INDIACEM · Construction Materials
India Cements Ltd. reported revenue of ₹940 cr for October to December 2024, −15.5% on the year and −8.0% on the quarter.
Operating profit (EBITDA) was −₹190 cr, a margin of −20.2%, −2,435 bps on the year and −426 bps on the quarter. It is the narrowest margin of the last 7 quarters (range −20.2% to 4.1%). Operating costs grew +5.9%, faster than revenue at −15.5%, so operating profit grew less than sales.
Net profit was ₹119 cr, +11,800.0% on the year and — on the quarter, with earnings per share of ₹3.95.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Finance cost rising, 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.
| 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 | ₹1,113 cr | ₹1,236 cr | ₹1,027 cr | ₹1,022 cr | ₹940 cr | ₹1,198 cr | ₹1,025 cr | ₹1,117 cr | ₹1,114 cr | ₹1,229 cr | ₹1,019 cr | ₹1,142 cr |
| YoY | — | — | −29% | −19% | −16% | −3% | −0% | +9% | +19% | +3% | −1% | +2% |
| EBITDA margin | 4.1% | 3.0% | −2.4% | −15.9% | −20.2% | −0.2% | 8.1% | 7.3% | 7.1% | 12.4% | 15.3% | 12.6% |
| Other income, % of PBT | — | — | 275% | — | 514% | — | — | 575% | — | 22% | −61% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 23% | — | — | — | — | — | — | 13% | 25% | 26% |
| Net profit | ₹1.0 cr | −₹61.0 cr | ₹58.0 cr | −₹339 cr | ₹119 cr | ₹18.0 cr | −₹133 cr | ₹9.0 cr | −₹3.0 cr | ₹60.0 cr | ₹27.0 cr | ₹39.0 cr |
| YoY | — | — | — | — | +11,800% | — | −329% | — | −103% | +233% | — | +333% |
| Core profit YoY | — | — | — | — | — | — | — | — | — | — | — | — |
| EPS | ₹0.02 | −₹1.95 | ₹1.89 | −₹10.94 | ₹3.95 | ₹0.47 | −₹4.29 | ₹0.28 | −₹0.09 | ₹1.92 | ₹0.87 | ₹1.25 |
| Flags | · | · | 1 | 1 | 3 | 1 | 1 | 1 | 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.
India Cements Ltd. reported revenue of ₹940 cr (−15.5% on the year) and net profit of ₹119 cr (+11,800.0% on the year) for October to December 2024.
3 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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