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Star Cement Ltd
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Ladies and gentlemen, good day, and welcome to Q3 and Nine Months FY '23 Earnings Conference Call of Star Cement Limited, hosted by PhillipCapital India Private Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Vaibhav Agarwal from PhillipCapital India Private Limited. Thank you, and over to you.
Yeah. Thank you, Yashashri. Good evening, everyone. On behalf of PhillipCapital India Private Limited, we welcome you to the Q3 FY '23 call of Star Cement Limited. On the call, we have with us Mr. Tushar Bhajajnka, Executive Director; and Mr. Manoj Agarwal, CFO of Star Cement. I would like to mention on behalf of Star Cement and its management that certain statements that may be made or discussed on this conference call may be forward-looking statements due to future developments and recurrent performance. These statements are subject to a number of risks, uncertainties and other important factors that may cause the actual developments and the results to differ materially from the statements made. Star Cement Limited and the management of the company [indiscernible] no obligation to publicly alter or update these forward-looking statements whether as a result of new information or future results or otherwise.I will now hand over the floor to the Manager of company for this opening remarks which will be followed by interactive Q&A. Thank you, and over to you, Tushar.
So good afternoon, all. My near Tushar Bhajajnka. I am the Executive Director of Star Cements. I would like to welcome you all to the earnings call of quarter three. I have Mr. Manoj Agarwal with me, who is the CFO of the company. He -- is a colleague who will give out the numbers for quarter three, and then we can have the Q&A session. Thank you.
Hello friends, a very good evening. We on behalf of Star Cement Limited welcome you all to our conference call for discussing our numbers for quarter three financial year 2023 and the 9 months ended December 22. We'd just like to take you through the Q3 numbers, followed by the year-to-date numbers. Starting from the clinker production during the quarter ended December 22, we have produced 7.39 lakh tonnes of clinker as against 5.24 lakh tonnes same quarter last year. So far as the cement production is concerned, we have produced 9.21 lakh tonnes this quarter as against 8.57 lakh tonnes same quarter last year.Now I would like to take you through the sales volume. During the quarter, we have scored 9.08 lakh tonnes of cement and [ no clinker ] as against 8.62 lakh tonnes of cement and 0.12 lakh tonnes of clinker same quarter last year. This is as far as cement and clinker sales are concerned. As far as the geographical distribution of cement is concerned in North East, we have sold around 6.62 lakh tonnes [indiscernible] as against 6.35 lakh tonnes during the same quarter last year. And as far as Northeast is concerned we have sold to 2.46 lakh tonnes of cement this quarter as against INR2.29 lakhs same quarter last year.In terms of blend cement, it is almost 5% is OPC and the rest is PPC. These are the quantitative numbers of the quarter. Now I'd like to take you through the financials. The total revenue figure this quarter is around INR617 crores as against INR554 crores same period last year. As far as the EBITDA figures are concerned this quarter, we have done an EBITDA of INR120 crores as against INR75 crores last year. PAT is INR53 crores as against INR44 crores in the same period last year. This is on account of increased tax expense due to the [indiscernible] company quality unit and in a subsidiary Star Cement Meghalaya Limited. However, cash outflow will be MAT only.On the EBITDA front, it is INR1,324 during this quarter against INR853 same quarter last year. This is what our quarterly numbers for the third quarter are. The total revenue figures for the 9 months ended December 22 is around INR1,875 crores as against INR1,471 crores same period last year. As far as EBITDA figure is concerned, during the 9 months ended December 22, we have done an EBITDA of around INR342 crores as against INR256 crores last year. PAT is INR151 crores against INR153 crores same period last year. PAT is down due to the increased income tax as explained before.On the per tonne EBITDA front, it is INR1,229 during the 9 months ended December 22, as against INR337 per tonne same period last year. These are the quarterly and 9-month numbers. Now I press all of you that if you have any query, you can ask the same, and I will request [indiscernible] to moderate in the query wherever it is required. Thank you.
[Operator Instructions] We have a question from the line of Shravan Shah from Dolat Capital.
