Entity Financial Health
Is Entity A1 earning, converting to cash and returning on its capital as planned?
Revenue YTD: 6,972.3 ₹ m, up 1,155.7 vs Aug; Plant 03 contributes 43% (2,990.0 ₹ m).
EBITDA YTD: 890.6 ₹ m, up 201.4 vs Aug; Plant 03 has the largest share of revenue YTD (43%).
Booked at entity level; plants shown by its driver (FIN-003).
EBIT YTD: 610.1 ₹ m, up 154.1 vs Aug; Plant 03 has the largest share of revenue YTD (43%).
Booked at entity level; plants shown by its driver (FIN-003).
Free Cash Flow YTD: 337.6 ₹ m, up 94.3 vs Aug; Plant 03 has the largest share of revenue YTD (43%).
Booked at entity level; plants shown by its driver (FIN-003).
ROCE · annualised: 11.1% against a ≥12% target (−0.9 pts); weakest plant on capacity utilization is Plant 02 (70.0%).
Booked at entity level; plants shown by its driver (OPS-003).
Root cause: EBIT is growing more slowly than capital employed. Plant 02 uses only 70.0% of its capacity (Plants 01 and 03: 82.9% and 86.1%), so its capital earns least.
Conversion cost per tonne: 2,853 ₹/t against a ≤2,900 ₹/t target (−47 ₹/t); Plant 02 off target, offset by the other plants.
Root cause: Plant 02 costs 3,245 ₹/t against 2,779 ₹/t and 2,629 ₹/t at the other plants. Its costs are spread over 95.2 kt of output (78.4% of plan), and power costs 216 ₹/t against 165 ₹/t and 156 ₹/t.
EBITDA margin → FCF conversion → ROCE · Entity A1 · %
AnswersIs this entity's profit converting to cash and capital returns?
Certified P01–P06 (model).
Profit is improving, but it is only partly turning into cash. EBITDA margin rose from 14.0% in P01 to 17.4% in P06. Since P01, about a third of EBITDA (38%, FIN-008) has become free cash flow after tax, working capital and capex. Return on capital employed is 11.1% annualised, below the 12% target and down from 13.5% in P01 (FIN-005). Levers: release ₹34–45 m of inventory and recover DSO (52 d vs 45 d).
EBITDA bridge · YTD plan to actual · ₹ m
AnswersWhat moved EBITDA versus plan?
Plan = actual + revenue below plan × EBITDA margin (model: planned revenue and sales volume). Certified to P06.
Revenue per period · actual vs plan vs forecast · ₹ m
AnswersWill revenue hold for the rest of the year?
P01–P06 certified (model) · P07–P12 plan and forecast held at the P06 run-rate (SYN).