HINDCOPPER · Metals & Mining
Hindustan Copper Ltd. reported revenue of ₹518 cr for July to September 2024, +36.0% on the year and +4.9% on the quarter.
Operating profit (EBITDA) was ₹152 cr, a margin of 29.3%, −241 bps on the year and −871 bps on the quarter. Over the last 6 quarters the margin has ranged from 25.1% to 40.0%, averaging 31.8%. Operating costs grew +40.8%, faster than revenue at +36.0%, so operating profit grew less than sales.
Net profit was ₹102 cr, +67.2% on the year and −9.7% on the quarter, with earnings per share of ₹1.05. Profit before other income, one-offs and tax grew 43.1%, so 24 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹4.16 over the last four quarters, the stock at ₹430.00 trades at 103.4 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.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Operating margin slipped 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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹381 cr | ₹399 cr | ₹565 cr | ₹494 cr | ₹518 cr | ₹328 cr | ₹731 cr | ₹516 cr | ₹718 cr | ₹687 cr | ₹1,156 cr | ₹936 cr |
| YoY | — | — | — | +33% | +36% | −18% | +29% | +4% | +39% | +109% | +58% | +81% |
| EBITDA margin | 31.8% | 26.8% | 40.0% | 38.1% | 29.3% | 32.9% | 36.5% | 41.1% | 39.3% | 49.5% | 54.3% | 54.3% |
| Other income, % of PBT | 13% | 12% | 11% | 5% | 24% | 19% | 18% | 6% | 4% | −37% | 6% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 23% | 32% | 26% | 25% | 26% | 27% | 25% | 25% | 26% | 25% | 25% |
| Net profit | ₹61.0 cr | ₹63.0 cr | ₹124 cr | ₹113 cr | ₹102 cr | ₹63.0 cr | ₹191 cr | ₹134 cr | ₹186 cr | ₹156 cr | ₹444 cr | ₹353 cr |
| YoY | — | — | — | +140% | +67% | 0% | +54% | +19% | +82% | +148% | +132% | +163% |
| Core profit YoY | — | — | — | +206% | +43% | −6% | +31% | +15% | +131% | +328% | +162% | +169% |
| EPS | ₹0.63 | ₹0.65 | ₹1.29 | ₹1.17 | ₹1.05 | ₹0.65 | ₹1.97 | ₹1.39 | ₹1.92 | ₹1.62 | ₹4.59 | ₹3.65 |
| Flags | · | · | · | ✓ | 1 | ✓ | 3 | ✓ | ✓ | ✓ | ✓ | ✓ |
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.
Hindustan Copper Ltd. reported revenue of ₹518 cr (+36.0% on the year) and net profit of ₹102 cr (+67.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +43.1% on the year, against +67.2% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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