Congratulations on a good set of numbers, particularly on operating performance front. So my first question is a couple of data points. Trade share, premium share and the lead dissonance for this quarter?
So our trade share was about 92%, and nontrade was 8%. So we have reduced -- I mean Y-o-Y, we have reduced, like we discussed in the last call as well, that we've been reducing our nontrade shares. So compared to last year same quarter, we have reduced it from 11% to 8% this quarter, whereas the premium share has remained about 4.5%. So our premium product, which is ARC, we have sold 4.5% -- and your last question regarding the lead distance, the lead distance has come down from 224 to 211 kilometers.
Okay. So now first coming on the volume front so last time we mentioned that we are looking at close to 4 million tonne volume for this year. So until now we have done 2.78 million tonne. So to achieve this number, we need up close to 1.22 million tonnes in fourth quarter. So are we able to do that or maybe slightly lower 3.9 million tonnes that we are looking at. And for FY '24, we were looking at double-digit growth. So is there any change in stand there?
No. So I think we are in line with achieving the target. So we should be achieving about 4 million tonne or more this financial year. And for the next, I think the estimates remain the same. We are looking for a double-digit growth number for the next financial year as well.
Okay. In terms of pricing, how we have seen in this quarter and now in January till today, is there any price increase in Northeast and is that we have seen are likely to see a further price increase.
So I mean in October-November, October, mainly because of the festivals demand was very poor. So because of that, there could not be a very significant price increase, which normally takes place in quarter three. But December was good in terms of pricing. And we do see by end of quarter three that the prices are generally increasing by about INR10. And that impact, of course, will be sustained in quarter four and will reflect in quarter four profit.
Okay. So you mean INR10 increase from the rate of December will continue for the fourth quarter?
Yeah, because the prices in October-November did not increase. In December, mid in the second, third week it increased. So basically, quarter three did not see the effect of the increase in prices that much. So I think that entire effect will be shown and will be reflecting in quarter four.
Okay. But in January until now nothing more price hike neither in?
Yeah, so January, again, was not in terms of demand, it was all right. There was not a very strong demand in the market in general [indiscernible] very sluggish. So there was no increase in pricing in January. There may be some increase in prices in [indiscernible] but we can't really comment about it because we don't have any data points in that.
Okay. Now on the costing front, so two things, first, in terms of the fuel mix for this quarter what was spot FSA, Nagaland Coal and AFR and on the per [ KKL ] basis, what was the number?
Yeah. So on Nagaland coal was about 25% -- and the FSA was about 5%, 5% to 6% -- and then the imported coal was about 50% -- imported or auction coal was about 50%.
Okay. And [ per KKL ] basis, what was the number last Q2 was 2.1%. So this quarter, what was the number and how do we see in the fourth quarter? So currently, what's the number running so because we were looking at a significant increase so because our change in inventory is also a number of power and fuel power has declined in this quarter Q-o-Q, but a change in inventory has increased. So I just wanted to understand on that front.
Yeah, yeah. So I think we had this cost that we had in Q3 was about INR2.09 per [indiscernible]. So it was almost the same as what it was last year sorry, it was the same as quarter two. And this year -- this quarter, we are expecting that it is going to reduce by about 10%.
Okay. Lastly, on the expansion, just to recheck, is there any change in terms of the timeline, so a 3 million clinker in Meghalaya we were looking at December '23, January '24 was the starting date and 2 million tonne each in Silchar and Guwahati by June and October. So is there any change? And also the CapEx, how much we have spent out of INR2,100 crores and how much more likely to be spent in this fourth quarter? And for '24, we were looking at INR1,000-odd crores. So I just wanted to recheck on all these numbers.
Yeah. So basically, we are looking to get the clicker plant by Jan 2024, like how we discussed in the last call. The grinding unit in Guwahati should be coming in October and November, between October and November. And the grinding unit in Silchar maybe a little delayed. It may not come in June. It may come in August of next year.
Okay. And in terms of the CapEx, so out of total INR2,100 crores, how much till now we have spent and how much more to be spent in fourth quarter. So last time we told around INR700 crores total CapEx in FY '23 and INR1,000 crores in FY '24.
