and delays associated with the Loksabha Elections. These disruptions particularly impacted the West and North regions, where migrant labor is essential. Additionally, in Ahmedabad and Gandhinagar, construction activities were paused for 4 to 5 hours daily in May 2024 due to extreme heat, in line with Municipal Corporation guidelines, which affected the demand for blocks. Moreover, the Umargaon plant has been undergoing a planned temporary shutdown for technology upgrades since May 18, 2024.

Profitability during the quarter remained under pressure as the company had incurred expenses for inauguration and product launch and various other markeing related expenses of "ZMARTBUILD WALL" for the newly commercialised JV plant. Additionally, depreciation and other operating expenses have been charged for the full quarter, however, corresponding revenue generation has been less, added Mr. Saboo. ”

Result PDF

Result PDF

Cement & Cement Products company Bigbloc Construction announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Consolidated net profit: Rs 8.7 crore (PAT margin 12.05%); growth of 55.7% YoY compared to Rs 5.6 crore (PAT margin 11.8%) in Q4 FY23.
  • Revenue from Operations: Rs 67.9 crore; a rise of 46% YoY compared to Rs 46.6 crore in Q4FY23.
  • EBITDA: Rs 12.6 crore (EBITDA Margin 18.47%); rise of 18.4% compared to Rs 10.6 crore (EBITDA Margin 22.8%) in Q4FY23.
  • EPS: Rs 1.22 per share.

FY24 Financial Highlights:

  • Consolidated net profit: Rs 30.7 crore (PAT margin 12.4%); compared to Rs 30.1 crore (PAT margin 15.0%) in FY23.
  • Revenue from Operations: Rs 243.2 crore; rise of 21.6% YoY compared to Rs 200.1 crore in FY23.
  • EBITDA: Rs 56.2 crore (EBITDA Margin 23.09%); rise of 12.3% compared to Rs 50.0 crore (EBITDA Margin 24.9%) in FY23.
  • EPS: Rs 4.36 per share.
  • Final dividend recommended: 20% for FY24.

Narayan Saboo, Chairman, Bigbloc Construction said, “Q4 and FY24 results marked a milestone with the company achieving its highest-ever revenue, EBITDA, and net profit figures, reflecting robust operational and financial performance. This consistent performance underscores the company's commitment to delivering growth while maintaining healthy margins and adhering to its long-term growth strategy. We expect the growth momentum to continue and expect to get further boost in coming years Company’s Strategic growth initiatives, operational efficiency, and a thrust on launching innovative and environmentally friendly solutions will be key differentiator and growth driver for future growth and value maximization for all stakeholders.”

Result PDF

Cement products company Bigbloc Construction announced Q3FY24 & 9MFY24 results:

Revenue Growth:
- Q3 FY24: BigBloc Construction Ltd reported revenue from operations amounting to Rs 61.5 crore, a 24.24% increase compared to Rs 49.5 crore in Q3 FY23.
- 9 Months FY24: Consolidated revenue reached Rs 175.3 crore, marking a 14.13% growth from Rs 153.6 crore in the same period of the previous year.

EBITDA Performance:
- Q3 FY24: EBITDA stood at Rs 16.2 crore with a margin of 26.34%, in comparison to Rs 13.3 crore and a margin of 26.87% in Q3 FY23.
- 9 Months FY24: Achieved an EBITDA of Rs 43.6 crore, representing a 10.38% increase with the margin slightly reduced to 24.87% from 25.72% in the previous year.

Profitability:
- Q3 FY24: Net profit (PAT) increased to Rs 8.6 crore, up by 11.69% from Rs 7.7 crore in Q3 FY23, with the PAT margin at 13.98%.
- 9 Months FY24: A consolidated net profit of Rs 22.0 crore was reported, a decrease of 10.57% from a net profit of Rs 24.6 crore in 9 Months FY23.

Earnings Per Share (EPS):
- Q3 FY24: Rs 1.22 per share, an increase of 11.93% year-over-year.
- 9 Months FY24: EPS stood at Rs 3.14 per share, recording a 9.51% decline compared to the prior year.

Dividend:
- The company declared a 2nd interim dividend of 10% for FY23-24, translating to Rs 0.20 per share.

