Nuvoco Vistas (NUVOCO) Q4 21/22 earnings summary

Executive summary

• FY 2021-22 revenue from operations rose 24% YoY to ₹9,318.03 crore; consolidated EBITDA grew 3% to ₹1,538.78 crore, while PAT was ₹32.08 crore versus a ₹25.95 crore loss.

• Cement capacity stood at 23.82 MMTPA across 11 plants; cement sales reached 17.839 MT, up 12% YoY, with average capacity utilisation of 75%.

• Growth and margin performance faced steep fuel and freight inflation, partly offset by higher sales volumes and prices, premium products, cost optimisation and integration synergies.

Financial highlights

• Consolidated revenue from operations was ₹9,318.03 crore versus ₹7,488.83 crore; total income was ₹9,360.11 crore versus ₹7,522.67 crore in FY 2020-21.

• Consolidated EBITDA was ₹1,538.78 crore, up 3% YoY; EBITDA margin was 17% versus 20%, with input-cost inflation offsetting volume and price gains.

• Consolidated PAT was ₹32.08 crore versus a ₹25.95 crore loss; PBT was ₹50.90 crore versus ₹36.50 crore.

• Consolidated cement production rose to 17,830 KT from 15,475 KT; clinker production reached 10,597 KT from 8,888 KT, and cement sales rose 12% to 17,839 KT.

• Operating cash flow was ₹1,220.85 crore versus ₹1,717.34 crore; capex was ₹410.55 crore versus ₹551.66 crore.

Outlook and guidance

• A 1.2 MMTPA grinding unit at Bhiwani was planned for the high-growth North; Nimbol and Risda clinker debottlenecking projects, each targeting 1,000 TPD, were expected to complete in FY 2022-23.

• Further expansion into Western India, particularly Maharashtra, was planned; the outlook also cited completion of North and East debottlenecking projects.

• Industry cement demand was forecast to grow 7-8% in FY 2022-23, supported by infrastructure and housing investment; India's GDP growth was projected at ~8%.