So we have till now spend about INR200 crores in the -- of the INR2,100 crores to code INR2,200 crores CapEx [indiscernible]. And in quarter four, we expect to spend about INR300 crores to INR350 crores.
Okay. And next year, sir?
So next year, of course, the plant is coming in Jan, then I think from the initial quarters, quarter one and quarter two of next year, most of the payments is ongoing.
Okay. So out of INR2,100 crores, as you mentioned, INR200 crores spend another maybe INR300 crores, INR350 crores to INR550 crores, so close to INR1,500 crores, INR1,600 crores would be the CapEx in FY '24.
Yeah. So I think -- so I mean, culture would be, of course, in the next financial year, like I said, because [indiscernible] a bit delayed. So out of the INR2,200 crores, INR500 crores is for [indiscernible], so we can kind of subtract that. So the CapEx that you will really be ramping up till Jan next year would be about INR1,600 crores. Out of the INR1,600 crores, we've already spent about INR200 crores and INR350 crores would be in quarter four. So the remaining would be divided in the three quarters, which -- till Jan next year.
Okay. And last, what is the net cash number as on December?
It's INR548 crores.
INR548 crores. And what was the gross debt?
We don't have any debt as of now.
I mean even the current date also, the short-term date also.
No, nothing of the sort.
We have a next question from the line of [ Shan ] from Franklin Templeton. Mr. Shan, I'm sorry, can you use your handset, please.
Yeah. I hope I'm audible.
Yes, you are.
Yeah. My question is with demand somewhat plateauing to stabilizing and costs coming down, do we see the industry prices, cement prices going down from here or how do we think of how to think of prices because we are seeing the cost reduction due to commodity tailwinds. So do we look to pass through some of these cost benefits in an effort to gain market share per se? How do you think about it?
So I mean, right now, for cement, it is a quarter four of the season, right? So I think, I mean, the season demand is very strong right now. And we do expect that in quarter four, the demand remains strong because of the -- because it's just the best time -- best quarter for the cement industry. So I think because of the seasonal demand, I don't think the prices will start falling in at least quarter four. I think if there would be any impact of cost reduction on the prices that would be in quarter one next year. So I think that's the estimate what I think the demand would be like. And I think the demand going forward is strong. So if the demand remains strong in Northeast and outside Northeast. And I think we may not see a very steep fall in the prices.
Okay. Okay. But I mean we would -- I mean ideally industry would look to share some of the cost benefits with the end customers. Is that assumption right?
I think it really depends, right? It really depends on how the competition shaped up and how much hope we have to share, right? Right now for most of the cement companies with the price this quarter, they were not earning very well. So I think it just depends on how much -- how much there is to share, I think, in some years. And I think in quarter four, at least that is not going to happen just because of the demand. So I'm not saying the price is going to increase drastically, so it may not -- it will definitely not reduce in quarter four. Quarter one, it's a bit unsure, it will depend on how the demand pans goes.
[Operator Instructions] We have a question from the line of [ Chandresh Malpani ] from [ Nivesh Share ].
Hello? Sir, firstly, sir, can you give the breakup of sales growth into volumes and realization quarter-on-quarter basis?
Yeah. So I think in quarter three, the volume was 97,000 roughly. And in quarter two, the volume was INR891,000. And what was the second part of your question, sorry?
In the revenue terms also, what was the volume in [indiscernible]?
I can't even hear you properly. Can you just repeat the part?
Yeah. In terms of volume and realization growth was my question.
Okay. So I mean, in terms of realization, we haven't -- I'll have to get back to you with the number. It's not really in terms of [indiscernible] you mean NCR, right? It is -- in quarter two, it was INR6,642 and quarter three was INR6,797.
Okay. And sir, you mentioned that on quarter four you have [indiscernible] reduced by 10%. So is it after considering the base state recovery system in [indiscernible]?
Sorry, can you repeat the question again, it's not?
Can you please use your handset, Mr. Malpani?
Yeah. Now am I audible? Yeah. So sir, you mentioned on power cost quarter four with GCV value will reduce by 10%. So is it after considering the [indiscernible] recovery system?
