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Dolat Capital Report
Birla Corporation Ltd. reported volume in line, however revenue, realization, Ebitda, Ebitda/tonne and adjusted profit after tax above estimates.
Birla Corp posted up 6.2%/ down 29.4%/ down 18.4% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 22.6 billion/ Rs 2.8 billion/ Rs 1.5 billion in Q4 FY22 due to increase in cement volume by 1.7% YoY to 4.24 million tonne, realisation by 4.4% to Rs 5,071/tonne (up 2.9% QoQ) and Ebitda margin down 616 bps YoY.
We expect 14.9%/ 22.6%/ 23.6% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22-24E led by 17.1%/ 8.0% volume growth and 5.2%/ 0.0% cement realisation growth in FY23E/ FY24E.
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