JKCEMENT · Construction Materials
J.K. Cement Ltd. reported revenue of ₹2,808 cr for April to June 2024, +1.6% on the year and −9.6% on the quarter.
Operating profit (EBITDA) was ₹486 cr, a margin of 17.3%, +254 bps on the year and −72 bps on the quarter. Operating costs grew −1.4% against revenue growth of +1.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹185 cr, +63.7% on the year and −15.9% on the quarter, with earnings per share of ₹23.98. Profit before other income, one-offs and tax grew 39.0%, so 25 points of the headline growth came from outside the core business. The tax rate of 32% 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 ₹111.84 over the last four quarters, the stock at ₹5,281.00 trades at 47.2 times trailing earnings.
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.
Headline profit grew much faster than core profit. What made up the difference?
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.
| 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 | ₹2,935 cr | ₹3,106 cr | ₹2,808 cr | ₹2,560 cr | ₹2,930 cr | ₹3,581 cr | ₹3,353 cr | ₹3,019 cr | ₹3,463 cr | ₹3,888 cr | ₹4,032 cr | ₹3,733 cr |
| YoY | — | — | +2% | −7% | −0% | +15% | +19% | +18% | +18% | +9% | +20% | +24% |
| EBITDA margin | 21.3% | 18.0% | 17.3% | 11.1% | 16.8% | 21.4% | 20.5% | 14.8% | 16.1% | 17.5% | 16.1% | 13.6% |
| Other income, % of PBT | 9% | 16% | 16% | 90% | 16% | 9% | 11% | 21% | −1% | 9% | 10% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 31% | 37% | 32% | 12% | 32% | 32% | 34% | 34% | 35% | 25% | 32% | 34% |
| Net profit | ₹284 cr | ₹220 cr | ₹185 cr | ₹136 cr | ₹190 cr | ₹361 cr | ₹324 cr | ₹159 cr | ₹174 cr | ₹331 cr | ₹275 cr | ₹169 cr |
| YoY | — | — | +64% | −23% | −33% | +64% | +75% | +17% | −8% | −8% | −15% | +6% |
| Core profit YoY | — | — | +39% | −93% | −37% | +67% | +90% | +1,180% | +15% | −18% | −15% | +14% |
| EPS | ₹36.73 | ₹28.44 | ₹23.98 | ₹16.28 | ₹24.54 | ₹46.64 | ₹41.99 | ₹20.78 | ₹22.60 | ₹43.08 | ₹35.91 | ₹22.39 |
| Flags | · | · | 1 | 3 | 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.
J.K. Cement Ltd. reported revenue of ₹2,808 cr (+1.6% on the year) and net profit of ₹185 cr (+63.7% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +39.0% on the year, against +63.7% 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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