Yes, it is considering the waste recovery system, we were expecting the waste state recovery system to be commissioned in Jan, but it is going to be commissioned in Feb. So this month, we'll be commissioning the waste state recovery, and we can see the entire benefit from March onwards.
Okay. And sir, lastly, you mentioned price hike of INR10. So you can break up in Northeast and outside Northeast what was the price hikes?
So I mean, roughly, it was broadly the same. So it happened in different signs of the quarter. But at the end of it, I think by December, both markets have roughly increased by about INR10.
[Operator Instructions] We have a next question from the line of [ Harsh Gayan ] from [ Gayan Securities ].
So my question is regarding to the -- regarding the shares to [indiscernible] shares. So for this quarter, we see that [indiscernible] sold some shares 0.4%. This is surprising to me given that last year did a buyback and instant aggressive CapEx. So even for a little amount of shares, so could you throw be light why there's been a share sale from the promoters?
So I think in Star Cement as well, there are about three to four promoters, right? So I think -- and then sometimes they may -- I mean most of them are actually buying [indiscernible]. There's one particular family, which may be selling. So I think that is mainly because we may require it for some other process for the personal purpose. But there's nothing which is -- I think the other promoters are buying it.
[Operator Instructions] We have a question from the line of Mahek Talati from YellowJersey Investment Advisors. We can hear you, but can you use your handset, please?
Yeah. I just wanted to ask what kind of price hikes can we expect in quarter four?
I mean right now, in Jan, we did not have price hike. In Feb, I don't see a price hike happening in the next one week or 10 days. It just really depends on how the demand picks up. Right now the demand is pretty [indiscernible]. If the demand really picks up by end of Feb, then I think we can expect a hike. Otherwise, I think the prices may remain stable as it is.
Okay. And I wanted to know what is the fuel mix?
I'm sorry, can you repeat that?
What is the fuel mix?
Fuel mix. So I think we like [indiscernible]. So I mean, it is broadly about 25% is coming from Nagaland, it's all coal, right? So I think it is basically a [indiscernible] and then we are using some of bamboo as well. So we use about 15% of biomass and then the rest of it is coal and the coal are coming from different sources.
We have our next question from the line of Uttam Kumar Srimal from Axis Securities.
Congratulations on the set of numbers. Sir, my question pertains to our Siliguri unit. So what has been current capacity utilization and what kind of capacity utilization we are seeing in quarter four from Siliguri unit?
So I mean the capacity utilization has basically been about 65% for quarter three. And then it was very similar Y-o-Y last year as well. So I think in Siliguri, in terms of production, we have not been producing more from Siliguri and there is a reason for that as well because we have tried to cut down on markets which were not giving us good contribution and where we didn't see the contribution potential to preserve the unit margins and because of that, we -- even though in the market that we serve, we have seen a good growth. But overall in Siliguri the utilization has not improved because we have cut down in some markets.
Okay. So this can -- you mean to say the utilizing will remain around 55% in quarter four only.
No. So I think because quarter four is always in terms the volume was better than quarter three. So we can expect about 65% in quarter four.
And sir, in terms of the premium cement, it's around 4%. And this was what was in previous quarters also. So are we doing something more to increase our premium brand?
No. So I think you're completely right. So we have about 4.5% right now, and we are focusing to increase it to 7%, 8%. That's the target that the marketing team is following, and we should achieve that.
Okay. And sir, in terms of [indiscernible] which you just said it be commissioned by this month only?
Yeah. So by Feb end, we should be commissioning it.
So what kind of savings we are expecting in FY '24 from WHRS plant?
What kind of savings? Savings, we are expecting of about INR4 crores per month savings that would be about INR45 crores to INR48 crores per year.
[Operator Instructions] We have our next question from the line of Parth Bhavsar from Investec India.
And congratulations on very good set of numbers. I just wanted to understand that is pet coke at all our plants? Can we make a switch to pet coke?
I mean pet coke is definitely viable to a certain fuel mix. And we could -- that I think the size of pet coke is very expensive at the moment. So we would really be looking for pet coke size to come down. Otherwise, there's no real benefit of using pet coke.
