CEMPRO · Construction
Cemindia Projects Ltd. reported revenue of ₹1,991 cr for July to September 2024, +23.7% on the year and −16.4% on the quarter.
Operating profit (EBITDA) was ₹182 cr, a margin of 9.1%, −67 bps on the year and −14 bps on the quarter. Over the last 6 quarters the margin has ranged from 8.8% to 10.2%, averaging 9.5%. Operating costs grew +24.6%, faster than revenue at +23.7%, so operating profit grew less than sales.
Net profit was ₹72.0 cr, +33.3% on the year and −28.0% on the quarter, with earnings per share of ₹4.19. Profit before other income, one-offs and tax grew faster, at +42.6%; other income, one-offs or tax held the headline back. The tax rate of 28% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹19.79 over the last four quarters, the stock at ₹1,200.00 trades at 60.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹47.0 cr, −11.3% on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,017 cr | ₹2,258 cr | ₹2,381 cr | ₹1,991 cr | ₹2,270 cr | ₹2,532 cr | ₹2,576 cr | ₹2,195 cr | ₹2,315 cr | ₹2,973 cr | ₹2,721 cr | ₹2,749 cr |
| YoY | — | — | +30% | +24% | +13% | +12% | +8% | +10% | +2% | +17% | +6% | +25% |
| EBITDA margin | 10.2% | 9.8% | 9.3% | 9.1% | 9.1% | 10.1% | 9.3% | 9.4% | 9.6% | 12.0% | 10.1% | 9.7% |
| Other income, % of PBT | 14% | 17% | 12% | 23% | 9% | 10% | 12% | 25% | 15% | 26% | 5% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 31% | 26% | 28% | 23% | 28% | 19% | 26% | 27% | 31% | 27% | 27% |
| Net profit | ₹79.0 cr | ₹90.0 cr | ₹100 cr | ₹72.0 cr | ₹87.0 cr | ₹113 cr | ₹137 cr | ₹108 cr | ₹111 cr | ₹242 cr | ₹141 cr | ₹131 cr |
| YoY | — | — | +92% | +33% | +10% | +26% | +37% | +50% | +28% | +114% | +3% | +21% |
| Core profit YoY | — | — | +80% | +43% | +13% | +31% | +25% | +43% | +25% | +83% | +22% | +52% |
| EPS | ₹4.56 | ₹5.21 | ₹5.83 | ₹4.19 | ₹5.07 | ₹6.60 | ₹7.99 | ₹6.27 | ₹6.46 | ₹14.10 | ₹8.20 | ₹7.60 |
| Flags | · | · | ✓ | 1 | 1 | ✓ | 1 | ✓ | ✓ | 2 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cemindia Projects Ltd. reported revenue of ₹1,991 cr (+23.7% on the year) and net profit of ₹72.0 cr (+33.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +42.6% on the year, against +33.3% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.