JKCEMENT · Construction Materials
J.K. Cement Ltd. reported revenue of ₹2,560 cr for July to September 2024, −7.0% on the year and −8.8% on the quarter.
Operating profit (EBITDA) was ₹284 cr, a margin of 11.1%, −587 bps on the year and −621 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 11.1% to 21.3%). Operating costs grew −0.4%, faster than revenue at −7.0%, so operating profit grew less than sales.
Net profit was ₹136 cr, −22.7% on the year and −26.5% on the quarter, with earnings per share of ₹16.28. Profit before other income, one-offs and tax fell 92.9%, so 70 points of the headline growth came from outside the core business. The tax rate was 12% against an average of 33% over the previous 5 quarters, which lifted profit this quarter.
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 ₹105.43 over the last four quarters, the stock at ₹5,052.40 trades at 47.9 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.
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 lower tax rate lifted profit. Is the lower rate going to last?
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 | ₹2,935 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 ₹2,560 cr (−7.0% on the year) and net profit of ₹136 cr (−22.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −92.9% on the year, against −22.7% for reported profit.
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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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.