On [indiscernible] basis if I look at pet coke right now on current prices based on [indiscernible] number. So it comes to around INR2.3 per [indiscernible]. So is it more viable, like more cheaper than coal?
Yeah. I think it also depends on what is close to your plants, right? So I think if coal sources are closer to your plant then the [indiscernible] cost of fuel is the decided by -- so, I think that -- pet coke is a little more expensive than coal [indiscernible] to our plant.
So -- but have we like ever tried like on a landed basis, you're saying that it is more expensive than coal. That is the conclusion, right?
Yes, yes, yes.
Okay. Okay. And sir, the coal is -- you said that 25% is Nagaland coal, FSAs 5% to 6%, imported or auction coal is 50%, rest is biomass, right?
Yes, yes.
Perfect. Perfect. And WHRS is once it commission. So what do -- what share of green energy do you expect from WHRS maybe after a year of operation?
So I mean, in our clinker plant, we have about 26 megawatt hour of consumption of power. So out of that, I think we expect about 40% to be substituted by WHRS and about 25% to be substituted with Bamboo. So we expect that after clinker power utilization it should be about 55% and overall utilization, it would be about 50%.
Okay. And so 40% is WHRS and 25% you said was what?
Bamboo. So we're running our plants using Bamboo that's also green.
So that is -- okay, okay. Okay. Got it. And also, sir, just one clarification. The change in inventory this number so is it like all a fuel, high cost fuel? I guess the number is around INR34 crores, the change in inventory number. So if you could throw some light because I didn't get like what is it?
So the fuel price in the inventory is not really high cost, the average ECV of the fuel in inventory are the same as what the others average was [indiscernible].
Okay. Okay. But this is an adjustment that you got to standalone.
Yeah.
We have our next question from the line of Rajesh Kumar Ravi from HDFC Securities.
Sir, maybe if I would have missed earlier in your comments, what was the per kilo cal fuel costing in Q3? And what was it in Q2?
Again, I can't hear you very properly, sorry, but can you please?
Am I audible now?
Yeah. Yeah, much better.
I wanted to know what is the per kilo cal costing you incurred in Q3, fuel cost?
Yeah, it is INR2.1 per GCV.
Okay. Per GCV. But on -- if I look at on a net basis, how would that be? This is blended you're talking about?
Yeah. This is blended, yeah.
Okay. So net would be how much distant?
Sorry, I didn't get the question really.
On consumption basis, what was the fuel cost on a per kilo cal basis?
That is INR1 per GCV.
Okay. And what was this number in Q2?
Q2 was roughly the same INR2.1, yeah.
Okay. So you're already on the lower side compared to other players in the industry, right? Because most of the other players who have so far declared results would be north of INR2.3 and anything between INR2.3 to INR3. And when you said that you're running part of your power plant on bamboo, so what would be the per kilo cal costing over there or per unit electricity cost?
Yeah. So it is about INR1.2 per GCV for the bamboo and the landed cost of power would be of about INR4.5, INR4.8.
Okay. And this WHR, because for you, the landed electricity cost would be on the higher side -- it would be north of INR7 or maybe closer to INR10 per unit for you?
No. I think in the weighted average quarter power would be about INR6.5 to INR6.
Okay. Okay. So it's a normal range only because just thinking would you have additional savings?
We have a next question from the line of J. Radhakrishnan from Jefferies.
Sir, I missed the commencement date of WHR. Can you please repeat it?
Yes. So we are planning to commission the WHRS by end of this month.
We take the last question from the line of Shravan Shah from Dolat Capital.
Yeah. Sir, just wanted to understand, last September, we were having a net cash of INR746 crores. Now we said around INR548 crores. So close to INR200 crores net cash has reduced CapEx from 1H to 9 months INR100 crores extra in this quarter we have done. So INR100 crores went there. Also, we should have generated cash during the quarter. So why the net cash has declined to -- is it the working capital has increased further because of our EBITDA, even if I exclude the other income also then also INR108 crores. So at least we should be having the same net cash. So does that mean that INR200 crore extra went into the working capital?
