Investor’s Presentation FY’2016 -17
GROWTH CHART – CAPACITY & PRODUCTION – JKLC Mn. MT. As on 31 st March 2013 2014 2015 2017 Mar’18(E) 2011 2012 2016 4.13 6.27 6.60 6.77 4.62 6.27 4.29 Clinker Capacity * 3.96 4.75 11.50 Cement Capacity * 10.90 8.30 8.65 4.75 5.29 6.64 4.31 5.00 5.23 5.47 4.72 6.88 7.48 Production * JKLC CAGR during FY’12 to FY’17 – 20% *Without considering 1.60 Mn. MT of Udaipur Cement Works Ltd., a 71% subsidiary of JK Lakshmi Cement Ltd. SALES PRODUCTION (Lac. MT) (Lac. MT) 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 21.77 20.51 74.78 68.83 22.90 21.59 79.49 73.24 6% 9% 6% 9% 12
Industry Growth Vs JKLC Particulars % Growth Apr.12 - Mar.13 Apr.13 - Mar.14 Apr.14 - Mar.15 Apr.15 - Mar.16 Apr.16 - Mar.17 (12M) (12M) (12M) (12M) (12M) All India 5% 3% 5% 5% -1% North + Gujarat Zone 4% - 3% 2% -4% JK Lakshmi Cement - Existing 8% 7% 6% 3% 1% East Zone 5% 5% 1% JK Lakshmi Cement - including East Zone 23% 9% 13
Capacity Utilisation – Year (Apr.-Mar.) Particulars Apr.12 - Mar.13 Apr.13 - Mar.14 Apr.14 - Mar.15 Apr.15 - Mar.16 Apr.16 - Mar.17 (12M) (12M) (12M) (12M) (12M) All India 70% 68% 66% 66% 62% North + Gujarat Zone 86% 83% 78% 72% 67% JK Lakshmi Cement - Existing 94% 99% 82% 85% 76% East Zone 80% 74% 69% JK Lakshmi Cement - Durg 69% 92% JK Lakshmi Cement - including East Zone 82% 79% 14
Mother Plants – Cement (Clinker) - Mn.MT 1.30 UCWL 1.60(1.20) Jharli (Grinding Unit & AAC Block) 4.65(4.79) Udaipur Jaykaypuram Kalol (Grinding Unit) 0.90 Surat (Grinding Unit) Durg 2.70(1.98) 1.35 Odisha (Grinding Unit) 0.60 15
Markets J&K Punjab H.P. (36%) Haryana Delhi W.U.P. & Utt. Rajasthan (26%) Gujarat (34%) Madhya Pradesh W.Bengal (9%) (1%) Odisha Maharashtra Mumbai (4%) (17%) (10%) Andhra Pradesh (2%) 16
Region-wise Cement Sales - Sirohi Regions 2012-13 2013-14 2014-15 2015-16 (12M) 2016-17 (12M) % sales % sales % sales % sales % sales Rajasthan / MP 23 26 27 26 26 Gujarat 34 35 36 35 34 Maharashtra 8 7 8 6 4 North 35 32 29 33 36 17
Region-wise Cement Sales - Durg Regions 2015-16 (12M) 2016-17 (12M) % sales % sales Chhattisgarh 57 54 Odisha 21 17 West Bengal 6 1 Madhya Pradesh 5 9 Maharashtra 4 10 Jharkhand 3 4 Bihar 2 3 Others 2 2 18
Financial Highlights – For 3 Months ended 31.03.2017 Sr. Particulars Unit For the IVth Qtr. ended No. 31.03.17 31.03.16 Incr. / Decr. (-) in Existing Durg Total Existing Durg Total Figures % 1 Production (Incl. Clinker Sale) Lac MT 16.44 5.33 21.77 15.90 4.61 20.51 1.26 6% 2 Sales Lac MT 17.58 5.32 22.90 16.94 4.65 21.59 1.31 6% 3 Turnover Rs. Cr. 710 194 904 662 163 825 80 10% 4 Net Sales Rs. Cr. 636 171 807 596 140 735 72 10% 5 PBIDT ( before other Income) Rs. Cr. 67 4 72 80 5 85 -14 -16% 6 PBIDT (after other Income) Rs. Cr. 94 4 98 93 5 98 0 