Finance >>Profit & Loss>>Shree Cement Ltd

Year 202203 202103 202003 201903 201803

INCOME :
 Sales Turnover 18,049.22 16,128.37 11,904.00 11,722.00 10,159.53
Excise Duty 3,743.34 3,459.50 0 0 333.18
Net Sales 14,305.88 12,668.87 11,904.00 11,722.00 9,826.35
 Other Income 537.34 432.89 271.62 245.4 389.05
 Stock Adjustments 146.48 -42.05 -4.97 30.61 -1.29
Total Income 14,989.70 13,059.71 12,170.65 11,998.01 10,214.11
EXPENDITURE :
 Raw Materials 1,285.04 833.59 763.27 894.81 769.06
 Power & Fuel Cost 3,161.38 2,082.42 2,347.62 2,745.04 1,979.65
 Employee Cost 807.23 759.72 731.01 677.82 588.05
 Other Manufacturing Expenses 1,296.26 977.32 921.84 928.08 782.93
 Selling and Administration Expenses 4,008.82 3,742.46 3,231.74 3,487.55 3,044.64
 Miscellaneous Expenses 245.79 251.48 229.02 544.62 187.95
 Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Total Expenditure 10,804.52 8,646.99 8,224.50 9,277.92 7,352.28
Operating Profit (EBIT) 4,185.18 4,412.72 3,946.15 2,720.09 2,861.83
 Interest 217.78 247.1 286.52 246.98 135.27
Gross Profit 3,967.40 4,165.62 3,659.63 2,473.11 2,726.56
 Depreciation 1,036.48 1,139.90 1,699.42 1,391.68 899.4
Profit Before Tax 2,930.92 3,025.72 1,960.21 1,081.43 1,827.16
 Tax 438.18 753.55 524.83 217.72 446.57
 Fringe Benefit tax 0 0 0 0 0
 Deferred Tax 116.12 -39.76 -134.8 -87.34 -3.59
Reported Net Profit 2,376.62 2,311.93 1,570.18 951.05 1,384.18
 Extraordinary Items 13.64 11.64 -5.53 -143.5 25.09
Adjusted Net Profit 2,362.98 2,300.29 1,575.71 1,094.55 1,359.09
 Adjst. below Net Profit 2.6 7.4 4.15 3.29 2.14
P & L Balance brought forward 6,325.69 4,506.36 3,857.49 3,334.13 2,632.29
Statutory Appropriations 0 0 0 0 0
 Appropriations 878.84 500 925.46 430.98 684.48
P & L Balance carried down 7,826.07 6,325.69 4,506.36 3,857.49 3,334.13
Dividend 162.36 0 396.89 87.09 174.18
Preference Dividend 0 0 0 0 0
Equity Dividend % 900 600 1,100.00 600 500
Dividend Per Share(Rs) 90 60 110 60 50
Earnings Per Share-Unit Curr 658.71 640.78 435.19 272.98 397.3
Earnings Per Share(Adj)-Unit Curr 658.71 640.78 435.19 272.98 397.3
Book Value-Unit Curr 4,786.83 4,226.74 3,585.48 2,754.70 2,553.63
Book Value(Adj)-Unit Curr 4,786.83 4,226.74 3,585.48 2,754.70 2,553.63
Dividend Per Share Adj.(Rs) 90 60 110 60 50
 Finance >>Balance Sheet>>Shree Cement Ltd
Year 202203 202103 202003 201903 201803
SOURCES OF FUNDS :
 Share Capital 36.08 36.08 36.08 34.84 34.84
 Reserves Total 17,234.79 15,213.99 12,900.34 9,562.55 8,861.99
Equity Share Warrants 0 0 0 0 0
Equity Application Money 0 0 0 0 0
Total Shareholders Funds 17,270.87 15,250.07 12,936.42 9,597.39 8,896.83
 Secured Loans 2,014.18 1,934.29 3,104.19 2,797.95 2,385.12
 Unsecured Loans 194.89 221.69 40 0 1,017.86
Total Debt 2,209.07 2,155.98 3,144.19 2,797.95 3,402.98
 Other Liabilities 147.45 184.83 954.09 1,300.16 1,069.73
Total Liabilities 19,627.39 17,590.88 17,034.70 13,695.50 13,369.54
APPLICATION OF FUNDS :
 Gross Block 13,522.90 11,364.44 10,363.41 8,836.47 6,547.76

 Less : Accumulated
Depreciation 8,201.41 7,172.89 6,044.49 4,360.80 2,958.58

Less:Impairment of Assets 0 0 0 0 0
 Net Block 5,321.49 4,191.55 4,318.92 4,475.67 3,589.18

