HeidelbergCement India Results: Latest Quarterly Results & Analysis

Cement & Cement Products company Heidelberg Cement India announced Q3FY25 results

• Revenue: Rs 5,428 million compared to Rs 6,071 million during Q3FY24, change -10.6%.
• EBITDA: Rs 333 million compared to Rs 654 million during Q3FY24, change -49.2%.
• PAT: Rs 52 million compared to Rs 315 million during Q3FY24, change -83.5%
• The Company’s EBITDA per tonne decreased to Rs 291, a decrease of 46.3% YoY due to lower volume and prices.
• During the quarter, the Company entered into long term green power purchase agreement for additional c. 25 GwH p.a. for its Narsingarh & Imlai plants in Madhya Pradesh.
• As at Dec 31, 2024, cash & bank balance stood at Rs 4,328 million as against interest free borrowings of Rs 687, million, resulting in net cash of MINR 3,641.

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Cement & Cement Products company Heidelberg Cement announced Q2FY25 results

• The Company's revenue decreased by 18.5% YoY driven by a 15% decrease in volume and decrease in price 4%.
• On a per tonne basis, operating cost including freight increased by 1% YoY mainly due to decrease in volume partially offset by lower power and fuel prices.
• Driven by decrease in volume and prices, the company’s EBITDA per tonne decreased to Rs 380, a decrease of 36% YoY.
• Debottlenecking project of clinker plant at Narsingarh is on track and is likely to be completed by Q4FY25.
• The Company has signed a Manufacturing Tie-up Arrangement with Himalaya Height Cement Private Limited on 16 July 2024 and started buying cement from their Bhabhua Grinding Plant in Bihar from end of Aug 2024.
• The Company distributed dividend of % 8 per share pertaining to FY24.
• As at Q2FY25, cash & bank balance stood at Rs 4,100 million as against interest free borrowings of Rs 1,381 million.

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Cement & Cement Products company Heidelberg Cement India announced Q1FY25 results:

• Revenue decreased by 11% YoY driven by lower volume by 6% and price reduction by 5%.
• On a per tonne basis, total operating cost including freight decreased by 4% YoY primarily due to a lower fuel prices. The decrease in operating cost was partially offset by lower prices resulting in EBITDA of & 690 per tonne, a decrease of 11% YoY.
• The Company started receiving Wind-Solar hybrid power under long term power purchase agreement at its clinker plant in Narsingarh and grinding plant at Imlai, green power share increased to 38%.
• The Company increased its share of alternate fuel to 11%.
• As at June 30, 2024, the cash & bank balance stood at Rs 6,264 million as against interest- free borrowings of Rs 1,381 million, resulting in net cash of Rs 4,883 million.

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Cement & Cement Products company Heidelberg Cement India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• The company experienced a marginal decline in revenue, c.1%. This decrease was primarily due to 4.7% decrease in prices, partially offset by 4% increase in sales volume.
• On a per tonne basis, the total operating cost (including freight) decreased by c.8.4% YoY. This cost reduction was primarily due to decrease in power and fuel expenses.
• The Company increased consumption of Alternate Fuels to the extent of 10% by increasing usage of alternate fuels such as Bio Masses and Refuse derived fuels.
• The Company reported EBITDA per tonne of & Rs 721 per tonne, an increase of c.24% YoY and
• Profit After Tax of Rs 482 million, representing c.38% growth YoY.

FY24 Financial Highlights:

• On a per tonne basis, the price decreased by 3.4% as compared to c.6% decrease in total operating cost (including freight) resulting in a favourable EBITDA of Rs 659 per tonne, c. 16% growth YoY.
• The fuel prices per gigajoule decreased significantly and with increase in share of alternate fuels, the company's overall fuel prices reduced by 31% YoY.
• The power cost was further optimized by increase in green power generation from Waste Heat Recovery System (WHRS) and various other power sourcing options; the Company's share of non-grid power increased to 38%.
• The Company has repaid its second tranche of interest-free loan of Rs 629 million. As at March 31, 2024, the cash & bank balance stood at Rs 5,328 million as against interest- free borrowings of Rs 1,381 million.
• The Board of Directors is pleased to recommend a Dividend of Rs 8/- per equity share (80%) for the Financial Year 2023-24. This recommendation is subject to the approval of the shareholders at the uncomina Annual General Meeting of the Company.

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Heidelberg Cement India announced Q1FY24 results:

• Revenue increased by 1% YoY driven by an increase in volume by 8% and partially offset by a decrease in prices by 7%. Decrease in prices is driven by market prices and State Goods and Services Tax (SGST) incentive that ended after a period of 10 years in February 2023.
• On a per tonne basis, total operating cost including freight decreased by 6% YoY primarily due to a decrease in fuel prices and packaging cost. The decrease in operating cost was partially offset by the decrease in prices resulting in EBITDA off Rs 772 per tonne, a decrease of 10% YoY.
• The share of alternate fuel was 6% and with the help of green power initiatives across plants, the Company's overall share of green power increased to 33%.
• As at June 30, 2023, the cash & bank balance stood at Rs 6,103 million as against interest free borrowings off Rs 2,010 million . 