0% 7 Interest Rs. Cr. 26 21 47 26 24 50 -4 -7% 8 PBDT Rs. Cr. 68 -16 51 66 -19 47 4 8% 9 Depreciation Rs. Cr. 32 14 46 28 13 40 6 14% 10 PBT (before exceptional items) Rs. Cr. 36 -30 6 39 -32 7 -2 - 11 Exceptional Items Rs. Cr. 0 0 0 0 0 0 0 - 12 PBT Rs. Cr. 36 -30 6 39 -32 7 -2 - 13 PAT Rs. Cr. 41 -20 21 47 -21 26 -5 - 14 OCI after Tax Rs. Cr. -1 0 -1 1 0 1 -2 - 15 Total CI after Tax Rs. Cr. 40 -20 20 47 -21 27 -7 - 16 Basic EPS (After Tax) Rs. 1.77 2.20 -0.43 - 17 OPM (On Net Sales) % 11% 2% 9% 13% 4% 12% -3% 19
Financial Highlights – For 12 Months ended 31.03.2017 Sr. Particulars Unit For Twelve Months ended No. 31.03.17 31.03.16 Incr. / Decr. (-) in Existing Durg Total Existing Durg Total Figures % 1 Production (Incl. Clinker Sale) Lac MT 56.85 17.93 74.78 56.44 12.39 68.83 5.95 9% 2 Sales Lac MT 61.46 18.03 79.49 61.00 12.24 73.24 6.25 9% 3 Turnover Rs. Cr. 2598 662 3260 2479 461 2939 321 11% 4 Net Sales Rs. Cr. 2332 579 2910 2223 397 2620 291 11% 5 PBIDT ( before other Income) Rs. Cr. 350 15 365 282 -10 272 93 34% 6 PBIDT (after other Income) Rs. Cr. 420 15 435 331 -10 321 115 36% 7 Interest Rs. Cr. 98 91 189 101 96 197 -8 -4% 8 PBDT Rs. Cr. 322 -76 247 230 -106 124 123 99% 9 Depreciation Rs. Cr. 116 56 172 108 54 163 9 6% 10 PBT (before exceptional items) Rs. Cr. 206 -132 74 121 -160 -39 113 - 11 Exceptional Items Rs. Cr. 0 0 0 5 6 11 -11 -100% 12 PBT Rs. Cr. 206 -132 74 117 -166 -50 124 - 13 PAT Rs. Cr. 168 -86 82 102 -109 -7 89 - 14 OCI after Tax Rs. Cr. -1 0 -1 -1 0 -1 0 - 15 Total CI after Tax Rs. Cr. 168 -86 81 101 -109 -8 89 - 16 Basic EPS (After Tax) Rs. 6.97 -0.56 7.53 0% 17 OPM (On Net Sales) % 15% 3% 13% 13% -3% 10% 3% 20
Major Performance Indicators Power Consumption (Kwh./ MT of cement) 79 79 78 75 75 74 74 73 71 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2016-17 Sirohi Durg 21
Major Performance Indicators Fuel Consumption (K.Cal./Kg.of clinker) 763 746 742 738 726 704 703 703 700 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2016-17 Sirohi Durg 22
KEY FINANCIAL RATIOS Particulars Unit 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 Operating Profit % 19 21 15 15 10 13 Margin ( net of Excise) Interest Coverage Times 5 6 4 4.16 1.63 2.31 Total Debt / Equity Times 0.96 1.09 1.27 1.41 1.47 1.57 Net Debt / Equity Times 0.48 0.77 0.97 1.18 1.26 1.20 EV per Ton US $/MT 36 63 78 125 100 103 (1US$ = Rs. 67) 24
7 MW WHR at Durg Sl No. Particulars Rs. Cr. 1 Capacity (MW) 7 2 Project Cost 90 3 Debt 60 4 Internal Accruals 30 5 Debt : Equity Ratio 2.00 6 CAPEX upto Mar.'17 79 Expected Commissioning - Qtr.ending Dec'17 29
20 MW TPP at Durg S.No. Particulars Rs. Cr. 1 Capacity (MW) 20 2 Project Cost 135 3 Debt 100 4 Internal Accruals 35 5 Debt : Equity Ratio 2.86 Expected Commissioning - Oct'18 30
