Nuvoco Vistas (NUVOCO) Q4 19/20 earnings summary

Executive summary

• FY 2019-20 EBITDA rose 39% to ₹1,333.84 crore and PAT reached ₹249.25 crore, despite revenue declining 4% to ₹6,793.24 crore on lower cement volumes.

• Cost savings in power and fuel and freight supported stronger profitability; COVID-19 disrupted operations at year-end and made the near-term outlook uncertain.

Financial highlights

• Revenue from operations ₹6,793.24 crore, down 4% YoY; total income ₹6,829.94 crore versus ₹7,105.89 crore.

• EBITDA ₹1,333.84 crore, up 39% YoY; EBITDA margin 20% versus 14%.

• PBT ₹386.75 crore versus ₹19.29 crore; PAT ₹249.25 crore versus a ₹23.80 crore loss; EPS ₹10.28 versus negative ₹0.98.

• Operating costs fell: power and fuel expense 11% lower and freight and forwarding expense 10% lower YoY; employee benefits expense rose 6%.

• Cement sales volume declined 2.48% to 12,242 KT; cement ASP rose 3% to ₹4,663/tonne, net of taxes.

Outlook and guidance

• COVID-19 interruptions were expected to weigh on cement demand in the short term; phased operations resumed, while the long-term industry outlook remained positive on infrastructure and rural development.

• Management remained focused on Mission 25, with product innovation, geographic reach and operational efficiency as growth levers.

• Industry outlook cited Indian cement capacity of 550 MT and demand of 550–600 MTPA by 2025, supported by housing, infrastructure and construction activity.