Operational Highlights

  • Commencement of phase two at Wada plant, expected to add another 2.5 lakhs cubic meters per annum to production capacity.
  • Active work on establishing a Kapadvanj plant with a capacity of 3 lakhs cubic meters per annum for ALC Panels and AAC Blocks in joint venture with Thailand's SCG Group.
  • Post expansions, BigBloc anticipates becoming one of India’s AAC Block Space leaders with a capacity of 13.75 lakhs cubic meters per annum.
  • The company projects to generate 2.5 to 3 lakhs tons of carbon credit annually after ongoing expansions.

Mr. Narayan Saboo, Chairman of Bigbloc Construction Ltd, stated: "The company has continued to excel in the December quarter, reporting robust operational and financial performance, marked by substantial revenue and profitability growth."

He further added: "Progress in the Wada, Maharashtra expansion and the joint venture with SCG Group signifies the commitment to timely project completion. The collaboration with SCG Group focuses on sharing techno-commercial knowledge, fostering mutual growth, and introducing cutting-edge building materials to the Indian market."

Emphasizing future outlook, Mr. Saboo said: "With strategic initiatives, operational efficiency, and a vision for innovative products, the company anticipates sustained growth and value maximization for stakeholders in the short to medium term. The company expects to achieve 20-25% sales growth in FY24 with a healthy EBITDA margin of 20-25%."


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Result PDF

Cement & Cement Products company Bigbloc Construction announced Q2FY24 results:

Financial Performance:
- BigBloc Construction reported a total income of Rs 59.12 crore in Q2FY24, showing a growth of 21.8% YoY.
- The company achieved the highest-ever EBITDA of Rs 15.09 crore in Q2FY24, with an EBITDA margin of 25.51%.
- Consolidated net profit in Q2FY24 was Rs 7.56 crore, with a net profit margin of 12.80%.
- For the first half of FY24, the company reported a total income of Rs 114.06 crore, a rise of 9.5% YoY. The net profit for the same period was Rs 13.58 crore.

Dividends and Investment:
- The company declared a 10% interim dividend of Rs 0.20 per share for FY24.
- Majority of the promoter group has waived their dividend rights to support the company's expansion plans.
- The company's expansion projects in Wada and the joint venture with SCG Group are progressing as planned.

Expansion and Capacity:
- BigBloc Construction is planning to add another 2.5 lakh cubic meter per annum capacity at its Wada plant, increasing it to 5 lakh cubic meters.
- The joint venture plant with SCG Group is expected to start commercial production in the next 6-7 months, with a capacity of 3 lakh cubic meters per annum.
- The company is exploring manufacturing facilities in Northern and Southern India to meet the growing demand.

Carbon Credits and Green Initiatives:
- The company generates 60,000 carbon credits per annum from its Umargaon unit and expects to generate over 2 lakh credits per annum after all expansions are completed.
- BigBloc Construction aims to increase its product basket with the launch of ALC Panels, Block Jointing Mortar, Tile Adhesives, Gypsum Plaster, and other construction chemicals.
- The company is installing 450 kW solar rooftop facilities at its manufacturing facilities to reduce its carbon footprint.

Commenting on the company’s performance, Narayan Saboo, the Chairman, Bigbloc Construction said, “The Company has reported excellent numbers for Q2FY24 with a steady growth in Revenue and achieved the highest-ever EBITDA on a quarterly basis. We expect Q3 and Q4FY24 to be even better with higher capacity utilization across plants. We aim to achieve 25-30% sales growth in FY24 with a healthy EBITDA margin of 20-25%.

Expansion of 2nd phase of Wada project and joint venture plant with SCG are progressing as planned. Post completion of the current expansion company’s manufacturing capacity will increase to 13.75 lakhs cubic meter per annum. Further with a vision to become a prominent national player in the AAC Block space and meet the growing demand, the company is exploring manufacturing facilities in Northern as well as South India and expand the product basket.”

Mohit Saboo, Director & CFO, BigBloc Construction, said, “Company currently generates 60,000 units of carbon credits per annum from Umargaon unit while Wada (1st phase) is under the process of registration. Company expects to generate over 2 lakhs units of carbon credits per annum post all expansions are completed. Going forward, company also plans to increase the product basket with the launch ALC Panels, Block jointing Mortar, Tile Adhesives, Gypsum Plaster and other construction chemicals.”

