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Nirmal Bang Report
Birla Corporation Ltd. reported in-line results for Q4 FY22 as both revenue as well as Ebitda were marginally ahead of our expectations. While absolute Ebitda/million tonne at Rs 653 looks to be on the lower side, we expect it to normalise on account of better realisations and controlled costs.
Birla Corp has started dispatches from the recently commissioned Mukutban plant of 3.9 million metric tonne in Maharashtra.
We expect volume growth to pick up in the next two-three years on account of this plant. The company has also ramped up production from its captive coal mine and another coal mine is expected to start operations from Q4 FY23, which combined together will result in lower dependance on imported coal/petcoke.
For Birla Corp, demand in its key market of Uttar Pradesh is likely to improve given the number of large projects undertaken by the state government.
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