John Cockerill India (500147) Q4 17/18 earnings summary

Executive summary

• FY18 marked a turnaround: total revenue rose 88.77% to ₹32,450.76 lakh and net profit increased 16.05% to ₹672 lakh; global orders lifted the order book to its highest level to date.

• Strategic focus centered on global market access, project execution, manufacturing efficiency, safety and innovation; Taloja and Hedavali facilities support expanded fabrication and production capabilities.

Financial highlights

• Revenue from operations was ₹30,823.46 lakh versus ₹15,776.73 lakh in FY17; other income was ₹1,627.30 lakh versus ₹1,413.59 lakh.

• Profit before tax was ₹1,325.21 lakh versus ₹786.33 lakh; net profit was ₹672 lakh versus ₹579.05 lakh, with reported PAT growth of 16.05%.

• Total comprehensive income was ₹581.82 lakh versus ₹548.46 lakh; other comprehensive loss was ₹90.18 lakh, including defined-benefit remeasurement and cash-flow hedge movements.

• Net cash generated from operating activities was ₹8,969.61 lakh versus ₹5,977.09 lakh; cash and cash equivalents ended FY18 at ₹12,243.73 lakh.

Outlook and guidance

• Highest-ever order book, supported by major international orders secured jointly with the parent, positioned operations for ongoing project execution and global market development.

• Management pursued leadership in cold-rolling complexes through value engineering, innovation and target-market expansion; project gestation is typically 12–18 months.

• Industry context was supportive: Indian steel consumption was forecast to grow 5.7% to 92.1 million tonnes in 2018; world steel output was expected to rise 2.8% in 2018.