Split Grinding Unit at Odisha S.No. Particulars Rs. Cr. 1 Capacity (Mn. MT) 0.60 2 Project Cost 150 3 Debt 100 4 Internal Accruals 50 5 Debt : Equity Ratio 2.00 6 CAPEX upto Mar.'17 45 31
Revival & Rehabilitation of UCWL S.No. Particulars Rs. Cr. 1 Capacity (Mn. MT) 1.60 2 Project Cost - Rs.Cr. 815 - Rs/MT 5,094 3 Term Loan from Bank/MFs 525 4 Promoters Contribution 290 5 Debt : Equity Ratio 1.91 Commissioned - Mar'17 32
Means of Finance for UCWL Rs. Cr. Means of Finance A.Equity 1.Equity/other instruments from JKLC 205 2. Equity 10 3. Internal Accruals 65 4. Unsecured Loan from JKLC 10 Total Equity 290 525 B.Term Loan from Bank/MFs Total (A+B) 815 33
Advantages to JKLC from UCWL 1. Commissioned in Mar’ 2017. 2. Investment cost in UCWL is US $ 72 per MT as against the cost of US $ 120 per MT for a new Green field Cement Plant i.e., about 40% cheaper. 3. The plant has an excellent location, well connected by Road, Rail & Air and is close to the National Highway. 4. The plant is having railway siding – easy movements of goods. 5. Plant has the benefit of 50% Sales Tax Incentive of about Rs. 140 /MT 6. Proximity of the Plant to the Consumption Centers has freight advantage. 34
Advantages of UCWL Revival 7. The accumulated tax losses of UCWL of over Rs.100 Cr. will result in tax savings in future years. 8. The combined capacities of JKLC & UCWL would increase the market share and consolidation of capacities would give benefits of synergy & logistics. 9. Availability of surplus land for commercial use and further expansion. 10. JKLC’s holding is already 71% & Group holding is 74%. 11. Future option for JKLC : Merger/Dilution in Stake for future Growth in JKLC. 35
Shareholding Pattern of JKLC as on 31st Mar’2017 I Promoters & Promoter Group 45.94% II FIIs,MFs,Banks etc. 33.47% III Public 20.59% Total 100.00% I Total Share Capital (Rs. Cr.) 58.85 II Total No. of Shares (Cr.) (Face Value Rs. 5/- each) 11.77 36
Shareholder’s friendly Initiatives 1. Buy-back upto Rs. 97.5 Cr. at a Cap of Rs. 70/- per share in Feb’ 2012. Cap of Rs. 70/- per share represents : 57% Premium over 12 months average price. 68% Premium over 6 months average price. 67% Premium over 3 months average price. 66% Premium over 1 months average price. 43% Premium over 15 days average price. The Company Utilised only Rs. 30.47 Cr. for the Buy-back 2. Share Split from - Rs. 10/- per share into 2 Shares of Rs. 5/- each. 37
Shareholder’s friendly Initiatives (Contd..) 3. Consistent Dividend Payout Ratio 13% for FY 2017. 56% for FY 2016. 30% for FY 2015. 30 % for FY 2014. 20% for FY 2013. 25% for FY 2012. 30% for FY 2011. 29% Average for last 7 Years 38
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