Lease Adjustment 0 0 0 0 0

Asset Transferred 0 0 0 0 0

 Capital Work in Progress 972.91 970.96 962.11 1,121.11 1,427.15

Producing Properties 0 0 0 0 0

 Investments 11,545.95 11,050.61 8,915.43 4,443.88 5,434.33

Current Assets, Loans &
Advances

 Inventories 2,161.40 1,477.17 1,427.85 1,589.05 1,569.02

 Sundry Debtors 595.65 479.42 828.45 732.4 459.25

 Cash and Bank 118.26 209.76 108.16 307.78 120.9

 Loans and Advances 1,330.89 1,253.78 1,374.85 1,329.72 1,239.95

Total Current Assets 4,206.20 3,420.13 3,739.31 3,958.95 3,389.12

Less : Current Liabilities and
Provisions
 Current Liabilities 3,471.26 3,377.89 2,238.65 1,474.47 1,749.10
 Provisions 316.78 70 64.52 23.28 23.19

Total Current Liabilities 3,788.04 3,447.89 2,303.17 1,497.75 1,772.29

Net Current Assets 418.16 -27.76 1,436.14 2,461.20 1,616.83

 Miscellaneous Expenses not
written off 0 0 0 0 0

Deferred Tax Assets 722.51 812.89 771.19 616.48 520.76

Deferred Tax Liability 53 27.39 27.41 3.84 7.71

Net Deferred Tax 669.51 785.5 743.78 612.64 513.05
 Other Assets 699.37 620.02 658.32 581 789
Total Assets 19,627.39 17,590.88 17,034.70 13,695.50 13,369.54

 Contingent Liabilities 161.78 71.85 66.93 86.42 62.1

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 2022 2021 2020

A. Liquidity Ratios Category

1.Current ratio 1.1104 0.9919 1.6235
2.Acid-test ratio 0.5398 0.5635 1.0036

B. Solvency Ratios Category

1.Debt equity ratio 0.1279 0.1414 0.2430
2.Debt ratio 0.1126 0.1226 0.1846
3.Interest coverage 19.2175 17.8580 13.7727
4.Leverage ratio (defined as Assets/Equity) 1.1364 1.1535 1.3168

C. Profitability Ratios Category

1.Operating Margin (EBIT/Sales) 0.2925 0.3483 0.3315
2.Net Profit ratio 0.1661 0.1825 0.1319
3.Interest Efficiency (PBT/EBIT) 0.7003 0.6857 0.4967
3.Return on Assets (EBIT/Total assets) 0.2132 0.2509 0.2317
5.Tax Efficiency (PAT / PBT) 0.8109 0.7641 0.8010
4.Return on Capital Employed 0.2642 0.3120 0.2679
5.Return on Equity (aka RONW) 0.1376 0.1516 0.1214

D. Activity Ratios Category

1.a.Debtors turnover 48.03 52.85 28.74
1.b.Average collection period 7.60 6.91 12.70
2.a.Creditors turnover - - -
2.b.Average payment period - - -
3.a.Inventory turnover 6.62 8.58 8.34
3.b.Inventory holding period 55.15 42.56 43.78
5.Capital turnover (Sales/Capital Employed) 0.83 0.83 0.92
6.Fixed Asset turnover 2.69 3.02 2.76
7.Working Capital turnover 34.21 -456.37 8.29
8. Asset turnover (Sales /Total assets)  0.73 0.72 0.70
 2019 2018

2.6433 1.9123
1.5823 1.0270

0.2915 0.3825
0.2043 0.2545
11.0134 21.1564
1.4270 1.5027

0.2320 0.2912
0.0811 0.1409
0.3976 0.6385
0.1986 0.2141
0.8794 0.7576
0.2230 0.2468
0.0991 0.1556

