Professional Documents
Culture Documents
October 7, 2016
Rating Matrix
Rating
Unrated
Target
NA
Target Period
NA
Potential Upside
NA
| 1046
Value play
Key Financials
| Crore
Net Sales
EBITDA
Net Profit
EPS (|)
FY13
499.1
64.9
7.3
10.4
FY14
390.8
56.8
5.0
7.2
FY15
438.6
65.4
19.9
28.4
FY16
579.1
114.7
45.6
65.2
FY13
101.5
12.5
3.3
3.2
4.5
FY14
147.8
14.3
3.2
2.2
4.2
FY15
37.3
12.4
3.0
8.1
8.5
FY16
16.3
7.1
2.6
15.9
16.5
Valuation Summary
P/E
EV / EBITDA
P/BV
RONW
RoCE
Stock Data
Particulars
Market Capitalization
Total Debt (FY16)
Cash (FY16)
EV
52 week H/L
Equity capital
Face value
Amount
| 742 crore
| 105 crore
| 35 crore
| 812 crore
1,109 / 450
| 7.0 Crore
| 10
Price Movement
10,000
1,200
1,000
8,000
800
6,000
600
400
4,000
200
2,000
Nifty (L.H.S)
Research Analyst
Rashesh Shah
rashes.shah@icicisecurities.com
Devang Bhatt
devang.bhatt@icicisecurities.com
FY12
509.8
115.6
47.8
68.2
15.5
3.4
7.0
15.3
24.3
FY13
499.1
64.9
7.3
10.4
101.5
3.3
12.5
4.5
3.2
FY14
390.8
56.8
5.0
7.2
147.8
3.2
14.3
4.2
2.2
FY15
438.6
65.4
19.9
28.4
37.3
3.0
12.4
8.5
8.1
FY16
579.1
114.7
45.6
65.2
16.3
2.6
7.1
15.6
15.9
Others
Kerala
5%
9%
Ap & Telangana
43%
Tamil Nadu
17%
6.8
8.6
2.3
503.0
496.8
FY12
FY13
Karnataka
16%
379.4
428.7
FY14
FY15
Cement
700.0
600.0
500.0
509.8
499.1
120.0
438.6
390.8
300.0
200.0
115.6
114.7
FY13
FY14
FY15
80.0
64.9
15.0
65.4
56.8
60.0
10.0
5.0
0.0
FY16
FY12
FY13
Net sales
FY14
EBITDA
45.6
40.0
10.00
30.0
8.00
25.0
7.3
10.0
5.0
FY12
FY13
FY14
Net profit
FY15
Net profit margin
FY16
(%)
4.00
(%)
19.9
20.0
FY16
24.3
20.0
6.00
30.0
FY15
EBITDA margin
47.8
25.0
20.0
FY12
| crore
Power
20.0
50.0
FY16
40.0
100.0
60.0
570.5
100.0
| crore
400.0
| crore
140.0
579.1
9.9
11.4
(%)
Maharashtra
10%
700.0
600.0
500.0
400.0
300.0
200.0
100.0
0.0
15.0
15.3
10.0
2.00
5.0
0.00
4.2
4.5
FY12
15.6
15.9
8.5
8.1
2.2
3.2
FY13
FY14
RoCE
FY15
FY16
RoNW
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1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
1.39
5000.0
1.32
1.08
4000.0
1.08
3608.1
3503.4
3516.1
FY12
FY13
FY14
2000.0
0.0
FY13
FY14
FY15
FY16
Volume trend
1000.0
600.0
526.6
457.7
606.4
|/tonne
|\tonne
870.5
829.2
800.0
400.0
200.0
0.0
FY12
FY13
FY14
FY15
FY16
4500.0
4000.0
3500.0
3000.0
2500.0
2000.0
1500.0
1000.0
500.0
0.0
3047.9
FY12
3507.4
3969.8
FY13
EBITDA/tonne
FY14
1.0
1.0
1.1
0.8
0.8
0.6
0.4
0.3
0.2
FY12
FY13
FY14
FY16
4109.3
4035.7
FY15
FY16
Cost/tonne
1.2
FY15
Realisation
1.2
4331.0
1000.0
FY12
1.4
3974.5
3000.0
(|)
(MT)
FY15
Debt/Equity
FY16
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
3.51
4.04
2.84
2.18
0.68
FY12
FY13
FY14
FY15
FY16
Debt/EBITD
A
Source: Company, ICICIdirect.com, Research
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RATING RATIONALE
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Page 4
ANALYST CERTIFICATION
We /I, Rashesh Shah, CA, and Devang Bhatt, PGDBM Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately
reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this
report.
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