JSW Cement (JSWCEMENT) Q4 21/22 earnings summary

Executive summary

• FY22 delivered consolidated revenue growth of 20.9% and sales growth of 10%, while higher fuel and input costs reduced operating EBITDA by 9.6% YoY.

• Capacity reached 15.1 MTPA; expansion, green cement, RMC and construction chemicals supported the strategy to scale toward 25 MTPA.

Financial highlights

• Consolidated revenue from operations was ₹4,668.57 crore, up 20.9% YoY; operating EBITDA was ₹743.51 crore, down 9.6%.

• Consolidated PAT was ₹232.65 crore versus ₹249.84 crore; diluted EPS was ₹2.48 versus ₹2.62.

• Cement and GGBS dispatches reached 8.83 MT, up 11% YoY; consolidated sales volume including clinker was 9.82 MTPA.

• Standalone power and fuel costs rose 54.4% to ₹598.70 crore, mainly due to the steep H2 fuel-cost increase.

Outlook and guidance

• Capacity was planned to rise from 15.1 MTPA to 21 MTPA by FY23, with a longer-term target of 25 MTPA.

• FY23 cement demand was forecast to grow 7–8% to ~382 MT, supported by infrastructure spending and housing demand.

• Expansion priorities included +2 MTPA grinding projects each at Vijayanagar and Dolvi, a 1.36 MTPA Shiva clinker unit, and Nandyal kiln debottlenecking.

• Waste heat recovery, alternate fuels and renewable power projects were intended to lower energy costs and reduce exposure to fuel-price volatility.