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Heidelberg Cement India announced Q3FY23 results:

Q3FY23:

• Revenue remained flat compared to the previous year's corresponding quarter; an increase in prices by 2.2% was offset by 2.9% decrease in volume.
• On a per tonne basis, operating costs including freight increased by 8.8% YoY due to a steep increase in coal, petcoke & diesel costs. The increase was partially offset by an increase in prices resulting in EBITDA of Rs 339 per tonne, a decrease of 44% YoY.
• The company increased its green power across plants, the overall share of green power increased from 20% in Dec '21 quarter to 33% in Dec '22 quarter.
• As of Dec 31, 2022, the cash & bank balance stood at Rs 3,845 million, as against interest-free borrowings of Rs 2,346 million.

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Heidelberg Cement India Announced Q1FY23 Result :

• Revenue increased by c. 6% YoY driven by an increase in prices by 13% and partially offset by a decrease in volume by c. 6%.
• On a per tonne basis, total operating cost including freight increased by 24% YoY due to an unprecedented increase in coal, pet coke, diesel, and packaging costs. The increase in operating cost was partially offset by an increase in prices by 13% resulting in EBITDA of Rs 855 per tonne, a decrease of c. 23% YoY.
• The Company started receiving Solar Power under its long-term power purchase agreement for the Jhansi plant. The contracted capacity is 15 Mega Watt and the Company is expected to receive 22 Gigawatt Hours of solar power annually. As a result of an increase in green power across various plants, the Company's overall share of green power increased to 30%.
• The Company has moved to a concessional Income tax regime from FY 2022 - 2023 and therefore calculated the corporate tax @ 25.168% (including Surcharge and Cess) under section 115BAA of Income Tax Act, 1961.
• As at June 30, 2022, gross cash and bank balance stood at Rs 4,584 million as against total borrowings Rs 2,346 million, i.e. net cash balance of Rs 2,238 million.

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Heidelberg Cement India announced Q4FY22 results:

• Q4FY22:
  • Revenue increased by 1 % YoY driven by higher prices by 2.4% partially offset by lower volume by 1.4%.
  • On a per tonne basis, total operating cost incl. freight increased by 13.6% YoY mainly due to higher coal, petcoke, diesel and packaging costs. The increase in operating cost was partially offset by increase in other operating income mainly pertaining to SGST incentive from Govt. of Madhya Pradesh.
  • The Company reported EBITDA per tonne of Rs 961 per tonne, decrease of 21 % YoY. 
  • The Company reported Profit After Tax of Rs 936 million, decrease of 33% YoY.
  • The Company commissioned a Plant to use Alternate Fuels to achieve Thermal Substitution of 5% (first phase) at its Narsingarh clinker plant in Madhya Pradesh; this project is expected to reduce CO2 of 42,000 tonnes per annum.
  • The Company has also commissioned 5.5 Mega Watt Solar Power Plant at its plant located at Patharia Mines; the solar plant is expected to generate 10 Gigawatt Hours per annum and will save CO2 of  225,000 tonnes over the lifetime.
• FY22:
  • The Company sold a volume of 4.8 million tonnes, increase of 6.5% YoY; cement capacity utilization increased from 72% in FY21 to 76% in FY22.
  • On a per tonne basis, price remained flattish as compared to 9% increase in total operating cost incl. freight resulting in EBITDA of Rs 910 per tonne, decrease of 20% YoY.
  • Hardening of power and fuel prices was partially offset by power generation from Waste Heat Recovery System (WHRS).
  • The Company's green power share increased to more 23%. The Company has also contracted for Solar Power aggregating to 22 Gigawatt Hours per annum and has started consuming this power from April 2022.
  • The Company has repaid its interest bearing Non-Convertible Debentures of Rs 1,200 million.
  • As at March 31, 2022, cash and bank balance (net of outstanding borrowings) stood at Rs 1,344 million as against Rs 757 million as at March 31, 2021

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Heidelberg Cement India declares Q3FY22 result:

• Volume decreased by c.11% y/y whereas average selling price increased by 1.8% y/y.
• Total operating cost (incl. freight) per tonne increased by 12.7% y/y mainly due to significant increase in fuel, packaging, and diesel cost.
• The Company reported EBITDA of Rs 607 per tonne, decrease of c.36% y/y.
• The Company has repaid MINR 1,200 towards third and final tranche of 10.4% Non-Convertible Debentures on 16 December 2021. With this repayment, the Company has fully redeemed 10.4% Non-Convertible Debentures aggregating to MINR 3,700 issued on 16 December 2013.
• As of December 31, 2021, cash and bank balance stood at MINR 1,811, net of outstanding borrowings.

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