Yes. So I think INR200 crores extra went in the working capital. And of course, we were also coming up with other expansion of as well, even the WHRS payments has gone from there. So yeah, so I think it's a function of mainly the working capital and the WHRS.
So I just wanted to further understand what extra in terms of the working capital, what's -- why it has increased significantly, INR200 crore in the quarter is slightly on the higher side.
I think that basically, the two main reasons. I think one is that the stock of clinker has increased. And the second one is that our advance payments for coal is also one reason -- so there are two main reasons for this.
Okay. But do we think that by end of March, will it come back to the normal level of working capital or will it remain at this level?
I think like, I mean, it should definitely reduce from where it is right now, mainly because we'll be able to consume this top of clinker that we have -- and at the same time, we should receive the coal that we have already paid for. So I do expect the working capital number to come down. I don't know if it's going to come down to a [indiscernible] before, but it should definitely come down.
Okay. Second, just wanted to clarify in terms of the first is on the premium side. I think last quarter, we mentioned that our premium share was 7%, and now we are saying 4.5%. And last quarter, we said that we are targeting to increase the premium sale to 11% by end of March by end of this year. And now we are saying 7% to 8%. So can you re-verify this thing?
Yeah. No, I mean, right now, in terms of sales focus, we are focusing more on pushing the value [indiscernible] and then in the market that we want to gain a higher market share in, right? So we're not necessarily trying to only focus on the premium products, right? So I think because of re-shifting of focus there's probably the reason why the numbers have been revised for the premium category.
Okay. Secondly, broadly, last time we said that we -- definitely, this quarter, we are good in terms of the EBITDA per tonne. So if I exclude the other income, so close to INR1,200 crores [indiscernible] EBITDA per tonne, and we were looking at INR1,200 crores, INR1,250 crores to maintain the EBITDA per tonne. So it depends on the coal. But now as you are saying that likely to decline 10%. So this EBITDA per tonne INR1,200 crores, to INR1,200 crores-plus is manageable?
Yeah. I mean this time also we managed to get around that much. So I think we should maintain our margin [indiscernible].
Okay. Okay. And broadly, sir, how much is the total WHRS -- definitely 12.3% will be adding this month's WHRS. So apart from that, how much WHRS capacity we have and do we have any solar capacity?
No. So we don't have any WHRS capacity [indiscernible]. We are, of course, going to be coming over with WHRS for the new clinker plant that we [indiscernible] by next Jan. And we don't have a solar capacity either because in Northeast it's not really very profitable to have solar.
We have one question from [Mr. Chandresh Malpani ] from [ Nivesh Share ].
Yes, sir, particularly with respect to Northeast region, any other players coming with new capacity? I believe Dalmia Bharat is coming in [indiscernible] and any other, sir?
Yeah. So I think from what I know, Dalmia is, of course, coming up with the capacity. I do not know what the timeline are. And I do not know of any other player which is coming with the capacity in Northeast at the moment. So I don't have any information of any other player doing that.
Yes. We have a question from the line of Rajesh Kumar Ravi from HDFC Securities.
Sir, can you repeat what is the total CapEx outlay for FY '23 and FY '24, please?
So I think it is about INR1,200 to INR1,300.
Can you break it up between '23 and '24, please?
In quarter four this financial year, we'll be spending about INR350 crores. And we'll be doing roughly about INR1,100 to INR1,200 crores in quarter -- sorry, in next financial year.
Okay. Okay. And the rest would come in FY '25 or the project would be taken care of with this expenditure till FY '24?
No. So rest of it will be coming in FY '25.
I now hand over the call to Mr. Vaibhav Agarwal from PhillipCapital India for closing comments. Over to you.
Thank you, on behalf of PhillipCapital we like to thank you [indiscernible] on the call and many thanks to the participants for joining the call. Thank you very much Tushar and Manoj, thank you for joining the call to all the participants. You may now [indiscernible].
On behalf of PhillipCapital India Private Limited, that concludes the conference call. Thank you for joining us and you may now disconnect your lines.