J K Lakshmi Cement

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J K Lakshmi Cement Exhibit 6: Capacity expansion aids volume levers Capacity (mt) Dispatch (mt) Effective Utilization (%) 105 103 100 91 92 94 88 88 83 78 4.7 4.0 4.7 4.6 4.7 4.3 4.7 4.9 5.3 5.3 5.9 5.6 8.3 5.9 7.3 8.2 9.3 9.3 10.3 9.2 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Source: Company, MOSL Exhibit 7: Market mix improves (%) North East West 20 15 22 35 26 27 80 64 65 51 Cap mix FY14 Cap mix FY17 Vol mix FY14 Vol mix FY17 Source: Company, MOSL Exhibit 8: end in EBITDA/ton (INR) Exhibit 9: RoE to improve FY17 onwards (%) 963 771 925 431 686 812 536 588 369 564 850 30 20 10 RoE RoCE FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Source: Company, MOSL 0 -10 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E Source: Company, MOSL 27 October 2016 4
J K Lakshmi Cement Financials and valuations Income Statement (INR Million) Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E Net Sales 13,168 17,177 20,550 20,566 23,071 26,199 30,984 37,875 Change (%) -11.7 30.4 19.6 0.1 12.2 13.6 18.3 22.2 Total Expenditure 11,314 13,824 16,262 17,546 19,576 23,497 26,357 30,057 % of Sales 85.9 80.5 79.1 85.3 84.9 89.7 85.1 79.4 EBITDA 1,854 3,353 4,287 3,020 3,495 2,701 4,628 7,817 Margin (%) 14.1 19.5 20.9 14.7 15.1 10.3 14.9 20.6 Depreciation 846 1,297 1,489 1,352 1,119 1,629 1,797 1,792 EBIT 1,008 2,056 2,798 1,668 2,376 1,073 2,831 6,025 Int. and Finance Charges 605 874 835 772 907 1,923 1,920 1,638 Other Income - Rec. 385 638 555 443 282 603 530 375 PBT bef. EO Exp. 788 1,820 2,517 1,339 1,750 -248 1,440 4,762 EO Expense/(Income) 0 392 163 185 633 107 0 0 PBT after EO Exp. 788 1,427 2,354 1,154 1,118 -355 1,440 4,762 Current Tax 45 179 696 132 87 0 418 1,190 Deferred Tax 151 161 -99 92 75 -418 0 0 Tax Rate (%) 25.0 23.8 25.3 19.4 14.5 117.7 29.0 25.0 PAT Adj for EO items 591 1,387 1,879 1,079 1,497 44 1,023 3,571 Change (%) -75.5 134.5 35.5 -42.6 38.7 -97.1 2,230.2 249.2 Margin (%) 4.5 8.1 9.1 5.2 6.5 0.2 3.3 9.4 Balance Sheet 0 0.2193 0.17610428 (INR Million) Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E Equity Share Capital 612 612 589 589 589 589 589 589 Total Reserves 9,851 11,140 12,010 12,444 12,719 12,746 13,287 15,825 Net Worth 10,463 11,752 12,598 13,032 13,307 13,334 13,875 16,413 Deferred Liabilities 1,458 1,233 1,134 1,226 1,284 867 867 867 Total Loans 8,483 11,004 13,370 16,042 18,992 19,201 19,201 17,201 Capital Employed 20,404 23,989 27,101 30,300 33,584 33,402 33,943 34,481 Gross Block 23,186 24,486 26,782 29,305 40,946 47,417 47,167 47,167 Less: Accum. Deprn. 9,376 11,193 12,436 13,590 15,121 16,749 18,547 20,339 Net Fixed Assets 13,810 13,293 14,346 15,715 25,825 30,668 28,621 26,828 Capital WIP 409 2,941 6,881 9,080 2,000 0 2,000 4,000 Total Investments 5,278 4,538 4,065 4,477 4,228 4,005 4,005 4,005 Curr. Assets, Loans&Adv. 4,880 7,085 6,145 6,392 8,819 7,746 8,076 9,599 Inventory 1,199 1,201 1,148 1,024 2,235 2,406 2,647 3,120 Account Receivables 280 382 501 555 705 965 947 1,157 Cash and Bank Balance 888 890 127 356 1,768 118 39 469 Loans and Advances 2,514 4,612 4,369 4,457 4,112 4,258 4,443 4,853 Curr. Liability & Prov. 4,359 3,868 4,335 5,364 7,289 9,017 8,758 9,951 Account Payables 4,127 3,513 3,896 4,950 6,815 8,804 8,508 9,475 Provisions 232 355 439 415 473 213 251 476 Net Current Assets 521 3,218 1,810 1,028 1,531 -1,271 -683 -352 Appl. of Funds 20,404 23,989 27,101 30,300 33,584 33,402 33,943 34,481 E: MOSL Estimates; * Adjusted for treasury stocks 27 October 2016 5
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J K Lakshmi Cement

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