 

 

Result PDF

Cement & Cement Products company Bigbloc Construction announced Q1FY24 results:

  • Total income of Rs 54.94 crore in Q1FY24 compared to Rs 47.24 crore in Q4FY23, up 16.3% QoQ.
  • EBITDA of Rs 12.71 crore in Q1FY24 compared to Rs 11.30 crore in Q4FY23, up 12.5% QoQ.
  • EBITDA margin of 23.1% in Q1FY24 compared to 23.9% in Q4FY23, down 77 bps QoQ.
  • PAT of Rs 5.90 crore in Q1FY24 compared to Rs 5.56 crore in Q4FY23, up 6.2% QoQ.
  • PAT margin of 10.7% in Q1FY24 compared to 11.7% in Q4FY23, down 101 bps QoQ.
  • EPS of Rs 0.85 in Q1FY24 compared to Rs 0.79 in Q4FY23, up 7.6% QoQ.

Commenting on the company’s performance during Q1FY24, Narayan Saboo, Chairman, Bigbloc Construction said, "The Company is progressing well on its long-term growth roadmap for achieving leadership position in the AAC block space in India and all our future projects at Kapadvanj (Gujarat) and Wada (Maharashtra) are progressing as scheduled. We expect the growth momentum to get a further boost in coming quarters and aim for 20-25% sales growth for FY24.”

“The company has completed Phase I of the Wada project and invested around Rs 48 crore. We expect to start work on Phase 2 in the current financial year itself. Post completion of all expansion, the company’s total capacities will increase to 13.75 lakh cbm per annum making it the largest manufacturer of AAC block in the country. The Company will be in a better position to serve the growing demand for AAC blocks in Western India and strengthen its leadership position in the AAC block space in India. The Company expects to generate around 2.5 to 3 lakh units of carbon credit every year post-expansion," said Mohit Saboo, Director & CFO, BigBloc Construction.

 

 

Result PDF

Cement & Cement Products company Bigbloc Construction announced Q4FY23 & FY23 results:

  • Consolidated net profit of Rs 30.14 crore (PAT margin 15.0%) for FY23, growth of 87.4% YoY as compared to the net profit of Rs 16.08 crore (PAT margin 9.2%) in FY22
  • Total income during FY23 was reported at Rs 200.94 crore, a rise of 14.3% YoY as compared to the total income of Rs 175.78 crore in FY22
  • EBITDA for FY23 stood at Rs 50.84 crore (EBITDA Margin 25.3%), rise of 83.5% as against EBITDA of Rs 27.70 crore (EBITDA Margin 15.8%) in FY22
  • EPS for FY23 stood at Rs 4.28 per share
  • The Company has recommended a 20% dividend, Rs 0.40 per share on the face value of Rs 2 per share for the FY23
  • For Q4FY23, the company has reported a consolidated net profit of Rs 5.56 crore on a total income of Rs 47.24 crore.
  • EBITDA for Q4FY23 was reported at Rs 11.30 crore.

Commenting on the development, Narayan Saboo, Chairman, Bigbloc Construction said, “We feel proud to inform all our stakeholders that the company is progressing well on its long-term growth roadmap. The Company has reported excellent numbers for FY23 with the highest Revenue, EBITDA and Net Profit reported every year. The company is growing from strength to strength, delivering robust operational and financial performance and maintaining healthy growth in revenue, margins, and profitability. Strategic growth initiatives, operational efficiency, and commitment to launching environment-friendly and sustainable building products will contribute to healthy growth and maximize value for all stakeholders in the medium to long term. We expect the growth momentum to continue and expect to get a further boost in coming years.”

“Wada project is eligible for a 60% subsidy from the state government and the company has invested Rs 48 crore so far in Phase I. Post completion of all expansion, the company’s total capacities will increase to 13.75 lakh cbm per annum making it the largest manufacturer of AAC block in the country. The Company will be in a better position to serve the growing demand for AAC blocks in Western India and strengthen its leadership position in the AAC block space in India. The Company expects to generate around 2.5 to 3 lakh units of carbon credit every year post-expansion," said Mohit Saboo, Director & CFO, BigBloc Construction.

 

Result PDF

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