32.01 42.79
11.40 8.53
- - No Creditor is there
- - No Creditor is there
7.38 6.26
49.48 58.28
1.22 1.10
2.62 2.74
4.76 6.08
0.86 0.73
 Finance >>Cash Flow (Standalone)>>Shree Cement Ltd(Curr. Rs in )
Year 202203 202103 202003 201903 201803
Cash Flow Summary
Cash and Cash Equivalents at Beginning of
the year -4.56 -15.71 15.24 33.45 23.21
 Net Cash from Operating Activities 2,722.85 4,093.61 3,751.38 2,059.69 1,878.75
Net Profit before Tax & Extraordinary
Items 2930.92 3025.72 1960.21 1259.56 1827.16
Depreciation 1036.48 1139.9 1699.42 1391.68 899.4
Interest (Net) -84.89 22.03 113.15 83.3 -73.99
Dividend Received -6.32 -9.16 -40.75 -52.84 -82.52
P/L on Sales of Assets 0 0 -1.29 22.35 1.1
P/L on Sales of Invest -103.24 -35.13 3.43 -9.71 -36.43
Prov. & W/O (Net) -5.07 -2.74 -0.51 -1.77 -54.46
P/L in Forex 1.41 2.33 -1.38 142.12 21.03
Fin. Lease & Rental Chrgs 0 0 0 0 0
Others -118.49 -156.59 -54.13 -14.84 -2.68
Total Adjustments (PBT & Extraordinary
Items) 719.88 960.64 1717.94 1560.29 671.45
Op. Profit before Working Capital
Changes 3650.8 3986.36 3678.15 2819.85 2498.61
Trade & 0th receivables -101.13 393.5 -3.02 -400.73 -509.92
Inventories -684.23 -49.32 161.2 -20.03 -254.52
Trade Payables 53.31 506.92 400.95 -109.44 651.37
Loans & Advances 0 0 0 0 0
Investments 0 0 0 0 0
Net Stock on Hire 0 0 0 0 0
Leased Assets Net of Sale 0 0 0 0 0
Trade Bill(s) Purchased 0 0 0 0 0
Change in Borrowing 0 0 0 0 0
Change in Deposits 0 0 0 0 0
Others 0 0 0 0 0
Total (OP before Working Capital
Changes) -732.05 851.1 559.13 -530.2 -113.07
Cash Generated from/(used in)
Operations 2918.75 4837.46 4237.28 2289.65 2385.54
Interest Paid(Net) 0 0 0 0 0
Direct Taxes Paid -195.9 -743.85 -485.9 -229.96 -506.79
Advance Tax Paid 0 0 0 0 0
Others 0 0 0 0 0
Total-others -195.9 -743.85 -485.9 -229.96 -506.79
Cash Flow before Extraordinary Items 2722.85 4093.61 3751.38 2059.69 1878.75
Excess Depreciation W/b 0 0 0 0 0
Premium on Lease of land 0 0 0 0 0
Payment Towards VRS 0 0 0 0 0
Prior Year 's Taxation 0 0 0 0 0
Gain on Forex Exch. Tran 0 0 0 0 0
Others 0 0 0 0 0
 Net Cash Used in Investing Activities -1,865.34 -2,867.88 -5,373.32 -812.63 -3,594.73
Purchased of Fixed Assets -1971.71 -1003.32 -1298.43 -1899.25 -2527.81
Sale of Fixed Assets 23.45 4.96 4.32 13.97 1.56
Capital Expenditure 0 0 0 0 0
capital WIP 0 0 0 0 0
Capital Subsidy Recd 0 0 0 0 0
Purchase of Investments -841.13 -2733.57 -4189.54 0 -2746.83
Sale of Investments 810.23 890.4 157.39 2985.22 913.91
Investment Income 0 0 0 0 0
Interest Received 284.69 205.38 146.35 189.85 672.34
Dividend Received 6.32 9.16 44.22 59.43 95.7
Invest.In Subsidiaires -265.17 -121.51 -399.58 -2099.31 0
Loans to Subsidiaires -21.2 -16.75 0 0 0
Investment in Group Cos 0 0 0 0 0
Issue of Sh. on Acqu. of Cos 0 0 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0 0.04 0
Acquisition of Companies 0 0 0 0 0
Inter Corporate Deposits 0 0 0 0 0
Others 109.18 -102.63 161.95 -62.58 -3.6
 Net Cash Used in Financing Activities -858.42 -1,214.58 1,590.99 -1,265.27 1,726.22
Proceeds from Issue of shares (incl share
premium) 0 0 2383.34 0 0
Proceed from Issue of Debentures 0 0 0 0 0
Proceed from 0ther Long Term
Borrowings 322.28 0 0 0 1684.82
Proceed from Bank Borrowings 0 0 0 0 0
Proceed from Short Tem Borrowings 0 0 304.51 298.44 1014.65
Proceed from Deposits 0 0 0 0 0
Share Application Money 0 0 0 0 0
Cash/Capital Investment Subsidy 0 0 0 0 0
Loans from a Corporate Body 0 0 0 0 0
Share Application Money Refund 0 0 0 0 0
On Redemption of Debenture 0 0 0 0 0
Of the Long Tem Borrowings -290.17 -710.3 -67.5 -7.53 0
Of the short term Borrowings -188.91 -189.15 -75 -1048.53 -660.16
Of financial Liabilities -113.93 -61.51 -44.47 -1.52 -3.98
Dividend Paid -378.89 -2.19 -623.06 -230.84 0
Shelter Assistance Reserve 0 0 0 0 0
Interest Paid -208.8 -251.43 -286.83 -275.29 -124.78
Others 0 0 0 0 -184.33

