BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Cement companies under our coverage may see ~35% YoY decline in Ebitda during Q2 FY23E, higher than the past two quarters, owing to sharp cost increases.
Volumes may rise 8.2% YoY; however, Ebitda/tonne may plunge 40% YoY (Rs 462/tonne) to Rs 679/tonne (near-decadal low) as realisation rise of ~4% YoY (Rs 193/tonne) may fall short of ~16% YoY (Rs 676/tonne) cost increase.
On QoQ basis, realisation shall decline ~4% (~Rs 225/tonne) resulting in 30% QoQ fall in Ebitda/tonne. Further, robust demand recovery from mid-August 2022 (across regions) shall provide cement players the confidence to raise cement prices, in order to mitigate the sticky cost pressures.
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