Net Inc/(Dec) in Cash and Cash Equivalent -0.91 11.15 -30.95 -18.21 10.24
Cash and Cash Equivalents at End of the
year -5.47 -4.56 -15.71 15.24 33.45
Calculation of Projected Free Cash Flow

Particulars 2023 2024 2025 2026

Net Revenue from Operation 17,881.44 19,678.12 21,655.32 23,831.20
Cost of Goods Sold 18,187.32 20,014.74 22,025.77 24,238.86
Purchase of Stock in Trade 12.319405 13.557227 14.919422 16.418487
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade 12.293743 13.528987 14.888344 16.384287
Employee Benefits / Salaries & other Staff
Cost 1067.3881 1174.6365 1292.661 1422.5442
Other Expenses 505.612 556.41459 612.32169 673.8462
EBITDA -1,903.50 -2,094.76 -2,305.23 -2,536.85
Depriciation 899.4 1391.68 1699.42 1139.9
EBIT -2,802.90 -3,486.44 -4,004.65 -3,676.75
Tax -623.38 -775.40 -890.65 -817.73
PAT -2,179.52 -2,711.03 -3,114.00 -2,859.03

Add: Depreciation 899.4 1391.68 1699.42 1139.9

Less: Capital Expenditure -2590.8203 -2851.1393 -3137.6144 -3452.8738
+- Change in Working Capital 1122.4733 698.84043 769.05812 846.33109

Free Cash Flow to Firm 188.23 832.94 953.98 887.42

Terminal Value

Working Notes

Particular 2018 2019 2020 2021

Net Revenue from Operation
Cost of Goods Sold
Purchase of Stock in Trade
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade
Employee Benefits / Salaries & other Staff
Cost
Other Expenses
0.192915 0.0155264 0.0642532
0.8304902 0.8097353 1.0224 1.0235463
0.0081156 -0.0026072 -0.0004175 0.0026113
0.0102391 -0.0033192 -0.0004175 0.0026113
0.0564264 0.0599675 0.0614088 0.0578246
0.017181 0.0198502 0.0192389 0.0464614

Depreciaition Calculation 2018 2019 2020 2021

Purchase of Fixed Assets -2527.81 -1899.25 -1298.43 -1003.32
Sale of Fixed Asset 1.56 13.97 4.32 4.96
Net Purchase -2529.37 -1913.22 -1302.75 -1008.28
Net Revenue 10,214.11 11,998.01 12,170.65 13,059.71
Percentage of Net Revenue -24.76% -15.95% -10.70% -7.72%

Depreciation 899.4 1,391.68 1,699.42 1,139.90

Gross Asset value 6,547.76 8,836.47 10,363.41 11,364.44
Depreciation percentage 13.74% 15.75% 16.40% 10.03%

Depreciation calculation for forecasting 2023 2024 2025 2026

Opening Balance 5,321.49 4,974.27 4,704.30 4,505.08
Addition to Fixed Assets -2590.8203 -2851.1393 -3137.6144 -3452.8738
Depreciation 347.2242 269.97074 199.21467 133.79561
Closing Balance 4,974.27 4,704.30 4,505.08 4,371.28

Tax Calculation 2022 2021 2020 2019

PBT 2,930.92 3,025.72 1,960.21 1,081.43
Tax 438.18 753.55 524.83 217.72
Percentage of PBT 15% 25% 27% 20%

Working Capital Calculation 2018 2019 2020 2021

Working Capital 3976.9214 4376.5121 4816.2528 5300.1774
Percentage of revenue 39% 36% 40% 41%

2023 2024 2025 2026

Working Capital 6955.1989 7654.0393 8423.0974 9269.4285
Change in working capital 1122.4733 698.84043 769.05812 846.33109

Calculation of Rates

Growth Rate b*RoE

RoE PAT/Equity
EPS 658.71
Dividend per share 90
Retention Rate 0.8633693
Return on Equity 0.1697031
Growth Rate 15%
Tax Rate 22%
Risk Premium
Risk free Rate of Return
Cost of Equity
WACC
 2027
26,225.69
26,674.32
18.068174

18.030537

1565.4778
741.55252
-2,791.75
1036.48
-3,828.23
-851.42
-2,976.81

1036.48
-3799.8096
931.36825

928.11

2022 Average Change

0.1292152 0.1004774190658
1.0053723 1.017106217507
-0.000127 0.0006889493422

-0.0001313 0.0006875142443

0.0598442 0.0596925226359
0.0191271 0.0282758029478

2022 Average Change

-1971.71
23.45
-1995.16
14,989.70
-13.31% -14.49%

1,036.48
 13,522.90
7.66% 12.72%

2027
4,371.28
-3799.8096
72.66716
4,298.62

2018 Average Change

1,827.16
446.57
24% 22%

2022 Average Change

5832.7256
39% 39%

2027
10200.797
931.36825